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NNPC Signs $3.15bn Financing Agreement For OML 13

The Nigerian National Petroleum Corporation (NNPC) says it has signed a 3.15 billion dollars Financing and Technical Services Agreement between Sterling Oil Exploration and other partners for the development of Oil Mining Lease (OML) 13.
The corporation disclosed this in a statement signed by Mr Ndu Ughamadu, its Group General Manager, Group Public Affairs Division, yesterday in Abuja.
He said the other partners are Energy Production Company Limited (SEEPCO) and the exploration and production arm of NNPC, the Nigerian Petroleum Development Company (NPDC).
He said that the move was part of the quest by the NNPC to increase the nation’s crude oil reserves and daily oil production to three million barrels per day.
OML 13 is 100 per cent owned by the NPDC and is located in the Eastern axis of the Niger Delta covering a total area of 1987km².
He said that the Group Managing Director (GMD) of NNPC, Malam MeleKyari, had described the funding arrangement as “a game changer to oil and gas project financing in Nigeria”.
He expressed gratitude to President Muhammadu Buhari, for approving the transaction, adding that OML 13 held strong potential both for the petroleum industry and the nation’s economy.
Explaining the terms of the financing, Kyari disclosed that the Federal Government is expected to earn over 10.2 billion dollars in royalties and taxes from the project over the next 15 years.
Also NNPC would earn over five billion dollars after payment of the entire financing obligation.
The GMD advised the management of NPDC to develop a strong community engagement strategy to forestall any crisis that could hinder operations.
He disclosed that the acreage boasts of over 926 million stock tank barrels (mstb) and 5.24 trillion cubic feet (tcf) respectively of oil and gas reserves, adding that the Financing and Technical Services Agreement was for a period of 15 years.
According to him, 3.15 billion dollar ceiling funding will be provided by SEEPCO with a 10-year capital investment period and five years for cost recovery.
First oil of about 7,900bpd is expected from the project by April, 1, 2020 while production is expected to peak at 94,000bpd and 542mmscfd within four years.
On local content, the project is expected to enhance participation by indigenous companies in the industry by providing over 2,000 direct and indirect job opportunities.
The Chairman, Sterling Oil Exploration and Energy Production Company Limited, Mr Tony Chukwueke, expressed delight at the opportunity offered the company to support the production and reserves growth aspiration of the Federal Government.
On whether the sect would continue their protests even in the face of serious clampdowns, he said: “We are undeterred and will continue to come out to protest against Sheikh El-Zakzaky’s detention. We came out today and will continue to come out for our demonstrations.
“We simply want our leader released. If the government grants our demand, we will quit storming the streets for protests.”
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FG Ends Passport Production At Multiple Centres After 62 Years

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.
News
FAAC Disburses N2.225trn For August, Highest In Nigeria

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.
This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.
The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.
Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.
From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.
From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.
News
KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus
The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.
The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.
The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the Polytechnic, recently.
Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.
He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.
This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly, Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.
The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.
Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.
He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.
The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.
Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.
Chinedu Wosu
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