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FG Scraps Signature Bonus Payment For Oil Blocks
The Federal Government has waived the signature bonus requirement in the bidding process for newly auctioned oil blocks.
The Minister of State for Petroleum Resources, and Oil, Mr Heineken Lokpobiri, said this exemption is to attract fresh investments and ramp up oil output.
He disclosed this on the sidelines of the ongoing 2024 Offshore Technology Conference, OTC, in Houston, Texas.
A signature bonus is a single, non-recoverable lump sum payment made upfront by oil companies to the government for the rights to develop an oil block commercially after successfully winning in the license bid round.
Recall that the Nigerian Upstream Petroleum Regulatory Commission announced bidding processes for the 2024 oil bid round with 12 oil blocks and five deep offshore assets.
At the event, the minister assured investors that oil would remain relevant in Nigeria’s economy for a long time and that the government is creating an enabling environment to attract the best investments into the country.
Lokpobiri, who urged investors to take the opportunity of the oil bid round to invest, said, “Historically, no source of energy goes away. So, do not be deceived that fossil fuel will go away. Discourse at the recent global conferences has further proved that fossil fuel will continue to remain, the quicker we extract our oil, the better for us as a country.
“We are here at OTC to show the rest of the world that Nigeria is different and our government is different, in creating the best regulatory framework, allowing competitiveness, and removing all the investment barriers.
“Today, we are restoring investment confidence in the sector and ensuring investors can bring in their funds without worries. This will show to the world that Nigeria is ready for business.”
Announcing the removal of the signature bonus, Lokpobiri said over the years, payment of signature bonuses remained a huge bottleneck for investors as well as investment into the sector.
“Stakeholders had explained that globally, payable signature bonuses by awardees of an oil bloc or marginal field rank highest in Nigeria. On many occasions, the huge amount involved in payment of signature bonus was a setback for investors,’’ the minister added.
He said to ensure investors have a soft landing, such payments will now be tied to immediate exploration and production activities by new entrants.
Lokpobiri added, “Rather than pay such monies into the coffers of the Federal Government, the investor must now be able to prove to us that they have the funds required to move into exploration.
“What we have resolved going forward and with the 2024 oil bid round is to see that fields won in a bid round must be put into immediate use as against what obtained in past where fields are left idle after assets are won.”
He said the new strategy would create jobs and boost activities in the upstream oil sector.
In his remarks, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, said the recent Presidential Executive Orders issued in March this year, were aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.
He added that it would culminate in further increasing the nation’s oil and gas reserves, currently standing at 37.5 billion barrels of crude oil and condensate reserves and 209.26 trillion cubic feet of natural gas reserves.
Komolafe said, “The exercise, which was initially announced on the 29th of April 2024, is a significant leap in our strategic hydrocarbons development initiative. This round introduces twelve meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental shelves and the untapped depths of our deep offshore territories.
‘’Each block has been chosen for its potential to bolster our national reserves and stimulate economic vitality. Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021, which ensures compliance with best practices to boost investors’ confidence.
‘’In keeping with the provisions of the PIA and regulations made under the Act, the commission has issued a licensing round guideline and published a licensing round plan for the twelve blocks (namely PPL 300-CS; PPL 301-CS; PPL 3008; PPL 3009; PPL 2001; PPL 2002; PML 51; PPL 267; PPL 268; PPL 269; PPL 270; and PPL 271).
“In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this licensing round.’’
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Disu Takes Over As New IGP …Declares Total War On Corruption, Impunity
President Bola Tinubu has charged the newly decorated acting Inspector-General of Police, Tunji Disu, to make the Nigeria Police Force better than he met it, as the country grapples with banditry, terrorism, and other criminal activities.
The President, who personally decorated Disu with his new rank at the State House, Abuja, said the appointment comes at “a defining moment for our nation’s security,” expressing confidence in the new police chief’s ability to restore public confidence in the Force.
“The commitment that I expect from you is for you to make it better than you met it. And I’m sure you can do it. Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” Tinubu stated during the decoration ceremony on Wednesday.
The President, who drew on his personal knowledge of Disu from his tenure as Lagos State Governor, said he believes in the dedication the new IGP exhibited while serving in Lagos.
“I know your record. I believe in the dedication that you’ve exhibited while you were in Lagos and I was the Governor of Lagos State.
“Now you assume this responsibility at a defining moment for our nation’s security,” the President said.
Tinubu outlined specific expectations for the new police chief, emphasising discipline, professionalism, and inter-agency collaboration.
“I expect you to strengthen the discipline, enhance inter-agency collaboration, and restore public confidence in the Nigeria Police.
“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority,” he charged.
Acknowledging the magnitude of the task ahead, the President assured Disu of his full support.
“It is a daunting challenge. I know you can do it.
“You have my full support as you advance the security pillars of the Renewed Hope agenda.
“You are a straightforward individual, committed and respected. You have sufficient discipline,” Tinubu stated.
The President urged the new IGP to draw from the experience of his predecessor, Kayode Egbetokun, who attended the ceremony.
“You can draw from the experience of Kayode Egbetokun who had been there before you.
“You have been part of the thinking, and you’ve been part of the innovation.
“The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail,” he said.
Tge President expressed gratitude to the former IGP, Kayode Egbetokun for his service while linking his legacy to the success of his successor.
“To the outgoing Inspector-General of Police, I extend the gratitude of the entire country.
“Nigeria, we are a grateful nation to you for your dedication in service, expression of good leadership attributes within the Force.
“You have served with commitment and distinction, and Nigeria appreciates your contribution to maintaining law and order in our country,” the President said.
He added, “What you should look back and remember is this: you have not succeeded without a good successor.
“Therefore, the success of Tunji Disu as IGP, when confirmed, is part of your responsibility and the joy you should look forward to.”
Tinubu noted that Disu’s previous role as Principal Staff Officer to Egbetokun positioned him well for the new assignment.
“Having been part of your Principal Staff Officer, I have no doubt he understands the ins and outs of the operation.
“He will only improvise. He’s an operational person from what I know,” the President stated.
The decoration ceremony, which took place at 4:00 pm at the President’s office, had in attendance Chief of Staff to the President Femi Gbajabiamila, and other senior government officials.
President Tinubu personally pinned the new insignia on Disu’s uniform, marking the formal transfer of leadership of Africa’s largest police force.
In his response, Disu pledged to justify the confidence reposed in him, vowing to end impunity and enforce zero tolerance to corruption within the Force.
“The President mentioning a lot of activities about me, mentioning areas I’ve worked, mentioning successes I’ve recorded as a policeman, brought emotion to me, almost brought me to tears,” Disu told State House correspondents.
He added, “I will let them know that the era of impunity is over. I will ensure that I train them and encourage them to follow human rights. I will ensure that they know that I will try to follow a regime of zero tolerance to corruption.”
The new police chief emphasised that Nigerian citizens are the ultimate bosses of the police.
“One of the first lectures I’m going to have with my men, I’m going to talk to them, let them know that the citizen, the citizen of the country, are the boss. No police anywhere in the world can succeed without the cooperation of members of the public,” Disu stated.
Egbetokun, in his remarks, expressed confidence in his successor’s ability to surpass his achievements.
“I invested in likely successors in the Nigerian Police Force, and I’m happy that one of those that I’ve invested in has been found most suitable for the job. I have so much confidence that he would surpass what I have done,” Egbetokun stated.
The decoration came barely 24 hours after Egbetokun submitted his resignation letter on Tuesday, citing family issues that require his undivided attention.
The new Police Chief later proceeded to the Police Headquarters to assume duty following his decoration by President Tinubu earlier in the day.
He took his first salute as Inspector-General from members of the Quarter Guard and other officers at the Force Headquarters after returning from the Presidential Villa at about 4:15 p.m. He thereafter proceeded to the official handover ceremony with Egbetokun.
Disu outlined three priorities for his tenure: professionalism and modernisation; accountability and integrity; and community partnership.
However, multiple Presidency sources told our correspondent that Egbetokun was asked to step down during a meeting with the President on Monday evening at the Presidential Villa.
Disu’s appointment came just 48 days before his scheduled retirement on April 13, 2026, when he would have reached the mandatory retirement age of 60 years.
However, under the amended Police Act, which allows Inspectors-General of Police to serve a four-year tenure regardless of age, Disu may remain in office until 2030.
According to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu will convene a meeting of the Nigeria Police Council shortly to formally consider Disu’s appointment as substantive Inspector-General of Police, after which his name will be transmitted to the Senate for confirmation.
Born on April 13, 1966, on Lagos Island, Lagos State, Disu joined the Nigeria Police Force on May 18, 1992, and has served for over three decades across multiple operational and leadership roles.
He rose to national prominence as Commander of the Rapid Response Squad in Lagos State, where he served for six years. Under his leadership, the unit won the Best Anti-Crime Squad award in West Africa in 2016.
On August 2, 2021, he was appointed to head the Intelligence Response Team, replacing the suspended Abba Kyari.
Before his elevation to IGP, Disu was Assistant Inspector-General of Police in charge of the Force Criminal Investigation Department Annex, Alagbon, Lagos. He was also a Commissioner of Police in Rivers State and the Federal Capital Territory, Abuja.
News
Amend Constitution To Accommodate State Police, Tinubu Tells Senators
President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.
President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.
The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.
He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.
“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.
The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.
“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.
Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.
“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.
You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.
President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.
He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.
The Senate President prayed for the administration, and for the nation’s peace and prosperity.
News
We’ve Made Significant Strides In Health Sector -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration has made significant strides in the health sector in the past two and a half years.
Fubara, who stated this on Tuesday at the Government House, Port Harcourt, listed some of his notable achievements to include the revamping of health facilities, the establishment of the health insurance scheme and the employment of over 2,000 health workers to boost the manpower and efficiency of the sector.
The governor further disclosed that the administration has revived and expanded several abandoned health facilities, including the Zonal Hospitals in Bori, Omoku, Ahoada, and Degema.
He explained that the Ahoada Zonal Hospital is a 105-bed secondary facility that has capacity to cater for the health needs of the people in its catchment area.
In addition to the Zonal Hospitals, Fubara stated that his administration has also paid very close attention to the Primary Healthcare Centres across the state to ensure that citizens of Rivers State, especially those in the rural areas, have easy access to healthcare within their communities.
According to him, the administration approved the remodeling of 153 primary healthcare centers across the State to ensure their functionality.
“As an administration, we are very passionate about the health of every citizen and resident of Rivers State. When we realised that many people have been under stress as a result of economic hardship, we decided to introduce mental health services at the primary healthcare level. We are not just catering for those down with the common diseases such as malaria fever, we want to ensure that our people get the right attention to their mental health at the right time.
“At the tertiary level, we have also revamped the Intensive Care Unit of the Rivers State University Teaching Hospital and provided it with modern equipment, including monitors, ventilators, and scanners. Most of these innovations are massive and unprecedented,” he said.
On staff welfare, Fubara also disclosed that he approved the promotions for over 400 staff of the Rivers State University Teaching Hospital and recruited an additional 500 staff.
In the same vein, the governor said the number of scholarships for indigenes of Rivers State studying at the PAMO University of Medical Sciences has been increased from one hundred 100 to 150 under his watch.
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