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Business News

UPDATED: Rivers acquires Shell’s 45% stake in Ogoni land 

River State Government has just gotten Shell’s 45% stake in Oil Mining Lease 11

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#EndSARS: Governor Wike relaxes curfew in Oyigbo, now 7pm to 6am, JUST IN: Rivers gets Shell's 45% stake in Ogoniland 

River State Government has just acquired Shell’s 45% stake in Oil Mining Lease 11, situated in Eleme and other parts of Ogoni land. 

This was revealed by the Governor of the State, Nyesom Wike in a broadcast from the State Government House, BrickHouse in Port Harcourt. 

I am delighted to inform you that the Rivers State Government has fully acquired Shell Petroleum Development Company of Nigeria (SPDC) 45% interest in OML 11 situated in Ejama Ebubuo community in Eleme Local Government Area and the adjoining Ogoni and other communities of Rivers State,” Wike said.

[READ MORE: NNPC transfers stake in four oil wells to NPDC]

What you should know: Ever since the death of Ken Saro Wiwa and the Ogoni 9, the Oil Mining lease 11 has been underdeveloped for close to 25 years.

The oil field is part of Shell’s several onshore assets that the oil giant has been looking to sell in Nigeria. A couple of deals failed due to the tensions that occurred.

Wike revealed that a bid of $150 million was made for the purchase of Shell’s stakes after they were placed on auction following an extant order of the Court.

The Oil Mining Lease 11 has the capacity to produce 250,000 barrels per day (bpd).

In August, A Federal High Court in Abuja instructed The Minister of Petroleum Resources, President Muhammadu Buhari to grant the renewal of the Oil Mineral Lease (OML) 11 license to the Shell Petroleum Development Company of Nigeria.

The renewal was expected to last for 20 years even though a renewal of 30 years was requested by the company.

[FURTHER READ: NNPC yet to receive notice of OML 11 takeover from Presidency]

Why this matters: The oil block has caused protracted disputes between the people of Ogoniland and Shell over the degradation of their environment. The root cause of the dispute is historic due to the death of Ken Saro Wiwa and 9 others which forced the local arm of Shell to abandon activities in the Ogoni section of the lease.

The Federal Government tried to intervene in the matter and directed the Nigerian National Petroleum Commission (NNPC) to take over the entire OML 11 from Shell Petroleum Development Company in March 2019. It also refused to renew Shell’s operating license.

 

Jaiz bank

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Hotflex

READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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