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ExxonMobil Affirms Commitment to Nigeria Amid Divestment Speculations

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Shane Harris, the Managing Director of ExxonMobil Nigeria, has reaffirmed the company’s commitment to its operations in Nigeria.

Addressing the speculation surrounding ExxonMobil’s proposed divestment of its 100 percent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited, Harris made it clear that ExxonMobil is not planning to exit the Nigerian market.

Harris conveyed this assurance during a meeting with Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), in Abuja.

This meeting, highlighted in a statement released by Nneamaka Okafor, the Special Assistant on Media and Communications to the petroleum minister, emphasized ExxonMobil’s plans for significant new investments in Nigeria’s energy sector.

“During the meeting, Mr. Harris hinted at significant new investments that ExxonMobil is injecting into Nigeria’s energy sector,” the statement read. “He expressed confidence in the renewed relationship between ExxonMobil and the Nigerian government, assuring the government that the oil giant is not planning to leave Nigeria.”

Harris underscored the importance of ExxonMobil’s partnership with the Nigerian government, stating, “We are excited about the prospects these new investments bring. Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration as we have no plan to leave.”

In response, Lokpobiri reaffirmed the Federal Government’s commitment to enhancing production and fostering a conducive environment for investors in the energy sector.

He emphasized the ministry’s focus on creating collaborations and sharing innovative ideas with international oil companies.

“We are dedicated to ramping up production and ensuring a supportive environment for all investors by doing everything possible to maintain investor confidence in our country,” Lokpobiri said.

He also commended the ExxonMobil team for their commitment to the Nigerian oil and gas sector, noting that it aligned perfectly with the nation’s objectives.

“ExxonMobil’s planned investments are commendable and greatly appreciated. This renewed relationship is a testament to the mutual goals we share for the future of our energy sector,” the minister added.

The discussions between ExxonMobil and the Nigerian government also touched on the ministry’s support for international and independent oil operators.

Lokpobiri assured Harris of the government’s support, emphasizing the importance of creating a thriving environment for all stakeholders.

“We fully support ExxonMobil and other international oil companies, just as we do with independent operators. Our collaborative efforts are key to the sustainable growth of our energy sector,” Lokpobiri stated.

This development comes after months of uncertainty surrounding ExxonMobil’s assets in Nigeria.

On May 31, 2024, it was reported that Nigeria might add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited (NNPC) and ExxonMobil moved towards resolving their disagreements over the sale of ExxonMobil’s assets to Seplat Energy.

The NNPC had signed a settlement agreement with ExxonMobil regarding the proposed divestment, following intervention by President Bola Tinubu to resolve the crisis that had led to substantial production losses.

Lokpobiri previously stated that Nigeria had lost about $30 billion over the past two and a half years due to the Seplat/ExxonMobil crisis, with a daily loss of around 480,000 barrels of crude oil.

Despite the challenges, the recent affirmations from ExxonMobil and the Nigerian government signal a renewed commitment to the country’s energy sector and a positive outlook for future collaborations and investments.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

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The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

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