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Lagos’ Ownership Of 4 Oil Wells Approved By FG, 1 Other Disproved

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oil wells

The Federal Government on Wednesday says four of the five oil wells discovered in Lagos truly belongs to the state but disproves the state’s ownership of one other oil well.

The FG said the disproved oil well fell beyond 200 metres isobaths and did not legitimately belong to Lagos State.

A delegation of the Indices and Disbursement Committee, Revenue Mobilisation Allocation and Fiscal Commission, led by its Chairman, Alhaji Aliyu Mohammed visited Governor Akinwunmi Ambode on Wednesday at the State House, Ikeja, Lagos, Southwest Nigeria for the purpose of verifying crude oil and gas production from Aje Oil wells for the purpose of disbursement of 13% derivation fund to the state in line with the constitution of Nigeria.

According to Mohammed, as part of procedure and in pursuant to its constitutional mandate, the commission set up an Inter-Agency Technical Committee which comprised the commission, the Department of Petroleum Resources, DPR, Office of the Surveyor General of the Federation and the National Boundary Commission to determine the location of the Aje oil wells.

“The technical committee recommended that for the purpose of derivation as spelt out under Section 162 (2) of the 1999 constitution (as amended) as well as the provision of the Allocation of Revenue Act 2004, Aje oil wells 1, 2, 4 and 5 fall within the 200m isobaths and therefore should be attributed to Lagos State.

“As a result, the commission and members of the Inter-Agency Committee had to embark on this working visit to conclude the process. Please, note that Aje 3 oil well falls beyond the 200m isobaths and therefore cannot be legitimately attributed to Lagos State,” he stated.

He added that the commencement of oil production from Aje oil field by Yinka Folawiyo Petroleum Company Limited was the first time oil was being produced outside the Niger Delta basin and therefore of a major significance in diversifying the source of crude oil and gas production in the country.

Speaking, Ambode described the visit as historic and one that would go down in the annals of the history of Lagos State, as the visit was the official step that would take Lagos to that final destination as an oil-producing state.

“We are very glad to receive this delegation. We also want to thank the Federal Government, most especially President Muhammadu Buhari for making this to happen very promptly. I want to say that this has been the promptest action that has been taken by RMAFC since I have known the Commission. I used to be a former Account General so I had a lot of transactions and relationship with the institution called RMAFC. Within a span of about 60 days of when we wrote our letter, and even before we wrote the letter, this technical committee was actually set up. It gladdens me to say that the institution works and is working for the good of Nigeria,” he said.

Also thanking the DPR and the boundary commission, Ambode said it was significant that the discovery of oil wells in Lagos was going to be the first time oil would be produced outside the Niger Delta.

“It’s significant for Nigeria, its significant for Lagos, it means that the whole path to diversification is what we are now witnessing. We would also encourage other states in terms of other mineral resources, not necessarily depend on crude oil; whatever it is that can actually allow states to start activating their mineral deposits, it would allow us expand the Internally Generated Revenue

.“It would also give us revenue dependence in a manner that there would be equal growth from all the nooks and crannies of Nigeria. One is happy that RMAFC has taken this step and also to say that they should also encourage other states to engage in such activities that would allow them to be able to activate whatever mineral deposit that we have in the various states in conjunction with the Federal Government, so that we can start to diversify revenue and growth and then create a balanced growth and development for the whole country,” he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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President Buhari Has Officially Suspends Magu, Says Attorney General’s Office

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Dss Arrests Ibrahim Magu

Buhari Officially Suspends Magu, Says Attorney General’s Office

Nigeria has suspended its anti-corruption chief pending the conclusion of investigations, the attorney general’s office said on Friday, without elaborating.

Ibrahim Magu has been appearing before a presidential panel reviewing activities of the Economic and Financial Crimes Commission (EFCC), the agency said on Monday.

“President Muhammadu Buhari has approved the immediate suspension of Ibrahim Magu as Ag. Chairman of the Economic and Financial Crimes Commission (EFCC),” the attorney general’s office said in a statement.

The president put EFCC operations director Mohammed Umar in charge pending the outcome of Magu’s case.

Buhari has made tackling corruption a priority since taking office in 2015. Endemic graft among the political elite dating back decades has left most Nigerians mired in poverty, despite the country being Africa’s biggest economy and energy producer.

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FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000

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Adamu Adamu

FG Drops School Resumption Plan as COVID-19 Cases Cross 30,000

The Federal Government has dropped plans for certain students to return to school following the surge in COVID-19 cases.

The Nigeria Centre for Disease Control (NCDC) on Wednesday reported that the number of confirmed COVID-19 cases rose to 30,249 on Wednesday.

“Till date, 30249 cases have been confirmed, 12373 cases have been discharged and 684 deaths have been recorded in 36 states and the Federal Capital Territory,” the NCDC stated.

The report forced the Federal Government to drop plans for certain students to return to school.

The Minister of Education, Adamu Adamu, told reporters in Abuja on Wednesday.

“We will not open soon for examinations, or for any reason, unless it is safe for our children,” Adamu after a cabinet meeting.

“Our schools will only open when we believe it’s safe for our children and that is when the situation is right, not when the incidence of the infection is going up in the nation.”

Complete Confirmed COVID-19 Cases by State

States Affected No. of Cases (Lab Confirmed) No. of Cases (on admission) No. Discharged No. of Deaths
Lagos 11,670 9,836 1,701 133
FCT 2,348 1,614 699 35
Oyo 1,573 743 811 19
Edo 1,503 536 910 57
Delta 1,323 838 454 31
Kano 1,291 210 1,029 52
Rivers 1,284 404 836 44
Ogun 1,057 372 663 22
Kaduna 889 288 589 12
Katsina 628 164 441 23
Borno 563 75 453 35
Ondo 550 406 124 20
Gombe 524 116 387 21
Bauchi 519 9 497 13
Ebonyi 503 0 497 6
Plateau 478 223 241 14
Enugu 431 163 256 12
Abia 400 179 218 3
Imo 356 287 61 8
Jigawa 318 0 308 10
Kwara 307 136 162 9
Bayelsa 282 124 141 17
Nasarawa 234 113 113 8
Osun 210 119 84 7
Sokoto 153 2 135 16
Niger 124 30 87 7
Benue 121 80 35 6
Akwa Ibom 112 38 71 3
Adamawa 100 22 71 7
Anambra 93 27 57 9
Kebbi 86 16 63 7
Zamfara 76 0 71 5
Yobe 61 2 51 8
Ekiti 45 3 40 2
Taraba 27 16 11 0
Cross River 5 1 3 1
Kogi 5 0 3 2

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FG Approves N109bn Contracts for Four Roads, Hostel

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lekki

FG to Spend N109bn On Four Roads, Hostel

The Federal Government on Wednesday approved different contracts on roads and others totalling N109.187bn.

The approvals for the contracts were parts of the decision reached at a virtual meeting of the Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.).

The contracts were approved based on the requests of the Ministry of Works and Housing as well as the Ministry of Education.

The Minister of Works and Housing, Babatunde Fashola, told State House correspondents at the end of the meeting that his ministry submitted two memoranda for projects estimated to cost a total of N108.44bn.

He disclosed that the council approved an augmentation of existing contract by N25bn for the completion of the Enugu – Lokponta section of the Enugu – Port Harcourt Expressway.

He said, “The Ministry of Works and Housing presented two memoranda. The first one was to aid the completion of the Enugu – Lokponta section of the Enugu – Port Harcourt highway. It was an augmentation of existing contract by N25bn; the council approved that augmentation.

“The second memorandum was the award of three different roads. The first is Dikwa-Marte-Mungunu road for N60. 273bn and the Numan Road linking Borno and Adamawa for N15.527bn and the third is for Gombi-Biu linking Adamawa and Borno also for N7.643 bn.”

The Minister of Education, Adamu Adamu, said the FEC approved an agreement between the Kaduna Polytechnic and an investor to renovate 18 blocks of student hostels.

The contract, which is a 15-year concession at the cost of N744.26m is under a Renovate Operate, Maintain and Transfer arrangement.

He said, “It will take one year to construct the hostels, after which the contractor will run it for 15 years within which they will recover what they have sunk into the project.

“There are 18 blocks of hostels and each room in a block will house four students. The total number of students to be housed will be 4,032.”

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