Tolu Ogunlesi Profile picture
Oct 3, 2020 9 tweets 3 min read Twitter logo Read on Twitter
OIL&GAS: San Leon Energy has a 10% stake (acquired 2016) in OML18 —“an area larger than the country of Bahrain”, near PH. It also recently announced an investment (debt + equity) in Decklar Petroleum, which has interests in Oza marginal field (in Abia), a part of OML11. #Nigeria
It seems like there’s some renewed interest (by smaller companies) and small-to-medium-scale investment inflows in recent years into the Niger Delta. Here’s an August 2020 announcement of $26m investment by Decklar to restart production in the Oza field:
And it’s not just in oil exploration. Modular Refineries as well - hundreds od millions of dollars in investment inflows in the last three to four years, to develop Modular Refineries across the Niger Delta.
San Leon’s Nigeria page:
And then let’s move to the other end of the energy spectrum, hehe, there’s the (new?) TSX-listed-Cos interest in renewables (hydropower plants) in Nigeria. Did a thread on it a couple of months ago:
[Decklar’s parent company is TSX-listed by the way].
“Africa has a lot of outstanding opportunities. There are only two great places to be looking in unproven basins—Russia and Africa. Africa is probably the greatest frontier." - Keith Hill, president/CEO, Africa Oil Corp — which recently acquired Nig assets…
Jan 2020: “Africa Oil has concluded its acquisition – worth $519.5 million – for a 50% ownership interest in Petrobras Oil and Gas BV (POGBV). POGBV’s primary assets are an indirect 8% interest in oil mining lease (OML) 127 and 16% interest in OML130.”…

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More from @toluogunlesi

Jun 6
On his penultimate day in office (May 28, 2023), PMB signed the Finance Bill, 2023 into law.
The annual Finance Bills are among most important legacies of the Buhari Administration, allowing the amendment of multiple fiscal legislations, in support of annual Appropriation Acts. Image
Highlights of the Finance Act, 2023, include:

Legal backing for new sharing formula for stamp duty revenues:
15% to Federal Government and Federal Capital Territory, Abuja
50% to State Governments
35% to LGAs Image
This is very interesting, applying to Customs taxes on "taxable goods imported into Nigeria" and "purchased through an online electronic or digital platform..."
My layman's understanding is that it has implications for goods ordered on Amazon, foreign fashion websites, etc. Image
Read 4 tweets
May 31
A #thread

Been doing a little digging.

Turns out the very FIRST piece I wrote, for my Punch column, after PMB became President, and before I joined Govt (written and emailed to editor on May 31, 2015, EXACTLY 8 years ago today, and published June 1, 2015) was titled: Image

It was a long argument revisiting ‘2012’, and saying that the conditions had changed somewhat to justify the removal of the subsidy, that PMB should remove it, but that the new government also needed to put in place a couple of things, as part of the subsidy removal package…

That ‘couple of things’ in 2015 included:
A Social Inv Program
NNPC Reforms
Domestic Refining

Looking back now—Every box ticked ✅, except actual removal, which got a countdown clock. Impossible for me to view today outside of context of these foundations,absent pre-2015 Image
Read 7 tweets
May 27
During the @MBuhari Administration, a total of 1,006 Foreign Nationals have become Nigerian Citizens by Naturalization or Registration. A modest number, but still the largest of any Nigerian Administration, according to the Minister of Interior, @raufaregbesola.
"The bane of the smooth pathway to Nigerian citizenship however is the constitutional requirement of continuous residency in Nigeria for 15 years. This is a huge disincentive, considering that in the United States and most European countries, it is five years."—HM @raufaregbesola
"Also, while the foreign wives of Nigerian men can automatically become citizens through registration, this same privilege is not available to foreign husbands of Nigerian women. This discrimination has robbed us of the gains..." — HM @raufaregbesola

Read 4 tweets
Apr 28
Lots of misconceptions about Sea Ports in Nigeria.

Sea Ports in Nigeria can only exist in States on the Atlantic coastline, i.e. Lagos, Ogun, Ondo, Delta, Bayelsa, Rivers, Akwa Ibom, Cross River.

Outside of these, only RIVER Ports exist.

There are no 'inland' Sea Ports.

1/ Image

By reason of the limitations of geography, there are no Sea Ports OR possibilities of Sea Ports in the SE, NC, NW and NE.

Only the SW and SS have those possibilities. (Even in the SW, only 3 Coastal States).

The others have to make do with River Ports and Inland Dry Ports.
Currently Nigeria has 4 River Ports (RP), in SE & NC: Onitsha, Oguta, Baro, Lokoja
7 licensed Inland Dry Ports (IDP) (mainly in the North, for obvious reason of geography): Jos, Kano, Funtua, Maiduguri, Kaduna, Aba, Ibadan

NB. There's no doubt more RPs and IDPs will emerge Image
Read 11 tweets
Apr 27
Still on Transition Matters - Governors Forum held valedictory meeting today in Abuja. Gov Tambuwal of Sokoto, who (as Deputy Chair) succeeded Gov Fayemi in Oct 2022, presided over his last meeting as Chair. There will be an election in the weeks ahead for a new Chair, 2023–2025.
Nigeria Governors Forum (NGF) Traditions:

1. NGF Chair chosen by election or consensus among the 36 Governors

2. Chair since 2004 has always been a second term Governor.

3. NGF Chair elected from ruling party.

4. Chairmanship rotated between North and South.
Since the last elected NGF Chair was from the South — Gov Fayemi (Tambuwal only succeeded him in Interim capacity, October 2022 until end of tenure in May 2023) —the next Chair is expected to come from the North. And from APC, and a second-termer.

Only 5 Governors fit that bill:
Read 4 tweets
Mar 29
FEC just ended. #FECbrief ongoing. HM @ProfIsaPantami announces approval of two @NgComCommission Memos, for provision of free broadband to 20 Nigerian airports across 6 geopolitical zones, 43 higher institutions (18 approved earlier), and 6 market/SME hubs.
For @FMWHNIG: FEC Approval for Dualization of Akure—Ado Ekiti Road, in two sections (Ondo section and Ekiti section), completion period of 24 & 30 months.

(Recall that the Road is in the latest batch of those to be financed by @nnpclimited under #ExecOrder7)
For Transport Ministry, HM @MuazuJajiSambo announces approval for @nigerianports Memo for purchase of 2 Nos X 80-Tonne Tugboats to support operations in Lekki Deep Sea Port.

Read 5 tweets

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