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tolu ogunlesi Profile picture
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27 Mar, 7 tweets, 3 min read
“In May 2020, during the most volatile period in the oil & gas sector in 40 years, ⁦@nigeriaLNG⁩ signed a historic US$3 billion corporate loan to finance the construction of its seventh liquefied natural gas (LNG) train.” whitecase.com/publications/i…
“The financing package for development of Train 7 set a new template for structuring expansion financings in the Int’l oil & gas sector. The large & complex financing is the 1st time development of an LNG project has been financed using a multi-sourced corporate loan structure.”
“Train 7 has received support from a diverse group of global financiers, including: 26 Int’l & Nigerian commercial banks; 2 DFIs—Africa Finance Corporation and African Export-Import Bank; 3 ECAs—Korea Trade Insurance Corporation (KSure), Korea Export-Import Bank (K-EXIM) & SACE.”
.@NigeriaGov through @OfficialNCDMB has developed and is implanting a Nigerian Content Plan for the NLNG Train 7 project: ncdmb.gov.ng/ncdmb-nlng-sig…

That’s where local firms like Sparkwest, in Sagamu, Ogun State (which I tweeted about yesterday), come in:
“The Nigerian Content Plan (for NLNG Train 7) provides for 100 percent engineering of all non-cryogenic areas in-country. The total in-country engineering man hours is set at 55 percent, which exceeds the minimum level stipulated in the NOGICD Act...” ncdmb.gov.ng/ncdmb-nlng-sig…
“The Train-7 scope will deliver 100 percent in-country fabrication of the Condensate Stabilization Unit, pipe-racks, flare system, and non-cryogenic vessels. Site civil works on roads, piling, jetties and will also keep local businesses occupied.”
“There will be 100 percent local procurement of all LV cables and HV cables, all non-cryogenic valves, protective coatings, and all sacrifice anodes. 70 percent of all non-cryogenic pumps and control valves will be assembled in-country.” ncdmb.gov.ng/ncdmb-nlng-sig…

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More from @toluogunlesi

tolu ogunlesi Profile picture
28 Mar
Nigeria has declared 2021-2030 a Decade of Gas - greater investment focus on CNG, LPG, LNG, Gas2Power, etc, while also curbing flaring. Finally time to act like a country that has much more gas than oil, especially considering that gas also much cleaner than oil.
#Thread
Read 4 tweets
tolu ogunlesi Profile picture
27 Mar
Nigeria concluding its first sale of Marginal Oil fields in almost 20 years. 161 winning bids in all, according to regulator, @dprhotline. FGN expecting ~$600m in total in signature bonuses, roughly half of the winners have paid already; payment deadline sometime in April.
The last completed bid round for Marginal Fields took place 2001-2003, under the OBJ administration. A 2013 attempt under GEJ admin failed - was never concluded.
Marginal Field defined as a portion of a discovered & licensed field that has been left unattended for a period not less than 10 years from date of 1st discovery. It’s then carved out from larger licensed area (OML), for allocation as “Marginal Field” to a successful bidder.
Read 4 tweets
tolu ogunlesi Profile picture
15 Mar
WTO DG @NOIweala is meeting with President @MBuhari at the State House. On her first visit to Nigeria since she assumed office as DG on March 1. #AsoVillaToday
.@abikedabiri, DG WTO @NOIweala, @FemAdesina and COS to the President, just now at the State House. #AsoVillaToday
DG @wto, @NOIweala briefing State House Press Corps now, after her meeting with the President. #AsoVillaToday
Read 9 tweets
tolu ogunlesi Profile picture
14 Mar
Expectedly, LAW-L. 5% or 10% of £4.2m is a swith sum.

But: “A former Law dean, ESUT, Prof. Agu Gab Agu, [pointed] out that even though Ibori was Delta Gov, it had not been estab. the money was removed from state’s treasury hence resorting to court over custody was unnecessary.”
“His view is shared by a Lagos-based advocate and member of the Justice Reform Project, Charles Candide-Johnson (SAN) corroborates Agu, noting that Omirhobo’s suit against the Federal Government is an idle threat, and the outcries about the money “farcical and cynical.””
“[Candide-Johnson] further argued that the MoU is binding at the sovereign level, pointing out that Delta State government is not a sovereign nation, and did not make any complaint about its money being stolen.”
Read 4 tweets
tolu ogunlesi Profile picture
12 Mar
On Sept 1, 2016, the UK and Nigerian Governments signed an MoU “On The Modalities For The Return Of Stolen Assets Confiscated By The United Kingdom.”

Text of the MoU here: assets.publishing.service.gov.uk/government/upl…

The #IboriLoot is the FIRST return of recovered assets under the Agreement
#Thread Image
“Participants attach great importance to ensuring returned assets are used for the benefit of the people. Participants therefore decide that returned funds will be used in line with budget of FED REP OF NIGERIA for projects that will impact on poorest segment of the society...”
The Sept 1, 2016 Agreement was/is between the Government of the United Kingdom of Great Britain and Northern Ireland (signed on its behalf by Robert Goodwill MP, Minister of State for Immigration at the time) And the Federal Government of Nigeria (signed by HAGF @MalamiSan). Image
Read 7 tweets
tolu ogunlesi Profile picture
11 Mar
In 1994, the Groundbreaking for the NDDC Headquarters was carried out - it was OMPADEC at the time.

Twenty six (26) years, and 17 CEOs later, it has fallen on President @MBuhari to COMPLETE and COMMISSION the #NDDCHQ building.

Commissioning ongoing.
#infrastructure #NDNewVision
“Mr. President gave marching orders that this project must be completed... It is another milestone which evidences the commitment of Mr President to the development of Nigeria, particularly the Niger Delta region.” — HM Godswill Akpabio.
#NDDCHQ
“For 15 years the rented NDDC HQ was not connected to national grid, so they can give out contracts for diesel. That became a racket on its own.” — HM Godswill Akpabio #NDDCHQ
Read 4 tweets

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