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Nigerian JV launches FID for Iseni Gas Project

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A final investment decision to develop the Iseni gas project in Nigeria has been reached by a consortium comprising the Nigerian National Petroleum Corporation (NNPC), Shell Petroleum Development Company of Nigeria (SPDC), TotalEnergies EP Nigeria Limited and the Nigerian Agip Oil Company.

The joint venture will construct an upstream facility to supply 100 million standard cubic feet of gas per day to the Dangote Fertiliser and Petrochemical Plant in Lagos over a ten-year period.

Osagie Okunbor, Managing Director of SPDC, said “This investment decision is a critical step in pursuing the development of the gas-rich Iseni field, which is part of the Okpokunou Cluster in Oil Mining Lease 35 located in Sagbama Local Government Area of Bayelsa State.”

The project aligns with Nigeria’s ‘Decade of Gas’ agenda, aimed at bolstering energy security, fostering industrialization, and stimulating economic growth leveraging local energy resources, according to a statement.

The gas sourced from the project will be converted into feedstock capable of generating 400 MW of electricity, contributing to the resilience of the Nigerian grid.

Fidelity Bank Extends Onyeali Ikpe’s Tenure to 2026

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Nigeria’s tier-2 lender Fidelity Bank Plc, has announced its Board of Directors’ decision to extend the employment contract of its group managing director and chief executive officer, Dr. Nneka Onyeali-Ikpe, from 2024 to 2026.

Mr Ezinwa Unuigboje, the Company Secretary, said this in a regulatory filing sent to the Nigerian Exchange in Lagos on Wednesday. Unuigboje stated that the decision was taken at the board’s meeting on Feb. 12, 2024.

He explained that the extension is in furtherance of the bank’s strategic objectives and premised on Onyeali-Ikpe’s performance since her assumption of office on Jan. 1, 2021. The Board expressed confidence that the bank’s performance will continue its upward trajectory under Onyeali-Ikpe’s leadership.

They also look forward to working closely with her and the executive management team on the execution of various strategic initiatives, including international expansion, according to the statement.

Tinubu Urges Senate to Confirm Five CBN Directors

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Mr Tinubu’s request was contained in a letter addressed to Senate President Godswill Akpiabio and read at the plenary on Tuesday in Abuja.

The board members are Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke and Olayinka Aliyu.

Mr Tinubu stated that the appointment complied with section 6, sub-section 1b and section 10 sub, sections 1 and 2 of the Central Bank of Nigeria Establishment Act 2007.

“I am pleased to present for confirmation by the Senate the appointment of the under-listed directors of the Board of Central Bank of Nigeria (CBN).

“Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke and Olayinka Aliyu.

“While hoping that the request will receive expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards,” Mr Tinubu stated.

Mr Akpabio referred the matter to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative input. He urged them to report back to the plenary in four weeks.

Meanwhile, in another letter, Mr Tinubu also sought the confirmation of Hamidu Rahim as Commissioner for the National Population Commission (NPC) representing Osun.

The president stated that the request was in accordance with the provisions of section 154, sub-section one of the 1999 constitution as amended.

Mr Akpiabio, however, referred the matter to the Senate Committee on National Population and National Identity for further legislative action and urged the committee to report back to plenary in one week.

NBA Opposes UK-Nigeria Bilateral Lawyers Deal

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The president of the Nigeria Bar Association has said that the lbody, which regulates the practice of law in Nigeria, was not consulted by the Tinubu administration before the government announced a policy that would allow lawyers from the United Kingdom to practise in Nigeria and vice versa.

In a lengthy press release, the NBA’s president Yakubu Maikyau said the lawyers’ group remains opposed to the purported bilateral agreement between the United Kingdom and Nigeria.

Mr Maikyau’s statement is published below:

My attention was drawn to the news making round on a number of media platforms on the alleged signing of the Enhanced Trade Investment Partnership (ETIP) Agreement, between the governments of Nigeria and the United Kingdom. It was reported that this agreement seeks to enable cooperation between the two countries in areas such as financial and legal services. More bewildering is the stated provision that will allow lawyers from the United Kingdom to practice in Nigeria. Understandably, this news has generated tremendous disquiet within and outside the legal profession in Nigeria.

The Minister of Industry, Trade and Investment was reported to have expressed delight over what she described as a “ground-breaking agreement” that will translate to ‘more money’ for Nigeria. The NBA finds this statement credited to the Honourable Minister ridiculous, unpatriotic, and uninformed. It is indeed unfortunate that this tragic reminder of our colonial past, is being gleefully celebrated at the highest level of the Government of Nigeria. What is more disheartening is the fact that a decision of this magnitude that adversely affects the wellbeing and livelihood of millions of Nigerians, could be taken without any consultation, especially with the Nigerian Bar Association (NBA).

For the avoidance of doubt, the NBA had no foreknowledge or inclination of the text of the said agreement. We could not therefore have contributed to it. I have since assuming office as President of the NBA clearly opposed any agreement that will compromise our legal space. At all the meetings I had with officials of the Law Society of England & Wales and the Bar Council of England & Wales, I never failed to note our opposition to a bilateral agreement between the Government of Nigeria and that of the United Kingdom on legal services. In the workshop I attended with Mr George Etomi on 5 October 2023, convened by the UK-Nigeria Working Group on Trade Policy, with officials of Federal Ministry of Industry, Trade and Investment in attendance, at the Foreign, Commonwealth and Development Office (FCDO), King Charles Street, London, I made the point in unmistakable terms, that the NBA does not support any bilateral agreement with the UK on legal services. I emphasised that we are not yet at a place for such agreement, and that even if are to enjoy reciprocity with the UK (which is not an acceptable position), knowledge and skills gap is so wide that we cannot favourably compete with the lawyers from the UK. I made it clear that while there can be an agreement or discussion on other trade matters, legal services was not on the table.

We know for certain that the British Government will not undermine its own body of legal professionals in such spectacular fashion as this administration has done to the NBA in the matter of this agreement. It is truly tragic that while the government of the UK is seeking opportunities for its own lawyers beyond its constrained environment, the government of Nigeria is attempting to deprive Nigerian lawyers and their millions of dependants of means of livelihood. To embark on such a venture without recourse to the NBA is the height of insensitivity to the plight of the legal profession in Nigeria, and this is totally unacceptable.

We want to make it very clear that the ETIP agreement, in so far as it relates to legal services is unacceptable in its entirety. The NBA will take all necessary measures provided by our laws in support of our position on this matter. As a starting point, I have today convened a meeting of senior lawyers with a view to devising an appropriate litigation strategy. We intend to fully challenge the legality of this agreement all the way to the Supreme Court if necessary. This is without prejudice to other intervention measures that may be necessary to express our rejection of this agreement. I want to use this opportunity to call on all members of the NBA to brace up for the struggle ahead. The NBA under my leadership will not allow any incursion into our legal space.

Best Regards,

Yakubu Chonoko Maikyau, OON, SAN

NULGE asks Tinubu to halt destruction of illegal refineries

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The Nigeria Union of Local Government Employees (NULGE) has appealed to the federal government to stop the Navy from destroying refining sites tagged as “illegal” in the Niger-Delta.

Ambali Olatunji, NULGE president, said this at a news conference to mark the end of its National Executive Council (NEC) meeting on Wednesday in Abuja.

According to Mr Olatunji, NEC-in-Session resolved that the union should call President Bola Tinubu to prevail on the Nigerian Navy to stop destroying some refining sites in the Niger Delta region.

“Destroying those sites has no benefits whatsoever for the country’s oil and gas sector as well as for Nigerians at large.

“Instead of destroying those refining sites, they should be licensed properly and mandated to pay taxes.

“This will create job opportunities and be sources of revenue earnings,” he said.

Mr Olatunji also called on the federal government to consider licensing more modular refineries that have the capacity to refine crude oil.

“If the multinationals are leaving the country, we should encourage individuals that are willing and capable to do it in Nigeria,” he said.

“If we can work on those areas, coupled with minimum wage, the effects of fuel subsidy removal will go down,” he said.

The NULGE president also said that NEC-in-Session took note of the hardship occasioned by fuel subsidy removal.

He, therefore, called on the President to mitigate the effects by creating Compress Natural Gas (CNG) Centres across the country

Mr Olatunji also called on the President and the Tripartite Committee on minimum wage to arrive at an acceptable minimum wage for workers.

On security, he urged the federal government to allow the local government to implement community policing in protecting the lives and property of the citizens within their jurisdiction.