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Chevron: We’ve Discovered New Oilfield in Nigeria

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Chevron Nigeria Limited (CNL) has announced the discovery of a new oil field in Nigeria.

The “new gold mine” estimated to hold 17,000 barrels of oil per day (bpd), is located in the shallow offshore area of the Niger Delta.

The development is expected to boost Nigeria’s ailing oil production.

According to Chevron, the “near-field discovery” was made by the Meji NW-1 spud in Petroleum Mining Lease 49.

Chairman and Managing Director of Chevron, Jim Swartz, confirmed the discovery in a statement on Friday issued by its General Manager of Policy Government and Public Affairs, Olusoga Oduselu.

Oduselu stated that the Well was spud on September 2 and reached a total depth of 8,983ft measured depth on September 13, 2024.

He noted that the Well encountered about 690 ft of hydrocarbons within Miocene sands and appraised an extension of the Meji field.

The Chevron spokesperson said Well operations were completed, while the rig left the location on October 2.

Oduselu added that the accomplishment is consistent with CNL’s intention to continue developing and growing its Nigerian resources including onshore and shallow water areas.

“This (also) supports Chevron’s broader global exploration strategy to find new resources that extend the life of producing assets in existing operating areas and deliver production with shorter development cycle times.

“The NNPC-CNL JV will continue to collaborate with the Nigerian government and other stakeholders to support the development of the Nigerian oil and gas industry and the Nigerian economy in general”, he added.

August24news.com reports that the discovery of the new field comes at a time when Nigeria is facing challenges in its oil sector.

The country’s oil production has been on the decline recently over sabotage, theft, ageing and ailing infrastructure.

Data from S&P Global Commodity Insights showed Chevron holds a 40 percent interest in Oil Mining License (OML) 49 alongside NNPC in a joint venture.

Further findings showed production from the Meji field peaked at 51,000 bpd in 2005, but has since fallen to some 17,000 boepd, most of it crude oil.

Discoveries were first made on the licence in 1965, with production starting four years later.

Chevron did not offer a timeline for production at Meji NW-1 or any detail on how much the asset could produce.

However, the find is a fillip for Nigeria’s economy and illustrates the contrast with Chevron’s peers.

Many of them are exiting the Niger Delta in their droves in favour of deep-water opportunities in Nigeria, less risky jurisdictions and frontiers like Namibia and Guyana.

The new field is expected to help offset some of these declines and boost Nigeria’s oil production.

It is also expected to create jobs and generate revenue for the local communities where it is located.

Eni has already quit the Nigerian onshore and shallow water, selling its business to local firm Oando.

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.

Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.

Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:

“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.

His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.

On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The National Association of Nigerian Students (NANS), Lagos State University (LASU) branch, on Friday paid a courtesy visit on the Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda.

The student representatives said the visit was to congratulate Meranda over her emergence as Speaker of the State Assembly.

Meranda, an alumnus of LASU, was elected Speaker on January 13 after the removal of Mudashiru Obasa by the lawmakers over issues relating to alleged high-handedness and financial impropriety.

Describing her as a thoroughbred Lagosian, the chairman of NANS, Abdulraheem Azeez, used the opportunity to list some of the challenges faced by students in the university.

According to him, students have had to read in darkness as the Ikeja campus gets less than two hours of power supply daily.

Azeez also raised the need for the State to make available loans for indigent students as well as for the Assembly to provide opportunities for students to witness the plenary of the House.

Meranda, while thanking the students for the visit, urged them to always attend town-hall meetings in their constituencies where they can contribute and make their opinions known.

She further encouraged them to apply for the loans initiated by the government as done by students in other countries.

The Speaker requested the students to formally send their complaints in written forms to the House for action.

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EFCC Tasks Corps Members on Corruption

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

EFCC Tasks Corps Members on Corruption

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede charge members of the National Youth Service Corps, NYSC, to be change agents and strong resisting force against corruption.

He also enjoined them to be active foot soldiers and whistle-blowers or intelligence-gatherers against corruption.

Speaking on Thursday, January 30, 2025 at the NYSC Orientation Camp, Yikpata, Edu Local Government Area of Kwara State, Olukoyede said It is important for youths to realise that, these roles, if performed creditably, will bring up appreciable growth in the economy of our nation. He said that, “creative energies of youths will be maximised when corruption is brought to its knees.”

The EFCC boss whose address was delivered by the Head, Public Affairs Department, Ilorin Zonal Directorate of the EFCC, Ayodele Babatunde said that most of the problem confronting the country such as kidnapping, banditry, poor infrastructure, among others were connected to corruption. He added that all hands must be on the deck to tame the cankerworm.

Olukoyede encouraged the youths to embrace the virtues of hard work and shun fraudulent practices such as cybercrime noting that, “it’s profitable to earn dignity and fame through hard work and legit business.”

While calling on the youths to channel their potentials productively and shun crime, the EFCC Chair said that, “Yahoo-Yahoo is not a sustainable way of life.”

“There is no shortcut to wealth and fame. The fact that the rate of unemployment is high should not be an excuse to resort to crime. Act of criminality might deliver wealth in the short term but there will be misery and gnashing of teeth”, he said.

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