General News
ExxonMobil Buys $4b Stake in Ghanaian Oil Field
ExxonMobil Corporation has agreed to buy a $4 billion stake in an oil field off the coast of Ghana, as the global energy giant seeks a foothold in a major new oil-producing region.
The deal is Exxon’s first major purchase in a decade and appears to highlight that the company believes oil prices will rise in the long term. Some energy analysts have asserted that weak demand for fuel can not support even the current price of $70 a barrel.
Although a spokesman for Exxon declined to comment, sources briefed on the deal said while the parties have reached a binding agreement, the deal hasn’t yet been completed and is therefore subject to change. One outstanding issue is that the Ghanaian national oil company has the right to increase its stake.
The seller is Dallas-based Kosmos Energy, which was part of a group that made the 2007 offshore discovery that is estimated to hold 1.8 billion barrels of oil. Anadarko Petroleum Corporation and Tullow Oil Plc also own separate stakes in the field, known as Jubilee.
On Monday, Kosmos informed bidders for its 23.5 per cent stake in the field that it had "entered into an exclusive binding agreement" with Exxon, according to a person who had seen the letter.
The news of the deal was cheered by investors. In London trading, Tullow rose 8.4 per cent to GBP 12.09 ($19.28). In New York, Anadarko gained 6.1 per cent to $65.38 and Exxon rose 1.6 per cent at $68.66.
Also in New York, shares of Blackstone Group LP, a part-owner of Kosmos along with private-equity firm Warburg Pincus, rose 6.2 per cent.
The oil industry has become increasingly optimistic about the prospects for oil production in this region of the West African coast. Recently, a separate consortium announced a discovery off Sierra Leone, leading analysts to speculate that the 700-mile stretch between the two finds could be dotted with buried sands containing precious light crude oil.
Exxon’s entry amounts to a seal of approval. "If Exxon Mobil likes this stuff, then everyone knows it’s good," says Neil McMahon, an energy analyst with Sanford C. Bernstein.
The acquisition is the largest deal for the famously conservative company in over a decade. In the late 1990s, Exxon Corporation and Mobil Corporation combined in an $81.2 billion merger, creating the world’s largest shareholder-owned oil company.
Around the same time, Exxon bid aggressively for licenses in several deepwater blocks off Angola, which was then an unproven oil region emerging from years of civil war. The deal proved prescient: Angola is now a major oil producer and in 2007 became a member of Organisation of Petroleum Exporting Countries (OPEC).
Opening its wallet to purchase oil assets signals a new strategic direction for Exxon. Over the last decade, the Texas behemoth has been reluctant to make any large purchases, even as its holdings of cash and repurchased stock ballooned. At midyear, it held $15.6 billion in cash, and the value of treasury shares it has bought back since 2001 were worth $173.6 billion.
The Ghana purchase suggests Exxon is moving to replenish its oil reserves by building its portfolio asset by asset, rather than by making a mega deal. Indeed, analysts say that Exxon, with its $325 billion market capitalization, may be too big already in the eyes of regulators to swallow another large oil company.
Exxon also is engaged in some high-profile, deepwater exploration activities off the coasts of the Philippines, Turkey, Madagascar and Greenland.
It isn’t clear which company would be the operator of Jubilee, which is expected to begin producing oil in 2010. Tullow has a 34.7 per cent stake and Anadarko also holds a large interest.
General News
Nnaji, Former Minister Seeks Out-of-court Settlement over Certificate Forgery Allegations


Uche Nnaji
Uche Nnaji, former minister of Science, Innovation and Technology, has indicated interest to settle out of court with the University of Nigeria, Nsukka, and other parties in a certificate forgery dispute.
This was disclosed on Monday during proceedings before Justice Hauwa Yilwa of the Federal High Court Abuja, where the suit came up for hearing of pending applications.
Nnaji had approached the court in October 2025, following an investigation by Premium Times, alleging that the minister had forged his first degree and National Youth Service Corps certificates.
The report further faulted the minister for submitting the forged documents to President Bola Tinubu and the Senate during his ministerial screening.
Nnaji had subsequently resigned his position as minister following widespread controversy, stating that he did not want the issue to become a distraction from the activities of the administration.
The case has, however, stalled at the courts since it was instituted, due to procedural setbacks including issues relating to the service of court processes and multiple preliminary objections filed by the defendants.
When the matter was called on Monday, Ope Muritala, counsel to Nnaji, informed the court that although the case was slated for a hearing of pending applications, there was a fresh development, adding that parties were exploring an amicable resolution, requesting an adjournment to enable negotiations to continue.
“There is a new development as parties are exploring an out-of-court settlement,” he told the court.
P.C. Ike and N.H. Obah, lawyers representing the first (Minister of Education) and second (National Universities Commission) defendants, told the court they were not previously aware of the settlement discussions until they arrived at the court, but did not oppose the request for an adjournment to allow the talks to proceed.
Meanwhile, counsel to the third to seventh defendants, including the UNN and its principal officers, Chidubem Ugwueze, however, confirmed that the move towards settlement had been communicated earlier.
He told the court that a Senior Advocate of Nigeria, Chris Uche, who is leading the defence team, had informed him of the development.
According to him, the information originated from another Senior Advocate, Wole Olanipekun, representing Nnaji.
Although he did not object to the proposed settlement, Ugwueze urged the court to proceed with hearing the defendants’ pending motion for regularisation in the event that settlement talks collapse.
However, Justice Yilwa declined the request, stating that it would be more appropriate to consider such applications only if the out-of-court resolution efforts fail.
In view of the parties’ disposition, the court adjourned the matter to July 8, 2026, for report of settlement or continuation of proceedings.
General News
Nomination Opens for Consumers Value Awards

In a bold step to deepen consumer voice and accountability across both private and public sectors, BrandXchange the organisers of the Consumers Value Awards have announced the official launch of the 5th edition with a groundbreaking theme: “Beyond Satisfaction: Redefining Consumer Value in a New Economy.”

Scheduled to hold on 23rd September 2026, this year’s edition introduces a Consumer & Citizen Value Scorecard, a nationwide voting platform that places the power of evaluation directly in the hands of consumers. Nigerians can nominate their brands through this link: https://consumervalue.vercel.app/nominate
Speaking on the theme, the Convener, Akonte Ekine, noted that the concept of consumer satisfaction is no longer sufficient in today’s economic climate.
“For too long, satisfaction has been the benchmark. But in reality, many consumers who are ‘satisfied’ still feel overcharged, underserved, or unheard. This year, we are going beyond satisfaction to focus on what truly matters—real value. Value in pricing, value in service, and value in trust,” he said.
He further explained that the introduction of the Consumer & Citizen Value Scorecard marks a significant evolution of the Awards into a data-driven, people-powered evaluation system.
“Through this Scorecard, Consumers will not just vote—they will assess. They will tell us which brands deliver fair value and which public institutions are truly serving the people. This is about giving consumers and citizens a structured voice that drives recognition and accountability,” Ekine added.
Unlike traditional award systems driven by panels or jury decisions, the Consumers Value Awards remain strictly based on consumer voting, ensuring that winners emerge from real-life experiences and public perception.
The 2026 edition expands its scope to include public sector institutions, reinforcing the idea that citizens are not only customers of brands but also consumers of government services.
“From banking halls to public hospitals, from telecom services to regulatory agencies, Nigerians interact with systems every day. This initiative ensures that both brands and institutions are held to the same standard—delivering value in a challenging economy,” he stated.
The voting process will measure key indicators such as:
- Value for money
- Trust and transparency
- Service delivery quality
- Responsiveness to consumer needs
- Accessibility and inclusiveness
Insights from the voting process will culminate in a Consumer & Citizen Value Index, offering one of the most comprehensive snapshots of consumer sentiment.
The organisers believe the initiative will not only celebrate excellence but also drive improved performance, strengthen consumer trust, and encourage responsible service delivery across sectors.
Voting is expected to commence in June 2026, with nominations open to the general public via www.consumersvalueawards.com.
General News
IHS Nigeria, Ilorin Innovation Hub Showcase 19 High Growth Startups

IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has partnered with the Ilorin Innovation Hub to host the maiden edition of its Demo Day at the state-of-the-art facility in Ilorin, Kwara State.

The event, themed “The Convergence,” is designed to spotlight 19 emerging startups that have participated in the Hub’s accelerator and incubation programs, and invite them to pitch their solutions to investors, venture capital funds, corporate partners, and the media.
The Ilorin Innovation Hub, a partnership between the Kwara State Government and IHS Nigeria, began operations in February 2025 with programs managed by Co-creation Hub and Future Africa.
The Demo Day presents an opportunity to take stock and assess how the Ilorin Innovation Hub is helping to nurture and bring to life groundbreaking ideas and solutions supporting economic resilience and addressing real-world societal challenges. The event is expected to help unlock funding opportunities, foster strategic collaborations, and amplify visibility for these startups that are developing solutions across critical sectors including agriculture, health-tech, green energy, lifestyle, and digital services.
Beyond the startup showcase, the Demo Day highlights Kwara State’s continued commitment to driving digital innovation and entrepreneurship, and IHS Nigeria’s commitment to bridging the digital divide and deepening the digital economy in Nigeria.
Mohamad Darwish, CEO, IHS Nigeria, commented, “We believe innovation and digital technology are powerful drivers of economic growth and sustainable development. This is why we partnered with the Kwara State Government on the Ilorin Innovation Hub. It is impressive and very fulfilling to see the diverse portfolio of ideas and solutions showcased today from the hub within a year of the commencement of operations.
This speaks to the depth of creativity among Nigerians and what is possible when they are equipped and supported. Today’s event makes me proud of our investment in the space and underscores IHS Nigeria’s continued commitment to supporting technology, entrepreneurship, and digital innovation in Nigeria.”
Temi Kolawole, Managing Director, Ilorin Innovation Hub, commented, “Today, we showcase 19 startups that have shown that when you combine talent with the right support, the results speak for themselves. The Ilorin Innovation Hub exists to ensure that geography is never a barrier to building something extraordinary, and this Demo Day is proof that we are on the right track.”
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