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Group Tackles Mobil over $600m Oil Bloc

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A non-governmental organisation, the Human and Environmental Development Agenda (HEDA Resource Centre), has requested for clarification on the renewal of some oil mining leases in possession of Mobil Producing Nigeria.

 

In a Freedom of Information (FOI) request issued to the Managing Director, Mobil Producing Nigeria Unlimited, dated. 2nd January, 2018 and signed by HEDA’s chairman, Mr. Olanrewaju Suraju, the organisation said it is seeking inquiry for the Forensic Audit report regarding the renewal of three Oil Mining Leases (OMLs 67, 68 and 70) for Mobil Producing Nigeria for $600 million.

 

According to HEDA, the renewal of three Oil Mining Leases (OMLs 67, 68 & 70) for Mobil Producing Nigeria Unlimited (MPN) by the Federal Government was widely reported in the newspapers in Nigeria and abroad. The organisation, however, said the details of the terms of the renewed leases were not disclosed to the press, thereby causing so much controversies as to the circumstances surrounding the payment and the amount paid.

 

It would be recalled that based on the valuation conducted by the Ministry of Petroleum Resources, MPN and the Nigeria National Petroleum Corporation (NNPC) as equity holders, were required to pay $6.375 billion as 100% of the reserve fee. Mobil’s 40% share in the lease was fixed at $2.55 billion, of which there would be a commitment to invest the sum of $1.2 billion in a refinery and gas infrastructure for the domestic market.

 

According to HEDA, “Reports in the public domain and some documents sighted by this organisation, Mobil rejected the said terms and allegedly paid $600 million for the renewal of the three oil blocks which have a combined output of 580,000 barrels of crude oil per day. Curiously, the payment was accepted by the then Minister of State in the Ministry of Petroleum Resources, Mr. Odein Ajumogobia, who purportedly signed the deal.

 

“However, the predecessor of the erstwhile Minister of Petroleum Resources had refused to endorse this transaction, accusing MPN of undervaluing the oil block. The said leases were however, renewed for 20 years by the erstwhile Minister of Petroleum Resources on behalf of the Government of the Federation.

 

“You will recall the successor of Mr. Ajumogobia in the Ministry of Petroleum Resources, Mrs. Diezani Alison-Madueke, rejected the terms for the renewal of this licenses, resulting in a fresh negotiation leading to additional payment by your company for the block.”

 

HEDA said in the light of the foregoing, and in view of the demand of the Nigerian people for the transparent management of the oil and gas industry, “We would appreciate your company furnishing us with details of the renewal and the total amount paid by Exxon Mobil for these licenses. More so, when a Chinese company had offered to pay the difference of $3.75 billion for 40% equity interest in the NNPC-Mobil Joint Venture or $18.75 billion for 100% equity interest in oil and gas reserves at the time of this renewal.

 

“HEDA Resource Centre is hereby requesting, in accordance with Section 1(1) of the FoI Act 2011, for information on the payments and conditions attached to the renewal.

 

“Section 1(1) ‘Notwithstanding anything contained in any other Act, law or regulation, the right of any person to access or request information, whether or not contained in any written form, which is in the custody or possession of any public official, agency or institution however described, is established’.

 

“Section 2(7) ‘Public institutions are all authorities whether executive, legislative or judicial agencies, ministries, and extra-ministerial departments of the government, together with all corporations established by law and ALL COMPANIES IN WHICH GOVERNMENT HAS A CONTROLLING INTEREST and PRIVATE COMPANIES UTILIZING PUBLIC FUNDS, PROVIDING PUBLIC SERVICES OR PERFORMING PUBLIC FUNCTIONS’.

 

“Mobil Producing Nigeria Unlimited operates a Joint Venture with the Federal Government of Nigeria, through the Nigerian National Petroleum Corporation (NNPC). The Federal Government has controlling 60 percent share, with the remaining 40 percent being MPN.

 

“As an internationally reputed firm with integrity in standard and discipline, we shall look forward to receiving this report promptly, and in any event, within 7(seven) days after this application is received, as provided for in Section 4 and 4a of the FoI Act 2011,” HEDA said.

 


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

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LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


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