News
Optimum Petroleum Announces Mayfair Assets as Minority Partner on OPL 310

Optimum Petroleum Development Limited, operator of Oil Prospecting License (OPL) 310 in the Federal Republic of Nigeria announces an operations update for activities related to the development of the world class Ogo discovery oil block.
Also, conditional Ministerial consent has been granted to its new minority partner, Mayfair Assets and Trust Limited (“Mayfair”), a subsidiary of Lekoil Limited (“Lekoil”), for a 17.14 per cent economic interest in OPL 310.
The decision was made with the support of the Federal Ministry of Petroleum Resources with consent granted to Mayfair by Dr. Emmanuel Ibe Kachikwu, minister of State for Petroleum Resources on 24 October 2016.
However, the consent will be effective upon Mayfair’s payment of 2.5 per cent of the transaction purse to the Federal Government and the signing of an Agreement with the Operator.
Engr. Yusuf K.J. N’Jie, managing director/CEO,Optimum Petroleum said; “Optimum Petroleum is pleased to announce progress on the resolution of the issues in relation to OPL 310 development and has pledged to continue in its efforts to bring yet another Benin Basin field into production following the successful development of the Aje field on OML 113.
“The forthcoming appraisal and development work on OPL 310 is expected to commence in 2017 and should contribute to the production oil and gas reserves supporting the industrial development and energy needs of Lagos State and the petroleum industry of the Federal Republic of Nigeria.”
In line with the Ministerial guidance on this issue, Optimum Petroleum remains resolute in finalizing the Agreement for the 17.14 per cent assignment and to define the rights and obligations of both parties for the optimal development of OPL 310 without further delay.
The Operator, however, can make no assurances for the successful completion as negotiations have been ongoing since 2013 and plans for a well to be spudded in early 2016 were not completed.
To date Optimum Petroleum has not executed an Agreement nor received payments as detailed in a 24 October 2015 non-binding term sheet.
Optimum Petroleum wishes to appreciate the position of the Ministry of Petroleum Resources as demonstrated by the Department of Petroleum Resources (DPR).
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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