General News
GEJ, OBJ Resolve Differences, to Tackle Insecurity
Olusegun Obasanjo, former President, has declared his readiness to work with President Goodluck Jonathan to ensure an immediate end to the current security challenges facing the country.
He had met with President Jonathan in the early hours of yesterday in the Presidential Villa, Abuja.
The meeting centered on the state of the nation, especially security challenges in some northern states.
Chief Obasanjo, who returned to Abeokuta, the Ogun State capital after the parley, told journalists that his visit was at the instance of an invitation extended to him by President Jonathan.
The meeting came a few days after Obasanjo took a swipe at Jonathan administration’s handling of the economy, drawing a parallel between it and that of the late Head of State, Gen. Sani Abacha.
Obasanjo explained that the meeting was purely on security matters and at the instance of President Jonathan.
He said that President Jonathan had offered to come to Abeokuta for the meeting but for the respect he has for the President, he had to reschedule it for the seat of power in Abuja.
He said: “Yes, I can confirm that I met with Mr. President on his invitation. In fact, he had wanted to come down to Abeokuta, but as a sign of respect for the Office of the President, I had to go. We had discussion on the country’s security issues and that is all.”
Obasanjo, who appreciated President Jonathan for the invitation, promised to always make himself available to him on national issues in the interest of peace and progress of the country.
It will be recalled that the former President whose relationship with the Jonathan has been sour in the recent times, had two months ago said he had links with Boko Haram, the group responsible for the security challenges in the nation alleging that he was yet to receive a green light from the President.
This statement credited to Obasanjo angered top presidency officials querying the sincerity of the former president despite having unfettered access to President Jonathan.
Also, speaking on the crises between Eggon and Fulani crisis in North-Central state of Nasarawa, Obasanjo called on the government of the neighboring Benue and Nasarawa states to ensure that peace is restored to the warring communities.
He said the two: Eggon (who are farmers) and the Fulani, who are herders, must understand themselves over the differences and come up with amicable solution that will be acceptable to the two parties.
“There is no way such will not happen, but the two state governments should come up with lasting solutions. The farmers would want their crops to be protected, while the cattlemen will also want their cattle to feed. So, the government should fashion out peaceful means to end the crisis,” Obasanjo said.
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
General News
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.
Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.
The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.
Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.
The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.
Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.
This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”
Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.
By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”
The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.
George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.
This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
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