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Total Resumes $2.5B Nigerian Deepwater Oil Field Sale

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France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale again, the company said, after a 2012 deal with Sinopec Corp failed.

Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in the Nigeria Oil Prospecting Lease (OML) 138, which could be worth about $2.5 billion, according to sources familiar with the matter.

“We have selected an advisor to pursue the sale process of Usan,” a spokeswoman for Total said.

BNP Paribas declined to comment.

Usan is not expected to be an easy sale for Total because deepwater exploration requires significant investment and the new owner’s returns could be limited if Nigeria rises taxes on foreign investor profits as part of a long expected sector reform called the Petroleum Industry Bill (PIB).

Before deciding to sell the asset, which is about 100 km off the coast, Total was planning to drill several horizontal deepwater wells and build a deep offshore drilling rig.

“Anything in Nigeria is a tough sell,” said a London-based sector banker. “And anything with capex is even tougher these days. Very few players would be willing to acquire assets that have big investment commitments attached.”

Total said in November 2012 it had sold its 20 percent interest in the field to China’s Sinopec for about $2.5 billion in cash. It is not known why the sale failed.

The Nigerian National Petroleum Corporation (NNPC) is the OML 138 concession holder. Other partners include Chevron, ExxonMobil and Nexen, which is owned by Chinese state company CNOOC Ltd.

Total is working on several asset disposals to meet a $10 billion 2015 cash flow generation target. The French group is seeking to raise about $2.5 billion through the sale of its Super Glu maker Bostik, Reuters reported.

A deal for the Usan field may have to involve a local company because Nigeria, Africa’s top oil producer, is renewing efforts to recoup the benefits from its oil and gas sector.

But few Nigerian players would have the money and ability to complete the necessary drilling and building works, several sector bankers said.

This means Total’s hopes may lie again in the hands of Asian buyers like China’s CNOOC, which already has an interest in the USAN field, or India’s ONGC and Indian Oil.

International oil & gas majors are not expected to show interest because most of them are under pressure from shareholders to cut capital expenditure and improve dividends. Most are seeking to leave Nigeria instead.

Earlier this year, ConocoPhillips sold its Nigerian operations to Nigerian oil company Oando for $1.5 billion.

Chevron is also in the process of selling assets in Nigeria and Shell recently sold off four oil fields in the West African country.

Taleveras and Transcorp are among the best placed Nigerian potential buyers because they have the strongest financial firepower, said one of the sources.

A sector banker said state-backed NNPC could also be interested though it already has a number of commitments with foreign investors, Oando is digesting the ConocoPhillips deal and Seplat is focused on Chevron’s assets.

“(Total) needs a couple of local players with deep pockets. The international banks aren’t showing as much interest as they were, and the local banks no longer have capacity to raise that kind of debt,” said a local industry source.

Commodity traders and miners such as Glencore or Mercuria could also be interested, in theory, as they have been actively hunting for oil & gas assets to diversify from volatile mining operations, said several sector bankers.

But trading houses may not have the required expertise to operate deepwater assets, said one of the bankers.

Glencore and Mercuria were among the short-listed bidders for Shell’s Nigerian energy assets worth about $3 billion, sources previously told Reuters.

RBC Capital Markets said in a report this week that Total was likely to miss production and cash flow targets for next year as it grapples with project disruptions. Total will update the market at a mid-year outlook investor’s day on September 22.


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iPower Inverters: A Beacon of Hope in Nigeria’s Power Crisis

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Finding a reliable power solution can feel like searching for a needle in a haystack.

As Nigeria grapples with its myriad of challenges, one issue that refuses to bow is uninterrupted power supply.

For many Nigerians, it’s a tale as old as time – the flickering lights, the endless queues for fuel, and the ever-present roar of petrol generators.

Dr. Patrick, a senior lecturer who relocated to Nigeria over two years ago, knows this struggle all too well.

Speaking to a group of students one afternoon about the challenges in Nigeria, he recounted his journey through different power-generating devices. “Nigeria is a land of promise but comes with its challenges,” he observed.

“One of the most frustrating issues is the lack of reliable electricity.

“Generators are a lifesaver, but with the steadily rising cost of fuel, many can’t afford to run them anymore.”

Dr. Patrick had his first brush with Nigeria’s electricity problem when he purchased a fuel-powered generator. The noise was unbearable, and getting fuel to refill it was a challenge on its own.

He soon abandoned it for inverters, but his luck there was short-lived. “I tried two different brands – I won’t name them,” he said, “but the first lasted only a few months, and the second didn’t even make it past four months before it conked out.

It led to a litigation, and at that point, I was disillusioned with the available options.”

Just when hope seemed lost, a student introduced Dr. Patrick to iPower.

Initially skeptical, he was intrigued by the student’s claim that his father ordered his on Konga had been using the same iPower inverter for several years without any issues. With cautious optimism, Dr. Patrick decided to give iPower a shot. Seventeen months later, he still sings its praises.

On researching iPower, Dr. Patrick discovered the product’s rigorous development process, with experts from five countries and the Nigerian technology giant Zinox combining forces to bring it to life.

It was evident that this was not your average product, but rather one built with precision, expertise, and the end-user in mind.

The specifications of iPower are impressive: it boasts a rated power of 5KVA/5000W, a pure sine wave inverter, surge power of 10000VA, and an input voltage of 230VAC ±5%. iPower’s 5kva outperforms the 10kva of the inferior brand Dr. Patrick had used.

Its smart battery charger optimizes battery performance and allows for selectable charging current, depending on the application.

These features ensure that iPower not only performs exceptionally but also lasts far longer than its competitors.

Dr. Patrick firmly believes that more brands in Nigeria should follow iPower’s example.

“We deserve better than the substandard products being dumped on us. Nigerians want quality, and iPower has proven that it’s possible to deliver.”

iPower inverters have proven to be a game-changer for Dr. Patrick and countless other Nigerians. With their exceptional performance, reliability, and advanced features, they offer a much-needed solution to the country’s power challenges.

As more people discover the benefits of iPower, it is poised to become a leading choice for home and business power solutions in Nigeria. If you are wondering where to purchase iPower inverters, batteries, or solar panels, you can find it on konga.com.


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Report Finds 30% More Young Gamers Targeted by Cybercriminals in H1 2024 vs. H2 2023

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The number of unique users targeted by cybercriminals using popular children’s games as a lure surged by 30% in the first six months of 2024 compared to H2 2023, according to Kaspersky experts.

 

Researchers analysed gaming risks for young players and discovered that more than 132,000 users had been targeted by cybercriminals. More details can be found in the latest Kaspersky report on cybercrimes targeting young gamers.

The most exploited children’s games

Kaspersky looked into the threats disguised as popular kids’ video games and analysed the period from July 1, 2023, to June 30, 2024.

Throughout the reported period, Kaspersky security solutions detected more than 6.6 million attempted attacks, where cybercriminals used the brands of the kids’ games as a lure.

Out of the 18 games chosen for this research, the majority of attacks were related to Minecraft, Roblox, and Among Us. According to Kaspersky’s statistics, more than 3 million attempted attacks under the guise of Minecraft were launched throughout the reported period.

Most likely, cybercriminals chose this method of attack based on the popularity of games among players, as well as the ability of gamers to use cheats and mods. Since the majority of mods and cheats are distributed on third-party websites, attackers disguise malware by posing as these applications.

Kaspersky experts believe that the higher success rates detected in 2024 can be explained by the trends observed in the recent developments of the general cyberthreat landscape.

On the one hand, following popular trends, cybercriminals launch more cunning attacks, exploiting the current agenda and crafting less obvious schemes, instead of using generic attacks.

On the other hand, cybercriminals are increasingly using AI to automate and personalise phishing attacks that are more likely to deceive young gamers. At the same time, new advanced phishing kits — pre-made templates of phishing pages — created with automated tools consistently appear on the dark web, allowing an increasing number of attackers to deploy highly effective phishing sites that mimic popular gaming platforms.

Scams on children’s favourite games

One of the most common scams in gaming is the offer to receive new skins for your character — essentially clothing or armor — that enhance the hero’s skills. Some skins are common, while others are extremely rare and, therefore, more desirable.

Kaspersky experts have found an example of a scam that uses both the name of popular game Valorant and that of the world-famous YouTuber Mr. Beast. By selecting this blogger and using his photo, the fraudsters aim to capture children’s attention and hook them into their fraudulent scam.

To receive the desired Mr. Beast skin, young users are asked to enter their login and password for their gaming account, enabling their credentials to be potentially stolen by scammers as a result.

Another popular trap is the offer of receiving in-game currency. In one of the discovered scams exploiting the Pokémon GO brand, users are asked to enter the username for their gaming account. Next, they’re asked to take a survey to prove they’re not a bot.

Once the survey is complete, they are redirected to a fake website, usually one promising free prizes or giveaways. This is where the real scam kicks in.

The scammers aren’t actually after personal data like credit card details; they’re using the guise of gaming to lure users into another hoax — one involving fake downloads, prize claims, or other deceptive offers.

The whole process is a clever way to redirect users to a different, more dangerous scam under the pretense of a legitimate verification step.

“Throughout our research, we see attacks on children are becoming a common vector of cybercriminals’ activities. That’s why cyber hygiene education and the use of trusted cybersecurity solutions are a ’must-have’ in building children’s safety in the online environment.

By fostering their critical thinking, responsible online behaviour, and a strong understanding of the risks, we can create a safer and more positive online experience for this generation of digital natives,” comments Vasily Kolesnikov, security expert at Kaspersky.

 


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NCC, ALTON, MainOne Back Oketola’s Book on Tech Evolution

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Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, has confirmed his participation as the immediate past Editor of The PUNCH, Dayo Oketola,  launches a book on Information and Communications Technology evolution.

The book, ‘The Catalyst: Nigerian Tech Evolution Through a Journalist’s Lens,’ will be launched on September 17, 2024, at an exaugural lecture to mark the end of Oketola’s time as Editor, The PUNCH and celebrate his nearly 20 years in journalism and leadership practice.

The Head, Media Relations at the NCC, Dr Omoniyi Ibietan, who communicated NCC’s support to the author, said, “It is a consequential work. Congratulations.”

Read Also: NCC Threatens to Fine Telcos over Poor QoS

Similarly, the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, and the CEO, MainOne, an Equinix Company, Ms. Funke Opeke, have also thrown their weight behind the book launch and exaugural lecture while congratulating the author.

“We would like to express our sincere gratitude for the invitation to your upcoming exaugural lecture and book launch. Congratulations on reaching this significant milestone,” MainOne said in a letter.

Former President Olusegun Obasanjo, GCFR, will be the Special Guest Speaker at the event.

Oketola said the evolution of Nigeria’s telecommunications sector, which began with the introduction of GSM in 2001 by Obasanjo, had attracted over $70bn in investments and created over 500,000 jobs in the country.

He highlighted the bold initiatives that opened the sector to private investment, from 450,000 telephone lines before 2001 to a vibrant market today, and also charts a path through which Nigeria can maximise its digital economic potential.

Oketola, now a senior member of the PUNCH Editorial Board, left as Editor of The PUNCH  in June.

While serving as editor, he won the Editor of the Year prize at the Nigeria Media Merit Awards (NMMA) in December 2023.

He also led the organisation to win the Newspaper of the Year at the same award ceremony.

Oketola, a consistent journalism prizeman, also won Editor of the Year Award at The Industry Awards 2022.

He is a two-time winner of the Zimeo Excellence in Media Awards in Johannesburg 2015 and Nairobi 2016, among numerous awards during his illustrious journalism career.

In a statement, Oketola said, “I am excited to announce the upcoming launch of my book, The Catalyst: Nigerian Tech Evolution Through A Journalist’s Lens, scheduled for September 17, 2024.

“On the same day, I will also be hosting an exaugural lecture to celebrate my tenure as Editor of The PUNCH and nearly 20 years in journalism.”

Speaking further, the former editor described his years in journalism as one that had driven advocacy and impacted different sectors of the economy.

“My 20 remarkable years of stewardship to the nation via media and leadership practices have driven advocacy and impacted areas such as business and economy, ICT, energy, agriculture, social inclusion, anti-corruption, drug trafficking prevention, and nation-building, a testament to the power of journalism in shaping our society,” Oketola remarked.

Read Also: NCC Unveils DMS to Protect Mobile Phone Users

Other influential guests hosted at the media event are a former Chief Executive Officer of MTN Nigeria, Michael Ikpoki, who will chair the occasion, and the Convener of the Centre for Social Media Research, Dr Akin Olaniyan, who will be the book reviewer.

The Minister of Information, Alhaji Mohammed Idris, will grace the occasion as the Chief Host.

Similarly, the Managing Director/ Editor-in-Chief of PUNCH Nigeria Limited, Mr. Adeyeye Joseph, is the host, while the President of the Nigerian Guild of Editors, Mr. Eze Anaba, is the co-host.


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