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Ned Nwoko’s Assassination Story , a Hoax

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. The truth of the matter by Gabriel Ogbechie

 

My attention has been drawn to several publications in the print and social media wherein Ned Nwoko alleged that a plan to assassinate him is being sponsored by me. I also refer to a recent press conference held by the same Ned Nwoko wherein he alleged that the prisoner who told him of the plan to assassinate him has mysteriously died. He also accused me of being responsible for the death of the alleged prisoner/informant. I categorically state again that these allegations are completely false and a figment of Ned Nwoko’s infantile imagination. I have not planned nor sponsored any plot to assassinate Ned Nwoko.

 

In a petition to the Commissioner of Police, FCT Command, Abuja dated 12th of November 2020 and titled ‘LEAKED INFORMATION ON DANGEROUS PLANS TO ATTACK/KILL ME’ Mr. Ned Nwoko stated and I quote:

 

I was reliably informed by my wifeRegina Daniels who was also informed by one Wale Jana that the suspects who were arrested and remanded at the Kuje Correctional Center in connection with the murder case in my village are plotting to cause me harm and possibly kill me. From the information made available to me the evil plot is being sponsored by one Chief Gabriel Ogbechie. I came to this conclusion because according to the report sent to my wife by Wale Jana, it said an inmate in the same room with the suspects at the correctional facility who pretended to be sleeping heard them plotting to harm me. From what he heard, the sponsor of the planned attack owns a filling station and is in the business of Oil and Gas and hails from a community around. As far as I know, the only person who fits that description is one Chief Gabriel Ogbechie.

 

Screenshots of the purported WhatsApp messages between Regina Daniels’ informant and the random prisoner were attached to the petition.

On the 4th of December 2020, I had audience with the Commissioner of Police, FCT Command where I read the said petition and pointed out the fact that same was speculative with three layers of hearsay: The prisoner telling Wale Jana, Wale Jana telling Regina Daniels who then tells Ned Nwoko the tale of an alleged plot. Interestingly, the prisoner and/or Wale Jana never mentioned my name. The conclusion that “the only person who fits that description is one Chief Gabriel Ogbechie” is entirely that of Ned Nwoko.

 

The moment I stepped out of the office of the FCT Police Commissioner, Ned Nwoko and his social media trolls went into frenzy that I have been arrested for plotting to assassinate Ned Nwoko. That was false, I was NEVER arrested. I have it on good authority that in his bid to rub my name further in the mud, Ned Nwoko allegedly placed a frantic call to a member of staff of a popular television channel, asking him to carry the fake news of my arrest as breaking news. Abiding by the ethics of his profession, the gentleman refused despite being offered a blank cheque to propagate this evil on my person.

 

Regardless, the FCT Police Command thoroughly investigated the case. They visited the prisons, interviewed the actors and they reached the conclusion that the petition was spurious and frivolous. Suddenly, the Police Force Criminal Investigation Department (FCID Abuja) asked that the case be transferred to them.

My lawyers wrote a petition to the Inspector General of Police on the 22nd of December 2020 requesting that his office take over the case to thoroughly investigate it.

The IGP Monitoring Team invited Ned Nwoko for questioning. He was asked to produce the prisoner who told him and Regina Daniels of the plot to kill him. Ned Nwoko suddenly declared that the prisoner who told him/Regina Daniel of the plot is one Ossy Biose and that he was released from prison and died soon afterwards! How? When? Ned Nwoko had no answers to any of the questions. When the IGP Monitoring Unit asked him to provide details of the family of the alleged deceased, he declined!

 

As soon as Ned Nwoko stepped out of the Police Office, his social media trolls went wild with the news that the prisoner who told him that there was a plan to kill him has died mysteriously and that I am being fingered as the likely suspect.

 

The alleged prisoner, named Ossy Biose, is known only to Ned Nwoko and Regina Daniels. At his press conference, Ned Nwoko mentions that he knows the prisoner’s family and also provided explicit details of Ossy Biose’s sojourn to prison. This leads me to believe that he had a pre-existing relationship with him. Only Ned Nwoko knows the cause of death and he is the only one in a position to explain why the person known only to him and his wife suddenly passed.

The name Ossy Biose, the now allegedly deceased prisoner was only mentioned for the first time by Ned Nwoko at the IGP’s office when he was asked to substantiate his allegation and as at this time, Ossy Biose was already deceased, according to Ned Nwoko. Pray tell: how can someone be responsible for the death of someone whose name was only mentioned after he was dead and whose identity Ned Nwoko still refuses to disclose to the Police?

 

Frankly, the truth of Ned Nwoko’s allegations is that they are all a work of fiction, a poor movie script that has reached its end.

Also, Ned Nwoko in his petition stated that the prisoner shared the same room at Kuje Correctional Facility with two boys from Idumuje Ugboko. This puts the location of the alleged plot squarely at Kuje Correctional Facility. Quite to the contrary, the two prisoners from Idumuje-Ugboko who are in prison on account of Ned Nwoko are NOT in Kuje Correctional Facility. They are, infact, held at Suleja Correctional Facility, fifty-two kilometers away from Kuje Correctional Facility. They were arraigned on the 26th of August 2020 and the Judge ordered that they be remanded in Kuje Correctional Facility. However, due to the COVID 19 pandemic, they were remanded in Suleja Correctional Facility since the 26th of August 2020 and have remained there till date. These are the people that Ned Nwoko, in his hallucinatory state, accuses of conspiracy to assassinate him and who are allegedly being sponsored by an oil magnate.

 

In writing his work of fiction, Ned Nwoko could not do his simple due diligence to even ascertain the location of the two people who are in prison on his account and he is now maligning my integrity and reputation.

 

In the alleged WhatsApp exchange attached to the petition, one of the prisoners from Idumuje-Ugboko was mentioned as Cheta and the exchange stated that Ned Nwoko put them in prison. I do not know Cheta, neither have I met nor interacted with him. My preliminary checks revealed the full names of the said prisoners to be Cheta Okolo and Onyisi Esuzor. They are both members of the Vigilante Group in the village. In the course of their duty, they accosted a miscreant vandalizing street lights in the village. The person so accosted turned out to be Ned Nwoko’s acolyte in the village. At the behest of Ned Nwoko, Cheta Okolo and Onyisi Esuzor were promptly arrested and arraigned before the courts in Delta State for ATTEMPTED MURDER. The courts discharged and acquitted them as no case was established against them. Dissatisfied, men from FCID Abuja came all the way to Idumuje-Ugboko, arrested these boys on the 30th of July 2020 and locked them up for three weeks at the FCID. On the 26th of August 2020, they were arraigned before a judge in Abuja, this time charged with TERRORISM! They have been in Suleja Prison for five months now and counting. This is all on account of Ned Nwoko, according to the WhatsApp message exchange between Regina Daniels and her informant.

 

Ned Nwoko and I are from the same community, Idumuje Ugboko, Aniocha North Local Government Area, Delta State. Ned Nwoko desires 100 hectares of land to build a University in the community, a noble gesture by all means. The King and Ned Nwoko, who are first cousins, have differing opinion on how best to acquire the land needed for the University. Sometime in 2017, I had an extensive meeting with Ned Nwoko in his house in Abuja and I appealed to him to allow peace to reign in the community. I spelt out what I believed was a clear road map for him to acquire the 100 hectares of land he needs to build his University. Ned Nwoko wants 100 hectares of land, contiguous to his existing 33 hectares of land on which he built his private residence. Part of the 100 hectares of land belongs to the Community but most of it are owned by private individuals. The King simply requests that Ned Nwoko follows due process; put in an application for the land, pay the token that is due to the community and gets the land. With regards the land that belongs to private individuals, he was advised to engage the owners of the land and take the necessary legal steps to acquire it. However, Ned Nwoko wants none of it, he believes he is above the laws of the community and is not ready to conform to simple dictates of communal living.

 

I am in support of the University. The King is in support of the University. The community is happy to host the University. The King, His Royal Highness Obi Chukwunonso Nwoko who ascended the throne about four years ago desires his Staff of Office. Ned Nwoko has used every subterfuge in the book to ensure the King does not get his staff of office. To no avail, I have appealed to Ned Nwoko on numerous occasions to follow due process in the acquisition of his desired portion of land and to also allow the newly installed King be presented his staff of Office.

In the last four years alone:

a.         The King, His Royal Highness Obi Chukwunonso Nwoko, who is currently 70 years old has been accused of killing his father, the immediate past King who died at the ripe old age of 91 years.

b.      The King and twelve other members of the community have been accused and charged to a court in Abuja on account of terrorism.

c.      Policemen, at the behest of Ned Nwoko, have invaded the Palace in the dead of the night, picked up the King like a common criminal and locked him up in Asaba. It took the intervention of the Government of Delta State to get the King out of the needless harassment.

d.      Two members of the community were accused of murder of someone known only to Ned Nwoko. Despite their strident denial they were locked up and charged to court. They spent three years in prison before the courts threw out the case for lack of evidence. Regardless three years of their lives have been lost.

e.      Three members of the community are currently held at Suleja Prison on account of Ned   Nwoko on an alleged charge of terrorism.

f.          In the past two years, more than 8 members of the community have spent time at prisons   in Abuja and some up to 14 months on account of alleged terrorism

Idumuje Ugboko, a small agrarian and peaceful community on the fringes of Delta State has been dragged into the national and public space by Ned Nwoko all for the wrong reasons. He has accused indigenes of terrorism or murder and is now hallucinating over a purported plan to assassinate him.

Having observed with revulsion, the great lengths Ned has gone to launch a heinous smear campaign against me, I am now completely doubtless that Ned Nwoko is very much capable of strategically executing plans and actions to bring about a desired result. I have severally engaged and admonished him to use his wealth to facilitate the economic progress of the bright minds in our community. Once again, I urge him to channel his talents to bring about an amicable end to the ongoing community conflict instead of waging a campaign of oppression. Hapless members of the community have been dragged before judges in Abuja and given very stringent bail conditions; some asked to bring sureties with assets of fifty million naira and above including houses in Abuja. This is way beyond what a lot of them can fathom or afford, so they simply rot in prison in Abuja. I have seen poor village women, most of them farmers, donate as little as five hundred naira into the pool of funds to raise the millions of naira needed to bail their children from jail in Abuja on account of Ned Nwoko. Despite the fact that I have no relationship with most of the oppressed and accused persons, I have provided the much-needed assistance for bail as much as I can. I have also made provisions for first-rate legal representation for the King and some of the accused persons.

Ned Nwoko has severally asked me to stop supporting the King as he believes my intervention prevents him from having his unrestrained way in the community. All these attacks and fabricated falsehoods against my person are to scare me into allowing him continue his harassment and intimidation of poor and defenseless members of our Community. This is wrong!

I have tried severally to reach out to him to arrange a forum of dialogue to resolve whatever he believes is conflict between us. He has evaded and sabotaged every single attempt I have made. Instead, he keeps fabricating and weaving a web of lies around me. I understand his family is in the show business and it is necessary they remain in the news to maintain the smokescreen of media hype. However, I urge him to keep me out of his social media antics and refrain from using my name as content. I simply have no desire to be a part of the fictitious drama borne out of the figment of his colorful imagination.

My lawyers have written to Ned Nwoko demanding a retraction, apology and payment of damages for the scurrilous statements and publications made by him and very soon, he would have his day in Court.

I shall continue to  take legal steps to protect my hard earned reputation and integrity. Ned Nwoko is not above the laws of the Federal Republic of Nigeria.

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Yahaya Bello and the EFCC Quandary: The Devil is in the Details – Ayoola Ajanaku

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The dust is yet to settle, following the efforts of the Economic and Financial Crimes Commission (EFCC) to arrest the immediate past governor of Kogi State, Yahaya Bello last week, on the heels of the anti-graft agency preparation to arraign him over corruption charges. This development is more than what meets the eye, as it’s laden with intricate details that are the kernel of this lucid treatise.

The attempt to arrest the ex-governor led to the gestapo like siege to his residence located in Wuse Zone 4, FCT earlier. Officials of the EFCC cordoned off the road and entrance to the residence of the former Kogi State governor for most of Wednesday.

Despite the heavy presence of EFCC operatives around Bello’s residence, his successor in office, Usman Ododo, paid him a solidarity visit. Ododo arrived the erstwhile helmsman’s residence in the afternoon and was cheered by the loyalists of the former governor who were present to give support to their embattled principal.

Also, while the siege on Bello’s residence was still on, two conflicting court rulings emerged in respect to the attempt to arrest of the former governor by the EFCC. One of the rulings, which came from a Kogi State High Court sitting in Lokoja, restrained the EFCC from arresting, detaining or prosecuting Bello.

Justice I.A Jamil, who gave the order in a ruling last week, stated that infringing on the fundamental human rights of the former Kogi helmsman is null and void except as authorised by the Court.

“By this order, the EFCC is hereby restrained from arresting, detaining and prosecuting the applicant except as authorised by the Court.

“This is a definite order following the earlier interim injunction given,” he averred.

In another twist in the yoyo-like locomotion of multiple judicial pronouncements, however, the EFCC obtained permission from the Federal High Court sitting in Abuja to arrest the ex-Kogi State governor in preparation to his arraignment on Thursday.

Justice Emeka Nwite granted the warrant this afternoon at the instance of the EFCC.

Love or hate Yahaya Bello, the pertinent questions begging for answers in this litigation are:

The EFCC had in March indicted Yahaya Bello, in an alleged diversion of about N100 billion, an offence said to have been committed months before he assumed office as governor in September 2015. If any third party dissects the budgetary appropriation of Kogi State and it’s IGR dispassionately then the numbers do not add up. The former helmsman meet a humongous liabilities and backlog of non-serviced facilities accruing to the Confluence State that had to be serviced. The pervasive prevarication that colossal funds found it’s into his pockets amount to ‘Alice in Wonderland’ tales.

The anti-graft agency had joined Yahaya Bello in the amended suit alongside the Chief of Staff to Kogi State Governor, Alli Bello, and one Daudu Suleiman, who was re-arraigned by the anti-graft agency before Justice James Omotoso of the Federal High Court, Abuja.

The ex-governor was not a defendant in the original suit, and was not in court on the said day.

Justice Omotoso had granted an accelerated hearing in the matter and had also ordered that all forms of objections must be kept in abeyance till the address stage and the charge were read to them.

In the first count, the former governor, and the two suspects were accused of conspiring with each other in September 2015 and converting N80, 246, 470, 089 to their personal use. For contextual and editorial alignment, the goalposts of allegations have witnessed shifting and amendments.

What court Order did the EFCC appeal against as well as the reason behind it?

It is a germane fact in public domain that the EFCC appealed against the Order granted on the 9th of February, 2024 by the High Court of Kogi State, the said order was an order restraining the EFCC from inviting, arresting or detaining the Applicant vide Notice of Appeal filed on 26th February, 2024.

Also, the EFCC further asked for a stay of Execution of the Interim Order at the Court of Appeal on 21st of March, 2024, which request was refused by the Court of Appeal.

However, on the 6th of March, 2024, in defiance of the interim Orders and their own pending appeal against the interim Order, the EFCC proceeded to prefer a 17 Count(s) Charge before Justice Nwite of the Federal High Court against Yahaya Bello.

The EFCC went further to resort to self help when on the 17th of March, 2024, it approached the same Federal High Court, Abuja, via an Ex-parte application and without informing the said court of the interim Order and their pending appeal against the interim order, to obtain an arrest warrant against the same person in respect of whose Order they had appealed to the court of appeal.

Akin to the above, if indeed the EFCC has nothing to conceal, why are they trying to muddle up the issues on account of the main judgement that was also subsequently delivered in the same High Court of Kogi State without recourse to the interim order that they appealed against and requested to be stayed, which request was refused?

The EFCC claims to have extended invitation to Yahaya Bello’s quarter immediately after his tenure elapsed on January 27th 2024. He has challenged the anti-graft agency to produce a copy of this invitation, including the delivery date and the recipient’s name and endorsement. There’s ample confidence on his part that they cannot provide ample evidence to this effect.

This sudden attempt at trying to confuse unsuspecting public with sentimental press statements and mug shot poster emblazoned with wanted message in capital letters. These actions intended to impugn and malign Yahaya Bello would not help them clear the infraction and abuse of the judicial process to give a dog a bag name to hang it. It’s a recurring decimal and standard MO of the anti-graft agency to embark on the route of smear campaign on suspects in a bid to gain an edge in the gallery of public opinion.

Again, by the admission of EFCC to the effect that they were at the Court of Appeal on the matter, and at the same time, approached a Federal High Court without informing the court of the subsisting order and appeal, is an admission of abuse of judicial process, and a fraudulent deceit of the court that has led it to granting conflicting Orders while appeal was pending.

This approach is a grave infraction of due process of law, subsequently, the statement issued by the learned counsel representing EFCC in the said matter amounts to trying to justify the infraction in a media trial which is unethical and not allowed or recognized in the legal profession.

The NJC should seriously investigate this matter as the conduct of the EFCC lawyer is clearly unethical and smirks of “Jankara” and “Boju Boju” practice of circumventing due course of the law.

The EFCC had appealed the order on March 11, 2024 and sought a stay of execution in Appeal No: CA/ABJ/CV/175/2024: Economic and Financial Crimes Commission v. Alhaji Yahaya Bello. The Court of Appeal did not grant the stay of execution, but fixed yesterday for hearing.

The appeal, however, failed to take place as the registrar told journalists that the appeal was not listed among the cases for the day.

The latest development in this jurisprudential tango, the embattled immediate past Governor of Kogi State, Yahaya Bello said he was ready to appear before the Federal High Court in Abuja to answer to the 19-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him.

Though Bello was absent for his arraignment, he briefed a team of lawyers who addressed the court on his behalf on Tuesday. A member of his legal team, Mr. Adeola Adedipe, SAN, told the court that his client would have made himself available for the proceedings, but all he clamours for is the strict adherence to the rule of law.

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe, SAN, submitted.

Consequently, he urged the court to set aside the exparte order of arrest it earlier issued against the former governor.

Adedipe, SAN, contended that as at the time the order of arrest was made, the charge had not been served on his client as required by the law.

He noted that it was only at the resumed proceedings on Tuesday that the court okayed substituted service of the charge on the defendant, through his lawyer.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning.

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

Time will tell where the pendulum will swing, as Yahaya Bello is fighting a battle of his life to untangle himself from the charges filed by the Nigeria’s anti-graft agency earlier that has caught the attention of all and sundry.

In a nutshell, the pontification of prominent Lutheran pastor in Germany, Martin Niemoller rings a bell in this scenario. “First they came for the socialists, and I did not speak out—because I was not a socialist. Then they came for the trade unionists, and I did not speak out -because I was not a trade unionist. Then they came for the Jews, and I did not speak out – because I was not a Jew. Then they came for me – and there was no one left to speak for me.”

Regardless of his exact words, Niemöller’s message remained consistent: he declared that through silence, indifference, and inaction worse things happen. Alas, reverse is the case as in this part of the world an individual is not presumed innocent until proven guilty. The hounds and irate mob are out and baying for blood aided by apparatus of power with a predetermined ploy to have Yahaya Bello’s head on a plate via the guillotine.

Ayoola Ajanaku is a Communications and Advocacy Specialist based in Lagos, Nigeria.

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Breach of contract: Shell sues Venture Global in US court

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•As NLNG risks sanctions from UK court

Following restriction of Liquefied Natural Gas LNG supply to its customers, Shell PLC has made claims against Venture Global LNG(VGL) a United States based LNG exporter, for its breach of contract to supply LNG cargoes.

Also, Nigeria LNG may risk sanctions from a UK High Court for a similar breach of an LNG supply contract.

Both Venture Global LNG and NLNG have been facing hurdles in the United States and in the United Kingdom for its breach of contract in a relatively similar fashion.

While Shell Plc filed its claim with U.S. regulators, the NLNG breach, has now been advanced to the UK High courts for further litigation.

Nigeria LNG is challenging the enforceability of the arbitral award’s demand order, issued by the arbitration panel.

According to Reuters report, Shell Plc has escalated its dispute with Venture Global LNG.

It accused the liquefied natural gas producer of restricting supply access to it and other customers, while exporting over $18 billion in LNG.

In a letter sent to the Federal Energy Regulatory Commission, Shell requested the commission to compel Venture Global LNG to disclose plant commissioning data to clarify the cause of delayed commercial operations.

Shell and other European companies say they contracted with Venture Global LNG but did not get their gas cargoes under long-term contracts.

They alleged that Venture Global LNG has been selling gas from the plant for more than a year to others, costing them billions in lost profit.

On its part, Nigeria LNG was held to be in breach of contract by failing to deliver 19 cargoes under a contract it executed in January 2020.

The cargoes, which were due for delivery between October 2020 and October 2021, have not been delivered.

In pleadings made by NLNG in its Particulars of Claims to the High Court of Justice in England and Wales Commercial Court, it’s breach was confirmed by a final arbitration award dated 30th January 2023.

The arbitration tribunal comprised Mr John Beechey CBE, Mr J William Rowley KC and Mr Nevil Phillips.

Nigeria LNG Ltd., is significantly owned by Shell, Total, and Eni.

An industry expert cited similarities between the disputes involving Venture Global LNG and Nigeria LNG. The source attributed the challenge to the unexpected surge in the LNG market.

“The reason for this surge in disputes may be related to the unexpected turn in losses to highly profitable margins, as high as $90 million per cargo, at the beginning of the Russian Ukraine conflict, post Covid market recovery and a huge demand in Asia and European markets, it is seen as a golden era for LNG cargoes.

“This situation may have prompted numerous defaults on agreements, with major LNG suppliers opting to retain higher margins at the risk of lengthy litigations,” the source added.“

 

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We Have Put in Place definitive measures to Bolster our Production’ – Oando GCE, Wale Tinubu  

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After releasing the FY 2022 financial statements, Oando Plc has issued a press statement to address its net loss of N81.2 billion incurred in 2022, citing militancy and pipeline vandalism as major culprits.

Despite reporting a gross turnover of N1.99 trillion during the fiscal year, the group posted a loss after tax of N81.2 billion, a significant downturn from the N39.2 billion profit after tax posted in 2021.

Wale Tinubu, Group Chief Executive of Oando Plc, commenting on the result, noted,

“The heightened militancy and pipeline vandalism acts within the Niger Delta region dealt a substantial blow to our upstream operations, resulting in a marked reduction in our crude production volumes due to the protracted shut-ins for repair following each incidence. This was further compounded by a major gas plant fire incident which also necessitated a lengthy downtime.”

“Furthermore, a rise in our net interest expense due to increased interest rates on several of our major facilities in line with global rates increases, also contributed to our Loss after Tax position.”

“In response, we have put in place definitive measures to bolster our production and cash inflows towards ensuring a speedy return to profitability by collaborating with our partners to institute a comprehensive security framework aimed at permanently curbing the persistent pipeline vandalism whilst concurrently exploring inorganic growth opportunities to increase our reserves and production capabilities. We have also implemented a strategic restructuring of our key facilities to ensure they align with our cash flow dynamics.”

Recommended reading: Pipeline vandalism cost Nigeria N471 billion in 5 Years

Economic implication of oil theft in Nigeria

Theft and vandalism of oil installations is a major problem plaguing the oil and gas sector in Nigeria. The crime of oil theft has had a negative impact on the national economy and the business of local and international oil companies operating in the upstream sector.

Although there is no precise figure to quantify the financial impact of oil theft on the Nigerian economy, a study conducted by Dimkpa et al. (2023) estimates that Nigeria lost approximately $33.6 billion in oil revenue to oil theft between 2019 and 2022.

 A significant economic implication for Nigeria has been the consistent decline in oil production. Nigeria’s average oil production in 2022 was at 1.45 million barrels per day, an almost 1-million-barrel decline from the 2.4 million barrels per day produced by Nigeria in 2012.

In 2022, Oando’s total upstream production amounted to 20,703 barrels of oil equivalent per day (boe/day). This comprised 4,939 barrels per day of crude oil, 472 barrels per day of natural gas liquids, and 15,292 barrels per day of natural gas.

This figure represents a 22.7% decline from the 26,775 boe/d output reported by the group in 2021.

According to the company’s press statement, the decline in production was attributed to downtimes caused by shut-ins for repairs and sabotage activities.

In 2022, Oando Plc sold approximately 21.8 million barrels of crude oil, representing a 25% increase from the 17.4 million barrels sold in 2021. The group also sold about 1.94 million metric tonnes of refined petroleum, representing a 101% increase from the 962,371 metric tonnes sold in 2021.

Despite recording a decline in oil output, the group was able to sell an increased amount of crude oil due to its contracts with the then Nigerian National Petroleum Corporation (NNPC), ultimately contributing to its 148% revenue growth in 2022.

In 2022, Oando sold crude oil at an average realized oil price of $101.55/barrel and a gas price of $14.74/Boe, compared to 2021’s prices of $62.14/barrel for crude oil and $9.95/Boe for gas.

OMLs 60 to 63 gulped about $77.7 million in capital expenditure (CAPEX) from Oando, while OML 56 and OML 13 gulped about $22.6 million and $200,000 respectively. The group also spent $1.4 million in capital expenditure (CAPEX) on other assets.

As of 2022, Oando owned 20% stake in OMLs 60 to 63, as Nigerian Agip Oil Company (NAOC) also owned a 20% stake.

However, Oando is in the process of purchasing NAOC’s 20% stake in the oil fields, which will push its stake up to 40%.

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