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Nigeria has been ranked among the top three countries for deepwater oil projects.

Ikechukwu Emmanuel

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In a significant development for Nigeria’s oil sector, President Bola Tinubu’s administration has announced that the country’s deepwater oil projects are now yielding competitive returns. This advancement has propelled Nigeria from the lowest quartile to a position among the top three countries in a recent index of 13 nations.

During a keynote address at an Executive Session organized by the Energy Institute and the National Association of Petroleum Explorationists (NAPE), Olu Verheijen, the Special Adviser to the President on Energy, emphasized the historical significance of this achievement. For the first time, Nigeria has established a fiscal framework for deepwater gas, a critical step in enhancing the sector’s attractiveness to investors.

Verheijen attributed these advancements to comprehensive reforms initiated by President Tinubu’s government, aimed at eliminating existing bottlenecks and facilitating smoother business operations. She highlighted the recent Final Investment Decision (FID) on the Ubeta Non-Associated Gas project, a half-billion-dollar initiative that has finally unlocked potential dating back to its discovery in 1965.

Furthermore, Verheijen noted that Nigeria is poised to access a substantial $90 billion in financing available for global deepwater projects from International Oil Companies (IOCs) already operating in the country. Securing just 20% of this financing could enable the development of five major deepwater projects, unlocking approximately 1.3 billion barrels of oil equivalent.

As Nigeria approaches 2025, the momentum for investment is expected to accelerate, showcasing the transformative nature of President Tinubu’s energy reform agenda. The anticipated influx of foreign exchange will bolster macroeconomic stability, stimulate local economies, and facilitate skill-building and technology transfer.

Verheijen underscored the importance of collaboration with industry stakeholders, stating that the government seeks to attract financing while also valuing the insights and feedback of its partners. The energy sector, she asserted, is vital for creating high-paying jobs, fostering industrialization, and driving innovation—key elements for Nigeria’s long-term prosperity and that of the African continent.

In conclusion, these developments signal a promising future for Nigeria’s oil and gas industry, with the potential to significantly impact the nation’s economy and position within the global energy landscape.

Entertainment

Val Kilmer, Acclaimed Actor, Passes Away at 65.

Ikechukwu Emmanuel

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Hollywood mourns the loss of Val Kilmer, the acclaimed actor known for his diverse and memorable roles, who passed away in Los Angeles on Tuesday at the age of 65. His daughter, Mercedes Kilmer, confirmed the news.

Kilmer, a prominent figure in 1990s cinema, achieved widespread recognition for his performances in iconic films such as “Top Gun,” “The Doors,” where he embodied Jim Morrison, and “Tombstone,” where he portrayed Doc Holliday. He also donned the cowl as Batman in “Batman Forever.” His extensive filmography includes significant roles in “Heat,” “The Saint,” “Willow,” and the recent “Top Gun: Maverick.”

Beyond his on-screen achievements, Kilmer’s career was marked by periods of controversy and fluctuating box office success. He was reportedly diagnosed with throat cancer in 2014, though he later recovered.

Val Kilmer’s talent and dedication to his craft will undoubtedly be remembered by audiences for years to come.

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Case Dismissed: Federal Charges Against Mayor Adams Dropped.

Ikechukwu Emmanuel

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On Wednesday, District Court Judge Dale Ho dismissed, with prejudice, the federal criminal case against New York City Mayor Eric Adams. This action effectively terminates the possibility of the Department of Justice (DOJ) resurrecting the five-count indictment against the Democrat in the US District Court in Manhattan.

The dismissal follows a controversial request by the Trump administration, nearly two months prior, to drop the corruption charges. The DOJ argued that prosecution would impede Mayor Adams’ ability to govern New York City and collaborate with the administration’s immigration enforcement policies.

The request prompted significant internal dissent, culminating in the resignation of seven federal prosecutors, including the acting Manhattan US attorney. Their departure underscores the contentious nature of the decision to seek dismissal and the ethical questions it raised within the Department. The “with prejudice” ruling solidifies the finality of this complex and closely watched legal battle.

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Entertainment

Mayorkun Considers Relocation Amidst Rising Trend of Nigerian Celebrities Abroad.

Ikechukwu Emmanuel

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Afrobeats artist Mayorkun, known for hits like “Mayor of Lagos,” has publicly expressed his contemplation of relocating abroad. In a recent post on X, the singer stated, “I dey reason to japa [relocate].”

Mayorkun’s sentiment echoes a growing trend among Nigerian celebrities. The past decade has witnessed a significant exodus, with notable figures such as Tacha, Eldee, and Genevieve Nnaji among those who have chosen to relocate. This trend, further exemplified by Banky W’s move to the United States for educational pursuits last year, highlights concerns regarding current socio-economic conditions within Nigeria. The reasons behind these decisions are multifaceted and warrant further observation as more prominent figures weigh similar options.

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