FG Approves $1.1bn PPA for Qua Iboe Power Project ExxonMobil hands over to new investors Ejiofor Alike in Lagos and Chineme Okafor in Abuja Nigeria’s power generation capacity is expected to rise by additional 540
megawatts (MW) in 2021 following the decision of the federal government to finally approve the Power Purchase Agreement (PPA) negotiated by the Nigerian
Bulk Electricity Trading Plc (NBET) with new investors for the Qua Iboe Power Plant to be located in Akwa Ibom State. This is coming as Mobil
Producing Nigeria Limited (MPN), a subsidiary of ExxonMobil has stated that it has reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the
transfer of ownership of the project and the supply of gas from the NNPC/MPN joint venture offshore facilities to the plant. The government also
approved a Put/Call Option Agreement (PCOA), which NBET and the Ministry of Finance agreed with the Continued on page 49
Buhari Apologises to Legislators over Row at Aso Rock Gate… Page 50 Friday 27 October, 2017 Vol 22. No 8226. Price: N250
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FEC Endorses 2018 Appropriation Bill, Silent on Details N’Assembly yet to receive presidential communication on presentation Omololu Ogunmade in Abuja The Federal Executive Council (FEC) yesterday approved the 2018 Appropriation Bill. Briefing journalists after the weekly FEC meeting, the Minister of Budget and National Planning, Senator Udo Udoma, who did not disclose details of the estimates proposed for the next fiscal year, said the disclosure could only be made by President Muhammadu Buhari. Continued on page 49
BUILDING FIRE FIGHTING CAPACITY… Managing Director, Nigerian Ports Authority (NPA), Ms. Hadiza Usman, inspects a guard of honour during the passing out of 125 officers of the Fire Service Department of the NPA… recently
Malabu Oil Deal: Finally, FG Recovers $85 Million from UK Concludes arrangement with Switzerland for return of $321million Abacha Loot
Tobi Soniyi in Lagos and Adedayo Akinwale, Alex Enumah in Abuja The Attorney General of the Federation and Minister of
Justice, Mr. Abubakar Malami, yesterday said Nigeria had recovered $85 million from the Malabu Restrained Funds in the United Kingdom. Malami spoke in Abuja
at the Pre-Global Forum on Asset Recovery (GFAR) and Consultative meeting with the theme: 'Building an Enduring Framework for Asset Recovery in Nigeria,' preparatory to
GFAR slated for December in Washington DC where he also said the federal government had concluded negotiations with the Government of Switzerland for the return of $320 million
recovered from the family of former Head of State, Gen. Sani Abacha. In 2015, a British judge, Justice Edis of the Southwark Crown Court refused to release $85
million to Malabu, a company controlled by former Minister of Petroleum, Chief Dan Etete. The $85 million was seized at Continued on page 12
Ortom Raises the Alarm over Planned Attacks by Miyetti Allah… Page 12