Shell’s $1.3bn Oil Assets’ Sale Not in ‘Waiting Room’ as FG Rejects Renaissance’s Bid NUPRC concludes assessment, communicated decision to bidders in early August Posers over Beneficial Ownership issues, registration of firms in tax havens
Emmanuel Addeh in Abuja
Contrary to a report that the plan by Shell to sell its onshore oil assets
to Renaissance Consortium was in the ‘waiting room’, THISDAY has learnt that the proposed $1.3 billion deal has been roundly rejected by
the federal government. People with deep knowledge of the goings-on in the oil and gas sector, specifically relating to the
transaction, told THISDAY that after a thorough appraisal of the proposal made by the consortium, the Nigerian Upstream Petroleum
Regulatory Commission (NUPRC) found that the group of companies did not have the requisite qualifications to manage the assets.
On January 16 this year, Shell announced that it had reached an Continued on page 10
NUPRC Says N200bn Disbursed to HCDTs, Clarifies Alleged Delayed Funding in A’Ibom... Page 10 Wednesday 16 October, 2024 Vol 29. No 10780. Price: N400
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World Bank: Ending Extreme Poverty By 2030 No Longer Possible... Page 8
CJN Laments Number of Pending Cases, Threatens Sack of Non-performing Judges Alex Enumah in Abuja The Chief Justice of Nigeria (CJN),
Justice Kudirat Kekere-Ekun, has lamented the increasing number of cases pending in superior courts
across the country. The CJN, who linked the high number of cases to the poor per-
formance of some judges, warned that the National Judicial Council (NJC) would not hesitate to show
under-performing judges the way out of the bench. Kekere-Ekun sounded the
warning yesterday in Abuja while Continued on page 10
After Momentary Relief, Inflation Hits 32.70% Amid Higher Food, Energy Prices CPPE: Situation exacerbated by surging petrol price, calls for urgent government intervention James Emejo in Abuja Following two consecutive months of marginal decline, the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities shot up to 32.70 per cent in September compared to 32.15 per cent in the preceding month, the National Bureau of Statistics (NBS) revealed yesterday. The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities. Inflation had eased to 33.40 per cent in July compared to 34.19 per cent in June. It further declined to 32.15 per cent in August compared to 33.40 per cent. However, according to the CPI
figures for September 2024, yearon-year, headline inflation rose 5.98 per cent compared to 26.72 per cent compared to September 2023. The continued inflationary pressure dashes hopes of a potential reduction in the Monetary Policy Rate (MPR), the benchmark interest rate that determines the cost of funds in the economy. The increase in inflation was attributed to the rise in the average price of some items in the basket of goods and services at the divisional level compared to what these items recorded in August 2024, the NBS stated. Month-on-month inflation stood at 2.52 per cent from 2.22 per cent Continued on page 10
PDP Governors Choose the High Road, Order Feuding Members to Revert to Status Quo... Page 27
LAGOS REDLINE RAIL COMMENCES OPERATION...
Governor of Lagos State, Mr. Babajide Sanwo-Olu tapping his cowry card to board the train on the Redline flanked by Managing Director of LAMATA, Engr. (Mrs) Abimbola Akinajo (right) and others during the flag off of commercial operations of the Redline rail at the Oyingbo Terminal ... yesterday See story on page 12