I had been having some wetness around the part and after much delay I finally decided to settle this. Just in case you don't know the location of the part I'm referring to, its above your oil filter. Its at the rear of the engine block on the passengers side. See the pic.
I would later learn that there are 2 possible culprits here, the spool valve filter and the o-ring of the VTEC solenoid itself.

Tools
1. Size 10 spanner/wrench
2. New spool valve filter

This is a fairly simple DIY. Your greatest problem would be removing the 3 bolts holding the part.

Here's picture of the part. What you can see is mostly the metal bracket mounting the part to the engine block. You can see the wetness
NB: the bolt you can see directly facing you does not mount the part to the engine block ie you do not need to loosen it in order to bring down the part.

To begin, you would have to loosen the 3 sz 10 bolts on the rear of the bracket. You would find these bolts mostly by feeling for them, therefore this is not a procedure on a hot engine!

Once the 3 bolts are off, pull out the bracket and the whole assembly. This is how mine looked. A lot of oily grime!
The spool valve filter was almost brittle. It was caked and practically glued to the engine block. I had to pry it off.

The new guy...

The new and the old. See any difference? A lot. The new is quite supple and the old was now enlarged and out of shape in some areas.

While at it, I decided to give the whole assembly a thorough wash with break cleaner. Omitted the plastic parts as much as possible though. You can remove the mounting bracket by loosening the single bolt holding it in place

New filter in place

To Couple just reverse initial steps, however remember to use a clean rag to wipe the section of the engine block where the whole assembly mounts. Also ensure there are no bits of rubber left by the old filter.

Nice work, I love the way you took your time and took pictures.

Correct guy. I will do mine asap.

Good to see guys putting it to work...

GAZZUZZ: Nice work, I love the way you took your time and took pictures.

Thanks mate. I have benefited a lot from people's write up on the web. Just trying to give my little bit...

lonelydora: Correct guy. I will do mine asap.

While your at it, you may want to also change the VTEC solenoid o-ring. Didn't do this and I still have some wetness there and I think its coming from the o-ring. Its inexpensive so I'll change once i have the part.

Its been almost a year since my last post here but just thought to update. To keep it short, this leak continued , even after changing the VTEC oil pressure switch o-ring .
But I've nipped it in the bud! The leak was coming from the VTEC oil pressure switch itself!
See the picture below, its from the underside of the vehicle (looking up). Note the oil drop on the oil pressure sensor(blue part), that's from the leak in question. NB: The oil filter is off in the pic as I was in the middle of an oil change.

Catch the detailed DIY repair post on www.diyautoworksng.com. Its now so dry and I'm happy