₦airaland Forum

unite4real:
But why is PRESCO not making a statement urgently about this or the Edo government disclaiming the report. They should not micro manage such information that is in public domain

emmanuelewumi:
Statement from Presco

Raider76:
The temptation is great though. You only get one chance to acquire these refineries at give away prices.

HesInMe:
Quit this nonsense. I don't own a single Presco stock (though I wish I did). But we all have a stake in Nigeria's attractiveness as a destination for private investment. These sorts of actions, which I'm glad to see the Edo government distancing itself from, hurt investor confidence and affect all of us -- shareholders or not. A rising tide lifts all boats.

HesInMe:
Quit this nonsense. I don't own a single Presco stock (though I wish I did). But we all have a stake in Nigeria's attractiveness as a destination for private investment. These sorts of actions, which I'm glad to see the Edo government distancing itself from, hurt investor confidence and affect all of us -- shareholders or not. A rising tide lifts all boats.

SonofElElyonRet:
Hypothetically speaking, you are saying Nigeria should've lost 2 oil wells if the story had been true Happy to know it ain't but full compensation, allocation of another suitable/similar parcel of land and enough time to harvest and relocate is what would've been fair . Not a country foregoing 2 oil wells!

SonofElElyonRet:
Hypothetically speaking, you are saying Nigeria should've lost 2 oil wells if the story had been true Happy to know it ain't but full compensation, allocation of another suitable/similar parcel of land and enough time to harvest and relocate is what would've been fair . Not a country foregoing 2 oil wells!

ositadima1:
The initial message wasn’t entirely off. Based on the Edo State government’s position, instead of the original 1,400 hectares, they are now focused only on the 20 hectares where the two wells are located. As they correctly stated, the matter is beyond their authority, it falls under federal jurisdiction.

HesInMe:
Last comment on this: You're missing the forest for the trees. It's not just the outcome (whether the land rights are revoked or not) that matters; the process (what looked like a military-style asset appropriation by executive order) too is an important signal for investors.

People who hold high office ought to know how the modern economy works. Maintaining investor confidence can be just as important, even more so, than getting the policy right. Bad optics raise the equity risk premium investors demand and depress asset values (share prices) for all of us -- even those that do not own the target company.

Even if the government ultimately decides the land is better used for oil exploration, due process requires it to use a transparent administrative review to make that decision, perhaps including good-faith negotiations with, and the right of fair judicial review by, the asset holder. Such respect for property rights and institutions is what makes modern economies different from banana republics.

SonofElElyonRet:
Hypothetically speaking, you are saying Nigeria should've lost 2 oil wells if the story had been true Happy to know it ain't but full compensation, allocation of another suitable/similar parcel of land and enough time to harvest and relocate is what would've been fair . Not a country foregoing 2 oil wells!

ositadima1:
The initial message wasn’t entirely off. Based on the Edo State government’s position, instead of the original 1,400 hectares, they are now focused only on the 20 hectares where the two wells are located. As they correctly stated, the matter is beyond their authority, it falls under federal jurisdiction.

awesomeJ:
Is it just about there being oil wells or the reserves in the well?

If it's only 100k barrels that are in the wells, you're saying a $1bn business should be disrupted because of potential $1m?

What kind of maths is that?

Note that this current Nigeria hardly makes more than $10 net per barrel.

Doesn't PRESCO already pay way more than $1m in annual taxes?

We need to embrace maths more in our analyses abeg.

SonofElElyonRet:
I am also not in support of arbitrariness and high handedness. Worthy of note that Presco's statement identifies that there's a laid down process according to the law. It must be followed to the letter.. Shalom

unite4real:
the original was 13,545 hectares and not 1,400. so excision of 20 is just a tiny 0.14% and this 20 hectares are already in an undeveloped land as they have been aware of this oil well long time ago

SonofElElyonRet:
Your analysis is myopic and ignores issues/benefits far beyond your $10 net per barrel hypothesis, Mr Mathematician!!!

OBAGADAFFI:
As someone pointed out earlier.

If oil wells were discovered, it would now be a federal jurisdiction.
The Government should not have issued the revocation.

awesomeJ:
Issues like what?

Oil pollution? That's what you think is desirable?

Bring your lens to fix the myopia.

SonofElElyonRet:
Ok. Your argument is that the federal government should've done the revocation in such cases and not the state.. Both federal and state governments have roles to play concerning land with oil. State doesn't own oil underneath but the surface is vested in the governor vide land use act/constitution. No oil company can function without securing certain land approvals from state governments. Again, I do not support arbitrariness of any kind, if any exists in this matter

SonofElElyonRet:
If you think $10 net per barrel is all there is to be gained, that's fine.. Shalom! I have debated this matter enough. E ma pa mi

awesomeJ:
The confusing part for me in all these is: when was the exploration even done?

If before PRESCO was granted occupancy, then why grant it? If recently? How did PRESCO allow the explorers on their premises? 😁😁

awesomeJ:
Someone cannot learn from you again??

Na wah o.

PRESCO has grown too big and is itself now a core national interest imo.

Employment, taxes to government, FX earnings, food security etc. are all benefits the company has on our economy.

Oyel that they will drill for $48 sell for $60 and still steal from the $12 margins.

Abi what kind of company makes N45trn revenue but only N5.4 trn in profits some of which could you even still be paper profits.

It's because of such inefficient company that we should now disrupt PRESCO?

That's my perspective o. I don't rate yours any less

crownprince2017:
Yesterday's White House Shooting Shows That America Needs Peace Just As Much as Nigeria...Or Maybe Even More!

Yesterday, there was a serious shooting incident near the White House, and the American seat of government had to be placed on lockdown to protect President Trump and his key officials after two National Guard soldiers were shot and critically wounded.

I am grateful that President Trump is safe, as this is obviously a man ordained by God who has already done much good and is destined for even greater things on Earth.

Yesterday's event is a reminder of how God saved President Trump from a domestic terrorist, Thomas Crooks (what a befitting name!), who attempted to take out the then former President on Saturday, July 13, 2024.

This is part of the growing gun crime crisis in the United States. Each year in the US, over 40,000 people die from gun-related incidents. That is more than ten times the number of Nigerians who die from terror-related incidents, according to the Global Terror Index, which put terror-related deaths at 565 in their latest GTI (please see https://www.economicsandpeace.org/report/global-terrorism-index-2025/).

America is the world's greatest country; nevertheless, it has its own issues. Its society is not perfect. And if those Nigerians now calling for President Trump to invade Nigeria relocate to the United States, being Black, they will stand a higher chance of being victims of gun violence than those in Nigeria.

Yes, Nigeria has security challenges, but when was the last time you heard of a shooting close to the Aso Rock Presidential Villa?

Do not be fooled. The rich also cry, and all that glitters is not gold.

No matter how bad things get in Nigeria, we have never had a year in which over 40,000 people were either killed or severely injured in gun crimes, as happens in the United States.

Therefore, stand with Nigeria and President Tinubu as the government and our gallant armed forces work to make Nigeria a secure place for all Nigerians, irrespective of their religion, region, or political affiliation.

Reno Omokri

crownprince2017:
Yesterday's White House Shooting Shows That America Needs Peace Just As Much as Nigeria...Or Maybe Even More!

Yesterday, there was a serious shooting incident near the White House, and the American seat of government had to be placed on lockdown to protect President Trump and his key officials after two National Guard soldiers were shot and critically wounded.

I am grateful that President Trump is safe, as this is obviously a man ordained by God who has already done much good and is destined for even greater things on Earth.

Yesterday's event is a reminder of how God saved President Trump from a domestic terrorist, Thomas Crooks (what a befitting name!), who attempted to take out the then former President on Saturday, July 13, 2024.

This is part of the growing gun crime crisis in the United States. Each year in the US, over 40,000 people die from gun-related incidents. That is more than ten times the number of Nigerians who die from terror-related incidents, according to the Global Terror Index, which put terror-related deaths at 565 in their latest GTI (please see https://www.economicsandpeace.org/report/global-terrorism-index-2025/).

America is the world's greatest country; nevertheless, it has its own issues. Its society is not perfect. And if those Nigerians now calling for President Trump to invade Nigeria relocate to the United States, being Black, they will stand a higher chance of being victims of gun violence than those in Nigeria.

Yes, Nigeria has security challenges, but when was the last time you heard of a shooting close to the Aso Rock Presidential Villa?

Do not be fooled. The rich also cry, and all that glitters is not gold.

No matter how bad things get in Nigeria, we have never had a year in which over 40,000 people were either killed or severely injured in gun crimes, as happens in the United States.

Therefore, stand with Nigeria and President Tinubu as the government and our gallant armed forces work to make Nigeria a secure place for all Nigerians, irrespective of their religion, region, or political affiliation.

Reno Omokri

pluto09:
https://oilprice.com/Latest-Energy-News/World-News/Dangote-Diesel-Fails-to-Meet-Europes-Winter-Fuel-Standards.html

Agbalowomeri:
The fight is on