The NNPC has fully paid $833.57 million owed to ExxonMobil’s local subsidiary. The money to the oil firm was a long-standing debt owed via “cash calls,” to joint-venture partners in oil and gas exploration and production. Last year, the NNPC said it still had to make up payments of $3.95 billion to oil companies as part of the cash call debt. According to the outgoing head of NNPC, Maikanti Baru, the debt had been paid with incremental production, which is over 45,000 barrels of oil per day, and “would invariably lead to an increase in revenue to the government.” Fitch Ratings said in June that the cash call backlog clearance was constraining Nigeria’s budget receipts from oil and gas extraction. The debts to Mobil and other producers have also prevented investments in the sector. NNPC said it had also signed an agreement with the company for pre-production costs of just over $1 billion for developing Oil Mining License 130 and Oil Prospecting Licence 222.
The Galvanised Iron and Steel Manufacturers’ Association has said that 20,000 Nigerian workers may lose their jobs over the importation of substandard galvanised roofing sheets into the country. Noting the failure of the Standards Organisation of Nigeria and other government agencies to curb the importation, GISMA gave a 30-day ultimatum for challenges confronting steel manufacturing in the country to be addressed or have its members forced to offload the workers into the labour market. According to Lateef Bello, spokesman for GISMA, SON need to tighten the noose on importers of substandard galvanised roofing sheets in compliance with the Industrial Road-map Revolution of the government as it was saddening that the markets were flooded with substandard roofing sheet products. Last week, SON announced the seizure of substandard aluminium sheets worth over ₦200 million from various aluminium companies in Uyo.
Two persons were killed in a pipeline explosion that occurred in Ijegun, Lagos on Thursday. The explosion injured several people and burnt about 30 vehicles. According to eyewitnesses, the fire was caused by the activities of pipeline vandals after multiple explosions were heard early morning. The NNPC has sent a team of engineers to commence repairs. The Ijegun incident happened a few days after at least 45 people were killed after a crashed fuel tanker exploded in Benue state. The driver of the tanker had lost control of the vehicle after trying to dodge a pothole, Monday, and residents began scooping petrol from the fallen tanker. It caught fire after an exhaust pipe from a passing bus scraped on the ground, causing sparks to fly. At least 10 bodies were recovered and 70 people suffered serious fire burns.
American streaming platform, Netflix, has acquired Kunle Afolayan’s movie ‘Mokalik’. The Nigerian actor, director and producer, Afolayan, announced the deal at the French-Nigerian Cinema Days. Netflix has not set a date for when the movies will be released on the platform. Afolayan has also partnered with Air France to have ‘Mokalik’ and other films on platforms like French premium television channel, Canal+. The Commercial Director of Air France/KLM, Remco Bohre said the partnership with Afolayan is another way of showing how excited Air France and KLM are about Nollywood and the Nigerian entertainment industry at large. The movie ‘Mokalik’, set in an automobile repair workshop (mechanic village), tells the story of an 11-year-old boy named Ponmile. Born into a middle-class family, he spends his days as a lowly apprentice at the workshop in order to gain a different perspective on life. Afolayan said the movie was inspired by his real-life experience, visiting the mechanic workshop after about 15 years made him believe the world should know about Nigeria’s local auto-car repairs industry. Other Nollywood movies available on the streaming platform includes Genevieve Nnaji’s directorial debut ‘Lionheart’ and ‘October 1’, another Afolayan movie.