A total of $453m was paid at completion with the balance to be paid over an agreed period.

Completion follows the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.

SPDC is committed to transfer OML 17 in an orderly and responsible manner to the new owner, which will help to provide a sustainable long-term plan to unlock its full potential. The sale also enables SPDC to focus on supporting the Federal Government of Nigeria’s national energy agenda in its remaining OMLs through oil and gas production, payment of royalties, taxes and levies as well as advancing local content and providing social investments.

Osagie Okunbor, Managing Director of SPDC and Country Chairman of Shell Companies in Nigeria, said: “As with previous divestments, we will facilitate a successful transition to new ownership. Shell has been in Nigeria for over 60 years and remains committed to a long-term presence here.”

The other SPDC JV partners, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited, have also assigned their interests of 10% and 5% respectively in the lease, ultimately giving TNOG Oil and Gas Limited a 45% interest in OML 17.

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At a dinner put together by the Lagos State Security Trust Fund (LSSTF), members of the corporate world and respected members of the society, lauded the strides of Governor Ambode in the last two months as well as his plans to upgrade the security network in the state, affirming their commitment to continue to support the government’s strides to make Lagos safer.

At the event, over N1 bn was realised from cash donations from various corporate organisations and individuals while others made commitments to provide security patrol vehicles and gadgets as well as technical knowhow.

Governor Ambode in his remarks, said that his administration remain committed towards evolving new strategies to effectively police Lagos and rid the state from all forms of criminal activities.

He said his administration was already thinking of overhauling its security apparatus to be able to rise up to the evolving trends of crime in the state.

“Right now we have just about 33,000 people policing us and we’re about 20 million. So, if you combine other forces, the Fire Service, LASTMA and Ambulance service, it might bring the number to about 40,000 of them as against 20 million people”.

“I can admit we lack the right technology. We don’t have a holistic approach to coordinate everything that we are doing and then we don’t have the security management that Lagos actually needs, so we are under policed and we are not getting the right technology to be able to say that Lagos is secured. We must now integrate men, equipment and technology to keep Lagos safer.

“So technically, Lagos state government, the Police and other security agencies have analog technology right now, there is no interface amongst all of us. So we need to migrate to digital for improved information dissemination”, he said.

The Governor lauded the private sector contribution to the LSSTF in the last seven years, which he put at a total of N4billion, while the state government has contributed about N8billion to the fund.

He said commencing from next year, a Lagos State Awards of Excellence will be held annually to recognise and certify individuals and companies who have been selfless about issues affecting Lagos.

Governor Ambode however said the state government was not resting on its oars, revealing that in the last 60 days, his administration has been fashioning new strategies to enhance security.

He also unveiled plans to strengthen the Rapid Response Squad (RRS) as well as establish an integrated security and emergency control platform, such that the control and command centre in Alausa will have an interface with other security networks through the surveillance cameras which will be provided.

“It is in my interest that I drive the business of making Lagos safer and it’s also in my interest that you join hands with me to succeed in this”, the Governor said.

Among those present at the dinner include President of Dangote Group of Companies, Aliko Dangote, Managing Director, Zenon Oil, Femi Otedola, Chairman, Zenith Bank Group, Jim Ovia, Chairman, Heirs Holdings Limited, Tony Elumelu, top Executives of financial institutions and firms, Oba of Lagos, Rilwan Akiolu 1, Deputy Governor of Lagos State, Dr. (Mrs.) Oluranti Adebule and Chairman, Lagos State Security Trust Fund, Remi Makanjuola.

Others include Head of Service, Folasde Jaji, Executive Secretary, Lagos State Security Trust Fund (LSSTF), Fola Authur-Worrey, Commissioner of Police, Fatai Owoseni, Commander 9 Mechanized Brigade, Major General Ahmed Mohammed Sabo, former Minister of Health & Chairman, Juli PLC., Prince Julius Adelusi-Adeluyi, and Director, State Security Service, Little John Okojie.

Others are former Inspector General of Police, Musiliu Smith, former Deputy Inspector General of Police, Waheed Kassim Hon. Justice George Adesola Oguntade rtd., Corporate Affairs Adviser, Nigerian Breweries PLC., Kufre Ekanem, Corporate Service Executive, MTN Nigeria Communication Ltd., Akinwale Goodluck among others.

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Elumelu, the Chairman of Heirs Holdings and the Founder of the Tony Elumelu Foundation, stated this in a closing keynote speech titled,“Africapitalism as a Catalyst for Development in Africa” delivered at the Oxford Africa Conference, Oxford University on May 22, 2015.

Prof. Peter Tufano, the Dean of Oxford University’s Said Business School, introduced Tony Elumelu to a packed audience at Oxford.

In his presentation, Elumelu discussed what already-established businesses could do to advance Africa’s development through an economic philosophy he calls “Africapitalism” – which focuses on the private sector’s critical role in driving economic and social development across Africa.

“Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone.

“We in the African private sector must wake up, recognize and embrace our role in driving the economic growth and the social development of Africa, and we must act on that responsibility in tangible ways,” Elumelu stated.

The Oxford Africa Conference is a leading annual African conference organized by members of the Oxford Africa Society and the Oxford Africa Business network of Saïd Business School, Oxford University.

The President of the Republic of Ghana delivered the opening keynote of this year’s conference in the morning.‎

Earlier in the week, Tony Elumelu also championed the cause of access to power at the Sustainable Energy For All (SE4ALL) Global Advisory Board ‎meeting in New York.

The board is co-chaired by the UN Secretary General Ban Ki-moon and the World Bank President, Jim Yong Kim.

“Good governance is good for Africa. Our continent is open for business. There are lots of opportunities and the return on investment is extremely high,” Elumelu said.

Elumelu stated that Africa’s power deficit is huge and may not be cleared in the next couple of years, stressing that “The power sector is therefore a goldmine for investors.”

Elumelu also represented Africa’s private sector in France, on May 20, during a global business dialogue on influencing the agenda for the 2015 Conference of the Parties (COP 21), the leading annual negotiating summit on climate issues.

Elumelu was invited along with an exclusive group of 40 global business leaders, including Jack Ma, the Executive Chairman of Alibaba Group, Tim Cook, CEO of Apple, and Elon Musk, the CEO of Tesla.

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