“The process follows five steps: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference. “Let me emphasise that the Nigeria 2025 licensing round is not merely a bidding exercise. “The offer letter will stipulate the conditions precedent the winning bidder needs to fulfil before the issuance of the license by the minister. If the winning bidder is unable to fulfil this condition precedent within these 90 days, upon the expiration of the 90 days, without recourse to the winning bidder, the commission will then invite the reserve bidder to fulfil these conditions and it means the offer made to the winning bidder lapses,” he stated. This Licensing Round will take place across five of the seven basins,’’ he stated.