All Posts in "Month: October 2023"

Oyo Govt Disburses N500m To SMEs

Mohammed Shosanya

The Oyo State Government on Monday presented N500m cheques to participating micro finance banks across the seven geopolitical zones in the state, as loan support to small and micro enterprises under the Sustainable Action for Economic Recovery (SAfER).

Presenting the dummy cheques to the representatives of the micro finance banks, the Chief of Staff to the Governor, Hon Segun Ogunwuyi,noted that the funds will cushion the hardship induced by the removal of the fuel subsidy.

Ogunwuyi, who is also the Chairman, SAfER committee, added that the Oyo state government is ready to support small and micro enterprises, maintaining that the beneficiaries were selected based on their business capacities.

He said micro businesses can access between N50,000 to N250,000, while small businesses also have the opportunity of accessing N250,000 to N1million loans under the scheme.

Ogunwuyi emphasized that the participating microfinance banks selected beneficiaries without any political influence.

Earlier in his remarks, the Chairman, SAfER Small and Medium Enterprises (SME) sub-committee, Professor Musibau Babatunde, explained that the loan support will not only boost SME, which is the baseline of the state economy activities, but would also help in achieving sustainable development goals which is to cushion the effects of hardship on people.

He admonished the beneficiaries to fulfill the obligation of repayment in shortest time so as to allow others to benefit from the laudable scheme.

He added that the loan is of no collateral and the beneficiaries have three months moratorium period before the commencement of repayment.

In his welcome address, the Director-General, Oyo State Investment of Public Private Partnership Agency, (OYSIPA), Barrister Olatilewa Folami, enjoined the beneficiaries to deploy the loan into profitable business and give opportunities for others to benefit.

Speaking on behalf of the beneficiaries, Mr. Sunday Fadipe pledged to use the loan judiciously, for the purpose it is meant for, as well as contribute to the development of the state.

admin by — October 30, 2023 in Business 0
Market-Based Regime Will Stimulate Growth Of Africa’s Gas Sector-Sahara Group

Mohammed Shosanya

Sahara Group,has urged African governments and regulators to adopt market-based regimes to stimulate the sustainable development of gas across the continent.

The company noted that appropriate pricing of the commodity will enhance investment, increase production and consumption growth. It also called for the inclusion of investors in gas policy development frameworks as part of the process of enhancing capacity and competitiveness of the sector in Africa.

Speaking during the panel session on the subject, “The Game Changer: Enhancing African Gas Development Strategies and Investment Opportunities,” at the recent African Energy Week, AEW 2023, in Cape Town, South Africa, Managing Director, Sahara Group Limited, Emmanuel Magani, said: “It is also important to have the private sector drive a lot of the gas projects. We have the West African Pipeline Project, WAGP that delivers gas to Benin, Togo and Ghana which has the potential to further play a huge role in regional gas development given market-based regimes and adequate investments.”

He said: “It is important to have the right type of market regime in order to ensure adequate returns to all key stakeholders. We need to have a market-based price regimes to drive and support the level of infrastructure required to transform gas development and utilisation in Africa. Gas can also play and increased role in Africa’s commitments to reduce carbon emissions.

Magani noted that as a leading player in Africa’s oil and gas sector, including operations in Asia, Europe and the Middle East, Sahara Group continues to seek investments and collaboration towards positioning gas is a key resource for transitioning to net zero.

“Sahara Group remains committed to providing adequate energy for different purposes, including industrialisation and domestic cooking. We are through our LPG operations contributing remarkably to efforts aimed at ending firewood and charcoal utilization by putting up the right infrastructure to drive storage, distribution, and access to LPG in Africa.

” In the power sector, Sahara Group provides 20 to 25 per cent of Nigeria’s electricity supply on any given day. In other words, one out of four electricity bulbs is powered by us. The number will be higher as we continue to expand. We work closely with other stakeholders in Africa to promote our vision of bringing energy to life responsibly, leaving no one behind,” he added.

admin by — October 30, 2023 in Oil&Gas 0
Isale Eko Descendants Donates Medical Supplies To Mark Oba Akiolu’s 80th Birthday

Mohammed Shosanya

The Isale Eko Descendants’ Union has announced the donation of medical supplies to the Iga Idungaran Community Health Centre to mark the 80th birthday of Oba Rilwan Babatunde Osuolale Aremu Akiolu, the Oba of Lagos.

In a press statement signed by its Chairman, Adeniji Kazeem, SAN, the union said the significant milestone is a testament to a lifetime of service, leadership, and unwavering commitment to their beloved community.

Born on October 29, 1943, HRM Oba Akiolu is a distinguished alumnus of Ansar-Ud-Deen Grammar School, Surulere, and a graduate of law from the University of Lagos. With a remarkable 32-year career in the Nigeria Police Force, he ascended to the position of Assistant Inspector-General of Police in 1999. His glorious journey led him to be crowned as the 21st Oba of Lagos on May 24, 2003, succeeding the late Oba Adeyinka Oyekan, who reigned from 1965 to March 1, 2003.

The IDU said Oba Akiolu’s legacy is deeply interwoven with the history and identity of Lagos, saying his reign has been marked by wisdom, grace, and a profound dedication to the well-being of his subjects. The group insisted that under His Majesty’s leadership, Lagos has witnessed remarkable growth and development, and the city continues to thrive as a centre of commerce, culture, and tradition.

The group said Oba Akiolu is celebrated for his benevolence, candour, and bravery, stressing further that the monarch’s impact on the lives and well-being of the people of Lagos and Nigeria is profound.

IDU added that the retired Assistant Inspector General of Police should also be celebrated for his modernization efforts at the palace, which include the construction of a guest house, library, and health centre, adding that the Iga Idunganran Health Centre, funded entirely by the Oba, provides free healthcare services to the community.

“He has also been instrumental in securing employment opportunities for numerous Lagos indigenes within the Lagos State, Federal Government, and private organizations. Additionally, he has been at the forefront of the return of properties belonging to Lagos indigenes, including the iconic Tafawa Balewa Square in Lagos, from the Federal Government.

“Our revered monarch has been a resolute and effective leader, ensuring peace and harmony in his domain through timely and astute guidance to his subjects and governmental bodies. Oba Akiolu’s reign has witnessed the progress of his subjects in all aspects of human life, including the attainment of the highest offices in the nation.

“As the traditional custodian of our heritage, Oba Akiolu has been a source of inspiration and guidance to Isale Eko and the wider Lagos community. His commitment to preserving our cultural heritage while also promoting progress and modernization is a testament to his visionary leadership.

K’ade pe lori,

ki bata pe lese

Ki ase pe lenu

Omo obalufon,

Omo erin jogun ola,

Omo Oba ado kenme, bini arokun tayo,

Omo oba ologunkutere asa logun,

Orisha ni e be ,

e ma be kutere,

Orisha a gba obi,

kutere a gba odindin ori eni,

omo atupa idunganran,

Igba odun odun kan ni oooooo Olowo Eko Baba Fuad

We wish His Royal Majesty, many more years of purposeful leadership as the Oba of Lagos, filled with good health and tranquillity,” Kazeem was quoted in the press statement.

admin by — October 29, 2023 in Oduduwa 0
Lessons From P&ID Case

On Monday, October 23, 2023, in a stunning victory for Nigeria, the High Court in London set aside the arbitration award obtained in January 2017 by P&ID, a British Virgin Islands registered company, against Nigeria.

The award was originally for about $6.6bn but had increased to about $11bn as of the date of the court judgment because of interest. P&ID had brought the claim against Nigeria before the arbitral tribunal, alleging that Nigeria breached a gas supply and purchase agreement (GSPA) to supply gas to a P&ID project that was to be located in Calabar, Cross River State.

Nigeria successfully obtained leave of the High Court in London in September 2020 to appeal against the arbitral tribunal award. Hearing on the appeal took place for eight weeks between January and March this year.

While Nigeria’s victory has brought enormous relief to the country, it is crucial to understand the basis for the judgment of the court and the lessons the country should learn from the case.

Several allegations of corruption were at the centre of Nigeria’s challenge to the arbitration award.

Nigeria alleged that P&ID paid bribes to several officials of the Nigerian government involved in the entry into the GSPA between Nigeria and P&ID between 2009 and 2010.

Among the officials alleged to have been corrupted by P&ID were the former Minister of Petroleum Resources, the late Alhaji Rilwanu Lukman, a former NNPC official, the late Mr. Taofiq Tijani and a former Director of Legal Services, the late Mrs.. Grace Taiga.

It was also alleged that P&ID paid bribes to the first lead external counsel for Nigeria during the arbitration proceedings, Mr Supo Shasore, SAN and government lawyers that advised on the arbitration, including Mrs Kemi Adelore, then Director of Legal Services in the Ministry of Petroleum Resources, and
Mr Ikechukwu Oguine, then Coordinator, Legal Services of NNPC, and that these lawyers colluded with P&ID to ‘throw’ the case.

Another key allegation made by Nigeria was that P&ID told lies to the arbitral tribunal to secure the award.

These lies included claims that it had obtained the financing and completed the engineering for the Calabar project when in fact, it had not done either. These lies amounted to perjury and had deceived the tribunal into making the award in P&ID’s favour.

P&ID denied all the allegations and asserted that Nigeria lost the arbitration proceedings because of incompetence on the part of its officials responsible.

Allegations of Corruption

The court upheld the allegations made regarding late Mrs. Taiga and found that some payments she received from P&ID were indeed bribes.

The payments continued until 2020 when the arbitration was in progress, and the court held that P&ID continued to make payments to Mrs Taiga to ensure she did not
reveal the earlier payments made to her.

Thus, the dealings between P&ID and Mrs Taiga related not just to the entry into the GSPA, but also tainted the arbitration proceedings.

This was one of the main grounds on which the arbitration award was set aside.

The court dismissed Nigeria’s allegations of corruption against the late Alhaji Lukman for lack of evidence.

Also, it dismissed the allegations against the lawyers who were involved in Nigeria’s behalf in the arbitration. The court instead found that the lawyers had represented Nigeria honestly and made concerted efforts to resolve the matter in Nigeria’s interest. Concerning Mr Shasore SAN, the court highlighted several steps he took to defend Nigeria.

It noted that the people to blame for any failings in Nigeria’s defence were the senior officials of the Nigerian government who took no action on several recommendations made to them by Mr Shasore on how best to defend the case at the arbitral tribunal.

Perjury

The court agreed with Nigeria that P&ID had lied to the arbitral tribunal about how much progress it had made in obtaining financing and in performing the engineering for the project. These lies, the court found, assisted P&ID in securing the award.

A P&ID witness, the late Mr Michael Quinn, had given a witness statement to the arbitral tribunal
purporting to set out how the GSPA had been entered into. The statement did not mention the payments made by P&ID to the late Mrs Taiga. The court held that if the arbitral tribunal had been aware of the said payments, its decision would likely have been different. That concealment, in the court’s view, amounted also to perjury. These examples of perjury on P&ID’s part constituted the second major basis for the setting aside of the award.

Lessons
One of the major lessons from the case is that the nation must ensure that contracts entered into by government are prepared by competent and experienced legal and other experts.

The court was very critical of the GSPA and the obligations that Nigeria assumed under the contract. While setting aside the award, it noted that Nigeria had failed to provide the right resources for entering into such a significant
contract.

Another obvious lesson is that senior government officials entrusted with decision-making power must show a strong sense of responsibility and should be held accountable where they do not.

The tribunal identified several instances where key recommendations concerning the arbitration were not acted upon by the officials responsible, including Ministers of Justice and of Petroleum Resources.

The court has come to Nigeria’s rescue this time, but it is clear from the judgment that if the heads of the relevant ministries had performed their duties effectively, this case might not have arisen at all.

Jerry Amao wrote in from Lagos

admin by — October 29, 2023 in Opinion 0
Stop Putting Undue Pressure On Us,Manufacturers Tell FG

Mohammed Shosanya

The Manufacturers Association of Nigeria,MAN,has implored the federal government to stop putting undue pressure on its member through multiplicity of taxes.

The group said,the government should consider expanding tax net to bring in new tax payers which invariably will generate more revenue for the government.

MAN’s President, Otunba Francis Meshioye,disclosed these at the 40th Annual General Meeting (AGM) of Oyo, Osun, Ondo, and Ekiti state branch of MAN with was themed: “Tax Regime and Effects on Manufacturing: A Strategic Approach for Manufacturers.”

He said:”On daily basis, vehicles of members transporting raw materials and manufactured goods are harassed by different consultants who use tout tactics to demand for diverse taxes and levies, many times, these entities behave unprofessional to company personnel.”

He noted that government reform measures and policies had such as removal of fuel subsidy, floating of Naira exchange rate and increase in monetary policy rate had a lot of effect on manufacturers in the country.

He added that the poor performance of economy in the past few years made it imperative for state governments to appreciate the contribution of the manufacturing sector in job and wealth creation.

He,however,commended the Oyo, Osun, Ekiti, Ondo states government support to the manufacturing sector,saying discounts and concessions should also be giving to manufacturing outfits especially members of the association, to reduce imposed financial burden.

He stated that despite challenges facing his members, they has shown remarkable resilience and
determination and would continued to produce high-quality goods, create jobs, and contribute to the growth of the nations economy.

Speaking at the meeting, the chairman of Oyo, Ondo, Osun, and Ekiti branch, Mr Lanre Popoola, call for immediate rehabilitation of roads at the industrial estates.

Lanre Popoola also said its members are inundated with diverse taxes by agencies of the Federal, State and Local authorities. He listed the taxes such as Capital Income Tax (CIT), Value Added Tax (VAT), Stamp Duties, Personal Income Tax, Withholding Tax, and Industrial Training Fund Tax, among others.

He urged regulatory agencies within the branch comprising of Oyo, Osun, Ondo and Ekiti States to harmonize their taxes and levies, saying discounts and concessions should also be giving to manufacturing outfits especially members of the association, to reduce imposed financial burden.

Speaking on the level of roads at the industrial estates, Lanre Popoola said, “In Oyo State, Oluyole Estate and its Extension along the Lagos/lbadan expressway, the Egbeda Industrial
Estates and several road networks are in deplorable state.”

“We call on government to prioritize rehabilitation of these affected roads considering the high revenue generated and we are willing to partner with government in exchange for tax holidays.”

“The situation is similar in Osun, Ondo and Ekiti States and using the same template we can achieve more together sufficient and economically stable future.” Popoola said.

admin by — October 29, 2023 in Business 0
Abduction:Benue Police Recover Three Children From Child Traffickers

Mohammed Shosanya

Benue State Command of the Nigeria Police have rescued three children that were abducted in Makurdi, the state capital from the hands of child traffickers.

The children who were abducted along Badagry street, opposite St. Peters Catholic Church, Wurukum, Makurdi about a month ago, were recovered in Rumu-Okoro area of Rivers State.

The Police Public Relations Officer (PPRO),SP Sewuese Anene, disclosed this in a statement,on behalf of the State Commissioner of Police, Bartholomew Onyeka and made available to newsmen in Makurdi on Sunday, Anene .

She said the police have reunited two of the children with their parents, while they were yet to identify the parents of one of the children.

She said, “You will recall that on 24th September, 2023 at about 0730hrs, the family of Godwin Kpaakpa of Badagry street, opposite St. Peters Church, Wurukum, Makurdi reported that two of their children were missing; Philomena Kpaakpa 6yrs and Benedict Kpaakpa who is less than two years old.

“Investigation started immediately and a signal was sent across the country as usual.

“On 20/10/2023, information was received from River State Police Command that in the course of an operation at, Rumu-Okoro area, they rescued three children from a medical doctor that seem to be the same children earlier reported by Benue Command.

“A team of detectives were sent to Rivers state for identification and other necessary actions. Fortunately, the two children were identified alongside with one other child; Godsgift Julius whose parents are yet to be identified.

“Philomena and Benedict have been reunited with their family while Godsgift is yet to be connected with his family. The medical doctor is being investigated at River State command, while efforts are being made to locate his counterparts in Benue.”

“Subsequently, the Benue command have warned “Parents,Guardians, Teachers and people who are involved in managing children are advised to watch over their children/wards more closely to forestall such cases of child trafficking.” End.

admin by — October 29, 2023 in Crime/Metro 0
Makinde, Oyo Govt Appeal Court Rulling On Sacked Soun

Mohammed Shosanya

Oyo state government has filed an appeal challenging the court ruling which invalidated the selection and installation of Oba Ghandi Afolabi Olaoye as the Soun of Ogbomosoland.

Besides,an application for stay of execution pending the hearing and determination of the Appeal defendants/applicants against the judgment at the Court of Appeal, Ibadan Judicial Division has also been filed at the High court.

The application is also seeking for an order from the Court restraining the Claimant/Respondent by himself or through his servants, agents, privies or otherwise howsoever prevent him from taking any step or further step in recognition or in pursuance of
the Judgment of this Honourable Court, Coram: Honourable Justice K. A. Adedokun delivered on the 25th day of October, 2023 in Suit No: HOG/27/2022 between: Prince Muhammed Kabir Olaoye Versus Executive Governor of Oyo State & 11 Others in executing the ruling.

Justice K.A Adedokun had on 25th october in his judgment on suit no HOG/27/2023 between Prince Muhammed Kabir Olaoye Vs The Governor of Oyo State and 11 others said that the procedure for the nomination of the Soun of Ogbomoso the 12th Defendant was “ irregular, null and void.’’ for not strictly complying with the provisions of the Soun Chieftaincy declaration of 1958.

The same judge had in a suit number HOG/20/2023 instituted by Prince Taofeeq Akorede Olaoye also challenging Oba Olaoye in which judgment was delivered on October 3, Justice Kareem Adeyimika aAdedokun ruled that the procedure was “right, valid and proper.”

Displeased with the judgment, the appeal filed by Akin Onigbinde SAN and Co in Ibadan on behalf of the Executive Governor of Oyo state, Engineer Oluseyi Makinde, Attorney General and Hon Commissioner of Justice, Oyo state and Hon. Commissioner Ministry of Local Government and Chieftaincy matter.

The notice of appeal dated 27th october is seeking for an order setting aside the Judgment of the Trial Court of 25th October or an order of re-trial before another judge of the Oyo State High Court.

The six ground of appeal pointed out how the Trial Judge erred in his submission and how the judgment of 25th October, 2023 is against the weight of evidence before the Honourable Court.

The respondents includes, Prince Mohammed Kabir Olaoye, Ogbomoso North Local Government Kinnira, Ogbomoso, the Traditional Council of Ogbomoso North Kinnira, Ogbomoso, S. A. Mohammed, Esq. Mohammed & Mohammed & Co. Mobolaji Chambers , Kola Fatoye, Esq, Chief Samuel Otolorin JP, Chief Salawu Ajadi, Chief Tijani Abioye Chief David Adeniran Ojo, Pastor Afolabi Ghandi Oladunni Olaoye and others.

admin by — October 29, 2023 in Law/Human Rights 0
Refineries: NUPRC Vows To Enforce Domestic Crude Supply Obligation

Mohammed Shosanya

The Nigerian Upstream Petroleum Regulatory Commission,NUPRC is making move to enforce a domestic crude supply obligation.

The action was necessary as more private refineries indicate readiness to commence production soon in Nigeria.

The agency is taking all necessary steps within the prescriptions of the Petroleum Industry Act (2021) to ensure adequate and consistent supply of feedstock to operators. It cautioned that there would be consequences for sabotaging the process, a statement by Mrs Olaide Shonola, Head, Public Affairs and Corporate Communications, said.

It also said the pre-emptive steps are being taken because it would send wrong and unbecoming signals to the international business community if operators of domestic refineries in one of the world’s largest crude oil-producing countries start importing feedstock for their production.

It added:”It was in contemplation of this that Section 109 of the Petroleum Industry Act (PIA) 2021 introduced the Domestic Crude Supply Obligation (DCSO) to Nigeria’s oil industry in a bid to ensure that domestic refineries are not starved of crude oil supply for their operation.

“The Commission has already taken some steps in furtherance of this goal by developing and signing the Production Curtailment and Domestic Crude Oil Supply Obligation (PC&DCSO) Regulation 2023, in line with the provisions of Section 109(2) of the PIA 2021, preparing for approval and implementation the DCSO framework and procedure guide, processing of application for refinery feedstock approval, requesting all oil producing companies to provide information on their planned crude oil off-take and existing sales purchase agreement, and advising the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to furnish it with the domestic crude oil requirement of refineries in operation”

NUPRC said it was determined to take further necessary steps required to avoid inadequate supply of crude oil to domestic refineries and would not hesitate, where necessary, to enforce the stipulated penalties for violations and non-compliance to the provisions of the Act.

In pursuance to Section 109(2) of the PIA, the Commission gazetted the PC&DCSO Regulations which provides clarity on the obligations of the stakeholders,it said.

It added:”The law stipulates that the supply of crude oil to the domestic market shall be on a “willing buyer and willing seller” basis and the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) shall report to the Commission where there is inadequate supply to the refineries.

“The Commission has a responsibility to publish on a biannual basis, the domestic crude refining requirements of operating refineries in Nigeria as received from NMDPRA, in line with Section 109(3) of the PIA. Where there is a reported crude supply shortage from the Authority, the Commission is under obligation to issue a Request for Quotation (RFQ) to producers asking for submission of quotation for bridging the shortfall, whereupon the Commission will contact affected refineries to facilitate contract negotiations between the stakeholders. Failure to meet the terms will attract from the Commission an obligation on the oil producers to supply the required volumes and notify the Authority accordingly.

“In furtherance of this, and in line with the Commission’s mandate of ensuring crude oil supply to licensed refineries in Nigeria as enshrined in Section 109 (4) of the PIA, all the 52 exploration and production companies have been invited to a meeting on November 1, 2023, for alignment on the implementation of domestic crude oil supply obligation, operator’s compliance status and operator’s response. By October 27, 11 of the operators had responded, while that of the remaining 42 operators is still being awaited.

“Those that have so far responded are Dubri Oil Limited, Heirs Energies Limited, Waltersmith Petroman Oil Limited, Midwestern Oil & Gas Company Limited, Frontier Oil Limited, Mobil Producing Nigeria Limited, All Grace Energy Limited, Green Energy International Limited, Enageed Resources Limited and Pillar Oil Limited.

“The Commission reiterates its determination to apply all required penalties for default and has emphasised that a company that fails to respond to the Request for Quotation (RFQ) within the specified period is liable to pay an administrative fine of USD10,000, while a company that has not complied with its DCSO, where willing buyer(s) exist will not be granted an export permit. A company that fails to comply with the DCSO would be made to pay a penalty of 50% of the Fiscal Price per barrel not delivered”.

admin by — October 28, 2023 in Oil&Gas 0
Currency Circulation Now N66.4trn-CBN

Mohammed Shosanya

The Central Bank of Nigeria CBN),says Nigeria’s total money supply (M2) increased to N66.4 trillion in September 2023.

The data from the apex bank on money supply in the economy in the month under review comprising demand deposits, quasi-money, and currency outside banks, reflected increases in the components.

It said,quasi-money, which pertains to financial tools that can be easily converted to cash, rose from N40.8 trillion in the preceding month to N41 trillion; demand deposits, primarily made up of funds in banks accessible without prior notice, moved from N21.7 trillion to N23 trillion while currency outside banks’ vaults marginally increased from N2.29 trillion to N2.3 trillion.

Over the past few years, Nigeria’s money supply has been increasing based on the micro and macroeconomic whirlwinds of the economy, particularly the surging inflation rate, FX pressure on the Naira, and declining interest rates.

The money supply, also known as M2, represents the total amount of money available in the economy at a particular moment, including physical currency such as coins and banknotes as well as deposits maintained by individuals, enterprises, and institutions in banks and other financial entities.

But the nation’s Net Foreign Assets dipped in September from N7.1 trillion to just N591 billion while Net Domestic Assets rose to N66.5 trillion from N58.3 trillion.

A further analysis of the M2 trend during the month under review showed that the net domestic credit rose from N87.2 trillion to N92.7 trillion, thereby raising the net domestic credit to GDP by around 42.7 per cent.

The breakdown of the net domestic credit indicated that credit to the government marginally increased to N34.1 trillion from N32.5 trillion while credit to the organized private sector surged from N54.7 trillion in the preceding month to N58.6 trillion, representing 63% of net domestic credit.

admin by — October 28, 2023 in Banking&Finance 0
Chevron Inaugurates Egbema OPUDIS HCDT

The Nigerian National Petroleum Company Limited (NNPCL) /Chevron Nigeria Limited (CNL) Joint Venture (JV) has inaugurated the Board of Trustees (BoT) of the Egbema OPUDIS Host Communities’ Development Trust (HCDT) in line with the Petroleum Industry Act (PIA).

Mr Esimaje Brikinn, General Manager, Policy, Government and Public Affairs, Chevron Nigeria Limitd (CNL),who spoke at the inauguration ceremony,solicited the support of the stakeholders to ensure the success of the PIA in the host communities.

Represented by Mr Rilwanu Momodu, Chevron’s Area Manager, Policy, Government and Public Affairs (PGPA). Mr. Brikinn,said that Chevron Nigeria Limited (CNL) was committed to fulfilling all it’s regulatory obligations by way of operationalizing the HCDTs and continued with the mutually-beneficial relationship that had existed between it and the host communities.

He stated that there was an enduring and robust partnership between the oil giant and it’s host communities adding that one of the core values of Chevron Nigeria Limited(CNL)was to ensure economic development and sustainability in it’s areas of operations.

He said that to drive development in the host communities, Chevron Nigeria Limited(GNL) enacted the Global Memorandum of Understanding (GMoU), a community-led participatory partnership model for community development in 2005.

According to him, the GMoU served as a developmental template for the oil multinational, adding that through the model, over 400 communities had benefited with over 600,000 persons life improved.

He added: “With the enactment of the PIA, a regulatory framework is now provided to enable the development of our host communities. Chevron has therefore transited from the era of GMoU to the PIA.

“As mandated by the Act, the vehicle of engagement between the settlor and the host communities is the HCDT. Today’s event is in fulfilment of that requirement to serve and ensure communities around where we operate continue to enjoy the benefits of economic development.

“Chevron is in support of this and other industry improvement initiatives by the Nigeria government. As we journey together, we request for the continued support of all our esteemed stakeholders to ensure the aims of the Act are fulfilled and the communities become more prosperous.”

He expressed optimism that the Act would create new operating environment where partnership would triumphed and industry challenges such as oil theft, work disruption, asset vandalism and insecurity would be completely eliminated.

He urged the inaugurated BoT to work closely with the Chevron Nigeria Limited(CNL)as partner to ensure the smooth operation of the company and to the benefits all the stakeholders.

Also speaking, Engr. Gbenga Komolafe, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission(NUPRC) said that the Commission was delighted to witness the implementation of the several sections of the chapters in the PIA.

Represented by Mr. Okundia Kingsley, Manager, Health Safety and Environment, NUPRC, Warri Regional office, Engr. Komolafe said that the PIA had mandate for the establishment of the HCDTs in the oil producing areas.

According to him, the purpose was to strengthen sustainability, prosperity within host communities, providing direct social benefits from petroleum operations, enhancing peaceful and harmonious co-existence and creating a framework for the development of the host communities.

“We joined stakeholders in welcoming the birth of a new era of developmental projects and economic advancement of host communities.

“NUPRC in line with the global best practice and in collaboration with relevant stakeholders has developed the robust implementation strategy for the Trust.

“To positively impact against restiveness in the host communities and guaranteed seemless operations of the exploration and production companies among others,” he said.

U
The Commission’s Chief Executive expressed th hope that the peace and harmony exhibited by the communities under the Egbema OPUDIS HCDT would be sustained going forward.

He also expressed hope that management of the affairs of the Trust would address the developmental needs of the impacted host communities in the oil producing areas..

The King of Egbema Kingdom, Ubabiri Bini Pere IV, Agadagba of Egbema Kingdom urged those involved in the management of the HCDT to exhibit absolute commitment to ensure its success.

“It is a thing of joy to us that the PIA is coming to fruition in our Egbema Kingdom. I advised those involved in the operation to do their best to the benefit of everyone.

“We want serous people in the Trust to ensure its success so that we all will be proud of belonging to oil and gas producing communities,” he said.

admin by — October 28, 2023 in Oil&Gas 0