The Nation Newspaper

Category: Energy

  • ‘Why deepwater fields produce 41% of Nigeria’s total oil output’

    Oil production from deep-water acreages, carried out through the production sharing contract (PSC), accounts for 41 per cent of Nigeria’s total oil production, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said.

    Speaking at a forum in Lagos, he commended the success of deepwater fields operation. He said the PSC production growth rate and contribution is 41 per cent of national production with phenomenal growth rate of over 2000 per cent within 10 years.

    He added that lack of injection of required investment in Joint Venture (JV) operations and small independents is responsible for the development. If the JVs and others get the required investments, production will shoot up substantially.

    He explained that that is the reason the Federal Government is backing alternative funding for oil production and why small indigenous exploration and production firms should adopt the same option.

    The NNPC boss noted that a new class of players, including small local independents with non-diversified portfolio and lean balance sheet but with track record, could raise funds from international financiers because they contribute about 15 per cent of national production and require substantial capital/funds for growth.

    He explained the importance of diversified players, including locals as against the trend where the international oil companies (IOCs) and the National Oil Company dominate oil exploration and production.

    Baru said the trend was changing to an arrangement involving IOCs and locals. To him, global competition was increasing. He said though Nigeria has good geology and huge prospect, he noted that new production centres were emerging across the world, including the shale oil and emerging new producer nations. Therefore, Nigeria needs to unlock its barrels to stay relevant, he added.

    On the need for alternative funding for oil and gas operations as against the JV cash calls, Baru said the Federal Government has less cash to fund its JV cash calls in view of the 50 per cent reduction in capital expenditure (capex) across industry, about $7billion yearly incremental funding requirement above current levels, which is imperative for change.

    “Joint venture under-funding has led to significant decline in JV production over the last 10 years – two to 2.5 million barrels decline in JV production over the last 10 years. There is significant PSC volumes contribution due to lack of funding constraints. Therefore, to make the industry robust, the industry needs to aggressively pursue, unlock innovative funding strategies to arrest base decline and grow production.

    “Also, public spending cuts and falling investment point to a weaker outlook for Nigerian oil industry. Volume from independents not enough to cover gaps, therefore, huge investment is required to fund production growth.

    “Such investments are important because production from matured fields is declining and facilities are ageing. Investments would also boost achievement of lower field development cost, huge oil and gas reserves and low cost oil to meet national aspiration

    “Therefore, to enable a thriving petroleum industry that maximises contribution to Nigeria, it is imperative for important key stakeholders to collaborate and resolve the current industry challenges, such as the JV funding and arrears and the ongoing PSC disputes.

    “Chronic JV funding shortfalls have resulted in declining JV oil production. Arrears are rapidly increasing standing at $6.8billion as at December 2015. JVs are unable to sustain production levels production levels. To arrest JV oil production fall from one million barrels per day to 0.6 million barrels per day, 40 per cent decline and JV gas production decline from 3.6 billion cubic feet per day to 3.2 billion cubic feet per day about 11 per cent decline, the JV funding challenges need to be resolved.

    “Resolving the JV funding challenges would potentially increase production by more than 1.2 million barrels equivalent per day by 2025, thereby adding value to both government and investors. The goal is to ensure continuous investment by the IOCs while maintaining a competitive share of government take compared to other petroleum provinces of similar nature such as Angola, Norway, Brazil and Gulf of Mexico, among others.”

  • Content Board to lawyers: be involved in oil, gas reforms

    The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has enjoined Nigerian lawyers to get more involved in the ongoing reforms in the oil and gas Industry.

    Wabote spoke at a panel session of a conference organised by lawyers in Abuja. Speaking on the topic entitled “Managing transition and transformation of the Nigeria’s Oil and Gas Industry,” Wabote noted that lawyers have a big role to play and that includes getting more involved in the development of the laws and regulations and keeping the emerging legal regime simple for easy implementation and compliance.

    In providing legal advisory to their clients, he also appealed to members of the Nigerian Bar Association (NBA) to first explore peaceful resolution of oil and gas disputes  and advise “their clients to resort to out of court settlements”, noting that “long drawn legal battles are killers of great initiatives and sow the seeds of bitterness in the business environment.”

    The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, also highlighted the challenges that faced the petroleum industry before President Mohammed Buhari took over the reins of power in 2015 and measures taken by this Administration to bring back efficiency, stability, increased oil production and numerous transformative policies.   He also enjoined lawyers to get involved in the reforms going on in the sector.

    Other speakers at the session included Special Adviser to the Minister on Petroleum Fiscal Policy, Dr. Tim Okon, who spoke on the emerging petroleum fiscal law; Special Technical Adviser to the Minister on Gas, Mr. Gbite Adeniji, who made a presentation on the new Gas Policy; and a Partner in Bambo and Ighodalo Law Firm, Ms. Stella Duru.

     

  • Africa Oil conference ends tomorrow

    THE Africa Oil and Power conference holding in Cape Town, South Africa ends tomorrow.

    The conference, which began yesterday, has as its theme: “Energy coalitions”.

    It will focus on the importance of collaboration and partnerships within and across oil and power sub-sectors.

    High-level stakeholders, including oil ministers, regulators and chief executives from international and indigenous oil and gas companies, would deliberate on the best way to drive Africa’s energy sector forward ‘through energy coalitions, from regional cooperation at government level and private companies coordinating on development and financing deals to how the private and public sectors can collaborate to transform the sector.

    Billed to speak at the three-day event is Sahara Group co-founder and Executive Director (ED), Temitope Shonubi. She is expected to speak on oil trading trends within West Africa.

    The event will also feature Torbjorn Tornqvist, CEO, Gunvor and Russel Hardy, Group CEO, Vitol.

    The panel is expected to address topics, such as price volatility in oil trading and the peculiarities of margas trading on the continent.

     

  • Energy thieves must be jailed, govt urged

    The Federal Government should bring people who perpetrate energy crimes and related offences to book if it is really protecting the interest of consumers in the sector, the Consumer Advocacy Foundation of Nigeria  President, Mrs. Sola Salako-Ajulo, has said.

    She urged the government to prosecute such people and jail them  to serve as deterrent to others.

    Speaking during a stakeholders’ forum in Lagos,  Mrs Salako-Ajulo said the inability of the government to provide mechanisms that would ensure speedy trials of energy criminals is inhibiting the growth in the energy value chain.

    She said: “Until we start holding people, especially operators for their actions, theft and other untoward practices in the industry would continue. People must be made to face the consequences of their actions if electricity theft would be honestly checked in the sector. There should be penalties for offences such as meter by-passing, cable theft and others. When this happens, the vices would reduce.

    “People at the helm of affairs are fond of giving excuses when somebody does something wrong in the sector. We are fond of providing multiple solutions to problems, which in most cases are ineffective.“

    Mrs Salako-Ajulo chided the Nigerian Electricity Regulatory Commission (NERC) for not being alive to its responsibilities, stressing that the Commission has failed to monitor the operation as expected.

    According to him, the performance of NERC is tilted towards service providers such as the power generation companies (GenCos), power distribution companies (DisCos), gas providers and other operators, and not the consumers.

    The issue, she said, has rendered consumers helpless, as their metering needs are not well attended to by the DisCos.

    She said NERC’s Board must include people who understand the industry, noting that incompetent people when appointed to head sensitive offices in the sector perform badly.

    On metering, she applauded the government for introducing Meter Asset Providers (MAPs) to solve many of the problems of production and supply of meters in the country.

    Mrs Salako-Ajulo said the government would achieve its goal of reducing metering problems in the event that the meter asset providers are well monitored.

    She noted that the DisCos had conducted enumeration to determine the number of people that need meters and how they would meet their needs.

  • Libya lifts OPEC oil output in August

    The Organiation of Petroleum Exporting Countries (OPEC) crude production rose in August to the highest level this year as a recovery in Libyan output helped to offset a cut in Iranian exports due to United States sanctions.

    The group’s 15 members, which include the Republic of Congo, produced 32.74 million barrels daily last month, an increase of 420,000 barrels a day from July, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

    OPEC and its allies agreed in June to increase combined output by one million barrels a day to meet consumer demand and prevent a sharp rise in prices.That followed U.S. President Donald Trump’s urging of the group to act to prevent further rises.

    Libya was the biggest contributor to the rise in output across the group, pumping 970,000 barrels daily last month compared to 660,000 barrels a day in July. The country’s biggest oil field, Sharara, has restarted following a kidnapping, a person familiar with the situation said.

    Though Libya’s recovery boosts OPEC’s combined oil output, the country remains an unreliable supplier as civil strife continues to disrupt its petroleum industry.

    The second-largest production increase came from Iraq and the United Arab Emirates: each raised daily oil output by 80,000 barrels last month.

    Iran suffered the biggest output drop across the group, of 240,000 barrels a day, pushing its production down to 3.5 million barrels a day. Though sanctions don’t officially take effect until November, Iran is already seeing customers flee as the U.S. imposes penalties on buyers after Trump quit a 2015 nuclear accord with the country.

    Top exporter Saudi Arabia increased its production by 20,000 barrels a day in August from a revised level of 10.37 million barrels a day a month earlier. The country had indicated it would make a much larger output boost in July, but held back after it wasn’t able to find enough buyers to justify pumping crude at record levels.

     

  • SNEPCo upgrades Pacelli School for the Blind

    To give a face-lift to the Pacelli School for the Blind and Partially Sighted in Lagos, Shell Nigeria Exploration and Production Company (SNEPCo), has some furniture and air conditioners to the school.

    This, according to the Shell’s spokesperson, Bamidele Odugbesan, came barely a year after the workers of the company under the Shell Employees Care programme, visited the school at Christmas donated food items to the 52-year-old institution established by a former Catholic Archbishop of Lagos, Leo Hale Taylor.

    The Managing Director of SNEPCo, Bayo Ojulari, said: “Ours is a company reputed for diversity and inclusion and this is what is driving our interventions in special institutions such as this where we continue to support the provision of equal education opportunity for Nigerians regardless of their social, economic or physical challenges. By doing this, we are helping to transform the life of these future leaders and contributing to the growth of the nation.

    “We identify with children and senior citizens as part of our social investments portfolio which cuts across health, education and social services.”

    Ojulari, who was represented by SNEPCo’s Non-Operated Venture Manager, Segun Owolabi, commended the management of Pacelli for their consistent drive in giving the students good education in a conducive environment.

    Also, the school’s principal, Sister Jane Onyeneri, described the donations as timely, coming at a time that the school’s infrastructure were being overstretched and aging. “We remain grateful to SNEPCo, NNPC and their partners for your efforts in making the learning environment conducive and we challenge other corporate bodies to emulate your kindness,” she said.

    Items donated included bunk beds, mattresses, chairs and air conditioners.

    SNEPCo, in 2014 donated a school bus and a truck to the school for deliveries and supplies. SNEPCo has supported many special institutions, including old people’s home and Children SOS villages. In 2015, the company built and equipped the Elfavour Home Orphanage School in Kaduna.

  • Encomiums as Avuru, oil & gas man, turns 60

    It was a gathering of who-is-who in the oil and gas industry in Lagos when the Chief Executive Officer, Seplat Petroleum Development Company Plc, Austin Avuru turned 60.

    The industry players poured encomiums on a man who has spent 38 of his 60 years on earth working to maximise value creation from Nigeria’s greatest asset, oil and gas, having trained as a geologist.

    Avuru is a key player in the oil and gas industry. He started his career with the Nigerian National Petroleum Corporation (NNPC) in 1980, holding several positions, including well-site geologist, production seismologist and reservoir enginer during his twelve years in the company. He left the NNPC in 1992 to become a technical manager/Deputy Chief Operating Officer of a start-up business, Allied Energy Resources in Nigeria, a pioneer deepwater operator. This step triggered his entrepreneurship skills and helped to launch a growing business empire.

    Buoyed by his huge appetite for value creation, in 2002, Austin assembled an array of industry professionals to form Platform Petroleum Limited and subsequently held the role of managing director. In response to the divestment programme by the international oil companies (IOCs), Austin’s team at Platform worked with Shebah Exploration and Production Company to form Seplat in 2009.

    Subsequently, Seplat acquired 45 per cent interest in three oil blocks from Shell Nigeria, Total and Agip. Under his leadership, the company has grown from a little known minnow producing 18,000 barrels per day (bpd) in 2010 to a major Nigerian Independent dually listed on the Lagos and London Exchanges with operated production of over 70,000 bpd crude oil and 280 million standard cubic feet per day (mmscfd) of gas.

    A geologist/Petroleum Engineer and an alumnus of OPM 41 at the Harvard Business School, Austin is an accomplished industry writer and a resource professional for major national and international conferences. Co-author of “Nigerian Petroleum Business, A Handbook” and author of “Politics, Economics and the Nigerian Petroleum Industry,” he won the 2013 Ernest Young Entrepreneur of the year award in the Master Category for Nigeria and the West African sub-region

    The lecture for his birthday entitled: ’60 years later: Preparing for a Nigeria without oil,’ drew critical and knowledge-based contributions on how the country can effectively shift from dependence on oil for its survival. Avuru said the market is grossly underserved.  We have to create a future without oil because that’s where the future is, even if there is still oil, the future and prosperity of this nation has to be without oil, the market in Nigeria is grossly underserved.

    The Commissioner for Information, Delta State, who representedd the governor, Patrick Ukah, said: “I would like to congratulate Mr. Austin Avuru on his birthday. He is an illustrious son of Delta State and we are happy that he is a Deltan because he has impacted a lot on Deltans and not only on Deltans but also the country, individually and with the company that he has worked for. We have been in great partnership with him, so it’s a great thing celebrating with him.

    “But on the topic of the lecture, it is a clarion call to those in the private sector, that they must show interest in politics, they must learn to remove their minds from what they feel is dirty in politics, but  look at what they have to offer Nigerians. I think that is what is said here today. People like us came from the corporate world, and we are trying to do our own based on what we got from the private sector. The Governor of Edo State, Godwin Obaseki, is another example. He came from the private sector, and there are many like that who have succeeded in politics. There are a lot of discipline coming from the private sector that comes to bear on politics.

    “There are signs Nigeria would be a better place, the bottom line from what I take here is that Austin has prepared our minds for life after 60, to prepare the minds of those in the corporate world. So what we are saying to everybody is that we all should show interest in the governance of this nation that is the only way we can give the good governance that we look for. We pray that God will give him strength to enable him to do more for this country.”

    Platform Petroleum Limited Chairman, Dumo Lulu-Briggs, said: “There’s always life after oil, the point we are making is that we overemphasise oil, and we are beginning to have a sense that oil will solve all problems and that’s so untrue. On top of that fact, oil is becoming a curse. If we have oil we will be able to do other things. We have to create the awareness that as a nation we have to take a very critical decision about our future. Once we realisse that we have a common future, we begin to emphasise hard work, emphasise merit, and begin to reward merit. We have been fighting corruption but we are not rewarding merit, when we begin to reward merit, then it becomes a choice for the people. When they see there is reward for good work, people can begin to be very conscious of what they do. It’s an awakening for all of us.

    “For me, what Avuru has done speaks for him, not just his accomplishments, he is a brilliant person, over and above all others his humanity. He is able to put in place structure that will help people to grow to empower people, he is silent eloquent – for all of us to gather here and see, he has built institutions that will help people.”

    Seplat Plc Chairman, Dr. Ambrose B. C. Orjiako, said: “The first thing is to say a big happy birthday to Mr Austine; congratulations to him, and I wish him many more years of fulfilled life, that is my wish to him and I ask God to bless him with many more years.  Seplat as an organisation, we don’t always project, but at all times we say that the future is bright for this company, given the very strong foundation and fundamental conditions of Seplat. We can only look ahead and know that the future is very bright for the company,

    “All the commitments we made to produce gas, we already have market for that, which is part of the reasons there is growth in our gas treatment. There is increasing demand, there is good pricing, the environment for this gas abound, Nigerian environment remains good for gas supply. The industry and agriculture, therefore, there is a very strong market now and the future is even looking better.

    “The take home is very simple – Austin is a man of many attributes. He is a very sound oil and gas man, therefore, many captains from the industry were here to honour him, and he is also a philanthropist, given the diversified life he is supporting. He is also a very strong political analyst, many people may not know him, he is also a strong believer in what Nigeria becomes going forward.

    For Rev Fr. Matthew Kukah: “Austin is among the oil magnets. It’s my honour to be among these people. Post Oil Withdrawal Syndrome, I think the first question to ask is: ‘What did we do when we had oil?’ That’s what we should be talking about. Nigeria without oil, the question we need to ask is what we did when Nigeria had oil.

    “It is a question we must all try and answer before we ask what our country might be without oil, and again we have to return to the scene of crime, all the stories about oil in Nigeria, the Oloibiri where oil was first discovered and ask ourselves were did we go wrong?

    “Today as a country, we cannot feed ourselves. We are a country that cannot provide education for our children, today we have become a country that cannot generate and distribute electricity for the citizenry, today we have become a country that cannot provide railway line, we have no national airline, we have no medical facilities, and all of these came when we had oil. We are being at war with one another because oil led us to war, and we are still gathering the consequences of that war.

    “So, thinking forward on how our country will be, over and above material resources, we have to show commitment to the rules of the game. We substituted democracy with military rule. No country can survive without the rules of engagement.’’

  • 170 drivers benefit from Shell Gas medicare in Ota

    NO fewer than 170 public transport drivers have benefited from medical consultation and screening organised by Shell Nigeria Gas (SNG) as part of the activities marking the 20th anniversary of the gas distribution company.

    The one-day programme, which held in Ota, headquarters of Ado Odo/Ota Local Government area of Ogun State, saw the drivers screened for blood pressure, body mass index (BMI), blood sugar, cholesterol, malaria parasite, and HIV. There were also eye checks, prescription lenses, dental care, pharmaceutical services and distribution of insecticide-treated nets.

    Speaking at the opening session, the Managing Director of SNG, Ed Ubong, represented by the company’s Operations Manager, Niyi Salami, described the health programme as part of the many community-focused initiatives of Shell Companies in Nigeria to support efforts by government at all levels to make life better for the people.

    “The health and safety of the people are critical and we see our company as continuing to play a role in supporting the efforts of government to take promotive, preventive and curative healthcare to the people where they work and where they live,” Ubong said.

    “By ensuring quality state of health of public transport drivers, including their sight, safety standard on our roads will be enhanced and this will help to reduce health-associated carnages on our roads.”

    The programme was held in collaboration with Ado-Odo/Ota Local Government, Ogun State Ministry of Health; and state’s Primary Health Care Board (PHCB).

    Ogun State Commissioner for Health, Dr. Babatunde Ipaye, commended Shell for the health programme among its many other supports to the host community in Ogun State. He praised another Shell company, Shell Nigeria Exploration and Production Company, for its robust medical outreach programme in Ogijo, also in Ogun State.

    Shell’s Regional Community Health Manager, Dr. Akinwumi Fajola, who led the medical team, advised the drivers not to ignore early signs of health challenge, which he said could help in prompt and effective management of hidden medical conditions by medical officers.

    In attendance at the programme were the representatives from the state’s Primary Health Care Board, Federal Road Safety Corps (FRSC), Ogun State Traffic Compliance and Enforcement Corps, Ado Odo/Ota Local Government and Community Development Associations.

  • ‘How Fed Govt can leverage oil, gas to diversify economy’

    RAW hydrocarbon export is hampering the Federal Government’s diversification programme, the Vice Chairman/Chief Executive Officer, Emerald Energy Resources Limited, Dr Jude O. Amaefule has said.

    He said refining crude and utilisation of gas in-country would create huge value and jobs. He noted that taking crude overseas for refinning was uneconomical.

    He cited some member-countries of the Organisation of Petroleum Exporting Countries (OPEC) that own refineries overseas and the importance of policies and environment that would drive the diversification goals.

    In a paper he delivered at the conference of the Society of Petroleum Engineers (SPE), Nigeria Council held in Lagos, Amaefule stated that there is a linkage between the oil and non-oil sectors.

    Nigeria needs to develop a broader-based economy, diversifying its exports to ensure its growth is not affected by global price or demand shock, he added.

    In his paper entitled: “Emerging economic diversification era in Nigeria: Implications on oil and gas supply value chain and investors,” he said: “On oil and gas supply value chain, threats to petroleum export market create opportunities for refining, gas utilisation and other spin-off sectors.

    “Nigeria, as the largest market in in Africa, offers unique opportunities for investment in in the petroleum downstream sub-sector.  However, the government needs to create the required investment climate to spur economic diversification through price liberalisation, strengthened macroeconomic stability, improved independent regulatory and institutional frameworks, which encompasses governance, host communities, fiscal reforms and downstream bills, among other forward and backward linkages.”

    He noted that as the oil and gas sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s, nearly two-thirds, about 64 per cent of the industry’s senior professionals expect to increase or sustain spending on gas projects in the year.

    He listed areas gas can be utilised to  include liquefied natural gas (LNG) for export, power, petrochemicals, natural gas liquids (NGLs), liquefied petroleum gas (LPG), urea, fertiliser, pharmaceuticals, and methanol, among others.

    He continued: “In today’s globalised economy with very complex industry interactions, the global value chain (GVC) methodology is a useful tool to trace the shifting patterns of global production, link geographically dispersed activities and actors within the oil and gas industry, and determine the roles they play in developed and developing countries alike. The GVC framework focuses on the sequences of value-added activities from conception to production and end use; thereby examining and engaging the job descriptions, technologies, standards, regulations, products, processes, and markets in specific industries and places competitive advantages.”

    On the global value chain approach, he noted some OPEC countries that have refineries in foreign countries.

    He said Abu Dhabi has refineries in Austria/Germany through the participation of OMV, where it refines 282,000 barrels per day (bpd) and also in Spain through CESPA with 360,000 bpd output.

    Saudi Arabia has refining stakes in United States, through Star Enterprise refining 625,000 bpd in conjunction with Texaco, which owns 50 per cent of the output. In Korea, it operates through Ssangyong refining 146,000 bpd and in Philippines through Petron refining 147,000 bpd as well as in Europe through Motor Oil Hellas refining 100,000 bpd.

    Kuwait refines Denmark, Netherlands and Italy through KPC and KPC/Eni in Italy with refining capacities of 56,000 bpd, 75,000 bpd and 300,000 bpd with Eni responsible for 50 per cent.

    Libya has refineries in Italy, Germany and Switzerland through Tamoil, Holborn and Collombey with refining capacities of 95,000 bpd, 78,000 bpd and 72,000 bpd. Also, Venezuela has refining stakes in the United States, Germany and Belgium/Sweden/UK, through Citgo, Ruhr Oel and Nynas with daily outputs of 725,000 bpd, 716,000 bpd with 50 per cent from VEBA and 62,000 bpd with 50 per cent from Neste. It also refines 260,000 bpd from other sources with 65 per cent from Lyon dell.’’

    He commended the operation of the Nigerian National Petroleum Corporation (NNPC) as an Incorporated Joint Venture (IJV), noting that it would allow the Corporation and operators raise money for their operations outside of the government’s budgets and controls.

    “It will allow NNPC to run as a private company and take decision privately rather than awaiting the approval of the National Assembly before it can make counterpart funding available to its partners. Under the IJV arrangements, NNPC JVs will be turned into a firm that control its own budgets, similar to gas firms, such as the Nigeria Liquefied Natural Gas (NLNG), which sources for its own funding, pays taxes and royalties and also pays dividends to the government from its operations,” he said.

    He cited Indonesia’s diversification method. He said: “Indonesia highlights the importance of using active policies to encourage agriculture in the face of a booming oil sector. Large investments of oil income were used to develop natural gas resources, both for export to Japan and as an input to fertiliser production. Fertiliser was then distributed at subsidised prices, greatly boosting yields. Agriculture and the rural economy were strengthened by a series of successful community-based programmes that absorbed large quantities of labour and produced local infrastructure, including schools, roads and local construction. Indonesia is the 16th largest economy in the world.

    To Amaefule, in achieving diversification, there was need to look beyond the traditional approach  adopted by oil and gas firms such as cost-cutting, vertical integration, mergers and acquisition. Oil and gas firms recognising the evolution of Nigeria to a diversified economy, should develop strategies for local technological capability, retool revenue generation via further processing of hydrocarbon resources, integration into supply and global value chains to encompass higher value-added activities.

    He said the petroleum industry drives the economy as it is responsible for 10 per cent the Gross Domestic Ptroduct (GDP), 83 per cent of government revenue and 90 per cent of foreign exchange revenue.

    “Diversification within the petroleum sector is key to harnessing the linkages to the non-oil economy. This implies Investments across the various downstream sectors to develop Industries relevant in both industrial and consumer products, which Nigeria import.

    “The need to improve the climate for investment in non-oil industry may involve lowering entry requirements, streamlining tax structures and creating investment promotion intermediaries. Nigeria should develop its institutions and infrastructure towards achieving this goal,” he said.

     

  • Eko DisCo donates relief items to Ikoyi Prisons

    The management of Eko Electricity Distribution Company Plc (EKEDC) has donated food items and other relief materials to Ikoyi Prison inmates as part of its Corporate Social Responsibility (CSR).

    Its Chief Executive Officer, Mr Adeoye Fadeyibi, said the gesture was geared toward identifying with the inmates and also contributing to its business environment.

    Fadeyibi, represented by the company’s Chief Financial Officer, Mr Joseph Esenwa, said the company would continue to support Ikoyi Prison’s initiatives to ensure conducive atmosphere for the inmates.

    According to him, the company,  known for its humanitarian initiative, empowers and provides succour to the less privileged and the vulnerable.

    “In line with our vision, I have come here to let the inmates know that we are not giving up on them, and that they have a bright future ahead outside of this place.

    “Whatever happens, they are still Nigerians, and needed to know that EKEDC cares for them and being made happy.

    “They still have a lot to contribute to the society irrespective of their present circumstances,” he said.

    Fadeyibi assured that the company would assist the prison in renovating some of the buildings and also ensure prompt support to the inmates in terms of medicine and other needs.

    He urged the authority of Ikoyi Prisons to reach out to the company in case of their needs that could help the inmates’ wellbeing and development.