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Stakeholders X-ray Progress In Oil, Gas

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Insurance professionals and other stakeholders in oil and gas insurance are set to review progress made in the sector, and to explore ways to develop capacity expertise to meet government expectations.

The review is expected to be the highpoint of the insurance stakeholders parliament, jointly packaged by Risk Analyst Insurance Brokers Limited and Financial Standard Newspaper Holding in Lagos on Thursday.

The Managing Director of Risk Analyst, Mrs. Funmi Babington-Ashaye disclosed this while addressing newsmen in Lagos. She expressed optimism that the parliament would afford the operators the much needed opportunity to address some of the unacceptable development in the oil and gas insurance sub-sector in the economy.

Determined to ensure that Nigerian individuals and business tap fully into the opportunities provided by the exploration and exploitation of petroleum in the country to better their lots, the Federal Government initiated a local content with which it mandated that a given percentage of business opportunities arising in content at 10 per cent and increased it toi 45 per cent the sector is reserved for local operators.

At inception of the policy, government pegged local by 2006, and intends raising the level to 70 per cent by next year (2010).

Babington-Ashaye noted that in spite of the policy being in place, nothing significant has changed and called for decisive action on the part of government and regulatory agencies to ensure that the initiative is not sabotaged by some foreigners.

“The local content policy of government is a well thought-out initiative designed to accelerate the involvement of Nigerians in the all important oil and gas sector. Several years after it was evolved, not much has been achieved”.

“Although, there are no statistics to validate the extent of compliance to the targets of 45 per cent in 2006 and derive towards 70 per cent by 2010, the continuous dominance by foreigners of the commanding heights of the sector bears eloquent testimony to the need for urgent action by government and regulatory bodies”, she said.

Babington-Ashaye also reflected on some of the issues that the parliament is expected to answers to, including how existing underwriters can develop the technical capacity to acess the risks inherent in the sector and how they can develop the financial capacity to underwrite such high-risk insurance business given their poor level of capitalization.

According to her, the parliament would also review the state of reinsurance business in Nigeria and how market induced consolidation in the insurance sector could be of help in this regard.

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NCC Reassures On Protection Of Customers

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The Nigeria Communication Commission (NCC) has assured telecommuication consumers that they would continue to get the right value for their money
It also said that it would continue to address challenges in the industry.
The NCC’s Executive Vice Chairman/Chief Executive Officer, Prof. Umar Danbatta, gave the assurance at NCC Day at Lagos International Trade Fair Complex, Tafawa Balewa Square.
He said as the regulator of the industry, the commission is aware of the huge responsibilities of safeguarding the interests of all the stakeholders.
Represented by the commission’s Deputy Director, Consumer Affairs Bureau, Mr. Ismail Adedigba, the NCC boss said the forum was specially organised to strategise with the consumers to seek and proffer solutions to various telecom issues confronting them.
He said: “The NCC as the telecom regulator is aware that this feat of telecom being central to our daily life could not have been achieved without the consumers and as such identifies the consumer as a very important stakeholder in the telecom industry.
“This is evident in the Eight Point Agenda  of the commission where the empowerment and protection of the consumers from unfair practices through availability of information and education to make informed choices in the use of ICT services is emphasised.”
Danbatta  said the NCC as a regulator has devised ways for subscribers to lodge complaints when they are dissatisfied with the services provided by operators, adding that the commission will also apply appropriate regulatory measures and sanctions against erring service provider.
He said one of the issues affecting telecoms consumers which the commission has proffered solution to is the issue of telemarketing, commonly known as unsolicited text message.

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Human Capital Dev, Key To Mining Sector – Minister

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The Minister of Mines and Steel Development, Mr Olamilekan Adegbite says human capital development is key to growing the mining sector.
He said this yesterday in Abuja when he visited the  Nigerian Geological Survey Agency (NGSA) to inspect some of its facilities.
The minister said developing human capital in the mining sector was necessary to build the right expertise to do things like certification of minerals locally, rather than going to South Africa and other countries to do same.
“If we do certification of minerals here, things will be easier and people can even come from other countries to have their minerals certified in Nigeria.
“Nigeria is a great country, and I am sure we have the resources in terms of human capital, let us train our people so we can achieve this.
“I have no doubt that we can do it, and I know that the NGSA is doing well and I will like us to keep it that way,’’ the minister said.
Adegbite also expressed concern that the engineering profession was currently dominated by men, saying that there was the need to encourage women into the profession.
According to him, girls in universities should be given career talk to encourage them to take to the profession.
The minister also tasked Nigerians on the need to be patriotic and to always have the interest of the country at heart, as this was critical to ensuring its greatness.
“Let us all have Nigeria’s interest first and foremost at heart, if we do that, Nigeria will be greater, and we will all leave peacefully.
“When Nigeria is great, it is able to provide for more.
“All this banditry we are having all over the place is because the growth that Nigeria has experienced has been exclusive, a lot of people had been left behind.
“And when people are left behind, the result is desperation and this had led to banditry, kidnapping and others vices,” he said.
Adegbite charged the management of the agency to feel free to come up with ideas on how to move the agency forward.
The minister also inaugurated the agency’s Mineral Museum and Customer Service Centre.
Earlier, NGSA Director-General Dr Abdulrazaq Garba said the museum was established for the archiving of Nigeria’s scientific breakthroughs and geological heritage.
Garba said the agency‘s geological museums and collections were a great national asset that contributed to culture, research, scientific education and public engagement.
He added that it had also formed an intrinsic part of research carried out in the past and played a key role as a source of evidence in exploration of the nation’s natural resources.
Speaking on the recent persistent earth tremors experienced in parts of the country, especially around Abuja, Garba said proactive measures were being taken to predict, detect and monitor earth movement and earthquake related activities.
According to him, the agency has procured and deployed earthquake monitoring equipment in form of high sensitivity volksmeter II in some parts of Abuja and Kaduna.
The Director General said the agency was collaborating with various institutions both locally and internationally with a view to adding value to its activities.

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MOSOP Plans Template On Oil Production In Ogoni

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The Movement for the Survival of Ogoni People (MOSOP), says it will soon set up a template for discussion around the issue of oil production in Ogoniland.
President of the movement, Mr. Legborsi Saro Pgagbara, who disclosed this at the 24th Ogoni Martyrs Day in Port Harcourt, recently said the resumption of oil production in Ogoniland must involve a broad based discussion with the people.
“Our points remain that any resumption of oil production in Ogoni must involve a broad based discussion with the Ogoni community taking into account that the oil industry and Ogoni had been in dispute and the issues surrounding this dispute have not been settled” he said.
The MOSOP president also stressed the need for the people to find a united platform that will protect their interest.
Also speaking the president of KAGOTE, Dr Peter Mede, said his organisation and MOSOP were working together to advance the common interest of the Ogonis.
Dr Mede also said KAGOTE was in support of the move by the Federal Government to conduct a forensic audit of the Niger Delta Development Commission (NDDC).
He said the 24th commemoration marked another milestone in the Ogoni struggle and used the occasion to pass a vote of confidence on the Lgborsi Suro Pgagbara led MOSOP.
The chairman of the occasion and former Vice Chancellor of the University of Port Harcourt, Professor Ben Naanen, said the Ogonis lost a whole generation to the struggle.
He, however, commended MOSOP for keeping the memories of Ogoni heroes alive.

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