Oil & Energy
OGFZ Promotes Direct Foreign Investment, Says RVHA Member
The Chairman, Rivers State House of Assembly Committee on Energy and Natural Resources, Hon Otelemaba Amachree has described the Onne Oil and Gas Free Zone as a huge potential for direct foreign investments in Nigeria.
Hon Amachree made the remark when the committee visited the free zone, in Onne, as part of its oversight functions, last week.
The Assembly member said the free zone was pivotal to the nation’s quest to fast-track its economic growth, by leveraging on the huge potentials of the free zone to deepen the country’s interest in the oil and gas sector as the driving force of the economy.
He commended the efforts of the management of the free zone, led by Dr Noble Abe, in ensuring efficient management scarce resources, and peaceful relationship with companies operating within the free zone.
The lawmaker warned against militant activities, which he said, were inimical to the genuine purpose and interest of the free zone.
The committee chairman called for proper legislation to give impetus to the activities of the free zone, as a veritable means of promoting export services and marketing of made-in-Nigeria products to generate much needed revenue for the government.
In his remarks, the Managing Director of the free zone, Dr Noble Abe, thanked the committee for its visit, and pledged his commitment towards ensuring that the main objectives of the free zone are achieved.
He described the free zone as an international territory within Nigeria, which operates under international laws, adding that the oil and gas industry was a vast area of investments, which could be exploited to boost the nation’s economy.
Abe, therefore, called on the Federal Government to provide the needed infrastructure and other drivers of development to enhance the activities of the free zone.
As part of the restructuring, the company said it had promoted high-performing employees, released retiring staff, and disengaged others whose performance fell below expected standards.
It added that it has also begun implementing a comprehensive employee development and customer management plan to strengthen its service delivery framework.
“In line with its corporate transformation strategy, Abuja Electricity Distribution Company has announced a restructuring exercise aimed at delivering improved services to its customers as well as enhanced operational efficiency and excellence.
“The restructuring is in line with our strategic direction to become a more responsive and efficient organisation, capable of delivering world-class service to our customers.
“As part of the transformation, the Company has promoted high-performing staff, released retiring employees and those performing below par, and has put in motion the implementation of a robust employee development and customer management plan aimed at driving AEDC’s customer-centric focus,” the company said.
AEDC noted that the reforms are part of its broader commitment to provide reliable, safe, and sustainable electricity to customers across its franchise areas, including the Federal Capital Territory and the states of Niger, Kogi, and Nasarawa.
The firm further pledged to continue investing in infrastructure upgrades, digital technologies, and operational innovations to improve service reliability and customer satisfaction.
“With a strong commitment to delighting its customers, AEDC continues to contribute to the growth and development of Nigeria’s energy sector through investments in infrastructure, innovative technologies, and sustainable practices.
“AEDC consistently seeks to improve the quality of life for its customers, promote efficient energy usage, and actively engage with its communities,” the statement added.
Nwoko who is also the Senator representing Delta North Senatorial District, said that forensic reviews show over S22b, S81b and S200b remained unaccounted for across different audit periods.
“I remain committed, alongside my colleagues, to ensuring accountability, recovery, and reform within the oil and gas sector.
Nwoko stated that the Committee had earlier presented its interim report before the senate saying “Our investigation has so far uncovered massive revenue losses amounting to over $300 billion in unaccounted crude oil proceeds over the years.
“This represents one of the most troubling cases of economic sabotage our nation has ever faced.
“We have made far-reaching recommendations to end this long-standing menace.
“There is need for strict enforcement of international crude oil measurement standards at all production and export points.
He urged the federal government to mandate the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to deploy modern, tamper-proof measuring technology or return this function to the Department of Weights and Measures under the Ministry of Industry, Trade, and Investment.
The senator called for the deployment of advanced surveillance systems, including drones, to assist security agencies in combating oil theft.
He also called for the creation of a Special Court for Crude Oil Theft to ensure swift prosecution of offenders and their collaborators, saying it would also go a long way in tackling the challenge.
“We must also ensure the full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA) to empower local communities and reduce sabotage.
“Ceding abandoned oil wells to the NUPRC for allocation to modular refineries to support local production and job creation is also very vital in fighting the menace of oil theft and sabotage,” Nwoko further said.