Business
Expert Wants Oil, Gas Dev Bank
An oil/gas expert has
called on the Federal Government to establish a National Oil and Gas Development Bank in order to fast track the implementation of the Nigeria local content policy.
Dr. Uche Adiele, a Senior Nigerian Content Evaluator with the Nigerian Agip Oil Company (NAOC) made the call during a chat with journalists on Tuesday in Port Harcourt.
Dr. Adiele observed that the local content policy has suffered setbacks due to the heightened resource control struggle in the Niger Delta, noting that local content implementation stands at 40 per cent currently.
He opined that the situation falls below average but said the creation of the Nigerian Content Development Fund would drive the sector and at the same time inject efficiency in the system.
Dr. Adiele while expressing optimism that the country was capable of consolidating on its current performance, stressed the need for a reform in the oil sector capable of creating a stable business climate to attract investors.
The NADC Content Evaluator blamed lack of adequate funding as a major set back in the development of the local Content Policy, as he blamed the situation to the instable financial market.
Once the financial institutions are able to provide off shore insurance for oil firms, Dr. Adiele averred that industry players would be able to offset the huge costs incurred in oil exploration and exploitation.
Aside strengthening the financial institutions to be able to fund oil/gas operations, Dr. Adiele called on the federal government to also provide a financial institution on which the sector players can rely.
He also called on the youths of the region to cease their violent posture to oil companies as this will hamper activities oil operations and reduce employment generation in the sector.
Enoch Epelle
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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