Business

FG Urged To Liberalise Oil, Gas Industry

Published

13 years ago

January 25, 2013

The
Chief Executive Officer/Publisher, Energy Today, a specialised petroleum
industry newspaper, Mr. Emeka Obidike, has said that liberalising the petroleum
sector is the key to enhancing growth and development in the industry.

Obidike,
who spoke at the inauguration of the weekly newspaper in Lagos recently, said
the government needed to encourage private investors to build refineries in the
country.

He
said, “The way out of the petroleum problem in the country is for the regulator
to liberalise the system and encourage investors to go into the system and
build refineries. Few months ago, a neighbouring country, Niger, set up a
refinery. Some states in the North, as a result, procure their petroleum
products from Niger. If such a country could do that, what stops us?

“The
banks are there; they should not shy away from their core duty. We should not
create an impression that except you have $10bn, you cannot set up a refinery.
That policy makes it extremely difficult for investors to come in. Nigeria has
what it takes to do this. There should also be a long-term loan for that aspect
of the economy to thrive.”

The
publisher, however, said the aim of introducing Energy Today was to bridge the
existing information gap in the sector by giving quality information to the
public and major players, especially operators and regulators.

He
listed some of the agencies to include the Ministry of Petroleum Resources,
Department of Petroleum Resources, Standards Organisation of Nigeria and
Petroleum Products Pricing Regulatory Agency, among others.

Obidike
said, “I am both a major player and stakeholder in the industry. By my office,
I am the Secretary, Lubricant Producers Association of Nigeria. Because of my
passion for the industry, making sure that things are done rightly led me into
newspaper publication.

“A
lot of people want to air their views but are constrained may be because the
regular newspapers are not specialised, because there are so much news about
oil and gas but we have limited space for them.”

According
to him, the paper will focus on balanced reportage of issues in the sector.

He
said the way out of the petroleum quagmire in Nigeria was for the government to
liberalise the industry.

The
Principal Partner, Lubeservices Associates, Mr. Kayode Sote, who reviewed the
newspaper, said government needed to do something worthwhile and urgently about
the declining state of the nation’s oil and gas industry.

He
said although government policies were meant to stimulate and promote
investment opportunities and diverse business potential in the nation’s
economy, the oil and gas industry “is characterised by peculiar complexities
and secrecy,” which, he said, would not augur well for the nation.

Sote
queried why Nigeria’s oil and gas industry was still being dominated by foreign
companies and wondered what the future held for the country in terms of
investment opportunities.

He
suggested that government could bring back the moribund refineries to full
operation by leasing them to private companies.

He
said the existing refineries were insufficient and urged the government to
allow new ones to be built.

Sote
supported the view that for new refineries to be built, the government must
deregulate the downstream sector of the oil industry.

He
said the current deregulation process was “mischievous” and he had lost
confidence in it.

“Money
removed from subsidy should be ploughed back into physical infrastructural
development so that people can see,” he added.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.