Oil & Energy
CEO Blames Illegal Crude Oil Business On Foreign Dominance
The Chairman and Chief Executive Officer of Stars Investment Company, Mr Greg Utonweg Obgeifun has blamed the current wave of crude oil theft in Nigeria on dominance of foreigners in the nation’s maritime industry.
Ogbeifun made this disclosure while speaking as a panelist at the partnership and beneficiaries network forum organised by Shell Petroleum Development Company of Nigeria in Port Harcourt recently.
Ogbeifun said the crude oil theft business thrives because the nation’s water ways have been infested by foreigners, noting that “if there are no buyers there won’t be sellers”.
Accordign to him with over 500 vessels operating in the nation’s water ways, well over 80 per cent are owned by foreigners.
He urged government and multi-national companies operating in the country to build the capacity of Nigerians so that they can have their own vessels.
Corroborating the view of foreign dominance in the nation’s freight sector, the executive secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) Mr Reginald Stanley expressed dissatisfaction over the dominance of foreign ship owners in the country’s oil maritime and petroleum products freight services.
Speaking at the inauguration of two double hulled oil vessels, MT Adeline and MT Emmanuel, Stanley said the domination of the oil maritime services by foreign fender providers was not in the best interest of the country given the federal government’s transformation agenda which was aimed at boosting the capacity of indigenous operators to play an active role in the nation’s economic development.
He advocated the discouragement of foreign fender providers dominance in the sector, noting that the new acquired vessels would boost maritime operation and reduce the unit cost of freight.
Describing the acquisition of the vessels as a significant milestone, the PPPRA boss said it was a boost to the nation’s economy especially in the areas of foreign exchange conservation, reduction in the cost of freight of petroleum products, employment opportunities and speedy distribution of products across the country.
The Chairman, House of Representatives Committee on Petroleum (Downstream) Hon Dakuku Peterside said the National Assembly would ensure that the needed legislative framework was put in place to make business thrive for fender providers.
Dakuku urged operators in the sector to imbibe value-addition and forth-rightness as essential ingredients for their success in business.
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Oil & Energy
Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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