Business
Stakeholders Laud Indorama On Policy Implementation
The Management of Indorama, Eleme Petro-Chemicals Limited, has received the commendations of stakeholders over the strident implementation of its content development policy and commitment to sound commercial and ethical principles in business operation.
Speaking during the launching of $1.4bn world class fertilizer plant built by Indorama, in Port Harcourt, last Thursday, stakeholders described the project as novel and pivotal to Nigeria’s industrial revolution.
Acting President of Nigeria, Prof. Yemi Osinbajo, who commissioned the mega fertilizer plant, said the initiative would not only provide foreign earnings for the country but help in tackling the challenges of food insecurity in Nigeria.
The Acting President was particularly impressed with the ownership structure, and community development policy of the company which provides shares for the host community and the workers.
Osinbajo who commended Indorama for its commitment towards the development of the Nigerian economy, assured that the Federal Government would provide the enabling environment to promote private enterprise development and pointed out that the future development of the country depended on “access to private capital”.
He pointed out that the successful handover of the discharge certificate by the Bureau of Public Enterprise (BPE) to Indorama after a rigorous monitoring process was an indication that the company has done significantly well.
The Acting President urged the management of Indorama to always collaborate with the BPE and maintain the high ethical standards already set.
In his remark, the Rivers State Governor, Chief Nyesom Wike, commended Indorama for the successful launching of the new fertilizer plant.
He assured that the company’s investment would be protected and added that the Rivers State Government would continue to partner with Indorama to achieve target objectives.
A community leader, Hon Lucky Obizi, who spoke with The Tide, at the event said, the new project would create more job opportunities for the people. He called on the company to be committed to its community development policies and pledged the support of the host communities towards the achievement of corporate goals.
Earlier the chairman of Indorama, Mr Sri Prakash Lohia, had during his welcome address described the launching of the new fertilizer plant as a significant breakthrough for the company.
He said the project which was started three years ago became successful because of the support of the Government, workers and host communities.
The chairman stated that the commissioned project was the world’s largest single-line Urea plant with 1.5 million metric tons capacity per-annum.
With the successful launch of the project, Lohia, said Nigeria now has the capacity of being the world’s largest exporter of Urea. He said the project was the biggest investment in the non-oil and gas sector, noting that the company has created 50,000 direct and indirect job opportunities, especially in the rural areas.
He assured that Indorama will continue to contribute to the success of the transformation agencies of the federal government in the industrial and agricultural sectors, while remaining committed to standards and international last practices.
Taneh Beemene
Business
Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC
The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.
This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.
Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.
Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.
“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.
He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.
“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.
NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.
It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.
The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.
Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.
At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.
Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.
The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.
“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.
“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”
The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.
“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.
“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.
Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.
According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.
The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.
A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.
In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.
According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.
“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”
The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.
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