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PIB Lacks Value Generation – PTDF

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7 years ago

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Executive Secretary, Petroleum Technology Development Fund (PTDF), Dr Aliyu   Gusau says the Petroleum Industry Bill  (PIB) awaiting presidential assent has no clause for value generation which is critically needed in the sector.
Gusau made this known at the 11th Annual International Conference of the Nigerian Association for Energy Economics (NAEE), in Abuja, Monday.
“Unfortunately, I have gone through all the four bills of the petroleum industry waiting to become law; I have seen fiscal and regulatory provision about the mid-stream and the downstream.
“”But I have not seen anything in all the four bills that incentivises value generation.
“This is the challenge I must put forward, because this is the key in our journey to a post-oil economy in Nigeria.’’
Gusau said the oil and gas sector had the capacity to provide everything needed in the country if the whole business model would be changed.
He said happenings in the global oil and gas landscape, such as the shale phenomenon, would certainly impact Nigeria and had brought to the fore, the need for Nigeria to begin transition to a post-oil economy.
“What is not certain is whether we are ready for that. For me, there are great opportunities in this journey.
“We must seize these opportunities to commence the journey of a post-oil economy.
“I still believe that oil is still central. The oil industry in Nigeria is the only sector that has the capacity to provide the foundation for that journey.
“But it cannot be done with the current business model that is focused essentially on the upstream.
“The business of taking oil from the ground and marketing it across the globe has to stop.
“The only way the oil and gas industry can provide the foundation for the journey of a post-oil economy is to move from its focus on the upstream to the mid-stream and downstream where value is created.
“This is the area where value, wealth and jobs would be created.
“This is the area that would create the fertilizer, the electricity; and the petrochemicals that we require would all come into play.
“This should be, going forward, the norm in the Nigerian oil and gas industry.”
Also,Prof. Wumi Iledare, President NAEE said the PIB offered significant optimism to the petroleum sector.
“The passage of the PIB is certainly a worthy milestone in the oil and gas industry history in Nigeria, having unglued the omnibus petroleum industry bill of 2008 and 2012 into four parts.’’
He explained that the sector would continue to await the assent of the bill to ensure effective restructuring.
The restructuring, he said, would be expected to completely revolutionalise the institutional governance, fiscal and communal structures of the oil and gas business in Nigeria.
Commenting on the political structure of the Nigerian Economy, he said the country was too dependent on hydrocarbon production for revenue generation rather than value creation.
According to him, it is a major hindrance to the nation’s economic growth and sustainable development potential.
“”The consequences of this dependence are evident in the extent of its vulnerability to the global energy price and supply shocks on the economy since 2015,’’ he said.

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NPA Assures On Staff Welfare 

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2 weeks ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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2 weeks ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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2 weeks ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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