News
IOCs Plan Leaving Onshore Over Court Cases, FG Alleges
Owing to litigations, many International Oil Companies (IOCs) are mulling the idea of leaving their onshore operations in Nigeria.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, broke the news, yesterday in Abuja.
He recalled that on the assumption of office, he realised that the industry had the penchant of suing the oil firms in court.
The practice, according to him, was impeding the growth of the industry.
He said this has made a workshop on the activities of the oil and gas industry apt, especially as the implementation of the Petroleum Industry Act (PIA) would provoke more court cases.
He described litigation as one of the major factors retarding the onshore operations of the country.
Sylva spoke at the 2021 National Oil and Gas Workshop for Hon. Justices and Judges.
The theme of the workshop was “Petroleum Industry Act New Legal and Fiscal Regime in the Nigerian Oil and Gas Industry.”
He said: “We must start from the judiciary because I can tell you that this is one of the weakest link in the oil and gas industry.
“When I first came in as minister of state, someone told him. What he discussed was quite disturbing; he said he had a lot of cases in the court.
“He wanted us to support him to win the cases. What I realized was that was what was happening in the oil industry.
“The industry was taking oil companies to court. He said he had over 200 cases in court. And unfortunately, it has impeded the growth of the industry.
“Today, I can tell you that a lot of oil companies are companies are contemplating leaving the onshore of Nigeria.
“And one of the biggest problems we have onshore in Nigeria is incessant court cases that reverberate across the industry.”
The minister said PIA came at the time that the industry faces challenges arising, not only from the domestic environment, but from the wider international environment.
He noted that apart from the current Covid-19 crisis which caused the strongest recession experienced globally since 1929, the industry faces other critical challenges.
Sylva added that several nations have announced the intent to comply with the Paris Agreement 2016 and have adopted climate change policies with a target of being carbon neutral by 2050 or 2060.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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