Business
Rivers Community Decries Neglect By NLNG, Insists On MoU

Stakeholders in Egi Kindom, Ogba/Egbema/Ndoni Local Government Area of Rivers State have decried the neglect of the area by the Nigeria Liquefied Natural Gas (NLNG).
They alleged that there was nothing to show in Egi Kindom in terms of infrastructural development for many years of NLNG operations in the area.
One of the stakeholders, Dr. Ifeanyi Obullor, made the allegations at the weekend while speaking with newsmen in Port Harcourt.
He said the history of oil and gas in Nigeria can not be complete without Egi Kindom, pointing out that Egi Kindom is next to Oloibiri in the present day Bayelsa State where oil was first discovered in commercial quantity.
According to him, Egiland which comprises 17 communities is the highest oil producing communities in the country.
He regretted that despite the fact that the gas from Egi feeds the Bonny NLNG and the Eleme Petrochemical company, which is now Bought by the Indorama, the kingdom has not benefited anything from the NLNG, either in terms of road project or scholarship.
Agreeing with the position of Obullor, another stakeholder, Wisdom Dike, said that Egiland contributes 100,000 barrels of crude per day to the nation’s oil reserves.
“NLNG has neglected the Egi people, and there should be a change in this. The Obite gas plant feeds both Bonny NLNG and Eleme Petrochemical, but we have been neglected, in spite of the fact that the gas NLNG exports is gotten from Egiland, but there is nothing to show for it.
“So, we want a Memorandum of Understanding (MOU) with the NLNG, and we want recognition. We had such MoU with Total ENP, and it has been implemented up to 60 percent, even though it was through agitations,” he said.
The stakeholders agreed that there were numerous challenges facing the kingdom particularly in the area of environmental degradation.
They appealed to Governor Nyesom Wike to also come to their aid in terms of road construction, noting that good road will attract investors to the area.
By: Corlins Walter
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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