The leaderships of the midstream and downstream sub-sectors of Nigeria’s petroleum industry have affirmed that Rivers State is peaceful, hospitable and conducive for investments, urging potential investors around the world to discountenance negative narratives about political crisis by enemies of the State, and make strategic decisions to invest in Africa’s largest hydrocarbon hub, for exciting returns on investment for shareholders and other stakeholders.

The Chairmen of the House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream), Hon Ikeagwuonu Michael Ugochinyere (PDP Ideato North/Ideato South Federal Constituency, Imo State); and Hon Prince Henry Odianosen Okojie (Esan North East/Esan South East Federal Constituency, Edo State); made the affirmation in their separate remarks at the three-day retreat of the joint committee in Port Harcourt, the Rivers State capital.

About 100 actors in the sector are participating in the retreat, out of which no fewer than 80 are legislators representing federal constituencies across the six geopolitical zones of the country, while others represented oil and gas companies, major and independent marketers, refineries and petrochemicals firms, among others.

Hon Ugochinyere said that the State is peaceful because of the good leadership and responsible governance approach adopted by the Governor, Sir Siminalayi Fubara, who has remained focused on the ball, while facilitating the ease of doing business and creating the right policies to enable investments to thrive in the State.

He added that if the State was not peaceful, the huge number of National Assembly committees on oversight functions, and the litany of investors and other corporate institutions who have visited the State over the last couple of months to explore abounding opportunities would not have been possible, and advised well-meaning Nigerians and the international community to disregard those trying to demarket the State.

Hon Ugochinyere said: “We are gathered here in Port Harcourt, united by a shared commitment to enhance our regulatory frameworks, promote transparency, and foster sustainable development in Nigeria’s oil and gas sector…

“I extend my sincere gratitude to His Excellency, Sir Siminalayi Fubara, for graciously hosting us and for his unwavering support. Your leadership and hospitality are greatly appreciated”.

Speaking earlier, he said: “Today is not a day for politics. We are here in Rivers State for development purposes. We want to appeal to the IGP (Inspector General of Police, Kayode Egbetokun), here (Rivers State) has been very peaceful. That is why our retreat is holding in Rivers State. If Rivers State is not peaceful, over 80 federal lawmakers from the midstream and downstream petroleum sector will not be coming here for their three-day retreat.

“We will want this peace to continue. That is why we are appealing to the Inspector General of Police (IGP) not to take sides in this crisis. He should allow the rule of law to prevail, and stop aiding, in any way, the other side who are from Abuja”.

Speaking further on the role of the police in the political crisis in the State, Hon Ugochinyere said: “But I must say this as a Nigerian, not because I belong to any interest or divide in the struggle: That respecting the rights of the people must be paramount to the Police Force. The Police must not act in a way that they are seen as giving undue advantage to the Abuja politician.

“The Governor (Sir Siminalayi Fubara) deserves some respect; the people of Rivers State deserve some respect. Indiscriminate arrests; indiscriminate attacks; these are things that are not welcome, and are not acceptable in any democratic setting”.

Speaking on the retreat, Hon Ugochinyere, added that the peaceful atmosphere in the State was evident in the congenial and enabling environment for fruitful dialogue and thriving investments and businesses, and a clear contrast to what detractors of the State were painting in their orchestrated political crisis.

He stated that the retreat was pivotal in changing the narratives, and provides stakeholders with robust platform to deliberate on burning issues while exploring strategic solutions for the betterment of the industry.

The leader of the G-60 lawmakers further said, “As we commence this retreat, I wish to emphasize the significance of our gathering. The Petroleum Sector remains the backbone of Nigeria’s economy, and it is incumbent upon us to ensure its efficiency, transparency and sustainability. Our discussions over the next few days will be instrumental in shaping the future of this vital industry.

“We are privileged to have an array of distinguished speakers and experts who will share their insights on various aspects of the petroleum industry, from understanding objectives and significance of the Petroleum Industry Act (PIA), to exploring the roles and responsibilities of the newly established regulatory bodies.

“Our ongoing forensic legislative investigation into the anomalies within the oil and gas sector is crucial for restoring trust and ensuring integrity in our industry. We are addressing allegations concerning the importation of substandard petroleum products, non-availability of crude oil supply to domestic refineries and other critical issues that threaten the stability and security of our petroleum sector.”

Speaking on the ease of doing business in the State, Hon Ugochinyere specifically named Indorama Eleme Petrochemicals and Fertiliser Company as one example of the litany of thriving investments in Rivers State, which shareholders are genuinely proud of, saying that more of such businesses populate the State, making it an enticing environment for investors.

In his remarks, Hon Okojie, said: “We gather here in the dynamic city of Port Harcourt, at the prestigious Presidential Hotel, under the theme; ‘Enhancing Regulatory Frameworks, Promoting Transparency, and Fostering Sustainable Development in Nigeria’s Oil and Gas Sector.’ This retreat is a critical convergence of minds and efforts aimed at addressing the pressing issues and exploring the immense opportunities within our sector”.

Represented by member representing Brass/Nembe Federal Constituency of Bayelsa State, Hon Marie Enenimiete Ebikake, Hon Okojie said, “I would like to extend my heartfelt gratitude to His Excellency, Sir Siminalayi Fubara, our host, for his unwavering support and warm hospitality. We are truly honoured to be in the presence of such distinguished leadership”.

Saying that the warm reception and hospitality was characteristic of the good people of Rivers State, he added that the story of the success of the oil and gas industry cannot be written in Nigeria without Rivers State, as a dominant hub, which has played a key role in the development and transformation of the nation’s economy.

Hon Okojie, said that deliberations from the retreat will positively impact the oil and gas industry, especially in providing clearer understanding of the Petroleum Industry Act (PIA) governance and institutional frameworks to promote growth and sustainability in the sector.

He said, “I would like to highlight the importance of our interaction with stakeholders in the midstream and downstream sub-sectors. This engagement is crucial for understanding the challenges faced by our industry, and collaboratively devising solutions that promote growth and sustainability.”

In his keynote speech, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, said the 10th National Assembly is committed to deploying effective legislative reforms to strengthen the operations, create competitive business-friendly environment, institutionalise transparency and sustainable development in the oil and gas industry.

Represented by the Leader of the North-West Caucus in the House, Hon. Sada Soli, the speaker also noted that the National Assembly has already commenced the processes of legislative reforms that will enhance holistic governance overhaul with a view to transforming the nation’s major economic driver and revenue earner in line with the provisions of the Petroleum Industry Act (PIA).

Rt. Hon. Abbas said that the federal lawmakers were dedicated to fostering an environment to effectively drive the objectives of the Renewed Hope agenda of President Bola Ahmed Tinubu, in promoting the key indices of ease of doing business while providing stakeholders the level playing field to participate in the sector.

He said, “The theme of this retreat speaks volume on the commitment of the 10th House towards repositioning the energy sector of our economy. Our nation’s economic power is derived and dependent on oil. Over the years, the debate over the regulation, transparency and sustainable development of the sector has dominated discussions even after the passage and coming into force of the Petroleum Industry Act in the 9th Assembly.

“This retreat is, therefore, an opportunity to reflect on the issues once again, and make recommendations to the House on the best approaches to promote transparency and sustainable development in the sector”.

Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, Comrade Tekena ThankGod Ikpaki, and the Chairman, Major Petroleum Marketers Association of Nigeria (MPMAN), Rivers State Chapter, Sir Francis Dimkpa, delivered goodwill messages at the event, where they expressed concerns over the multiplicity of regulatory bodies and fees slammed on marketers.

Speakers at the retreat include the Executive Commissioner, Corporate Services and Administration, Nigerian Upstream Regulatory Commission (NUPRC), Dr Kelechi Ofoegbu; Chairman, Dangote Group, Aliko Dangote; Director-General, Akwa Ibom State Investment Council, Obong Ibe Owodiong-Idemeko; and Chairman, Federal Inland Revenue Service (FIRS), Dr Zacchaeus Adelabu Adedeji.

Also, expert resource panellists included; Barrister Ikeagwuonu Ugochinyere; Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed; Chief Executive Officer, NUPRC, Gbenga Komolafe; Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kolo Kyari; Comptroller General of Customs, Alhaji Bashir Adewale Adeniyi; Director General, Standard Organisation of Nigeria (SON), Ifeanyi Chukwunonso Okeke; and Chief Executive Officer of Dangote Group, Aliko Dangote.

The retreat wrapped up with a facility tour of Indorama Eleme Petrochemicals Company Limited at Eleme Local Government Area of the State. yesterday.