Business
A Summit To Celebrate
The curtain was drawn last Friday on the 1st Andoni-Opobo-Nkoro
Economic Zone Development Summit, 2012 which took place at the Hotel
Presidential, Port Harcourt.
Initiated and sponsored by the member representing Andoni,
Opobo/Nkoro Federal Constituency in the House of Representatives, Hon Dakuku
Peterside, the initiative represented an
attempt by a people to take their fate in their own hands.
The Andoni, Opobo/Nkoro geographical area today, is a major
oil and gas producing zone whose natural endowments contribute to the nation’s financial mainstay.
Prior to the discovery of the liquid gold as the crude oil is often referred to,
the people of Andoni, Opobo/Nkoro had thrived on their natural endowments in
the era of the palm produce trade.
They were a people bound together by common geographic, economic and
developmental challenges until divisive politics both at the national level and
in the geographical area weakened the bonds that bound them together, virtually
destroying their individual and collective potentials for growth and
development.
For many an Andoni,
Opobo or Nkoro indigene, especially the merchants of politics of division and
doomsday prophets, a rapprochement, the magnitude of which
was achieved by the summit under review was impossible
and unthinkable.
The remarkable success of the 1st Andoni Opobo-Nkoro
Economic Zone Development
Summit, 2012 in aggregating the challenges, and aspirations of the zone
through their peoples –youths, intellectuals and community leaders is therefore
worth celebrating.
The quality of speakers, discussants and presentations at
the two-day summit is enough to transform the zone into an economic giant in
Nigeria, if only, ideas without works avails anything.
If however, the people of the zone indeed adopt and
implement the recommendations of the summit
in a phased, consistent and pragmatic manner, then the theme of the summit-Shared responsibility, shared
prosperity would have been realised.
Participants were
agreed on the need for the summit to be an annual event that would continue to
bring people of the zone together to assess achievements on set targets.
They also whole-heartedly accepted the proposal by the
Deputy Speaker, House of Representatives
of the Federal Republic of Nigeria, Rt Hon. Emeka Ihedioha that the summit be subsequently hosted in either Andoni, Opobo or Nkoro on a rotational basis
instead of Port Harcourt, to enable
participants appreciate the challenges of the zone.
Amaopusenibo Bobo Brown may have set the tone for the
summit, when at the first plenary session, he noted that politics of divide and
rule had torn the people of the zone apart.
Brown, former National President of the Nigerian Institute
of Public Relations who spoke as a discussant on “Local Economy For
Andoni-Opobo –Nkoro”, stated that it was
foolhardy for the people of the zone to think that they have a population that could sustain any
massive production.
Reason? They have over 300,000 impoverished people who have become economic refugees, he said.
He however anchored the benefit of the summit on its timeliness
in putting people of the area in position to become relevant and competitive in
state and national economy, especially in this era of global economic recession.
According to him, such foresight as displayed by the
convener of the summit was what the local economy needed and not going back to
the old economic activities of the area.
Both Engr Ernest Nwapa, Executive Secretary, Nigeria Content Development and
Monitoring Board and Prof Michael Onyekonwu, Director, Institute of Petroleum
Studies, University of Port Harcourt stressed the need for people of the zone to equip their youths with the
relevant training and skills to be active participants in the competitive
oil/gas sector business.
Nwapa noted that 98 per cent of the nation’s oil blocs are in the hands of the oil majors-Shell, Agip, Mobil, Chevron etc
and that the Nigerian Content Act was designed to make Nigeria a great oil
producing nation through the development of her refining capacity and a skilled workforce.
He said that the Nigerian Content Fund which
will be launched on October 24, was dedicated to human capital
development in the oil/gass sector pointing out that when Nigeria is able to
develop her refining capacity and robust
supply chain then youths that
possess relevant skills will benefit.
In his contribution, Prof Onyekonwu stressed the need for
community involvement in the oil industry business through the empowerment of youths with relevant education and skills.
The oil industry is driven by money, technology and people,
he noted, and charged people of the zone to develop their youths so that they
could actively participate.
While expressing disappointment that people of the zone have not had one
person trained at the Institute of Petroleum Studies, University of Port
Harcourt in which he is director, Onyekonwu canvassed the award of scholarships
to youths of the zone who secure
admission in the world’s best10 universities, as a way of developing skilled
manpower relavant for their participation in the oil industry business.
Engineer Sampson Ngerebara, a former Commissioner for Works
in Rivers State in his presentation
xrayed the role of infrastructure in driving sustainable economic development
in the zone and strategies to achieve them.
While asserting that
the challenges were intimidating, Ngerebara recommended among other measures,
the Eastern Obolo model in which a
synergy between the people and operators/project promoters culminated in the
establishment of a refinery in the area with
spill-over socio-economic
benefits and development.
Ngerebara believed
that when people of the Andoni-Opobo-Nkoro economic zone become united, focused
and determined in their quest to use their endowments to develop their
territory, multinational companies and others interested in their resources
will partner with them to bring investment and development to the zone.
Many seasoned and celebrated intellectuals and professionals
enriched the summit with their cerebral presentations.
They included the Head and Resident Representative, United
Nations Institute for Training and Research, Nigeria, Dr Larry Boms; Professor
of Development Sociology and Director Centre for Ethnic and Conflict Studies,
University of Port Harcourt, Prof Mark Anikpo and the Executive Director, Rivers State
Sustainable Development Agency, Mr. Noble Egbert Pepple.
Others included the President, Uptonville Oil and Gas
Institute, Prof Winston Bellgam, a seasoned petroleum engineering professional,
Engr Don Boham, Director-General, Greater Port
Harcourt City Development Authoritiy, Dame Aleruchi Cookey-Gam and a
Consultant Pediatrician at the
University of Port Harcourt, Prof
Alice Nte among others.
The success of the summit is a testimonial to the vision of
the convener, Hon Dakuku Peterside to reposition the zone to be relevant in
contemporary national economic order.
It represents the
will of a newbreed politician and patriot to dismantle and replace the
discredited and archaic politics of divide and rule with politics of
inclusiveness, shared responsibility, and shared prosperity.
The youthful politician who the Deputy Speaker, House of
Representatives described as one of the thinkers and eggheads in the House,
received lavish encomiums and blessings
from participants, elders and leaders of thought from the zone for blazing a trail in the
socio-economic affairs of the impoverished but richly endowed zone.
Accolades were also poured on the chairman,
Andoni-Opobo-Nkoro Economic Zone Development
Foundation Board of Trustees, Sir Emiyarei Ikuru and his members for the
planning and execution of the summit.
What is left to be seen is how, over the coming years, the product of the summit will
lead to the realization of an integrated economic zone, providing attractive
investment opportunities and nourishing
the people and their landscape with the good life and infrastructural
development as envisioned by the
convener and stakeholders.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
-
Politics3 days agoLG CITY BOY COORDINATOR HAILS WIKE’S SUPPORT FOR ONYESOH, TINUBU
-
Politics3 days ago
DIRI INAUGURATES APC CAMPAIGN COUNCIL, SETS MILLION VOTES TARGET FOR TINUBU
-
Politics3 days agoNDC Candidate Urges Oborevwori To Probe Asaba Political Violence
-
News3 days agoArmy Recovers X Account After Hack Attempt
-
Business3 days agoNigeria Loses N17tr Yearly To Abandoned Projects
-
Politics3 days ago
2027: Oborevwori Tasks Media On Fair, Accurate Reporting
-
Politics3 days ago
2027: AKPABIO ENVISAGES TINUBU’S VICTORY IN SOUTH SOUTH REGION
-
Politics3 days ago
Asaba Political Violence: Police Confirm One Dead, Delta Govt Urges Probe
