Business

Kupolokun Urges Banks To Assist Indigenous Oil Companies

Published

14 years ago

February 19, 2012

Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Mr Funsho Kupolokun, last Saturday urged Nigerian banks to assist indigenous oil and gas companies to strive.

Kupolokun made the appeal in Lagos during the official unveiling of the new logo of Bell Oil and Gas Ltd and 10th year anniversary of the company.

The former NNPC GMD, however, lauded government initiative on the Nigerian Local Content bill, adding that this was the only way to assist and develop indigenous companies.

He said that banks should encourage indigenous oil companies through grant of loan facilities.

“The essence why government initiated the local content bill is to promote indigenous companies in the country.

“The success of Bell Oil and Gas today is the support of the local content which was developed and supported by government,’’ he said.

Kupolokun, therefore, advised banks to introduce a special funding package to support the participation of indigenous companies in the oil and gas sector of the Nigerian economy.

He said that such support would assist Nigerian entrepreneurs in the technology-driven, capital-intensive oil and gas industry for increased competitiveness.

“Local content in the oil and gas sector is at its loudest and seeks to provide financial support to local oil service providers to enable them fulfil their contractual obligations in the industry.

“The Nigerian Content Act insists on exclusive consideration for Nigerian indigenous service companies, which have demonstrated ownership of equipment, personnel and capacity to execute work on land and swamp areas in the oil industry.’’

Kupolokun added that Nigeria had earned over 800 billion dollars in oil in the last 50 years but had nothing to show for it.

Managing Director, Bell Oil and Gas Mr Kayode Thomas, in his welcome address, lauded the support of government towards assisting indigenous companies in the oil and gas sector.

Thomas said that the 10th year anniversary celebrations and unveiling of the company’s new logo, was to channel it to greater height, adding that the company had spread across nine continents of the world.

He, however, urged Nigerian banks to support local companies to boost indigenous participation in offshore and onshore operations in the oil and gas industry.

Thomas pointed out that the bank’s efforts would complement the Nigerian Content Development Act, which aimed to stimulate the development of indigenous capabilities and increase the contribution of the oil and gas sector to the Gross Domestic Product (GDP).

Thomas said that the company specialised in supplying professional services to the upstream sector of the oil and gas industry.

‘We are dedicated to indigenous content development, and providing the Nigerian oil and gas industry with the essential local participation and increased local content that it lacks.

“Bell Oil and Gas is a provider of Surface Protection services; Line Pipes & OCTG; Flow Control and Well Testing Services, among others.’’

Thomas said that the company believed that Corporate Social Responsibility was integral to the long term sustainability of the organisation.

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

2 hours ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

2 hours ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor

Business

NLC Demands Payment of Retired Seafarers’ Benefits

Published

2 hours ago

June 29, 2026

The Tide

The Nigeria Labour Congress (NLC) has called on the federal government to immediately pay all pension, entitlements,outstanding benefits due to retired Nigerian seafarers

The Deputy President NLC and former President General Maritime Workers Union of Nigeria (MWUN) Comrade Adewale Adeyanju made the call in a statement issued to Newsmen during the celebration of 2026 Day of the Seafarer.

He noted that continued delay are worsening the plight of elderly maritime workers.

Adeyanju expressed concern that despite a verification exercise conducted nearly four years ago to facilitate payment of retirees’ benefits, many of the affected seafarers are yet to receive their entitlements.

According to him, the prolonged delay has had devastating consequences, with several beneficiaries reportedly dying while waiting for payment, while others have become seriously ill, incapacitated, or pushed deeper into poverty.

He urged government to act swiftly by clearing the backlog of pensions and outstanding benefits, stressing that retired seafarers who dedicated their lives to serving the nation and supporting global trade deserve to be treated with dignity.

“These are men and women who spent years at sea contributing to the economy and facilitating international commerce.

“It is only fair that they receive what is due to them without further delay,” he said.

Adeyanju’s appeal came as the global maritime community marked this year’s Day of the Seafarer under the theme, “Carrying World Trade. Carrying The Risks.”

Reflecting on the theme, he noted that 2026 has been particularly challenging for seafarers due to geopolitical tensions and security concerns affecting major shipping routes, including the Strait of Hormuz.

He commended seafarers worldwide for their resilience and commitment in ensuring the uninterrupted movement of goods despite increasing dangers at sea.

“Seafarers remain the backbone of international trade. Their sacrifices and dedication continue to sustain economies around the world even in the face of significant risks,” he stated.

Beyond the issue of retirees’ welfare, Adeyanju also drew attention to broader concerns within the maritime sector.

He urged the Minister of Marine and Blue Economy to restore the engagement of onboard gangway men on berthed vessels, arguing that their presence plays a critical role in preventing cargo theft, pilferage and other forms of economic sabotage at the ports.

Describing gangway men as the “eagle eyes” of port operations as he maintained that their reinstatement would strengthen security around ships and improve operational efficiency.

Deputy President NLC also raised concerns over the state of maritime training in the country, particularly at the Maritime Academy of Nigeria, Oron.

He lamented that many graduates of the institution continue to face challenges obtaining the certifications and sea-time experience required to secure employment in the global shipping industry.

Adeyanju called on the Nigerian Maritime Administration and Safety Agency (NIMASA) to intensify efforts towards ensuring that graduates of the academy are properly trained, fully certificated and globally competitive.

While acknowledging ongoing reforms in the maritime sector, he commended the Minister of Marine and Blue Economy for initiatives aimed at transforming Nigerian ports and improving industry performance.

“On this Day of the Seafarer, we celebrate the courage, sacrifice and commitment of seafarers who keep global trade moving as their welfare and future must remain a priority,” he said.

CHINEDU WOSU