Crude oil theft is a huge threat to actualising the objectives of the Petroleum Industry Act (PIA), experts in the oil and gas sector have said.
The experts urged the federal government and security agencies to find a lasting solution to the issue in the interest of national development.
The PIA, according to them, is aimed at attracting more investment to the sector.
The experts spoke at the pre-conference workshop of the Nigerian Association of Petroleum Explorationists (NAPE) on Monday.
Senior Partner at Delloite Nigeria, Olumide Esan, stated that the signing of the PIA by President Muhammadu Buhari was laudable, noting that it defined a fiscal framework and incentives to drive investment in the oil and gas industry when fully operational.
He, however, maintained that the PIA on its own would not ordinarily translate to gains in the industry if issues such as insecurity and oil theft were not tackled.
According to him, some oil companies lose between 20 to 50 per cent of crude produced to oil thieves monthly, which is discouraging for investors.
“Government is the only one that can get this issue under control; otherwise, it would affect what we can get out of PIA,” he stated.
Also, the general manager, Assets and Corporate Strategy, Newcross Petroleum Ltd., Bashir Idowu, said his company averagely lost between 60 to 70 per cent of its crude to oil thieves monthly.
Mr Idowu added that indigenous companies were ready to play more roles in the sector following the divestment of assets by the international oil companies.
He further mentioned that divestment by these companies was not peculiar to Nigeria as they were doing the same in other countries due to diversification of portfolio and global energy transition.
Mr Idowu disclosed that indigenous companies could maximise the opportunities provided by the divestment to up their stake from about 25 per cent oil production to about 70 per cent soon.
He, however, called for synergy among Nigerian companies in the oil and gas space to reduce their operating costs.
#Justiceforsylvester: Lagos police investigate death of Dowen College student
The Lagos Police Command on Saturday said investigation into the death of Sylvester Oromoni of Dowen College, Lekki, is currently ongoing.
In a statement by spokesperson Adekunle Ajisebutu, the command said although no report was made to it, the Commissioner of Police, Hakeem Odumosu, ordered an investigation into the death.
“The Lagos State Police Command is not unaware of the reported death of one Sylvester Oromoni, a 12-year-old student of Dowen College, Lekki, Lagos, which is currently going viral on the social media.
“The Commissioner of Police, upon hearing about it, instantly directed the Divisional Police Officer, Maroko Division, under whose jurisdiction the place of incident is, to immediately visit the school to carry out initial investigation into the incident.
“This directive has been carried out as investigation into the case has since commenced.
“However, in view of the seriousness of the case, the Homicide Section of the State Criminal Investigation Department, Panti, has also been directed to take over investigation of the case immediately.” he said.
Mr Ajisebutu, in the statement, cautioned the public against taking laws into their hands, saying the command has assured the bereaved family of justice.
“Members of the public, particularly the deceased’s bereaved parents, friends and relatives, are assured that the Lagos State Police Command has deployed all available human and material resources at its disposal to unravel the circumstances surrounding the sad and unfortunate incident.
“While diligent investigation is ongoing, members of the public are advised against taking the law into their own hands. They are also enjoined to refrain from comments that could jeopardize investigation.
“The Commissioner of Police, CP Hakeem Odumosu, while commiserating with the bereaved family, has equally assured that the outcome of police investigation would be made public in due course,” he said.
The Lagos Ministry of Education on Friday, December 3, announced the indefinite closure of Dowen College, Lekki, pending the outcome of investigation into the boy’s death.
Gov. Wike offers N50 million, automatic employment to physically-challenged person
Governor Nyesom Wike has offered James Daniel, a disabled student of the Rivers State University with N50 million and automatic appointment as a university lecturer for bagging a Doctor of Philosophy (PhD) degree.
Mr Wike announced the monetary reward and appointment on Saturday at the 33rd convocation of the state university in Port Harcourt.
He said the honour bestowed on Mr Daniel was in recognition of his academic excellence and for being an inspiration to other disabled persons.
The governor cautioned state-owned universities to stop indiscriminate conferment of doctoral degrees on all manner of questionable candidates and people of material influence.
He emphasised that serious universities guard their reputation jealousy and award doctoral degrees only to students who have gone through years of rigorous intellectual research and interrogation and whose dissertation is independently adjudged to be sound and contributory to new learning.
He described as unfortunate, the current trend and practice in universities to award doctoral degrees indiscriminately, like chieftaincy titles, to all manner of questionable candidates.
Mr Wike also assured that the infrastructural development in the university started by his administration, including the four new campuses at Ahoada, Emohua, Ebara and Sakpenwa, will be completed by the second quarter of 2022.
PDP inaugurates new NWC members December 10
The Peoples Democratic Party (PDP) will hold presentation of certificate of return and swearing-in ceremony of its newly elected national officers on December 10 in Abuja.
A statement by the party National Publicity Secretary, Kola Ologbondiyan, in Abuja on Saturday said that the event would hold at the International Conference Centre, Abuja, by 9:30 a.m.
It said the transition from the outgoing to incoming national officers of the party was sequenced to the successful conduct of the October 30 and October 31 elective National Convention.
“Accordingly, the valedictory session of the outgoing National Working Committee (NWC) has been scheduled to hold on Wednesday, Dec. 8, at the NEC Hall of the National Secretariat, Abuja at 11am,” the statement said.
The party advised all leaders, critical stakeholders and its members nationwide to note accordingly.
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