COVER
FG Raises Concern Over High Cost of Crude Oil Production
The Federal Government has expressed concern over the rising cost per barrel of crude oil production in the country, describing it as an anomaly that has eroded net revenue from crude oil sales and depletes the resources meant for development.
Minister of State for Petroleum Resources, Chief Timipre Sylva , while speaking during the 9th Annual Practical Nigerian Content (PNC) Forum organised by CWC Africa in partnership with the Nigerian Content Development & Monitoring Board (NCBMD) with the theme ‘’Leveraging Local Expertise for Market Growth & Expansion’’ in Yenagoa, Bayelsa State, said that the nation’s cost of production per barrel of crude oil was one of time highest among the Organization of Petroleum Exporting Countries (OPEC).
Sylva said the Federal Government was doing all things possible to increase the contributions of the oil sector to the Gross Domestic Product (GDP) and guarantee the security of oil production.
“We must, therefore, take practical steps to ensure that we curtail the various elements that contribute to the high cost of production”,
He also noted that the Ministry of Petroleum Resources under his supervision had selected key priority areas to contribute to the improve production, low cost of production of crude and the increase in the volume of the production capacity of the country.
“The areas include the Eradication of smuggling of PMS across Nigerian Borders; the Completion of Gas Flare Commercialization Program; Increase of Crude Oil production to 3 million barrels per day and Reduction of the cost of Crude Oil production by at least 5 percent”.
“Other priorities include; the passage of the Petroleum Industry Bill; Increase of domestic refining capacity and implementation of the amended Deep Offshore & Inland Basin Production Sharing Contract Act. The key outcomes of these priority areas will be Job creation and Poverty Reduction, which are the cardinal aspirations of the Next Level Agenda of President Muhammadu Buhari’s Government.I ask for your maximum support and cooperation to achieve these priorities and other plans we would unfold in the course of time”.
On the local content drive of the Nigerian Content Development & Monitoring Board (NCBMD) under the leadership of the Executive Secetary, Engr. Simbi Wabote, Chief Timipre Sylva commended the Board and declared that the Federal Government is impressed with its performance over the years.
Sylva said “. At the Ministry of Petroleum Resources, we are proud of Nigerian Local Content achievements in the oil and gas sector. We are delighted at the various capacities and capabilities that have been put in place since the enactment of the Nigerian Content law.
We are also proud that these achievements are well recognized in the continent to the extent that some African countries like Kenya, Congo Brazzaville, Uganda, Gabon and Angola have come to Nigeria in the past for mentorship and peer assistance on Local Content practice and implementation”.
“As you might recall, this Administration had taken strategic steps to entrench Local Content implementation beyond oil and gas through the Presidential Executive Orders 03, 05 and others.
We are also aware of the recent pledges by the Local Content Committees of the Senate and House of Representatives to extend the Nigerian Content Act to other key sectors of the economy. This is because we can all see the benefits so far realised from the implementation of Nigerian Content requirements in the oil and gas industry”.
He also commended the management of the NCDMB for hosting the 9th edition of the forum in Yenagoa and at the magnificent 17 storey building,”. In touring this edifice during my first working visit to NCDMB a few weeks ago, I pointed out that the building project had gotten to the level that it is today as a result of the strong and purposeful Management team, led by the Executive Secretary, Engr. Simbi Wabote. I am proud to say we now have a World Class Conference Centre right in the heart of the Niger Delta and I applaud NCDMB for this testament of an impressive performance record”.
“While we applaud the exceptional work done by the wholly Indigenous Construction Company, Megastar Technical and Construction Company Limited, our overwhelming appreciation must go to President Muhammadu Buhari (GCFR) and the Federal Executive Council for the gracious and timely approvals which helped to speed up the completion of this project. This building serves as a strong attestation of Mr. President’s love and commitment to the development of the Niger Delta Region and I look forward to bringing him to commission this edifice in no distant time”.
Also speaking, Mr. Victor Okonkwo, the Managing Director of Aiteo E&P Limited, operator of the 45% stake in OML 29 and the Nembe Creek Trunk Line (NCTL). OML 29 in entirely Situated within Bayelsa state, noted that the company represent a testimony of what local content, underpinned by dogged entrepreneurship can achieve,” In Aiteo we are nearly 98% locally staffed and our contractors are largely local. Our procurement of goods and services are also mainly through local suppliers”.
He however noted with concern that one of the biggest challenges we face in our operations is the security of our pipelines and oil facilities. Our pipelines and flowlines are constantly vandalized by unscrupulous elements tagged ‘crude oil thieves’ attempting to cause economic sabotage to our Company and the people of this great Country.
According to him,” Despite our efforts in raising NCTL uptime from 60% to over 80% since acquisition, we have recorded more shutdown days in operations due to third party infractions for over 2 months this year compared to previous years. This has resulted in loss of revenue and deferments estimated at about 4 million barrels so far this year. Also worrying is the amount of crude loss recorded even when the pipeline is operational, usually in the range of 25 to 35%. More worrying is that even when the perpetrators of these acts are caught and handed over to security agencies, we are yet to witness any conviction.”
“ Remember, Aiteo operates the NCTL which also serves 4 other Oil companies (Eroton, Newcross, Belema Oil and Shell) injecting into the pipeline, hence, when there are infractions on the line, these companies are also forced to shut-down; resulting in economic losses for these companies also and the Federal Government by and large”.
“Despite all these challenges, we have kept our commitment to NCDMB paying up to N1.52 billion in NCDMB fees and N1.5 billion as NDDC levies. In addition, Aiteo has spent over N3.6 billion in community support programs and projects; offered jobs to thousands of Nigerians and intentionally led inclusive participation of indigenous contractors in our business operations, from EPCM provisions, provision of marine equipment, civil works and manpower provisions”.
Earlier in his speech, the Executive Secetary of the Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote noted that the Board’s 10 Year Strategic Plan is hinged on five (5) pillars and four (4) enablers. Each of the pillars and enablers are supported by strategic initiatives meant to propel the oil and gas industry towards 70% Nigerian Content by 2027.
According to Wabote, with Technical Capability Development pillar of the plan, at last year’s PNC, we promised to support the establishment of at least one more modular refinery, participate in the LPG value chain, progress development of our industrial parks, and provide international sea time for marine cadets.
He also announced that the board has secured approvals for the award of nine (9) contracts from the Federal Executive Council to progress work on the development of our industrial parks in Akwa Ibom, Bayelsa, and Cross River states,”. Our immense gratitude to His Excellency, President Muhammadu Buhari for backing our efforts to domicile and domesticate manufacturing in-country”.
“We took up equity in the 12,000 barrels per day AZIKEL Hydroskimming Modular bringing to two (2) the number of modular refineries we have gone into partnership with. The first being Waltersmith Modular Refinery. In the area of gas value chain, we have secured approval for partnership in the establishment of a 400,000/year Type-3 LPG Cylinders manufacturing plant at Polaku, Bayelsa state and to establish a 168,000MT per annum loading and off-loading LPG terminal in Koko, Delta State”.
“We also got approval for the establishment of a 48,000 liters/day facility in Port Harcourt, Rivers State for the production of base oil from used engine oil. With these partnerships, we aim to reverse the capital flight currently associated with these products as they are all imported. The estimated turnover from these 3 partnerships is $360millionper year!”
Unstable Oil Price Threatens Local Content — NNPC
Meanwhile, the Nigerian National Petroleum Corporation (NNPC), has raised the alarm that instability in oil pricing is putting untold pressure on the local content initiative of the Federal Government.
NNPC Group Managing Director, Mallam Mele Kyari, stated this yesterday in Bayelsa, at the ongoing 9th Practical Nigerian Content meeting, stressing that with this reality, it had become expedient, for the Federal Government and stakeholders to raise the bar of the Nigerian content policy.
“The Nigerian Content policy has indeed been a catalyst for the nation’s industrialisation. There is, however, no doubt that the resilience of local content policy is being tested under the present volatility in oil prices experienced in the global oil and gas market. Now is therefore, the time to raise the bar of the Nigerian content policy.”
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils. The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
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