Former NNPC Boss urges banks to assist indigenous oil and gas companies
Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Engr. Funsho Kupolokun on Friday Evening urged Nigerian banks to assist the indigenous Oil and Gas Companies operating in Nigeria to strive.
Kupolokun made this appeal at a dinner party during the official unveiling of Bell Oil and Gas Ltd new logo and 10th year anniversary celebration in Lagos
The former NNPC Boss however lauded government initiative on the Nigerian Local Content bill, adding that this is the only way to assist and develop indigenous companies in the country.
Kupolukun said that banks should encourage indigenous oil company by assisting in creating wealth to other Nigerians through grant of loan facilities.
“The essence why government initiated the local content bill is to promote indigenous companies in the country which is set to encourage local organisation to success.
“The success of Bell Oil and Gas today is the support of the local content which was develop and supported by government ,’’ he said
Kupolukun 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 the bold attempt will assist to arm 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 fulfill 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, Nigerian personnel and capacity to execute work on land and swamp operating areas in the oil industry,’’ he added.
Kupolokun added that Nigeria has earned over 800 billion dollars in the last 50 years in oil but nothing to show for it.
Mr Kayode Thomas, Managing Director, Bell Oil and Gas 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 is posed to channel that company programmed and business opportunities to a greater high, adding that the company has spread across nine continental of the world.
He however urges Nigerian banks to support local companies to boost indigenous participation in offshore and onshore operations in the oil and gas industry.
He pointed out that bank’s efforts would complement the Nigerian Content Development Act, which aimed to stimulate the development of indigenous capabilities and increased the contribution of the oil and gas sector to the national GDP.
Thomas said that the company which has been in existence in the last ten years specialises in supplying dedicated 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; Well Testing Services; the supply, installation and maintenance of Glassfibre Reinforced Epoxy (GRE) pipe systems, Drilling services and of Rotating Equipment,’’ he said.
Thomas said that Bell Oil and Gas believe that Corporate Social Responsibility (CSR) is integral to the long term sustainability of our organization, adding that much of our CSR activities are centred on education, healthcare, public infrastructure development and community involvement in our projects.