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Techno Oil expends N200m on CSR projects in 15 yrs

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LAGOS: In furtherance of its initiated policy on Corporate Social Responsibility, CSR in partnership with state governments across Nigeria to upgrade secondary and primary school facilities in it host communities, Techno oil Ltd, a major player in Nigeria’s downstream Oil sectorsaid it has expended over 200 million naira on CSR in 15 years.
The company’s CSR program is in view to creating congenial environment to engender teaching and learning in cognizant that education is the most important indicator of potential Gross Domestic Product, GDP growth in the country.
The Managing Director of Techno oil, Mr. Tony Onyeama, said the company has also adopted Dr. Lucas Memorial Secondary School ICT center at Kiri-kiri, town, a surburb of Lagos in  Amuwo Odofin Local Government Area of Lagos State to boost e-learning in the school.
Onyeama who disclosed this to newsmen in Lagos, said the N30 million Ultra-modern ICT center, is a gesture in compliance with the Lagos state government’s directive that corporate bodies should adopt schools as part of measures to promote education in the state.
“It is in line with this policy drive that we decided to adopt Dr. Lucas Memorial High School, Kirikiri in the sprawling suburb of Ajegunle, to make a difference in the lives of students in the institution.
“This school is located in our host community and it is our desire to add value to this institution to make it a citadel of learning in ICT and first among equals among secondary schools in Lagos State,” he said.
He added that the facility which has no fewer than 42 work stations is supported with a 20KVA generator and UPS unit among other infrastructure costing a sum of N30 million, while more than 50 students are currently benefiting from the Techno oil Scholarship Scheme across the country.
According to him, “We want to be alive to the needs of our host communities, touching lives and contributing to the growth of our country, by giving back to the society and doing our business in line with corporate governance and best practices.”
Oyeama expressed appreciation to Kiri-kiri community, for providing a conducive environment for Techno oil to operate, describing the community as the key ally in the success story of the company that deserves empowerment and access to opportunities to acquire the skills they need for academic and eventual career success in the future.
In the past two years, the Managing Director said the company has upgraded dormitory facilities at Boys Secondary School, Agulu in Anambra State, adding the company has provided perimeter fencing at the Federal Government Girls College Abuloma in Rivers State to prevent encroachment.
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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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Oil

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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