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Addax Petroleum trains 200 students on capacity building

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LAGOS – The Addax Petroleum Volunteers Club, among the secondary schools in the catchment areas of the company, has been launched in Owerri, Imo State as 200 students drawn from Izombe Secondary Commercial School and Eziorsu Community Secondary School received the capacity training on moral building and future leadership.

Declaring the ceremony open, the state Deputy Governor, Mr. Eze Madumere, expressed joy that Addax Petroleum Development Nigeria Limited had towed the line of the Imo State government on development of capacity of students in ensuring they follow the part of successful Nigerian leaders who had made significant contribution towards the building of the nation.

Madumere, who started by singing the education slogan of the state: ‘Great Imo Students! We are the leaders of tomorrow – Imo must be better’, recalled the mentor-ship programme launched by the Governor Rochas Okorocha’s administrations months ago which mandated leaders including commissioners, etc to engage some students as their mentor by taking care and advising such students on how be good and successful citizens.

addax petroleumHe commended Addax Petroleum for being a good and friendly partner in the development of the state, and called on other oil companies operating in the state to follow the steps of Addax Petroleum Development Company, stating that government would ever remain grateful to them for collaboration and partnership in areas of development of the state.

In her welcome remarks, the Manager of the Addax Petroleum Volunteer Club, Mrs. Frances Peter, on behalf of the General Manager, Supply Chain Addax Petroleum Development Nigeria Limited, Mr. Valentine Agwu, said the primary objective of the programme was to partner applicable government institutions to boost academic performance in secondary schools.

“We, the members of Addax Petroleum Volunteers Club, have come all the way from Lagos State and are particularly happy to be here today to support the efforts of our company, Addax Petroleum Development Company in the task of capacity development and youth empowerment in Imo State, which is one of our operating locations”, she stated, while urging the students to pay attention and take the presentations very seriously.

Speaking the President of the Club, Mr. Mohammed Dauda, thanked the state government for partnering Addax Petroleum Development Company as well as her support for the programme. He added that the impact of youth development and promotion of education in the state would go a long way in shaping the future of the state.

While urging the students to appreciate the effort of the company and government by ensuring they perform well in their academic records, he expressed gratitude to Addax for supporting the staff to use their free time to initiate ideas that would improve the society, adding that the company had proven to be a motivating factor for staff development.

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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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