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NIPCO throws weight behind new Lagos traffic laws

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…urges Govt on more awareness campaign

ByJoseph BAMIDELE
LAGOS-FOLLOWING the incessant menace of tanker drivers on the roads NIPCO Plc, a major player in the nation’s downstream petroleum industry has thrown its weight behind the new Lagos state traffic laws, even as it urges the state government to concentrate more effort on public enlightenment and awareness campaign to bring the new law to its feet.
Managing Director of the company Mr. Venkataraman Venkatapathy made this assertion when his company organized a safety awareness program in conjunction with the Federal Road Safety Commission and the Lagos State Ministry of Public Transportation for fuel transporters and company fleet drivers at Apapa area of Lagos recently.
According to him the programme which represents yet another milestone in the Company’s Social Responsibility [CSR] initiatives is primarily targeted at fuel truck drivers operating in the sector and fleet drivers in the employ of Nipco.
“As a socially responsible corporate organization, Nipco had for long realized that for the overall progress in its operation, stakeholders in the sector need to be supported through plethora of activities that can improve their schedule of duties.
Truck drivers under the aegis of Petroleum Tankers Drivers of NUPENG represent a crucial section in the operations of downstream companies hence by the imperativeness of always carrying them along in the sector.
Today’s event being sponsored by the company has also become expedient  in view of the fact that we are gradually entering the ember months in which roads crashes occur in torrents.”
The MD who was ably represented by the company’s Admin Manager Mr. Bonaventure Ehiem noted that the safety awareness programme, with the technical support by three key government agencies in charge of maintaining sanity on the roads is also in keeping to the United Nations decade on action on road safety by reducing road traffic crashes and fatality by the year 2020.
“Since we started operations in 2004, we have exhibited high level of zero tolerance to any unsafe acts within and outside the company operational base, a feat that has earned us many accolades and awards for our unwavering commitment to safety consciousness.
With all modesty, we have remained over the years highly safety reliant company that is well rated above its peers in the sector.
This public awareness programme is also aimed at complimenting government efforts at ensuring safety on our roads and as such on our own way of supporting the recently promulgated Lagos Traffic Law.
We are of the view that public education is very key to the success of any good initiative of government as it enables the citizenry to be carried along in the overall interest of the populace.”
The campaign according to him is part of the company’s efforts to ensure that the new law permeates into the minds and consciousness of the participants so that they can wholeheartedly embrace it so as to achieve the desired results
The economic impact of heavy traffic which millions of Lagosians are exposed to on a daily basis is awesome with its attendant negative effects on the productivity of the workforce.
“Permit me at this point to comment briefly on the new Lagos Traffic Law, which has received mixed reactions from the public.
The law which is all encompassing as far as traffic management is concerned would on the long run curtail needless loss of lives arising from flagrant flouting of traffic regulation of Lagos motorists
However, it needs to be stressed that public education on the dos and dont’s by motorists on our roads on a sustained basis will make the citizenry realized that the essence of law is not punitive but a change in our way of life as far as traffic issues are concerned.
Also speaking at the event Lagos Transport Commissioner, Kayode Opeifa who was represented by Mrs Habibat Bashiru lectured extensively on the Lagos Traffic law as it relates to petroleum Tanker Drivers and why the law itself was promulgated stressing that it was not punitive but aimed at correcting the anomalies of motorist generally.
She commended efforts of Nipco on the initiative of putting the event together stressing that it is a veritable avenue to communicate with tanker drivers .She further opined that most of the road crashes are as a result of flagrant flouting of traffic regulation
The FRSC was represented by  Mr Ozekhome Julius of the Public Education Unit saying that the event is very apt especially at this time of the year [Sept –Dec], when vehicular movements is very high with attendant effect . He charged other corporate organizations to emulate Nipco on safety awareness as we move towards year 2020 United Nations decade on action on road safety .
Over 200 tanker drivers / motor boys and Nipco fleet drivers attended the event with officials of the petroleum tanker drivers under the umbrella of NUPENG.
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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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