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Adeleke Unveils Coop Reforms, N1b Revolving Loan Scheme

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Osun State Governor, Senator Ademola Adeleke has unveiled the state’s reformed policies to boost the cooperative movement backed by N1 billion revolving loan scheme.

Biztellers reports that he hosted the first statewide cooperative summit on Tuesday at Osogbo the state capital, where he made the announcements.

Commending Gov Adeleke, Executive Secretary, the Federation of Osun Cooperative Union, Wasiu Bello said the previous administration diverted cooperative savings, leaving the societies in crisis and financial challenges.

He expressed deep appreciation that Gov Adeleke would be repaying the diverted savings, and applauded the creation of the Ministry of Cooperatives and Empowerment.

On the reform agenda, Gov Adeleke said, “As we plan to inject huge fund, we must work on the following areas to inspire confidence and sustain continuous government financial contributions.

“The Cooperative law is due for review: After enactment dating back to first or second republic, an amendment of the act is necessary to take into account modern trends and practices;

“Upgrading the operational standard of the cooperative movement: We all must admit that the operational standard among the cooperative platform is very low and substandard.

“The old laws are hardly complied with and the practices across the societies are quite below any confidence inspiring rating.

“The need to review compliance with democratic governance: The cooperative society mostly lacks democratic governance. In other words, there is no regular election of leaders. This blocks innovation and frustrates the potentials of the grassroots’ financial platform;

“Crisis of Accountability and transparency: The greatest challenge is the low level of transparency and accountability in cooperative operations. The rot is deep, we must all admit. The external and internal auditors are mostly compromised and managers are mostly ill equipped. We must reform to achieve the potential of the movement.”

Directing the Commissioner for Cooperative and Empowerment to submit a reform plan for execution, the Governor announced that his administration has resolved to invest a billion naira in the state cooperative movement to create a pool of revolving loans at single digit interest rate through the cooperatives and micro credit agency.

He informed the gathering that he has approved the complete rehabilitation of the Cooperative College, Odeomu, directing the Commissioner to take necessary action to implement the approval.

“Because of the importance of cooperative movement to the local economy, we may also consider the possibility of cooperative studies becoming a programme of study at polytechnics and universities in the state.

“The executive arm will also consider sponsoring an executive bill for the review of the cooperative law. Let us make the operating law conform with realities of the 21st century”, he noted.

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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FHC Orders NUPRC to Comply with PIA

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Local Firms Lead Revival of Idle Oil Wells – SPE

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Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

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