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CSR-in-Action partners NEITI for the 4th edition of SITEI Conference

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Joseph BAMIDELE

LAGOS-THE 4th edition of the Sustainability in the Extractive Industries (SITEI) Conference, an annual workshop established and organised by CSR-in-Action, to bring together key stakeholders to discuss critical issues in the industries while stimulating meaningful exchange of ideas and best practices among key stakeholder groups and industry experts, is scheduled to take place on the 19th of November, 2015, in Abuja.

NEITI signs contract for 2012 oil and gas industry auditThis year the SITEI Conference is themed, “Unlocking the Hidden Potential in the Extractive Industries”. Abuja became the destination of choice driven by the vision to encourage government participation in economic sustainability in Nigeria. While the private sector and civil society have typically been strong participants in previous conference, the general national vibe of change and policy reform in the air has birthed a renewed and mutually reciprocated interest in pursuing focused government participation.

Attendance at this 4th edition of SITEI will see government personnel, business leaders, change enthusiasts and innovators from all works of life attend. This year, SITEI seeks to renew political commitment to sustainable development while discussing structural modifications within political institutions in relation to development, investment and local participation in the Nigerian extractive industries.

With Break-out sessions and capacity building focused on Strategic Environmental Assessment (SEA) and Environmental Impact Assessment (EIA) procedures, Investment and Local Content Participation Policies for Oil and Gas and Mining and Investment Policies and Financing Options for Green Energy in Nigeria, there will no doubt be a thorough sharing of insightful and profitable ideas.

The very well received 3rd SITEI conference addressed nagging issues that have threatened to stagnate the local content drive, such as quality of local content players – vendors, contractors and business men who could play more active and dominant roles in the extractive industries. The conference featured workshops with a potpourri of sustainable solutions provided to enforce the key objectives.

Speaking regarding the conference this year, Bekeme Masade, Executive Director, CSR-in-Action said, “There has been an over dependence on procurement on oil and  oil wells by local and international business, whereas our nation is blessed with a plethora of other high potential mineral resources which can be sources of tremendous revenue to the nation. Beyond that, there are manufacturing and industry potential; in the production of nuts and bolts, machinery and other paraphernalia needed for efficient production. The government and private sector need to have a fuller appreciation for the depth of progress that responsible public-private partnership can yield for the nation, and SITEI intends to make that progress a reality. ”

This year’s SITEI conference will also access progress on the country’s commitments/frameworks to sustainable development, looking into gaps that have been over looked in the progress, and evaluate the success of outcomes of these frameworks.

CSR-in-Action has successfully executed this conference on three previous occasions (starting 2012, in partnership with the Deputy High Commission of Canada) and our reputation for integrity and professionalism has attracted key persons from within Nigeria and beyond, as well as endorsements and partnerships with reputable bodies such as the Economic and Social Council of the United Nations (ECOSOC), and this year, we will be working in partnership with the Consulate of the Federal Republic of Germany, Nigerian Extractive Industries Transparency Initiative (NEITI), Lagos Environmental Protection Agency (LASEPA) and Price Water Cooper (PwC).

Some of the expected speakers this year include: Prof Yemi Osinbajo (Vice President, Federal Republic of Nigeria); Nasir el-Rufai (Executive Governor, Kaduna State), Mrs Zainab Ahmed (Executive Secretary, NEITI),  Ingo Herbert (Consul General, Germany); Mutiu Sunmonu (Immediate Past Country Chair, Shell Companies in Nigeria); Neff Clay (CEO, Chevron); Lara Banjoko (CEO, Zone 4 Energy Limited); Omamofe Boyo (Deputy Group Chief Executive, Oando Plc); Prof Stephen Vertigans  (Robert Gordon University); Prof Ikenna Onyido (University of Nigeria, Nsukka) and Prof Wale Omole (Chairman, CSR-in-Action/Chairman, Editorial Board, Guardian).

There will also be discussions aimed at cleaner energy production as a discourse for long term planning and diversification, in line with global sustainable development.

 

Business

Nigeria set to boost Naira value and foreign reserve with local gold production, as Tinubu receives gold bar

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IN  a significant move to strengthen Nigeria’s economy, President Bola Tinubu received a symbolic gold bar on Sunday from the Minister of Solid Minerals Development, Dele Alake.

This gesture marks the commencement of the National Gold Purchase Program (NGPP), aimed at boosting the naira’s value and enhancing the country’s foreign reserves.

Minister Alake expressed gratitude to President Tinubu for his support of reforms in the solid minerals sector.

He highlighted that the NGPP, which involves sourcing gold from artisanal and small-scale miners and refining it to meet the London Bullion Market Association’s Good Delivery Standard, will substantially contribute to Nigeria’s economic stability.

Alake stated “This initiative will significantly increase our foreign reserves and strengthen the naira. The refined gold will be supplied to the Central Bank of Nigeria, marking a crucial step in our economic strategy.”

The presentation also underscored the first commercial transaction under the NGPP, establishing a centralized gold purchasing system that integrates small-scale miners, cooperatives, and production units across the nation.

This program is expected to provide a structured market for gold, fostering economic growth and stability.

He said, The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”

Alake added that the initial commercial transaction under the program resulted in a +US$5 million boost in Nigeria’s foreign reserve assets.

The transaction involved refining over 70 kilograms of gold to meet the London Bullion Market quality standard and aggregating locally mined gold, thereby infusing approximately NGN6 billion into the rural economy.

President Tinubu expressed appreciation for the Ministry’s accomplishment in advancing the government’s goal of economic diversification by acknowledging and displaying the symbolic gold bar

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Solid Minerals

FG Fingers Foreigners Sponsoring Banditry For Illegal Mining

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The Nigerian Government has threatened to come down heavily on foreigners sponsoring bandictory as a way of sustaining illegal mining activities in parts of the country.

The warning was handed down in Abuja by Minister, Solid Minerals Development, Dr Oladele Alake, while receiving a delegation of the Nigeria-China Chamber of Mines led by its National President, Dr. Olugbenga Ajala.

Details of these were contained in a statement released by Head, Press & PR, Ministry of Solid Minerals Development, Alaba Balogun over the weekend.

The statement cited, Dr Alake, thus, “The government will come down firmly on these unscrupulous foreign operators sponsoring banditry to perpetrate illegal mining: let me use this medium to appeal through you to tell those sponsors to desist or face the full wrath of the law.”

According to Dr Alake, the Ministry is committed to establishing a multi-agency task force that will end the activities of illegal miners and their collaborators.

The Minster made it clear that the FG had given illegal miners a 30-day-ultimatum to legitimise their businesses, quit Nigeria or incur the wrath of the law.

According to him, this will help “to streamline and structure the Small-Scale Artisanal Miners for maximum yield to the Federal Government.”

The delegation paid a courtesy call on the Minsiter at the Ministry’s headquarters in Abuja.

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Energy

Fuel Scarcity: Govt Yet to Increase Pump Prices – NMDPRA

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A long queue at an NNPC fuel station

By Edozie Obasi-Eze

 

Amidst heightening uncertainties in the domestic petroleum products market characterised by scarcity and irregular pricing, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that there’s no intention to review pump prices upwards.

This was contained in an advisory issued by General Manager, Corporate Communications, NMDPRA, Kimchi Apollo.

He stated that the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels sufficient for 34 days.

In an attempt to address panic buying and speculations which have seen price of Premium Motor Spirit (PMS) oscillate between N180-N250 in the Lagos area, Apollo assured that there was enough quantity of the product in the country already.

He said, “Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season.”

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