Oil
Fasehun, Dokubo threaten to sue NNPC over pipeline contract
ABUJA-FOUNDER of the O’dua Peoples Congress, Dr. Fredrick Fasehun; a former Niger Delta militant leader, Mujahid Dokubo-Asari; and four others, who were awarded a three-month pipeline surveillance contract by the Federal Government, have demanded their settlement from the Nigerian National Petroleum Corporation.
In a joint statement made available to The PUNCH on Monday, the contractors said failure of the NNPC to remit the payments by the end of August would result in a lawsuit against the corporation.
The companies attached to the deal were given as New Age Nigeria Limited (Fasehun), Donyx Global Concept Ltd. (Gani Adams), Gallery Security Services Ltd. (Bibo Pere Ajube), Bajeros Nigeria Ltd. (Joshua Machiever), Close Body Protection Ltd., ATEF Nigeria Ltd. (Asari-Dokubo), and Izon Ibe Security Ltd.
“But nothing can be farther from the truth. It is necessary for the public to know that against widely held belief, that the contract was terminated by the Federal Government; the contract indeed ran its course, which was a period of three months, starting from March 15, 2015 and ended on June 15, 2015.”
According to the statement, the contract was signed by the contractors and the management of the NNPC as a way of finding lasting solutions to the incessant problem of pipeline vandalism across the country.
It added that the terms and agreements of the contract were formulated and drafted by the management of the NNPC and was duly signed by all the parties, including the contractors and the legal department of the NNPC after several meetings and consultations.
It stated, “It is our belief that the contract agreement between the NNPC and the contractors is a public document and therefore can always be accessed by any member of public. At the same time, what we are demanding from the NNPC is for it to redeem its own part of the contract agreement and should not be seen as a favour and handout to any individual.
“By this, we have resolved that by the end of this month(August), if the NNPC fails to redeem its contractual obligation and refuse to pay us, we would be left with no choice but to take them to court , an action which we think may not do the credibility of the government any good because it is a case based on contractual agreement that was legally signed by a parastatal of government.
PUNCH-
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.
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.
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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