Connect with us

Other News

Local Content law saves Nigeria US$2bn on LNG Train 7- Wabote

The other consortium had no footprint in-country and it proposed to put extra US$2bn on the back of the project to develop local capacity to execute the project. This is evidence of cost savings associated with the development of Local Content.”

Published

on

Modupe ASUDO

LAGOS-THE pragmatic implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has saved Nigeria the sum of US$2bn in the Engineering Procurement and Construction (EPC) contract for Nigeria LNG Train 7 Project.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote dropped the hint on Thursday at the 2020 Annual Capacity Building Workshop organised by the Board for the Judiciary.

The workshop was held via zoom and it drew over 117 participants, including Justices of the Supreme Court, Appeal Court, National Industrial Court, Federal High Court and external solicitors.

Wabote delivered the keynote address at the workshop and stated that contrary to wrong insinuations held in some quarters, ample evidence has proven that sustainable Local Content practice reduces the cost of oil and gas projects in addition to creating job opportunities and economic prosperity.

He gave example with the LNG Train 7 EPC bid, where Saipem Contracting Nigeria and its consortium won the contract with a much lower bid than its competitor, leveraging its commitment to Local Content and investments in Nigeria in the last 50 years.

He said: ”In the LNG Train 7 project contract which was recently concluded and awarded, the difference in price between Saipem that had established itself in Nigeria and the second lowest bidder that was coming from outside the country was US$2bn. That’s a huge sum of money that this country would have lost if not for the drive for the development of Local Content.

“The other consortium had no footprint in-country and it proposed to put extra US$2bn on the back of the project to develop local capacity to execute the project. This is evidence of cost savings associated with the development of Local Content.”

Admitting that developing Local Content and building capacity would always entail some costs at the beginning, the Executive Secretary insisted that such costs ultimately gets reduced overtime and creates much needed jobs and stability in the polity.

He also clarified that the focus of Nigerian Content implementation is not Nigerianization, rather it encourages domiciliation of capacities and promotion of foreign direct investments and home grown investments.

He assured that the NOGICD Act would always protect investments in-country, adding that companies that build capacities are given first right of refusal in industry projects. “The law is a protective instrument for businesses. There are cable manufacturers in Lagos. If there is any opportunity to supply cables to oil and gas companies in Nigeria, those companies have the right of first refusal.”   

On the possibility of recording 100 percent Nigerian Content in the sector, the Local Content boss clarified that “the aspiration is neither possible nor desirable, especially for a developing country like Nigeria. You still need foreign direct investments. The industry is a very vast business, with high intensive technology. You still need to leave some space for foreign participation and investment to grow the industry. But you are going to see 70 percent. That is our aspiration, growing from five percent which was the level when Nigerian Content started.”

Speaking further, the Executive Secretary said Nigerian Content implementation led to the development of huge infrastructural and human capacities, which kept the operations of the oil and gas industry running smoothly at the height of COVID-19, notwithstanding the exit of most expatriates. ”Despite the impact of COVID-19 and expatriates leaving the country, Nigeria’s crude oil production never stopped. We still produced to the limit that were stipulated for us by OPEC. This confirms that Nigerian Content helped the oil and gas industry and ensured that we never felt the impact of COVID-19,” he said.

The Chief Justice of Nigeria, Hon Justice Ibrahim Tanko Muhammed delivered the opening remarks at the workshop, represented by Hon. Justice Olukayode Ariwoola JSC. He described the implementation of Local Content policies across the globe as an apparatus through which citizens of oil rich countries derive value from crude oil resources.

He also thanked the NCDMB for enhancing the capacity of the judiciary to dispense justice from an informed and contemporary position, particularly as it related to Local Content development and oil and gas operations.

Mrs. Rose Chukwuonwe, a Director of Periscope Consulting and former Coordinator Legal Services NCDMB set the background of the workshop. She indicated that one of the Board’s mandate as enshrined in the NOGICD Act, is to build in-country capacity and capabilities of key stakeholders and the legal sector is one of such important groups.

She noted that the workshop was expected to deepen the Justices’ understanding of the philosophy and objectives of the NOGICD Act, increase their understanding of the provisions of the Act and aid seamless implementation and enforcement of the Act.

The workshop was also expected to bridge the knowledge gap, create needed awareness of the workings of the Act and build the necessary synergy for effective implementation and enforcement of the NOGICD Act, she added.

In his comments, the Director of Legal Services, NCDMB, Barrister Mohammed Babangida Umar, stated that “no matter how good your law is, if you don’t have the support of the judiciary it becomes difficult to succeed.”

He assured that the Board would continue to build the capacity of the judiciary, especially the Justices, ”to enable them have a good understanding of the Local Content law, so that when matters around the Act come before them they will be in a good position to dispense Justice.”

Other News

Music Icon Quincy Jones Passes Away At 91

Published

on

Quincy Jones, the legendary music producer, composer, and cultural icon whose career spanned over seven decades, has passed away at the age of 91.

Jones died peacefully on Sunday night at his Bel Air home, surrounded by family, according to his publicist, Arnold Robinson.

“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing,” his family said in a statement. “And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him.”

Renowned for his unmatched versatility, Jones collaborated with some of the greatest musical talents of the 20th and 21st centuries, including Michael Jackson, Frank Sinatra, Aretha Franklin, and Will Smith. He played an integral role in producing Jackson’s groundbreaking albums Off the Wall, Thriller, and Bad, which catapulted the pop star to global superstardom and earned Jones worldwide acclaim.

READ MORE: JUST IN: Tinubu Swears In Seven Newly-Appointed Ministers

Born in Chicago in 1933, Jones’ journey into music began early. His childhood introduction came from a neighbor’s piano playing and his mother’s singing. After moving to Washington state following his parents’ divorce, he honed his skills in his high school band and began playing with a young Ray Charles in Seattle’s vibrant club scene.

Jones’ career took off in New York, where he played trumpet in Elvis Presley’s early TV performances and worked with bebop legends like Charlie Parker and Miles Davis. By 1958, he was working with Frank Sinatra, arranging for the singer’s band at the request of Princess Grace Kelly. Their partnership flourished, spanning several projects including Sinatra’s final album LA Is My Lady in 1984.

Throughout the 1960s and 70s, Jones’ talents extended into film and television scores, composing music for films such as The Italian Job, In the Heat of the Night, and the acclaimed The Color Purple, for which he earned three Oscar nominations. He also scored hit TV shows including The Bill Cosby Show and Roots.

In 1985, Jones produced and co-conducted the charity anthem “We Are the World” alongside Michael Jackson and Lionel Richie, raising millions for Ethiopian famine relief. Despite personal and professional challenges—including surviving a near-fatal brain aneurysm in 1974—Jones’s career continued to thrive.

Jones’ influence wasn’t limited to music. In 1990, he founded Quincy Jones Entertainment, the company behind the popular sitcom The Fresh Prince of Bel-Air, which launched the career of Will Smith. His media ventures also included the creation of Qwest TV, an on-demand music streaming service, and the magazine Vibe, which celebrated Black music and culture.

Over his career, Jones earned 80 Grammy nominations, winning 28—making him one of the most decorated artists in the award’s history. Tributes poured in following news of his death. Actor Michael Caine, who shared Jones’ birthdate, called him “a wonderful and unique human being.” Music artists such as LL Cool J expressed gratitude, saying, “You were a father and example at a time when I truly needed one. Music would not be music without you.”

Jones is survived by his seven children, leaving behind an indelible legacy that will resonate through generations to come. His life’s work transformed music, television, and culture, proving that there truly was no limit to what Quincy Jones could accomplish.

Continue Reading

Other News

Prayers Won’t Build Roads, Fund Children’s Education – Jesse Jagz To Nigerians

Published

on

Singer and rapper Jesse Jagz has called on Nigerians to rethink their approach to religion.

Jagz suggested that African traditional religious gods have become ineffective, attributing this to the excessive alcohol given to them during rituals, which, according to him, has made them obese, diabetic, and unable to aid their worshipers.

Speaking on the ‘Big Talk’ podcast, the rapper also criticized followers of foreign religions for relying solely on prayer and expecting miracles without putting in the necessary effort. He stressed that prayers alone cannot provide essential social services or infrastructure.

READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors

“When you go to a shrine and you see the priest pouring gin on the gods, Google how much a bottle of gin was in slavery. 40 slaves.

“Our gods are drunk on alcohol and meat. They are obese and diabetic.

“They can’t help us do anything. Prayers do not build roads or buy books for children. We have forgotten humanity,” he said.

Continue Reading

Other News

Presidents Invite Me To Dinner Wherever I Go – Davido Boasts

Published

on

Renowned Nigerian singer, David Adeleke, known by his stage name Davido, has stated that he receives special treatment globally due to his celebrity status.

The Afrobeats sensation mentioned that he is frequently invited to presidential dinners in nearly every country he visits, with the exception of the United States and the United Kingdom.

In a recent interview with Kiss Fresh London, Davido confidently shared that his fanbase includes influential figures such as the World Bank president, presidents of powerful nations, and other notable personalities.

READ MORE: Sanwo-Olu, Dignitaries Set To Attend Lagos Social Media Hangout

“Every country we go to, the President invites us for dinner except London [United Kingdom] and the United States of America.

“It’s beautiful to see. I mean, leaving my country, Nigeria, and people welcoming me like the president in other countries, shows how well Nigeria is doing around the world in terms of music and cultural impacts,” he said.

Davido has expressed that he feels most respected in Africa, which is why he cherishes his African tours more than those in Europe and America, even though the latter bring him greater financial rewards.

He shared that his Jamaican collaborator, YG Marley, was astonished by the immense admiration from fans when he visited Nigeria for the video shoot of their joint hit, ‘Awuke.’

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.