Oil
NCDMB charges oil servicing companies on employee motivation
WARRI-The Nigerian Content Development and Monitoring Board (NCDMB) has charged indigenous service companies to explore creative strategies of motivating their staff so as to retain 
The Executive Secretary of NCDMB, Engr. Ernest Nwapa stated this at the long term service award organized in Warri by Wellmann Group, an indigenous oil servicing firm with expertise in heavy lifting and marine transportation, which offered stakes in the company to four of its long serving staff as strategy of rewarding and further motivating them.
Other recipients of the awards were the company’s strategic partners and clients like Nigerdock, Shell, Chevron, Subsea7, Total among others.Nwapa who was represented at the event by the Board’s General Manager, Monitoring and Evaluation, Engr. Chijioke Okorie explained that retaining quality staff within service companies was fundamental to developing Nigerian Content as it would help firms develop institutional, technological and infrastructural capacities to deliver on projects.
Okorie described the achievements of Wellmann as a confirmation that the Board’s implementation strategies were working and yielding results.According to him, “There were a number of jobs that some operating companies tried to give out to international service companies.
The Board intervened and the jobs were placed with Wellmann. That helped to build the company’s capacity and infrastructure over the years. Wellmann is a good representative of Nigerian Content and the Board is proud of its growth.
”In his welcome address, the Chief Executive Officer of Wellmann Group, Mr. Chris Iyovwaye explained that the benefitting employees had worked devotedly in the establishment for over 10 years and had become stakeholders of the company.He noted thattheyjoined when the company was barely able to pay meagre salaries, hencedeserve to receive a percentage of profit declared at the end of every financial year.
Iyovwaye commended the NCDMB for its implementation of the Nigerian Content Act, crediting the policy for the growth of the company especially in an area that was dominated by foreign players. He further stated that “Wellmann is justone of the many success stories scattered all over Nigeria, doing well because of the implementation of the Nigerian Content Act.
With determination and focus, we have grown from a company that hires equipment whenever it wanted to work, to a company owns every type of equipment whenever it goes to work. ”The CEO listed some of the company’s equipment to include self-propelled modular trailers, with capacity to lift and transport over 4000tons of structures at a single lift; modular jacking and weighing systems;offshore barges; ballast and mooring equipment and cranes.
He further attributed the success of the company to the ploughing back of resources generated from the business and expressed readiness to invest further in barging and tugboat business, which according to him was still dominated by foreign companies, thus contributing to huge capital flight.
In his comments, the Managing Director of Warri Refining and Petrochemical Company Limited (WRPC), Engr. Paul Obelley extolled NCDMB for creating a climate that has encouraged Nigerians companies to thrive. Obelley who chaired the eventstated that “no matter how much Nigeria is rich in crude oil, if our people do not get involved in the service end of the industry, we would remain poor and unable to create jobs. ”According to him, the Nigerian Content Act is a good initiative for unlocking the wealth of the economy for Nigerians.
Vanguard-
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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