Oil
Nigeria declares Crude Oil Theft a new face of Terrorism
By Joseph BAMIDELE
LONDON – Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has declared that the grave phenomenon of oil theft and its global support system represents another face of terrorism which has continued to remain a cog in the wheel of the nation’s high economic growth trajectory.
Mrs. Alison-Madueke stated this in London recently while delivering the Keynote address at the Powerlist 2014 where she was also listed as one of the 25 Africans who are Transforming the Continent.
In the presentation titled: The Strengths and Obligations of the African Diaspora, the Petroleum Minister explained that the ugly episode of oil theft has continued to thwart efforts at sustained economic growth because the effect of the oil theft scourge reverberates across the entire spectrum of the Nigerian economy.
“ The grave phenomenon of oil theft and its global support system represents another face of terrorism counteracting our efforts at sustaining the trajectory of our high-growth economy, the stability of our society, and the enhancement and wellbeing of our people,’’ Mrs. Alison-Madueke said.
She noted that effort at combating the menace locally is made more complicated because of the international slant of the crime.
“Theft of this magnitude is not only highly technical, but it is also an international-level crime. It is aided and abetted by syndicates outside of Africa who are the patrons and merchant-partners of the oil thieves. This crime against Nigeria must be resisted, as we simultaneously deploy in-country resources to fight this menace,’’ Mrs. Alison-Madueke said.
The Minister called on the global community to advocate strongly against crude oil theft.
“. It perpetuates criminality, defrauds economies and discourages investment. This is a crime that threatens not only Nigeria’s oil and gas sector, but also threatens the security of the Gulf of Guinea, and by extension threatens the global economic order,’’ She said. .
Despite the scourge of crude theft, Mrs. Alison-Madueke enthused that the Nigerian Oil and Gas Industry has been placed on the path of growth and irreversible progress engendered by the transformation footprints of the President Goodluck Jonathan administration.
“ The Nigerian Content Act, signed into law in 2010 by President Jonathan, vigorously advocates for indigenous participation, job creation and in-country capacity development and has nurtured leading edge indigenous companies capable of competing with the traditional multinationals. The very topical Petroleum Industry Bill (PIB) is a historic piece of legislation designed to effect extensive and much needed legal, regulatory, financial and environmental reform to Nigeria’s oil and gas industry,’’ she said.
Organized by the UK based Power List Magazine, the Power List programme seeks to honour extraordinary achievers of African and Caribbean descent who have overcome barriers, broken boundaries, and have excelled whilst operating in the difficult dynamics mostly in sometime foreign land.
The event is usually celebrated in what is known as the Black History Month, a period set aside for the remembrance and acknowledgement of people and events critical to the history of the African Diaspora. While October stands as the Black History Month in the United Kingdom, the month of February is set aside as BHM in the United States and Canada.
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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