The Shell Companies in Nigeria on Tuesday night hosted outgoing Executive Vice President Nigeria and Country Chair, Marno de Jong to a rousing sendforth as former Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni returns from a foreign posting to take up the role.

A company statement on Thursday highlighted that stakeholders from government, the energy industry and professional bodies joined in celebrating the achievements of a senior executive who led Shell businesses in Nigeria for more than six years.

“The way Marno drives performance is admirable,” said Chief Executive Officer Shell plc, Wael Sawan in a recorded farewell message sent to the event. He thanked him for his contributions to Shell. In another farewell felicitation, Minister of Trade, and Investment Jumoke Oduwole said the investments by Shell during his tenure aligned with the Renewed Hope agenda of the Nigerian Government.

Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari who was represented by Executive Vice President Upstream Udobong Ntia, commended Marno for helping to “advance the vision of positioning gas as energy for Nigerians.” “We look forward to the next chapter of Shell to deepen our strategic partnership,” Bayo added.

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Among several milestones in Marno’s tenure are the divestment from onshore oil production which laid the foundation for a new future through Renaissance, sustained production at Bonga, resulting in the attainment of one billion barrels of oil and execution of Bonga North and HI projects.

Marno’s colleagues in Shell remembered a leader “who led from his heart.” President Upstream Peter Costello said: “He understands the technical detail. He understands the commercial choices. He understands the importance of partnership. And most importantly, he understands the value of people and relationships.” His views were echoed by other speakers including Osagie Okunbor who retired last year as County Chair, Shell Nigeria, Managing Director SNEPCo, Ronald Adams, Managing Director Shell Nigeria Gas, Ralph Gbobo and General Manager Deepwater Oil Iyke Nnoaham.

The highlight of the sendforth was the formal handover of the leadership baton from Marno to Elohor with guests applauding the emergence of the first female leader of Shell’s businesses in Nigeria. Elohor said: “The hard work starts now, and I look forward to the exciting years ahead.”

In his response, Marno thanked stakeholders, including government officials, regulatory bodies, and employees of Shell for their cooperation, as well his wife Anne-Marie, and their children for their support in “every move, every assignment and every unexpected change of plan.” He said of his experience: “Nigeria taught me many things. It taught me patience. It taught me resilience. It taught me the importance of listening. And above all, it reinforced my belief that progress happens when people come together around a shared purpose.”

Captains of industry turned out to bid Marno farewell. They include Managing Director and Chief Executive Officer of Nigeria LNG Limited Adeleye Falade, Chief Executive Officer, Midwestern Oil and Gas Company Limited, Elozino Olaniyan, Chairman and Managing Director of ExxonMobil Nigeria, Jagir Baxi and Chief Executive Officer of Aradel and Chairman, Independent Petroleum Producers Group, Adegbite Falade.

The proposal seeking to compel oil and gas producing companies to contribute three percent of their annual budgets to the South-South Development Commission (SSDC) has met with stiff opposition from the oil industry.

Major oil industry operators and petroleum regulators on Wednesday cautioned that the levy may discourage investment and undermine the competitiveness of Nigeria’s petroleum industry.

The concerns were raised at a resumed public hearing organised by the House of Representatives Committee on the SSDC on a bill seeking to amend the South-South Development Commission (Establishment) Act, 2025, with a view to strengthening the commission’s funding framework.

The hearing brought together petroleum regulators, oil producers, government agencies and other stakeholders to scrutinise the proposed legislation before it proceeds for further legislative consideration.

The Chairman of the Committee, Julius Pondi, said the hearing was reconvened to accommodate critical stakeholders who were unable to attend the first session on July 8 because of their participation in the Nigerian Oil and Gas Conference.

He said the committee considered it necessary to hear from all relevant stakeholders, given the strategic role of the petroleum sector in the proposed amendment.

According to the Delta lawmaker, the amendment is designed to broaden the funding base of the commission to enable it to discharge its mandate of promoting sustainable development across the South-South region.

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He noted that despite serving as the nation’s economic backbone through crude oil production, maritime activities and industrial operations, the South-South continues to grapple with poor infrastructure, environmental degradation and other developmental challenges.

“We are particularly interested in receiving constructive contributions on the proposed funding framework, its sustainability, its implications for government and industry, as well as alternative proposals that can further strengthen the objectives of the legislation,” he said.

However, the proposed funding model drew strong reservations from industry regulators and operators.

Presenting the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Chief Executive, Oritsemeyiwa Eyesan, represented by the Head of Regulations and Statutory Compliance, Kingsley Chikwendu, expressed support for providing the commission with a predictable and sustainable funding structure.

She, however, faulted the provision requiring oil-producing companies operating within the region to contribute three per cent of their total annual budgets to the commission.

Eyesan argued that the phrase “total annual budget” was not defined in the bill, creating uncertainty over how contributions would be calculated and enforced.

She maintained that the proposal failed to clarify critical issues, “including the basis for assessment, deductibility of payments, timelines for remittance, treatment of joint venture operations and companies with operations spanning multiple regions.”

According to her, the provision could effectively introduce another expenditure-based levy that companies would pay regardless of profitability or production levels.

The NUPRC also reminded lawmakers that upstream operators “are already subject to numerous statutory financial obligations, including petroleum taxes, royalties, the Niger Delta Development Commission (NDDC) levy, Host Community Development Trust Fund (HCDTF) contributions under the Petroleum Industry Act (PIA), the Nigerian Content Development Fund payments, environmental remediation obligations and abandonment fund contributions.

The commission urged lawmakers to carefully “evaluate the likely impact of the proposed levy on investment decisions, production costs and the competitiveness of Nigeria’s upstream petroleum sector.”

On its part, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also echoed similar concerns.

Speaking on behalf of the authority, Senior Manager Ahmed Laido advised lawmakers to ensure that any additional funding mechanism aligns with the fiscal philosophy of the Petroleum Industry Act, 2021.

He said any new financial obligation “should strengthen investor confidence, promote regulatory certainty and support the Federal Government’s ease-of-doing-business agenda.”

Laido urged the committee to balance the funding needs of the commission with the need to preserve a competitive investment environment.

The strongest opposition came from the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry (LCCI).

Its Chairman, Bala Wudiri, argued that “oil companies are already making substantial statutory contributions under existing laws” and warned against creating another compulsory levy.

He cautioned that imposing an additional three percent contribution would “increase the financial burden on operators, duplicate existing obligations and weaken Nigeria’s attractiveness as an investment destination.”

Wudiri urged lawmakers to adopt a balanced funding model capable of strengthening the SSDC without discouraging investment in the oil and gas industry.

Despite the differing views, stakeholders unanimously supported the objective of accelerating development across the South-South region.

Most participants agreed that the commission requires adequate funding to deliver critical infrastructure and development projects but urged lawmakers to adopt a financing framework that does not undermine investment or increase the cost of doing business.

The SSDC was established to coordinate and accelerate development across the six states of the South-South geopolitical zone, addressing long-standing challenges such as inadequate infrastructure, environmental degradation, unemployment and the socio-economic impact of decades of oil exploration.

The amendment, currently before the House of Representatives seeks to strengthen the commission’s financial capacity by expanding its sources of funding.

However, the proposal requiring oil-producing companies to contribute three per cent of their annual budgets has emerged as the most contentious provision, with regulators and industry operators warning that it could overlap with existing statutory obligations under the Petroleum Industry Act and other extant laws.

The House Committee is expected to review memoranda and submissions from stakeholders before presenting its report and recommendations for consideration by the House of Representatives.

At full capacity the Dangote Petroleum Refinery & Petrochemicals (DPRP) would be utilising up to 2.5 percent of globally traded crude oil.

President and Chief Executive Officer, DPRP, Aliko Dangote, revealed this while receiving the Minister of State for Industry, Senator John Owan Enoh, who led a high-level delegation from the Federal Ministry of Industry on a tour of the 700,000 barrels-per-day industrial complex.

Reflecting on the refinery project, Dangote described it as the biggest business risk of his life, recalling how many financiers doubted the project would ever be completed.

Despite challenges ranging from the COVID-19 pandemic and foreign exchange volatility to scepticism from lenders, he said the successful delivery of the refinery demonstrates the capacity of Nigerian entrepreneurs to execute projects of global significance.

“What we have achieved here has never been done before on this scale. Once one person succeeds, many others will be encouraged to follow,” he said.

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Dangote disclosed that the refinery, at full capacity, will account for the equivalent of about 10 per cent of the United States’ refining capacity and consume approximately 2.5 per cent of globally traded crude oil.

He urged the Federal Government to place industrialisation at the centre of its economic strategy, insisting that no nation has attained prosperity without a strong manufacturing base.

“There is no way to create jobs and prosperity without industrialisation,” Dangote said.

“The greatest attraction for foreign investors is the success of domestic investors.

When local investors thrive, they send a powerful signal that the environment is conducive to investment.”

The industrialist revealed that Dangote Industries recently raised an unsecured and unrated bond at rates below Nigeria’s sovereign benchmark, demonstrating growing investor confidence in credible Nigerian private-sector institutions.

According to him, the successful fundraising underscores the ability of Nigerian companies to mobilise long-term capital when supported by stable and predictable government policies.

Dangote also emphasised that policy consistency remains the most important factor in attracting investment, stressing that frequent policy reversals undermine investor confidence more than the absence of incentives.

“If Nigeria is to achieve sustainable growth and become a trillion-dollar economy, industrialisation must be the foundation. Indigenous investors remain the strongest catalysts for that transformation,” Dangote stated.

Earlier, the Minister of State for Industry, Senator John Owan Enoh, described the refinery as a cornerstone of Nigeria’s ambition to build a $1tn economy, pledging deeper collaboration with the private sector to accelerate industrialisation, job creation and economic transformation.

According to the minister, the integrated industrial complex is one of the most significant investments in Africa and a model for the type of industrial development required to drive Nigeria’s economic growth aspirations.

“You cannot be Minister in charge of Industry and not visit the Dangote Refinery,” Enoh stated. “This facility matters because of what it represents for Nigerian industry, for our people and for the realisation of President Bola Tinubu’s vision of a one trillion-dollar economy.”

He added, “The more a country adds value to its products, the more respect it earns globally. The Dangote Refinery stands today as one of the strongest demonstrations of that principle.”