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PIA To Unlock Investments In Nigeria’s Oil And Gas Sector – Sylva

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The Minister of State Petroleum Resources, Chief Timipre Sylva, has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act (PIA).

Speaking at the Nigeria International Economic Partnership Forum, in New York, on Wednesday, with the theme: “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the desire of the President Muhammadu Buhari’s government to inject life into the sector hitherto characterized by fiscal and operational challenges led to making proactive reforms in the sector a priority.

The minister said the enactment of the Petroleum Industry Act (PIA) on August 16, 2022 was a “watershed moment for the nation, the industry and all stakeholders alike, signaling the beginning of a more conducive environment for investment, output, industrial and national growth, while also addressing legitimate grievances of resource host-communities most impacted by resource extraction operations”.

Sylva said the “PIA 2021, at full implementation, will create massive investment opportunities, improve transparency, attract investors, and reposition the Nigerian Oil and Gas industry for sustainable growth,” urging investors “to capitalize on the sustainable incentives provided by the PIA 2021 to invest in the oil and gas industry in Nigeria” with no future regret.

The minister told the gathering that the “PIA 2021 has established a legal, governance, regulatory, and fiscal framework for the petroleum industry, host community development, and associated matters” adding that “it provides fiscal certainty, improves regulations and incentives for investment, including up to ten-year tax vacations, while guaranteeing better take for both government and private investors, thereby balancing rewards with risk”.

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READ ALSO: PIA: FG Considers First Set Of Regulations For Oil Industry

The minister who said the PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reassured the international investors of government’s commitment in the sector.

“This administration remains committed to ensure a full implementation of these carefully conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector.

“The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act. To this end, the government has inaugurated the steering committee, which I chair, responsible for PIA implementation immediately after the PIA was signed into law,” he further stated.

He noted that the commitment of the Nigerian government to tackle the challenges in the oil and gas sector is a clear move “to reform the industry in order to build a robust, thriving and resilient economic backbone for domestic growth, expansion and consolidation in the era of the global energy transition, and also in a post covid world”.

Reflecting on the theme of the conference “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the theme resonates the aspirations and commitment of President Buhari’s government to reform the sector in order to make it pivot for industrial diversification, economic growth and sustainable development in Nigeria.

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‘How Nigeria Can Achieve N10 Trillion Revenue From Knowledge Assets’

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Stakeholders, including government officials and experts, have outlined a bold vision for Nigeria’s economic future, aiming to achieve N10 trillion in revenue from knowledge assets.

At the end of a summit convened by Research for Impact, Knowledge-Economy, and Sustainable Development (RIKE-SD), and organized by the West and Central Africa Research and Education Network (WACREN) in Abuja on Thursday, discussions centred on the pivotal role of research, development, and innovation in driving economic growth and prosperity.

Abike Dabiri, Chairperson of the Nigeria in Diaspora Commission (NIDCOM), emphasized the importance of leveraging Nigeria’s intellectual capital.

She said, “Without data, without research, without developments, we cannot grow. Mr. President himself has stressed the need for research, development, and innovation.

READ ALSO: FULL NAMES: Mamu, 14 Others, BDCs Indicted For Terrorism Financing

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“You need to grow, and you cannot grow without research and innovation. We have a wealth of talent, and what we aim to do with this group is to collaborate with the diaspora community to harness that talent and the enormous resources we possess as Nigerians.

“Our greatest asset is not even the oil, but the talent and resources we have at our disposal.”

Similarly, Prof. Elias Bogoro, former Executive Secretary of the Tertiary Education Trust Fund (TETFUND), highlighted the centrality of research in a knowledge economy, pointing out Nigeria’s robust government support for fostering research and innovation.

He stated, “When we talk about a knowledge economy, research is at the core. Nigeria is no exception. The government recognizes this and demonstrates strong involvement, facilitation, and support through the Ministry of Science, Technology, and Innovation, as well as the Ministry of Budget and National Planning.”

READ ALSO: Economic Hardship: Oyebanji Unveils N12bn Economic Relief Programme

Former Director General of the Defence Research and Development Bureau, Air Vice Marshal (AVM) Jomo Osahor (retd), emphasized the importance of creativity and independence in research, stating, “Research and development are essential for the growth of every nation because it requires creativity and innovation. Relying solely on foreign ideas is not necessary.”

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Mustapha Popoola, Executive Director of RIKE-SD, emphasized the significance of institutionalizing research, development, and innovation across sectors.

He outlined plans to launch a coordination platform for Research, Development, and Innovation in Nigeria.

He explained, “Just like what happens in other countries when there are presidential pronouncements, it is not a matter of waiting to be asked to act.

“Mr. President, in his wisdom, has emphasized the need for us to institutionalize research, development, and innovation across the board.

“Therefore, our primary goal is to effectively utilize the development innovation toolkit to analyze the presidential priority areas, which amount to eight key focus areas.

“When we engage think tanks, they analyze the situation scientifically and socially, using various methods to determine the optimal solution.

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“So, when we discuss generating an additional N10 trillion in revenue for Nigeria through knowledge assets, research outcomes, innovation, and foreign direct investment facilitated by RDI platforms that we are collaboratively developing.”

The summit, supported by the Foreign Commonwealth Development Office (FCDO), UK, aimed to strategize on leveraging Nigeria’s intellectual capital for economic growth.

 

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Police Hand Over Delta King, Ikolo To Military

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Wanted King of Ewu, Clement Ikolo, who turned himself in has been handed over to the military by the police.

The development has been confirmed by the Public Relations Officer, Delta State Police Command, Bright Edafe.

King Ikolo who was one of the eight persons declared wanted by the Defence Headquarters in connection with the killing of 17 military personnel in Okuama community, turned himself in to the Delta State Police Command on Thursday.

READ ALSO: Soldiers’ Killing: Wanted Delta King Surrenders To Police

The monarch was said to have arrived at the state police command headquarters at exactly 6:41 pm, to report himself to Police Commissioner, Olufemi Abaniwonda.

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Before he turned himself in to the police, the monarch spoke to journalists, insisting on his innocence.

Earlier on Thursday, the Defence Headquarters declared eight persons, including Ikolo, wanted over their alleged roles in the recent killing of 17 military personnel on a peace-keeping mission to Delta State.

Those declared wanted are Prof. Ekpekpo Arthur, Andaowei Dennis Bakriri, Akevwru Daniel Omotegbo (Aka Amagben), Akata Malawa David, Sinclear Oliki; a traditional ruler, Clement Ikolo Oghenerukeywe; Reuben Baru, and Igoli Ebi.

 

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Ex-NBA Pub Sec, Ogbankwa Assaults Edo NUJ Chair, Others Over Publication

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A former Publicity Secretary of the Benin Branch of the Nigerian Bar Association (NBA), Douglas Ogbankwa, late Thursday at the Edo State Secretariat of the Nigeria Union of Journalists (NUJ) assaulted journalists including the State Chairman of the NUJ, Comrade Festus Alenkhe and others over an online report of alleged case of stealing preferred against him by the state.

He was at the NUJ premises with plain cloth policemen to arrest a blogger, Friday Aghedo, who had published a story of his arraignment at the Criminal Court in Benin City over alleged attack on the matrimonial home of one Sandra Palmer-Kelvin for alleged issues with Ogbankwa’s client based in Denmark who is Sandra’s husband.

When he arrived at the premises of the NUJ with the policeman, journalists who witnessed what was happening informed the NUJ chairman who immediately met with the policemen and informed them that they should have announced their presence before the leadership of the union.

The chairman, however, assured the policemen that Aghedo would honour their invitation.

READ ALSO: Malabu Oil Scam: EFCC Loses Case As Court Discharges Ex-AGF Adoke, Others

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Infuriated by Alenkhe’s intervention on the planned arrest, Ogbankwa turned to the NUJ chairman where he roared “Alenkhe, even you, I will pick you up” and then threatened to deal with other journalists present including the Chief of Staff to Alenkhe, Simeon Osajie, the State Correspondent of Vanguard Newspaper, Ozioruva Aliu, Secretary of the Council, Andy Egbon, Treasurer of the Council, Solomon Obonzuya and several others.

Earlier, when his case was mentioned in the court, several lawyers including the Benin Branch chairman of the NBA, Nosa Edo-Osagie, Emmanuel Usoh and others pleaded with the judge to allow them intervene in the issue which they assured would be settled and report back in the next date where he was expected to take his plea.

In the charge sheet marked B/10/600/2024 between The State and Douglas Ogbankwa and others now at large, they were accused of allegedly stealing a stabilizer belonging to Sandra Palmer-Kelvin.

He is facing charges including felony punishable under Section 412 of the Criminal Law of Edo State, 2022.

READ ALSO: Iran Sentences Police Officer To Death For Killing Protester

The charge also reads: “Ogbankwa and others now at large, sometimes in the month of January, 2023 at 2nd Ugbor road, GRA Benin within the Benin Judicial Division did conspire amongst yourselves to commit felony to wit: forcibly entry” which it said is punishable under Section 56 (1) of the criminal law of Edo State, 2022.

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“Douglas Ogbankwa and others now at large sometimes in the month of January, 2023 at the 2nd Ugbor Road, GRA, Benin City, Edo State within the Benin Judicial Division , did forcefully enter the residential house of one Sandra Palmer-Kelvin damage door keys belonging to one Sandra palmer-Kelvin.

“Douglas Ogbankwa and others now at large, sometimes in the month of January, 2023 at 2nd Ugbor Road, GRA, Benin City, Edo State within the Benin Judicial Division , did steal one stabilizer belonging to one Sandra Palmer Kelvin.”

Justice Ikponmwonba however adjourned the case for a report of settlement pleas not taken.

The prosecuting Counsel, Mr Orobosa Okunbor however did not oppose the defendant counsel application.

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