Business
How we will improve the Petroleum industry in 2017 – Ibe Kachikwu reveals
The Minister of State for Petroleum, Ibe Kachikwu, says the federal government will pass the Petroleum Industry Bill and revamp the nation’s refineries in 2017.
Mr. Kachikwu who made this known while highlighting the plans of the petroleum ministry for 2017, disclosed that government will dissect the nation’s oil and gas policies for optimum productivity.
He also assured that the ministry will accelerate revenue generation by looking into areas the government could make more money, stressing that the plan will enable it support the 2017 financing.
The minister said that apart from completing all outstanding Memoranda of Understanding, MOU, the government will leverage on the relationship the president has built over time to relate with foreign investors.
Mr. Kachikwu said in addition to trips to the United States and China, he will also embark on a roadshow to the gulf so that the Nigeria will cease to be a forgotten state and become an active participation block where investment can flow into.
“We are going to receive and complete all the MOUs that we began… the one in China…the one in India… we are going to do a roadshow to the UK…for Europe. We are going to do a roadshow to the U.S. with President Donald Trump coming in,” Mr. Kachikwu said.
While commenting on the activities embarked upon in the outgone year, Mr. Kachikwu explained that the government was able to take away fraud impacted volume by reducing the volume of PMS the nation consumes daily from N50 million litres to N28 million litres.
He assured Nigerians that the nation’s oil industry will be run transparently, as against the opaque manner it was run in the past.
Mr. Kachikwu also confirmed that oil blocks will also be allocated in 2017, to partly fund the budget.
Oil refineries
Commenting on the state of the nation’s oil refineries, the minister said the president has given him a matching order to commence refinery revamp. He reiterated the government’s plan to diversify the refining process so that the refineries can work optimally, noting that the process will begin this year.
Mr. Kachikwu also said that the government will work within liberalisation infrastructure such that it will take away the low hanging difficulties in the industry.
“We will focus on downstream issues. Although we have liberalised, there are still some challenges. The reality is that the marketers are still suffering,” he said.
Niger Delta
The minister also pledged to look into security concerns in the Niger Delta region, stressing that government will ensure that the peace efforts put in place are maintained and improved upon.
“We are going to focus on the Niger Delta. It’s been too long a lingering issue. We are going to work with every aspect of the presidency to try and find solutions to this. We are going to work to stabilise oil production… a lot of work is required.”
Mr. Kachikwu also assured industry players that government will develop agreement and opportunities on international oil companies, IOCs, and partners for better collaboration through engaging policies that will bring investment into the country. He said the ministry will run an oil industry that is at par with its counterparts worldwide; adding that efforts will be strengthened on investor relations.
On oil production, the minister said government will begin for the first time to track oil movement from production to destination, noting that there are too many leakages in the oil production chain in Nigeria.
“This year we are going to commit to trying to find a way of tracking our oil so that from the moment when molecule is produced, to the time when it is sold and where it is sold, we will be able to track that. If we do that, we envisage billions of dollars in savings from the federal government.”
Private sector driven industry
While highlighting the challenges associated with public sector driven system, Mr. Kachikwu pledged to ensure that the industry is driven by private hands in 2017. He said that the industry has always been public sector-led and there have been problems.
He also promised to create a “private sector industry player club” to chart 2017 goals and mark out delivery system.
“Public sector is key to be able to regulate the sector and make sure people are operating within parameters; but ultimately, the infrastructure, investment, services and discipline have to be private sector led.
“We will galvanise the energy of the private sector within the first two months,” he said.
Gas revolution
According to the minister, gas revolution will form a key aspect of the government’s policy for the year and it would boost government revenue.
“Gas revolution will be key. First, we are going to track gas flare and commercialise it so that no more flare happen in this country. We have set a 2020 date for ourselves even though the international fora at the UN had set a 2030 date. We are very aggressive about this, we want to make money from flare,” he said.
Mr. Kachikwu also promised that the government will look at the gas infrastructure that are suffering, complete the investment and get gas in every part of the country because it is key to power delivery.
The minister said the nation has four times volume of gas than oil, adding that even though oil has contributed immensely to the nation’s growth, gas is the future. He explained that gas will provide power, clean energy, and day-to-day burning of fuel at homes.
“For so long we have pretended to be an oil producing nation and yes we were; but Nigeria really is a gas nation with a lot of substantial gift of oil.”
Stakeholders’ relations
The minister promised to give priority to stakeholders’ relation in the year, noting that periodicals will be published to highlight activities embarked upon towards achieving the industry’s goals.
He explained that the efforts will begin with a road show with state governments, adding that oil producing states will be brought together to look at long term dynamic investments areas across the states as well as how they engage companies in their states.
“This year we are going to be open, we are going to be as much the manager of the oil resource as I am going to be. We are going to owe the responsibility to the Nigerian nation to deliver on those blueprints that we have set ourselves to deliver.”
brands/telecom
Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)
Business
Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)
Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)
The board of directors of Afriq Arbitrage Systems after an emergency meeting condemned in strong terms the attitudes of Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.
In the lawsuit through the legal representation of Jesam Michael and AAS by Barrister Ovat the service required the defendants to appear In court within 14 days, else judgement will be issued against them in absentia.
It would be recalled that few days after series of cyber bullying against the CEO of Afriq Arbitrage System, Jesam Micheal and his Family by MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK in collaboration with one TOCHUKWU NWOYE, DINGCHI YARLING, Godwin, Benjamin Uwanga and Findins, Jesam escaped assassination attempt as gunmen numbering over ten, armed with sophisticated weapons invaded his lounge in Lagos seeking for him.
Information available to us revealed that when the hardened criminals invaded the lounge on Friday, April 5th, 2024 where Jesam was billed to address his workers, they were demanding for him and when they learnt he couldn’t make the meeting as expected, they descended on the staff and customers threatening to kill them in his stead. They also went away with the company’s properties such as laptops, equipment and gadgets of staffers and customers.
Micheal Okoh who has been ranting on Social media against the CEO of Afriq Arbiritage System has been exposed along with Prince Humble Eteng, Okoi Denock as partners in crime with Abayomi oluwasesan who is in prison for defrauding the financial platform to the tune of $87 million dollars
According to reports, Micheal Okoh is an investor in AAS who has benefited from the scheme and has withdrawn over three thousand dollars which he never disclosed to his gullible followers until the evidence was uncovered and exposed to the community.
Aside from that, information revealed that Micheal Okoh, Prince Humble And Okoi Denock have been working in tandem with Abayomi in plotting the loot from AAS and threatening the life of Jesam Michael and his family. In a series of life threatening messages the plotters swear to eliminate him and his family for standing on the path of truth, justice and for arresting Abayomi in recovering the loot. Also, these revelations are not unconnected to the fact that these people engineered Abayomi not to return investors money back to the community.
However, the long arm of the law will soon reach them as Abayomi who has willingly confessed to the heinous crime he committed to the company is arrested and taken to court where he is Remanded and Micheal Okoh and his cohorts we learnt are also on the radar of the security operatives for collaboration and cyber bullying.
Sadly, the threat to life of the CEO and his family by these people should not be taken lightly as just as Mr Micheal Okoh said in his video that he will bring him down, same day, gunmen were sent to invade AAS lounge on the same day he was to address his workers for the year.
According to the security officer of the company, the ugly incident has never happened before on any of their investments until this brazen threats from Mr Okoh and others.
- Y'Africa, the TV show that showcases African talent: Orange announces a third season dedicated to the continent's athletes April 18, 2024
- 52 Players from 11 Countries to Compete in Basketball Africa League Nile Conference in Egypt April 18, 2024
- Rand Merchant Bank (RMB) contributes to Acre Impact Capital’s $100 million private debt fund for climate-aligned infrastructure projects across Africa April 18, 2024
- TelCables’ Partner Program is shaping the future of digital connectivity in West Africa April 18, 2024
- Professor Asutay Wins 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics April 18, 2024
- Driving efficiency and productivity in Africa’s agriculture sectors requires strategic partnerships, greater investments, and the power of digital technologies April 18, 2024
- Radiological Society of North America (RSNA) and GE HealthCare bring Advanced Mammography Technology to Tanzania to Improve Access and help Address Breast Cancer Mortality Rate April 18, 2024
- Towards a certified electronic signature in West Africa April 18, 2024
- Uganda: Members of Parliament (MPs) endorse quota system for student loan scheme April 18, 2024
- Uganda: Plant trees in memory of fallen Ex - National Environment Management Authority (NEMA) Boss, Among urges public April 18, 2024
- Y'Africa, the TV show that showcases African talent: Orange announces a third season dedicated to the continent's athletes April 18, 2024
- 52 Players from 11 Countries to Compete in Basketball Africa League Nile Conference in Egypt April 18, 2024
- Rand Merchant Bank (RMB) contributes to Acre Impact Capital’s $100 million private debt fund for climate-aligned infrastructure projects across Africa April 18, 2024
- TelCables’ Partner Program is shaping the future of digital connectivity in West Africa April 18, 2024
- Professor Asutay Wins 2024 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics April 18, 2024
- Driving efficiency and productivity in Africa’s agriculture sectors requires strategic partnerships, greater investments, and the power of digital technologies April 18, 2024
- Radiological Society of North America (RSNA) and GE HealthCare bring Advanced Mammography Technology to Tanzania to Improve Access and help Address Breast Cancer Mortality Rate April 18, 2024
-
Business6 months agoLeading Financial Platform, AAS Bounces Back Stronger, Better With Global Coin
-
celebrity radar - gossips4 months agoTripple Celebration, As AAS CEO, Jesam Micheal Emerges Fintech Expert of The Year, Launches Lounge
-
celebrity radar - gossips4 months agoJesam Micheal the philanthropist, Clears the Hospital Bills of UGEP Patients, Put Smiles On Faces Of Orphanages, Police (video)
-
Business3 months agoFintech Guru, Jesam Micheal Opens Biggest Apple Store In Africa, Reveals Why
You must be logged in to post a comment Login