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Oil Exploration: Lagos Assembly Seeks Protection for Host Communities

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Pipeline Vandalism

The Lagos State House of Assembly on Monday called for a stakeholders’ meeting of government officials, oil investors and host communities, following oil discovery and exploration in Badagry area.

The call followed a motion moved by Mr Folajimi Mohammed (APC-Ikeja I) on the need for the state to be proactive in protecting the host communities from environmental degradation.

The motion was seconded by Mr Gbolahan Yishawu (APC-Eti Osa II).

Mohammed, Chairman, House Committee on Energy and Mineral Resources, urged the state government to do everything possible to protect the people and the communities within area of exploration.

According to him, the stakeholders’ meeting has become crucial to adequately prepare to prevent a repetition of the current agitation in the Niger Delta over environmental degradation.

He said, “The stakeholders should come together to discuss the socio-economic importance of the exploration of oil in the state and related issues.

“Efforts must be made to ensure that the state does not go the way of Niger Delta and other oil-producing states in Nigeria who are suffering from environmental degradation with the activities of oil companies.

“The discovery of oil in the state has made Lagos an oil-producing state but it is important to consider the consequences of the exploration.”

Yishawu, Chairman, House Committee on Waterfront Infrastructure said, “We need to learn from oil exploration in Niger Delta. We do not want a repeat of what is happing in the Niger Delta’’.

The Chairman, House Committee on Budget and Economic Planning, Mr Rotimi Olowo, called for a development plan by the investors to protect the environment and the people.

He said, “Our target should not be limited to environmental protection of the area; we need to talk on the infrastructure and economic gains by the people and their communities.

The Deputy Speaker of the House, Mr Wasiu Eshinlokun-Sanni said, “Oil spillage will come; there is going to be oil degradation of environment and we need to be proactive’’.

Mr Setonji David (APC-Badagry II) said that he received the news of the oil discovery in the area with mixed feelings because of the environmental degradation in Niger Delta occasioned by oil exploration companies.

David, the Chairman, House Committee on Physical Planning and Urban Development said, “I hope our communities will not be devastate’’.

“Fishing activities would be affected in the area if the government does not do anything about it.

“We need Environmental Impact Assessment (EIA) on the discovery to know what would eventually happen to our people, when exploration starts.

“We should take all the necessary steps so that we would not regret the discovery. There is need for proper steps to ameliorate the environmental implications.”

The lawmaker said that a percentage of whatever would be accruable to the government should be dedicated for the development of the area.

He, however, expressed confidence in the ability of the state government to protect the host communities.

The Speaker of the House, Mr Mudashiru Obasa said, “There is a need for us to be proactive and learn from the past so that we can safeguard our state and host communities.’’

Obasa suggested that there should be a stakeholders’ meeting which would bring the host communities, government officials and investors together to avoid what happened in Niger Delta.

He said, “We must safeguard the host communities and we must commend companies that have been investing in oil exploration in the state over the years before oil was eventually discovered there.

“All necessary infrastructures must be put in place to protect the state and the host communities so that we would prevent what is happening in Niger Delta from happening in Lagos State.”

Obasa said that oil companies had to stop exploration if they had started so that the state government would be better prepared before they start operation.

The speaker, who commended investors in oil exploration, said that the state would benefit a lot from the exploration, adding that the state government would encourage the investors.

The Federal Executive Council recently approved the exploration of oil in Badagry and 13 per cent derivation for the Lagos State.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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FG Has Paid Fuel marketers N74B in Seven Months — NMDPRA

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petrol

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday disclosed that the federal government has paid oil marketers N74 billion as bridging claims in last seven months..

The agency said it was reacting to claims by the Independent Petroleum Marketers Association Nigeria (IPMAN), Suleja branch, that continuing fuel scarcity was caused by non-payment of bridging claims.

The agency said it paid N71.2 billion bridging claims and another N2.7 billion freight differentials to the marketers as of June 6.

In May, IPMAN said the government owed its members half a trillion naira being the cost of transporting petrol across the country.

However, at the time NMDPRA had claimed to have paid oil marketers bridging claims of about N59 billion in five months.

In recent months, fuel scarcity has worsened in Abuja and several other cities across the country.

Marketers had listed the high cost of buying petrol at the depots and the high cost of diesel to truck them as the major factors responsible for the recent queue.

On Monday, the government announced that the nation’s capital petroleum deliveries were up nearly 100 per cent after the government offered additional N10 freight reimbursements to marketers.

The statement by the NMDPRA reads: “The attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been drawn to allegations made by the Independent Petroleum Marketers Association Nigeria (IPMAN Suleja Branch) on product scarcity as a result of non-payment of bridging claims.

“The authority chief executive of the NMDPRA, at a meeting held on 17th May 2022 with IPMAN bridging payment was discussed extensively and the processes were explained and agreed upon by IPMAN.

“He assured IPMAN of NMDPRA’s willingness to continue making payments of outstanding claims to promote seamless operations.

“Pursuant to the meeting, the NMDPRA went ahead to make an additional payment of N10 billion in June and sought for an upward review of the freight rate which was approved by President Muhammadu Buhari and is currently being implemented.

“The Authority wishes to reiterate that bridging payment is an ongoing process which is carried out after due verification exercise by the Authority and Marketers.

“So far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June 2022.

“A breakdown of payment made to Marketers is as follows: Major Marketers (MOMAN) received N9,958,777,487.24, IPMAN members were paid N42,301,923,616.96, NNPC Retails N6,661,459,118.61 while DAPPMAN members were paid N12,303,195,651.57, these translate to a total of N73,969,892,941.84.

“It is disheartening that despite these payments and increase of N10 bridging cost, which was approved by President Muhammadu Buhari two weeks ago, IPMAN could turn around to accuse the NMDPRA of insensitivity,” the statement said.

It said NMDPRA remains committed to ensuring a safe, efficient, and effective conduct of midstream and downstream petroleum operations.

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Nigeria-Cameroon Link Bridge up for Inauguration this June – Fashola

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The Minister of Works and Housing, Babatunde Fashola (SAN), has stated that the Nigeria-Cameroon link bridge will be inaugurated this June.

Speaking at the 16th inter-ministerial meeting of the group in Abuja, Fashola who doubles as the Chairman of the five regional ministerial steering committees, explained that the largely funded bridge by the African Development Bank (AfDB) is completed and in hopes that ECOWAS would deliver support for the inauguration.

“We have completed a new link bridge that links Nigeria to Cameroon, and it was funded largely by the AfDB and we are hoping that the ECOWAS commission will give us the necessary support to ensure the formal opening of that bridge sometime in the month of June,” he said.

The commitment to the piece of infrastructure, according to the minister, is to transform the road network into a first-class six-lane motorway, emphasizing that while speed is important, quality must not be lost.

“We’re trying to deliver a better life for five countries and over 40 million people who use that corridor, almost on a daily basis.

“The future is bright, this is an important investment for the people of Africa to achieve the objective of the Africa Union (AU) to create a trans-African highway,” he stated.

Lydie Ehouman, AfDB’s Chief Transport Economist and Project Task Manager, also spoke at the event, stating that the bank had been able to acquire an additional €3.5 million for the road project.

Investors King gathered that the total sum available for the initial financing of the project’s strategic research has increased to $41 million.

“The agreement for the on-lending of this additional grant by the bank to ECOWAS is currently being finalised. Thus, in addition to its substantial contribution of $25 million, the bank will have mobilised €12.63 million in the form of a grant from the European Union.

“This brings the total amount available for the financing of this highly strategic study to the equivalent of about US$ 41 million,” she stated.

She did, however, point out that specialists in member countries’ claims of delays were untrue, because the arrangement was that labor should persist while any differences were aired and rectified.

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UNDP, DPGA to Promote Global Digital Goods 

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digital

The United Nations Development Programme (UNDP), Digital Public Goods Alliance (DPGA), the government of Norway, and Sierra Leone have agreed to promote inclusive digital public infrastructure in countries across the world.  

On Wednesday, Investors King gathered that world leaders, development organisations and philanthropic funders are set to invest in a “large-scale technology sharing, funding, and commitment to supporting the international cooperation agenda.”

In its published statement, UNDP stated that the agreement is to improve governance frameworks, which are critical to building a resilient future for countries. 

At the event, global leaders committed their efforts to funding and the implementation of digital public infrastructure through a newly established Digital Public Goods Charter (DPG), which serves as a framework to increase international cooperation on this plan.

With its DPG Charter, co-led by the DPGA and the Digital Impact Alliance (DIAL), the UNDP outlines a clear vision for a coordinated global approach to building a safe, trusted, and inclusive digital public infrastructure using DPGs. 

“Doing so can enable countries – regardless of income levels – to transform services and service delivery for people and communities everywhere,” the statement read. 

The DPG Charter, and the commitments made by global leaders, are especially relevant given the devastating socio-economic impacts of the COVID-19 pandemic and mounting climate disruption. 

These challenges, compounded with the unprecedented food, energy, and financial crisis added by the war in Ukraine, are creating an urgent need for global action. 

Digital Public Goods are open-source solutions used to build digital public infrastructure (DPI), enabling countries to provide better services and foster inclusive economic growth. 

While the Digital Public Infrastructure (DPI) involves digital systems like cash transfers, digital identification, and data exchange that enable the adequate provision of essential society-wide functions. It also allows the building of resilient crisis recovery. 

 

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