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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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President Buhari Accuses Governors of Stealing LG Funds

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Muhammadu Buhari

Nigerian President, Muhammadu Buhari has once again accused state governors of stealing monthly allocation due to local government under them.

The president spoke at a parley with members of the Senior Executive Course of the National Institute for Policy and Strategic Studies, Kuru, held at the State House Banquet Hall, Abuja.

Speaking at the event, the president stated that it beats anyone’s imagination how some governors collected money on behalf of council areas in their states, only to remit just half of such allocation to the council chairmen, who would further deplete the remittance by filching it. Investors King learnt. 

 ‘‘I found it necessary to digress after reading my speech and this digression is a result of my personal experience. What they did, this is my personal experience, if the money from the Federation Account to the state is about N100m, N50m will be sent to the chairman, but he will sign that he received N100m. The governor will pocket the balance and share it with whoever he wants to share it with,” the president narrated. 

‘‘This is what’s happening. This is Nigeria. It’s a terrible thing; you cannot say the person who was doing this is not educated. He was a qualified lawyer, he was experienced, yet he participated in this type of corruption.” he queried. 

Furthermore, the president clarified that state governors and local government chairmen should be held responsible for the underdevelopment in the rural areas noting that most of the local governments lack basic amenities. 

Similarly, the National Union of Local Government Employees on Thursday backed the position of the president on the embezzlement and mismanagement of local government funds.

Responding to Buhari’s position, the  President of the Nigeria Union of Local Government Employees (NULGE), Hakeem Ambali, said Buhari was merely stating the obvious.

The NULGE President nevertheless admonished the president to go beyond the statement and ensure governors, especially those in APC to sign the local government autonomy bill into law.  

“He should go beyond that statement. He is the leader of the party, he should ask them to sign the autonomy into law; he is the leader of the governors,’’ he said.

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Ramaphosa Braces for Calls to Resign Over $580,000 Theft at Farm

The panel found the president may have violated sections of the constitution following a theft of $580,000 that was stashed in a sofa at a game farm he owns.

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Cyril Ramaphosa

South African President Cyril Ramaphosa’s allies are steeling themselves before a meeting of the governing party’s top leaders at which he’s likely to face calls for his resignation.

The African National Congress’s National Executive Committee will on Thursday discuss the findings by an advisory panel that there may be a case for Ramaphosa’s impeachment. The panel found the president may have violated sections of the constitution following a theft of $580,000 that was stashed in a sofa at a game farm he owns.

The release of the panel’s report on Wednesday night triggered a slump in the rand. The NEC meeting is scheduled to start at 7 p.m.

Party officials met with the ANC’s chief whip and the speaker of parliament to discuss the report on Wednesday, according to people familiar with the matter. A group of NEC members sympathetic to Ramaphosa held a meeting of their own, said the people who asked not to be identified discussing private party matters.

Pule Mabe, the ANC’s spokesman, didn’t immediately respond to a request for comment sent by text message.

Resignation Option

The meeting of Ramaphosa’s supporters was called by Minister in the Presidency Mondli Gungubele. Two NEC members who are close to Ramaphosa expressed concern that the president may opt to resign — a replay of what happened in June when the scandal over the game-farm theft first erupted and he took advice on whether or not he should quit.

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Ibom MRO to Bring in Forex to Nigeria 

Akwa Ibom State to open a cutting-edge smart terminal building at the Victor Attah International Airport

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The governor of Akwa Ibom State, Governor Udom Emmanuel, has announced that the state is close to opening a cutting-edge smart terminal building at the Victor Attah International Airport and that this will generate foreign exchange for Nigeria. 

Investors King has also learnt that an MRO facility for aircraft would be operational from January.

This comes on the heels of praise from his Edo State counterpart, Gov. Godwin Obaseki, who attended the Tuesday reception in Uyo for two additional A320-200 Airbus aircraft that the state’s Ibom Air fleet had leased from a European company.

Speaking at the event, the governor of Akwa Ibom said that while there were already efforts underway to persuade the government to lease the MRO, the MRO is an investment because it was built with naira, despite its current depreciation, and will therefore generate income.

The Akwa Ibom governor said “Our terminal building is world-class in Africa, our MRO is world-class. If you find one today in the entire Gulf of Guinea, tell me I’ll disassemble this one and build another.

“Look at our MRO; what you see here can accommodate two 747 aircraft as well as eight CRJ aircraft, which we are flying for servicing at the same time.”

“This is the only MRO in this part of the world today, and these facilities are not built with local currency, but we are building this MRO with naira that has no value.”

“I invest in areas where we can see a return on our money. Right now without blinking an eye, I can make over $ 30 million with this MRO if we decide to sell but we are not selling, we will make a foreign exchange from this investment.

“Airbus is on us to come and lease our MRO for all their regional flights, but we are not selling.

“We are going to open up this place ( MRO facility) from January next year for commercial activities and we are going to earn in dollars.”

He thanked Ibom Air’s Board of Directors, Management, and Staff for making him proud, emphasising that “they have done very well.”

Gov. Obaseki, who spoke at the event, stated that Akwa Ibom has become the country’s flagship state for its efforts to invest in and make significant strides in the aviation sector.

Obaseki described Akwa Ibom as the country’s flagship state for its efforts to invest in and expand the aviation sector. “Ibom Air is always completely booked.” Let me thank you on behalf of Nigerians,’’ Obaseki said.

In his remarks, the Managing Director of Ibom Airlines., Mr Mfon Udom announced plans to begin regional flights in 2023.

Udom said the new addition to the fleet of Ibom Air would expand its carrying capacity and boost employment opportunities in the state by 40 per cent.

“With this new capacity coming on board, we are delighted to inform our passengers that we have increased our offerings, providing more frequencies for their convenience.

“The Uyo-Lagos and Uyo-Abuja routes now have three frequencies each every weekday, while our Lagos-Abuja passengers will have seven frequencies to choose from both ways, every weekday,’’ he said.

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