Connect with us

Business

Group Asks Oil Majors to Replace Expired Pipelines

Published

on

Pipeline Vandalism
  • Group Asks Oil Majors to Replace Expired Pipelines

The new Chairman of the Ijaw Youth Council Worldwide, Central Zone, Mr. Tari Porri, has called on multinational oil companies operating within the zone to replace all the expired pipelines.

The zone comprises Bayelsa State and some local government areas in Rivers State.

Porri made the call on Tuesday in Yenagoa, Bayelsa State capital, during the swearing in of the executive committee members of the zone.

He lamented that the majority of the pipelines criss-crossing the zone had expired and that conscious efforts were not made by the relevant authorities and oil firms to replace them.

He also called on the international oil companies to relocate their headquarters to the zone if they were willing to operate within the vicinity of Ijaw land.

Porri said, “Most of the explosions, most of the things that happen in the environment are not caused by Ijaw youths. Ijaw youths are law abiding; Ijaw youths are not fighters; and we are hardworking.

“I want to say that all the multinational oil companies that are operating in our zone should please, as a matter of urgency, commence the process of replacing all the pipelines across the central zone that have expired as we will no longer tolerate corrosion, explosion and equipment failure.

“It is unfortunate that most of the pipelines criss-crossing the entire zone have expired. We therefore call on the oil companies to replace them in the interest of peace and security in the region.’’

He frowned on the situation whereby indigenes of Ijaw in the central zone were denied contracts by oil companies, saying the youth would no longer tolerate such development.

He added, ‘’These oil companies have a way of creating contracts for non-indigenes, for non-Bayelsans, for non-central zone businessmen and part of the enjoyment in the oil industry is through the pipeline arrangement; that is why they are deliberately causing explosion in our environment.

“So, we implore the oil companies to replace all the expired pipelines in our zone with immediate effect.’’

Meanwhile, stakeholders have lamented the spate of oil spillages and other environmental pollution in the Niger Delta.

They, therefore, called on the government to “stop gas flaring and clean up the Niger Delta as recommended by the United National Environmental Protection report”, and “enact good environmental laws” to protect the environment.

The stakeholders made the call in Yenagoa during a town hall meeting organised by Face Initiative and Mac-Jim Foundation.

They also urged the communities to engage in activities such as planting of trees to restore the environment and desist from harmful practices such as improper disposal of waste.

They called on the Federal Government to prevail on oil companies operating in the Niger Delta to evolve mechanisms to halt the continuous pollution in the region occasioned by extractive activities.

Two resource persons, Dr. Charles Oyibo, a Geography lecturer with the Niger Delta University and chairman, Nigerian Environmental Society, Bayelsa State chapter; and the Executive Director, Mac-Jim Foundation, Mr. Godson Jim-Dorgu, delivered papers on the ‘Role of Community in Environmental Protection and Management’ and ‘Negative Impact of Environmental Pollution’, respectively.

The participants, numbering about 100, comprised traditional rulers, community development committees, women and youth groups of host communities, representatives of security agencies and ministries of environment, education and agriculture, the Central Bank of Nigeria, civil society organisations and the media.

They were unanimous in their submissions that the people’s traditional means of livelihood, particularly fishing and farming, had been adversely affected by the environmental degradation caused by actions and inactions of the government and oil firms.

They also expressed concern that the youth of the region, instead of preaching against environmental pollution, had joined the fray by carrying out illegal oil bunkering and illegal refining in the creeks.

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

Continue Reading
Comments

Company News

Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

Published

on

Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

Continue Reading

Business

Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

Published

on

Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

Continue Reading

Business

Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

Published

on

Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending