Connect with us

Finance

Community Development: Shell Spends N21bn in Bayelsa

Published

on

Shell
  • Community Development: Shell Spends N21bn in Bayelsa

A multinational oil company, Shell Petroleum Development Company, says its operated joint venture spent a total of N21.71bn on development of communities in Bayelsa State between 2006 and 2017.

The Manager, External Relations, SPDC, Igo Weli, made this known on Thursday in Yenagoa, Bayelsa State capital, during the presentation of the 2018 Shell Nigeria Briefing Notes to journalists.

Weli, represented by the Manager, Stakeholders Relations, SPDC, Dr. Alice Ajeh, said the N21.71bn was the highest investment so far made by the firm and its partners in the Niger Delta.

He noted that the payments represented the total funds disbursed to the 14 Global Memorandum of Understanding clusters in the state since the inception of that mode of community development in 2006.

Weli said, “If you subtract this amount from the N41.10bn invested in the 37 active GMoU clusters in the Niger Delta, it shows that the Bayelsa State remittances represent more than half of the total sum spent on the GMoUs in the region.

“Part of the reason for the record expenditure is the number of project the GMoUs, which we implemented, for example Gbarain-Ubie integrated oil and gas development. We are pleased at the contributions of the various GMoU clusters to the development of Bayelsa State.”

He added that the GMoU clusters in Bayelsa State had blazed the trail in community development, operating transport schemes, providing skills training and building amenities and infrastructure.

Weli stated for instance, the Kou Cluster trained over 40 fishermen and women in modern fishing methods and gave them boats, outboard engines and fishing gears, noting that another cluster, while the Iduwini Development Foundation sponsored several students to the United States.

He said, “In another novel social investment in Bayelsa State, the Shell Group is implementing the Oloibiri Health Programme to strengthen health care in Ogbia Local Government Area as part of the projects to mark Nigeria’s centenary anniversary.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Advertisement
Advertisement