OUR VISION

Oil Marketer Laments FX Scarcity, Inadequate Delivery Ships on Product Marketing
By: Marine & Petroleum

Downstream oil and gas operator, Eterna Plc has lamented the effect of the intractable scarcity of foreign exchange (FX) and the inadequate number of delivery ships technically known as ‘Mother vessels’, bringing imported petroleum products to Nigeria.

The newly- appointed Managing Director and Chief Executive Officer of the oil marketing firm, Mr. Benjamin Nwaezeigwe, who said the foregoing challenges had put marketers in a tough business situation, however, urged the federal government to urgently deregulate the downstream sector and allow a free market environment to thrive.

Nwaezeigwe made the assertions yesterday in Lagos, during an interactive session with journalists, explaining that the Russia-Ukraine war had also made accessing petroleum products like other import commodities costlier and difficult.

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Buhari govt makes u-turn, awards Tompolo multi-billion pipeline protection contract
By: Wale Odunsi

President Muhammadu Buhari’s government has awarded Government Ekpemupolo, better known as Tompolo, a pipeline surveillance contract. The former militant leader was the Commander of the defunct Movement for Emancipation of Niger Delta (MEND).

The deal is described as a renewal as Tompolo got a similar deal during the Goodluck Jonathan administration. The government and the Nigerian National Petroleum Corporation (NNPC) Limited agreed to engage Tompolo to end illegal bunkering, illegal refining and oil theft in Niger-Delta communities.

It is a reversal of the initial stance which saw the cancellation of the contract months after President Buhari assumed office.

A source close to Tompolo told The Nation that the current deal is worth over N4billion monthly..

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Ghana Has Developed a Maritime Policy. Here Is What It Means
By: The Conversation Africa

Ghana has an abundance of marine resources. They include fisheries, hydrocarbon reserves, inland waterways, and ports that are located along important international shipping lanes. These present the country with a wide range of opportunities for ensuring food security, bridging income inequalities, attracting foreign direct investment, increasing domestic production, and enhancing trading conditions.

This underscores the imperative to harness and safeguard them wisely.

About 7.5 million people in Ghana live in coastal areas and double that number live about 50km away from the coast. Like many other coastal African countries, Ghana significantly relies on its blue economy for income, employment, and food. The oil and gas sector has generated over $4 billion) in revenue since commercial operations began in 2010. And about 10% of Ghana’s workforce is employed in the fishing sector, which also accounts for 4.5% of the country’s GDP.

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Congo signs MOWCA Maritime Bank Charter
By: Sun News

Democratic Republic of Congo (DRC) has signed the charter supporting establishment of Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) and indicated interest to acquire shares in the budding financial institution.

Dr. Paul Adalikwu, MOWCA Secretary General, who confirmed the development said the recent endorsement by the Central African country, brings the number of member states endorsements to 9.

Adalikwu added that the charter requires a minimum of eight member states’ endorsements and the recent development raises hope of more countries signing up to support the institution. The current Chairman of MOWCA’s Council of Ministers and Transport Minister of Ghana, Mr. Kwaku Ofori Asiamah has also assured of his country’s readiness to sign the charter and take its position in the financial institution.

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