The divestment story in Nigeria’s petroleum upstream sector has been a successful case in terms of value creation, realisation, and retention for the economy, the Chief Operating Officer of Seplat Energy Plc, Mr Samson Ezugworie, has said.
According to the Seplat Energy COO, while the international oil companies put their focus on deep water activities, courtesy of their divestment programmes, the indigenous oil companies should be supported to grow onshore shallow water assets.
Ezugworie said this during a panel discussion at the 12th Practical Nigerian Content Forum at Nigerian Content Development and Monitoring Board (NCDMB) Headquarters, Yenagoa, Bayelsa State, themed ‘Deepening Nigerian Content Amidst Divestments, Domestication, and Decarbonization’.
The panel discussion was centred on the topic ‘Upstream Divestments: Outlining the Pathway to Success’.
“So, we need to enable the divestment opportunities that abound in the country today because that is the catalyst that will propel Nigeria to grow as has been set out by the current government,” he advised.
The Seplat Energy COO explained that Seplat Energy has been part of the divestment journey in the petroleum upstream sector of Nigeria and remains committed to driving excellence and advancing the fortunes of the Nigerian entity while impacting more lives and promoting national prosperity.
Seplat Energy started this drive in 2009, leading to the acquisition of the Western Asset blocks in 2010, and today, Seplat Energy’s operations cover seven onshore blocks.
Ezugworie attributed the successes recorded by Seplat Energy and other indigenous players to the potency of local content advocacy and urged Nigerians to be proud of the advancements and achievements thus far.
According to him, divestment activities do not only grow local potential in the Nigerian energy landscape but also tremendously boost capital development in the country, expand governments’ revenue base in the area of taxes, and create jobs for Nigerian businesses and Nigerians.
“Divestments in Nigeria have been of great success, and what we need to do today is make the sky wide enough for all the birds to fly,” he added, noting that funding remains very strategic, as the right balance must be struck between sourcing for funding locally and attracting foreign direct investments.
The Seplat Energy COO said: “Governance and ethics are also critical to getting the right funding. There should be a clear and transparent commitment to ESG (environment, social, and governance), and shareholders in the business should get the right dividend that retains existing investors and attracts new ones.
“The future looks bright for Nigeria, as we have quite several divestment opportunities in the country. Let’s enable those and allow the country to achieve organic growth.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
COP28 delegates: Invest in production, not frivolities, Peter Obi knocks Tinubu
Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 general elections has reacted to the long list of delegates that travelled with…
I studied for seven hours daily for four years — ACU best graduating student
To attain great academic success, the best-graduating student at Ajayi Crowther University for the 2022–2023 academic session, Susanna Akinteye, has…
CBN will freeze your accounts if you don’t link your BVN-NIN
The Central Bank of Nigeria (CBN) has said that all accounts without the Bank Verification Number (BVN) and…
How housewives are coping with exorbitant cost of pepper
YEJIDE GBENGA-OGUNDARE reports that in addition to significant increase in cost of food items, many Nigerian homes that…
Service chiefs on national security
SPEAKING at the Green Chamber when he led service chiefs to address parliamentarians on pertinent security issues last week, the Chief of…
Gusau outlines 2030 vision for Nigeria football development
President, Nigeria Football Federation (NFF), Ibrahim Musa Gusau, has outlined his plan for…
His main goal with China, he said, is to secure a “fair trade deal.”
The Methodist Church of Nigeria's Calabar Synod has appealed to President Bola Tinubu to promptly…
Trump's comments follow an April 19 Supreme Court ruling that temporarily halted the deportation of…
Across federal agencies, many employees opted for the second round of financial incentives, citing exhaustion…
Nigerian singer, Seun Kuti has narrowly escaped being hit by a stray bullet in the…
The Oyo State Government has awarded contracts worth N3.5 billion for the comprehensive upgrade of…
This website uses cookies.