Ex-NNPC GMD Obaseki, Calls for Petroleum Sector Deregulation

Cat:

Related stories

Peter Obi’s Dangerous Game By AZU ISHIEKWENE

By AZU ISHIEKWENE Peter Obi has the best chance against...

French president sues Candace Owens over claims his wife is a man

French President Emmanuel Macron and his wife, Brigitte, filed...

TotalEnergies Warns of Looming Oil Glut

TotalEnergies (NYSE: TTE) reported on Thursday its weakest adjusted...

French Company Secures Ownership of DStv, GOtv in $3 Billion MultiChoice Deal

By Abiola Olawale  A French media conglomerate, Canal+ has finalized...

The former Group Managing Director of the Nigerian National Petroleum Company (NNPC), Dr Jackson Gaius-Obaseki, has advised the Federal Government to consider full deregulation of the value chains of the nation’s petroleum sector.

Gauis-Obaseki, who is currently the Chairman of the Board of Directors of the Brass Liquefied Natural Gas Company Limited, gave the advice at the 11th Oil Trading and Logistics Expo in Lagos on Monday.

The theme of the conference was “Downstream- Renewed Opportunities’’.

He said it was high time Nigeria embraced deregulation in full fledge.

According to him, Nigeria can no longer afford to stifle growth of the oil sector through regulation which should be opened up for players to play active part therein.

He also said Nigeria should be wary of politicians’ unbridled meddling in the affairs of the sector, adding that the nation’s petroleum sector should be treated strictly as business.

“I remember in 2012 when we first removed subsidy, the country was locked down for three days. But I’m happy today that the country has succeeded in removing subsidy in diesel and partially in petrol.

“I never imagined that subsidy removal will happen in this country but it has started,’’ he said.

Also, the Deputy Minister of Energy in Ghana, Dr Mohammed Adam, said his country had deregulated its downstream sector of the petroleum sector, adding that the prices of petroleum sector were determined by demand and supply.

He urged Nigeria to lead the way in turning around the petroleum sector in West Africa because of its stature.

Mr Joseph Akinlaja, Chairman, House of Representatives Committee on Petroleum (Downstream), wondered why only few out of the 18 operators granted refineries licences by the Federal Government were making headway.

Akinlaja said that the government should consider giving more investors opportunities to invest in refineries, to boost in-country refining and opening up the economy for better prospects.

He, however, assured that the lawmakers in the country would play a pre-eminent role in ensuring that the petroleum sector added value to the country through proactive legislation.

He promised that the House would soon pass the Petroleum Industry Bill to spur growth in the nation’s oil and gas sector.

Mr Reginald Stanley, the former Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), said the country was faced with refineries’ challenges.

According to Stanley, this is because a lot of money goes into building refinery.

He appealed to the government to assist refinery investors by granting them loan facilities.

NAN

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Akpabio vs Natasha: High-Stakes Drama as Immigration Officers Seize, Release Natasha's Passport at Abuja Airport Peter Obi’s Dangerous Game By AZU ISHIEKWENEFrench president sues Candace Owens over claims his wife is a manTotalEnergies Warns of Looming Oil GlutFrench Company Secures Ownership of DStv, GOtv in $3 Billion MultiChoice Deal2027 Calculations: Tinubu's Minister, Nentawe Yilwatda Takes Over as APC National Chairman, Succeeds Ganduje#EndSARS: Court Orders IGP Egbetokun to Pay N10m for Violating Protesters' RightsFrench Company Secures Ownership of DStv, GOtv in $3 Billion MultiChoice Deal2027: Osun Senators' Defection to APC, a Grave Error, Governor Adeleke’s Aide Blasts Fadahunsi, Fadeyi Mystery Buyer of First Bank Stake Spurs Query From Nigeria’s SECThailand recalls ambassador to Cambodia amid border tensionsFor Aisha Buhari at a time like this By Funke EgbemodeSaraki Blasts Atiku, David Mark, Dino Melaye, Dele Momodu, Other PDP Defectors, Says Mass Exodus Lacks Vision2027: Four Senators Dump PDP as APC Numbers Rise To 70 in Upper Chambers[VIDEO]: Battle Rages As Amaechi Storms Rivers, Pulls Unprecedented Crowd for ADC
X whatsapp