[size=14pt]American energy trade delegation in Nigeria today[/size]
Tuesday, 14 February 2012 12:21 SIAKA MOMOH

In what looks like heightened U.S. interest in doing business with Nigeria, an American energy trade delegation to Nigeria, will meet industry players today at 4 pm prompt at Radisson Blu, Ozumba Mbadiwe Street, Victoria Island.

Admission is strictly by invitation. It would be recalled that only recently, major energy companies in the United States, namely General Electric and Chevron, among others indicated interest to invest in Nigeria’s power sector.

A United States trade delegation led by William Fitzgerald, Deputy Assistant Secretary of State for Africa, held talks with President Goodluck Jonathan in Abuja to underscore the group’s interest to invest in Nigeria’s energy sector.

America, he said “is glad that the Nigerian government is focusing attention on the energy sector”, assuring that his country would support the move.

“Nigeria’s roadmap to power supply is interesting and the United States strongly supports it”, he said, adding that “the momentum is building up” towards sufficient power supply in Nigeria.

He said the delegation included large companies such as General Electric and Chevron, to show the seriousness of the mission.

Responding President Goodluck Jonathan assured the delegation of the federal government’s intention to create a favourable environment for them to facilitate their mission.

“I am pleased you are interested in the power sector, and assure you that Government has the political will to support all investors in Nigeria” he told the delegation.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/33142-american-energy-trade-delegation-in-nigeria-today

And so what?

A friend said they have agreed to take over phcn,truth?

freegaza:

A friend said they have agreed to take over phcn,truth?

I don't know my broda, but we fervently pray that the dismembered PHCN be taken off our hands.
Any investment from anywhere in the power sector will be better than a million PHCN's.

just a little time more. GEJ CARRY GO.

Hmmm

. . . . . . . Security ops given new identities and undercover trade mission. They are here to surveil and assess a tactical approach to obliterate boko. finally. . . .Good development!!

nd do u have to post that.

Dudu_Negro:

. . . . . . . Security ops given new identities and undercover trade mission. They are here to surveil and assess a tactical approach to obliterate boko. finally. . . .Good development!!

Toooo knoww

who r u hiding it from, boko? u must think they are dummies!! boko has an intelligence operation more sophisticated than SSS. they have intelligence officers turned mercenaries recruited from syndicated operatives in West Africa, East Africa and unemployed remnants of the old Apartheid police of South Africa acting as paid consultants ans spies,

Conspiracy theories upon conspiracy theories. . . .

[b]http://www.momentng.com/en/news/6491/report-cautions-against-deepening-corruption-in-oil-sector.html

Report cautions against deepening corruption in oil sector
A new report by Global Witness, an international non-governmental organisation, has warned of a high risk of corruption in natural resource contracts in Nigeria and Angola.

A new report by Global Witness, an international non-governmental organisation, has warned of a high risk of corruption in natural resource contracts in Nigeria and Angola.

The report, titled ‘Rigged: The Scramble for Africa’s Oil, Gas and Minerals,’ calls for more transparency in the oil, gas and mining industries to prevent deepening corruption.

According to the report, released midweek, small and obscure companies involved in resource deals in Nigeria and Angola could be acting as fronts for government officials or their proxies.

Global Witness stated that in Angola, several small companies that have won access to the oil sector, sometimes partnered with multinationals, do not identify the beneficial owners of the companies and are owned by people with the same names as government officials.

In Nigeria, several obscure companies, one of which appeared to be controlled by a senator and another by an ally of a president, who was still in office, won lucrative oil contracts.


Minister Bling Bling

[img]http://cdn.bellanaija.com/wp-content/uploads/2010/04/Launch+Party+Chris+Aire+Hollywood+Glamour+pevYbtUslH5l.jpg[/img]
Chris Aire

A handful of companies have resolved cases based on alleged violations of the U.S. Foreign Corrupt Practices Act in Angola and Nigeria.

Obviously on this basis, the group called on the U.S. Securities and Exchange Commission to release long-awaited rules governing a new disclosure requirement covering oil, gas and mining company payments to foreign governments.

The report also raises concerns about opaque sales of mining assets in the Democratic Republic of Congo to offshore companies.

The U.S. disclosure rule, mandated by the Dodd-Frank financial reform package, has been a source of controversy, and the oil industry has fought hard to weaken the proposed rules, much to the concern of NGOs.

Global Witness warned that blunting the rules could undo years of increased transparency.

The group noted in a recent statement, ‘that positive trend has been cast into doubt as international oil companies threaten legal action in the U.S to stop the Securities and Exchange Commission implementing strong transparency rules.

‘Oil companies are also lobbying to water down plans for similar rules in the European Union. Despite “big oil” calling for a global “level playing field,” it appears to be fervently undermining efforts to create just that: a new global standard for transparency of revenue payments.’[/b]

[b]


Disquiet as Diezani Institute Radical Reforms in Petroleum Sector

http://www.thisdayonline.com/

14 FEBRUARY 2012
A series of measures recently initiated by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, towards government's efforts to sanitise operations in Nigeria's oil and gas sector threatens to ruffle age-long relaxed feathers in the sector.

Chineme Okafor writes on the composition and expectations of these sweeping measures Renowned American business magnate who is often regarded as one of the most successful investors in the world and chairman of Berkshire Hathaway, Warren Buffett once said: "In a chronically leaking boat, energy devoted to changing vessels is more productive than energy devoted to patching leaks."

Buffet's quote on the need for constant modification of aspects of human endeavors that have frequently failed to yield desired results may have spurred the Federal Government to initiate sweeping measures to sanitise operations in Nigeria's oil and gas sector, which have over the years been described as been shady and beneficial to few operators to the detriment of the larger Nigerian people.

However, the measures, which have come in different forms has been announced by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, within the last couple of weeks, did not come without some form of pressure from Nigerians who had in condemnation of the recent policy of deregulation of the country's downstream petroleum sector demanded for swift and precise reform in the sector without prejudice; government in acceptance of existing ills in the sector, agreed to instigate far-reaching actions that could in due time change the course of Nigeria's petroleum industry.

In the wake of the agitation for change, Alison-Madueke inaugurated committees and special taskforces that will superintend government's intentions to clean up the sector.



She constituted and inaugurated a special taskforce on the passage of the Petroleum Industry Bill (PIB) led by Senator Udoma Udo Udoma, a sub-technical committee for the PIB led by Director General of the Department of Petroleum Resources (DPR), Mr. Osten Olorunsola; and the twin committee is expected to work with the office of the petroleum minister, Attorney General of the Federation (AGF) and Minister of Justice to produce a new copy of the PIB for presentation to the National Assembly within the shortest possible time.

They will also liaise with executive arm of government and National Assembly to facilitate the passage of the PIB into law, as well as consult with various stakeholders to ensure that CSOs, organised labour and the media are carried along in support for the transmission of PIB for the greater benefit of the people of Nigeria.

Swiftly, the minister also moved to combat sharp practices in the Nigeria National Petroleum Corporation (NNPC), when she set up a special task force on governance and controls at NNPC and other parastatals within the ministry. The 11-man task force on governance and controls in the NNPC is headed by Mr. Dotun Sulaiman, a renowned management consultant and expert in organisational development, enterprise transformation and business process re-engineering.

Just when it became widely insinuated that government was paying lip-service to its vow to reform the petroleum sector with the composition of committees which were purportedly perceived to be compromised, Alison-Madueke went on to announce the composition of a committee to probe into all petroleum upstream and downstream revenue due to the Federal Government in the last few years.

The taskforce, which was set up with thematic terms of reference that include but not limited to: "Working with consultants and experts to determine and verify all petroleum upstream and downstream revenues including taxes and royalties due and payable to the Federal Government of Nigeria, take all necessary steps to collect all debts due and owing and to obtain agreements and enforce payment terms by all industry operators."

It will be headed by former Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, assisted by former Head of Service (HoS), Mr. Steve Oronsanye and 19 others. Reportedly, Ribadu who was the Presidential candidate of the Action Congress of Nigeria (ACN) in the last presidential elections has accepted to serve on the 21-man petroleum revenue special taskforce, a decision that was widely welcomed albeit dissent from his political affiliation.

Again, Alison-Madueke announced the constitution of a 22-man national refineries special taskforce, headed by former Minister of Finance, Dr. Kalu Idika Kalu and former Managing Director of Unipetrol, Mallam Yusuf Alli as its alternate chairman. They are mandated to produce a diagnostic report on the operations, finances, efficiency of Nigeria's four main refineries situated in Port Harcourt, Warri and Kaduna, at the same time, review all licenses issued for new refineries in Nigeria and their operational, technical, and financial readiness.

Considering the essence of the reform measures to Nigeria's economic quest, it will be instructive to highlight specific responsibilities of the different taskforces and committees so far set up by Alison-Madueke in this regard:

Udo Udoma Udo Special Taskforce on the Passage of PIB Bill

The taskforce which comprise Senator Udoma Udo Udoma as its chairman, Hon. Chibudom Nwuche, Senator Tunde Ogbeha, M.T Liman, Abdullahi Gumel, Ibrahim Dikko and Comrade Peter Esele, amongst others as members, will be expected to work in harmony with a technical sub-committee which will be charged with reviewing all former versions of the bill and come out with a draft within the next 30 days.

Their thematic responsibility as specified by Alison-Madueke, include amongst others; working with the technical committee and the office of the petroleum minister, Attorney General of the Federation (AGF) and Minister of Justice to produce a new copy of the bill for presentation to the National Assembly within the shortest possible time.

They will also work with the National Assembly to facilitate the passage of the PIB into law, consult with various stakeholders to ensure that CSOs, labour and the media are carried along in terms of support for the transmission of PIB into law. The Dotun Sulaiman-led Committee on Good Governance and Controls

The minister said at the inauguration of the committee that: "The governance and controls taskforce, which we are inaugurating today, is central to our strategy for reform and change within the NNPC and the various parastatals of the ministry of petroleum resources."

She noted that the terms of reference of the committee include designing a new corporate governance code for ensuring full transparency, good governance and global best practices in the NNPC and other parastatals, design a blueprint for separating policy from operations in NNPC and other parastatals and eliminate all rent-seeking opportunities and arbitrage in the NNPC system.

Alison-Madueke also requested the committee to develop a blueprint for professionalism in the parastatals and design a roadmap for transition into the Petroleum Industry Bill (PIB) regime.

The 21-Man Petroleum Revenue Special Taskforce In furtherance of the desire of government to heed to the yearning of Nigerians for an accountable and transparent petroleum industry, Alison-Madueke set-up the committee to be headed by Ribadu, one-time anti-graft chief.

The taskforce have terms of reference that include: "Working with consultants and experts to determine and verify all petroleum upstream and downstream revenues including taxes and royalties due and payable to the Federal Government of Nigeria, take all necessary steps to collect all debts due and owing and to obtain agreements and enforce payment terms by all industry operators."

They will also design a cross debt matrix between all agencies and parastatals of the Federal Ministry of Petroleum Resources, develop an automated platform to enable effective tracking, monitoring and online validation of income and debt drivers of all parastatals and agencies of the ministry.

Their assignment will also lead them to work with world- class consultant to integrate systems and technology across the production chain to determine and monitor crude oil production and exports, ensuring at all times the integrity of payments to the Federal Government of Nigeria and submit monthly report for ministerial review and further action.

National Refineries Special Taskforce The taskforce which was set up in Abuja by Alison-Madueke, is chaired by Kalu with the mandate to produce a diagnostic report on the operations, finances, efficiency of Nigeria's four main refineries situated in Port Harcourt, Warri and Kaduna.

According to a statement that was signed by the Permanent Secretary in the Ministry of Petroleum Resources, Sheikh Goni Musa, the taskforce is also expected to review all licenses issued for new refineries in Nigeria at the same time assessing their operational, technical, and financial readiness.

They will also design investment models with a road map to Nigeria's self-sufficiency in local production of petroleum products. These timelines and milestones are expected to be ready for consideration within the next 60 working days.

So far, what seemed to have started gradually is beginning to snowball into a force that may prove essential in repositioning the country's oil and gas sector. The composition of the committees and taskforces has been variously commended even in the midst of criticism.

Accordingly, people like Ribadu, Udoma, Kalu and Sulaiman stand to add bite to government's efforts, but it remains to see how well the raging 'Tsunami Diezani' will sweep off the mess in Nigeria's oil and gas sector.

THISDAY understands that the colouration of the minister's reform agenda is blowing a wind of discontent in the sector but in her word: "Government is bent on carrying out these reforms and I think we can all see the need for transformation and change, it's obvious we are beginning a new phase of transformation in our petroleum industry as we turn a new page. We have listened to the voices of Nigerians over the last few weeks as they spoke in unison asking for accelerated reforms in Nigeria's oil and gas industry."

She further added: "And these are reforms we had already began to put in place over the last few months, we want to anchor them very critically on the PIB which as we all know is the most critical piece of legislation to have come out of the oil and gas industry in the last 50 years or so."

At the recent inauguration of the taskforce on PIB, Alison- Madueke told the Udo Udoma Udo committee: "I think it goes without saying that as eminent citizens with great knowledgeand wide experience, the entire country and ourselves are all expecting that you use your wisdom gained over many years of professionalism and services and of course your good offices to ensure that all perspectives are brought to bear in the making of this historic piece of legislation with great potential for the transformation of our oil industry and the nation."[/b]