₦airaland Forum

Jacseyi:
My brother all your points are valid and still point to the fact that are leaders are terrible. However, I believe local investors like Dangote, Tony Elumelu, Otedola, Chukwuma and others should take over those assets. Nigerian businessmen maybe greedy but they are very good at business and they would continue manage those assets. Some of them may fail but others would buy them and keep the oil sector going. This is 2019, we can't wait on whites to do everything for us. Just imagine, those IOC should have been made to list on NSE long time ago but due to some powers, they can't. Let our local do it and fail until they master it. For your information, those IOC are going to small countries where they would be dictating to their governments, unfortunate enough, they are African/blacks countries. You need to read what these people were saying about Nigeria people and government in the leaked documents released by wikileaks

I understand everything you said bro and I know of the Wikileaks documents on how foreign investors speak ill of Nigeria government and communities. But my stand remains. The bitter truth is if you let loose the chains from a black man he becomes a mad man intoxicated by power and loose all sanity. I don’t know if Na so God program black man because I still can’t phantom why can’t we build this country to a world class standard with our own hands by leaving together as one, push for standard infrastructures, security, Constance power, standard educational system and good health care system. These things won’t cost up to $100 billion dollars if truly government meant well for Nigeria since 1960 till date.

Jacseyi:
Nigeria govt and NNPC must do everything possible that local investors get the lion investments

akuko

ednut1:
saw nothing coming. There was no more subsidy free money so he fled

Subsidy is free money still flowing. It is now 19.27 per litre and our consumption has doubled; do the Maths brother!

Omooba77:
Subsidy is free money still flowing. It is now 19.27 per litre and our consumption has doubled; do the Maths brother!

not entering individual hands. Na nnpc dey run am. They are using crude oil to pay

SoNature:
How are the IOCs ripping Nigeria apart when the NNPC doesn't provide funds for E&P even when there's a standing JV that defines how the venture should be run?

I am patiently waiting for your response.

Read my response again sir.

I am not in any way supporting the non adherence to contractual agreements by the FGN but also know that most of these contracts were signed under extenuating and shady circumstances so technically its a rip off from the start if you ask me whether the govt is meeting their own part of the obligation or not.

Again another angle is that the O & G industry is at a tipping point and approaching maturity so it's strategically ok for the IOCs to divest and move to new markets craving for investment where they can also sign these parasitic deals and the vicious cycle continues from there

I have seen some of these JV contracts and I can tell you that quite a hand full are not in our favour.

Thankfully the FoB and PlB acts have made it easy to have access to this information.

Job losses loading.
Dangote increases monopoly

deenee:
That is if they have the capacity and capability manage these assets.

I pray our oil and gas industry does not go the way of the power sector where assets were stripped and sold to cronies instead of competent professionals leading us to where we are now.

On the flip side this is maybe an opportunity for the local companies to expand their scope and become better.

In as much as I don't support these IOCs because I know that they are ripping us off with the contracts currently running but again the question I beg to ask is what were our govt officials thinking when they signed these contracts?

God bless Nigeria.

From what you wrote, I can see that you know nothing about JV contracts. Don't blame the IOCs, they have nothing against you, blame the government.

MrMan24:
From what you wrote, I can see that you know nothing about JV contracts. Don't blame the IOCs, they have nothing against you, blame the government.

Oh really so you think....well thank you