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Business

Nigerians are taking over expatriates’ jobs in oil & gas sector – Petroleum Minister

The Minister said COVID gave Nigerians the chance to be engaged with jobs the expatriates would have done.

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NCDMB launches LPG Composite Cylinder Manufacturing plant in Bayelsa, IOCs, Nigeria, Timipre Sylva, crude oil, Minister proposes 2020 timeline for rehabilitation of Warri, Kaduna refineries , FG to cut huge energy cost through gas commercialisation initiative, FG discloses plan to sell fuel at N97 per litre , FG give reasons why it won’t allow marketers determine petrol price despite deregulation, FG explains reasons for deregulating downstream oil sector

Nigerians are taking over expatriates jobs in the Oil and Gas sector, as the latter have not returned to Nigeria after the lockdown was eased and international flights were allowed into the country.

This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, during an interview on ChannelsTV on Monday.

READ: FG will convert one million cars to gas at no cost – Minister

According to the Minister, the Coronavirus pandemic has created several opportunities, as he explained that the development has given Nigerians the chance to be engaged with jobs that the expatriates would have done.

He said: “COVID-19 has allowed our people to be more engaged. At the beginning of the lockdown, expatriates left Nigeria as they had to return to their countries and they have not returned till now. That means Nigerians have to step in their shoes. Since then a lot of Nigerians are more engaged in the decision making in the sector.”

READ: Oil prices suffer worst trading loss in a month

What you should know

  • A significant number of expatriates in Nigeria pre-covid oversaw some of the country’s biggest companies. They played such roles as Chief Executive Officers, Chief Operating Officers, Chief Financial Officers, and more. Interestingly, they are not all Europeans and Americans.
  • Nairametrics stated in one of its earlier reports that there are two main reasons these foreigners are hired to lead Nigeria’s biggest corporations.
  • The first reason is the fact that a significant number of Nigeria’s big corporations have foreign entities as majority shareholders. In view of this, it is understandable when the owners of such companies bring in their people to better represent their interests.
  • The second reason is the fact that foreign nationals (especially those from Europe and North America) are often thought to possess better expertise than their Nigerian counterparts. As such, they are treasured, even as they get to earn quite a lot of money in executive compensation.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

3 Comments

3 Comments

  1. Rainat

    February 9, 2021 at 9:19 am

    Great news

    • Wale

      February 9, 2021 at 4:29 pm

      Nonsense great news! There is nothing of such, the expats are still here doing their regular rotations and jobs.

      • Donald

        February 9, 2021 at 9:47 pm

        Minister is lying

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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Business

FG urged to sell-off “unproductive” Ajaokuta Steel Plant

The FG has been urged to sell the moribund Ajaokuta steel plant located in Kogi State.

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Ajaokuta Steel Plant: FG Spends N2bn Salary Every Year on Workers Doing Nothing 

The Federal Government has been urged to sell the moribund Ajaokuta steel plant located in Ajaokuta, Kogi State. The FG was advised to sell the defunct facility to the private sector, which would be more capable to turn the massive structural investment into a profitable venture.

The call was made by the Chairman and Managing Director of Energy Services Limited, Chief Sunny Onuesoke who spoke to newsmen in Warri after visiting the plant last week.

He lamented that no Nigerian would feel good about the country after visiting the $8bn structural investment which has never “produced a single bar of steel since reaching 98% completion as far back as 1994.”

On his visit to the plant, he reported that it was a very emotional experience for him.

“I went there, I cried and asked what exactly is the problem?” he said.

He reflected on the numbers associated with the moribund Ajaokuta steel Plant from its flag off in 1979 to date.

  • 3.9bn was budgeted for the resuscitation of the facility in 2016
  • 4.27bn was budgeted for the same purpose in 2017

Onuesoke said that successive governments have plunged about $8bn into the complex since 1979. He lamented that the FG has been wasting the huge sum of N2 billion for payment of staff salaries every year for doing nothing.

“Why would anyone continue to pump money into an unproductive enterprise? Why do government keep promoting, paying staff salaries, pensioning, and retiring them?

“Why does government spend an appropriation budget on the maintenance of a plant that is not working? How do you maintain a non-commission plant?” Onuesoke queried.

The Ajaokuta steel plant has been in a moribund state for four decades with no concrete plans on the ground for its full resuscitation.

What you should know 

  • Nairametrics earlier reported on the 3 key reasons why the Ajaokuta Steel Plant has remained moribund for more than 4 decades. You can find them here
  • The Ajaokuta steel company was constructed by the Soviet Union in 1979 under a cooperation agreement with Nigeria, the complex reached 98% completion by 1994.

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