Utomi, Big Tent demand clarity on happenings in NNPCL

By Juliet Umeh

Prof. Pat Utomi, Convener of The Big Tent Shadow Team, has urged the Federal Government to urgently clarify reports surrounding the alleged forced resignation of the Nigerian National Petroleum Company Limited, NNPCL, chief executive, warning that the silence is fuelling uncertainty in the oil sector.

In a statement on Saturday, Utomi said the speculation is already “poisoning investor confidence” and could push Nigeria further behind other oil-producing nations.

Utomi said: “It would be two steps forward and 10 steps backward if political interference in NNPCL and in policy formulation is allowed to persist.

“After appointing one of the most credible boards in a generation, this kind of uncertainty sends the wrong signal to global investors.”

He lamented that “self-interest by Nigerian public officials had made less endowed hydrocarbon countries such as Oman more attractive to investors, while even Bahrain has created more local jobs from projects that should have been executed in Nigeria.

He said: “Oil exports remain a lifeline for Nigeria’s revenues and that the government’s silence could erode the credibility the current NNPCL board has built internationally.

“We need a clear, unambiguous statement from the government. The NNPCL management is seen globally as capable of improving confidence in Nigeria’s oil and gas sector, this is a test of our readiness for prime play.”

Utomi stressed: “We must meet our domestic oil and gas needs before exports. There must be public sensitization on the many derivatives of processed oil and gas and the creation of industrial clusters around Nigeria’s mineral and agricultural resources.

Utomi added: “The imperative of now is job creation and economic growth. Nigeria cannot afford to keep losing ground in the global oil and gas value chain.”

The group’s Oil and Gas Shadow Team also urged the FG to reverse “excessive over-regulation,” improve ease of doing business, and adopt a self-regulation model involving certified engineers stamping project approvals.

On fiscal policy, the group criticised the current import duty waiver process, saying the costs and bureaucracy often outweigh the benefits for local operators.

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