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Posted On

11
March
2022

Stakeholders Commend NCDMB’s Investment In Base Oil Plant

Key stakeholders of the oil and gas industry have commended the Nigerian Content Development and Monitoring Board (NCDMB) for catalyzing the development of critical oil and gas facilities, including Bunorr Integrated Energy Limited which would produce lube oil and other lubricants in-country.

The stakeholders gave their commendations when they toured the base oil manufacturing plant located near Omagwa, Rivers State. The project is one of the Board’s flagship projects and is expected to be commissioned later in the year and the visit was in continuation of stakeholders’ tour of the Board’s projects, partnerships, and initiatives in the Niger Delta region.

Welcoming participants to the facility, the General Manager, Corporate Communication and Zonal Coordination, NCDMB, Dr. Ginah O. Ginah explained that the tour of the Board’s projects was conceived to enable critical stakeholders of the oil and gas industry to see the Board’s projects for themselves so they can fully appreciate the achievements and the huge impact on the nation’s economy.

He noted that the Board had continually promoted its projects and programmes using various media platforms and created necessary awareness over the years, however, there were huge benefits in bringing stakeholders to see the projects in real life and understand their benefits on the local economy as well as the role of communities and other stakeholders to the sustainable operations of the assets.

He hinted that the Board’s focused implementation of the Nigerian Content Act had ensured the increase of Nigerian Content performance from 5 percent in 2010 to its current level of 42 percent.

He also indicated that the Board had introduced a Community Content Guideline (CCG) and one of the objectives of the policy is to establish critical infrastructure in communities to attract development. According to him, Bunorr Integrated Energy Limited fits perfectly into that objective of the CCG, as the facility has had positive effects on Omagwa and neighbouring communities by providing employment, entrepreneurial skills and jobs for the locals and creating a friendly environment for more oil and gas industry activities to thrive while engendering sustainable peace in the region.

In his remarks, the founder and chairman of the base oil plant, Dr. Mason Oghenejobo indicated that the oil and gas green energy company will be fully operational by the second quarter of the year, with a plan to blend waste oil to get other derivatives of other lubricants. While fielding questions from stakeholders, he stated that NCDMB owns 45 percent equity in the plant while its original founders have a 55 percent stake. He said the Board was attracted to invest in the project because of the immense benefits of converting used oil to lubricants, which saves enormous capital flight, creates employment and contributes to societal development.

He lauded the Board for modelling a structure, governance process and control that has improved the company and set it up on a growth path. He also praised the Omagwa community for their peaceful disposition which has culminated in the benefits the community has derived from the firm, including employment, procurement and several other contracts. He envisioned the company’s growth from 200,000 litres per day plant into an integrated plant of other derivatives of base oil for expansion into the African market for energy self-sufficiency.

In his comments, the Rivers State Commissioner of Information and Communications, Pastor Paulinus Nsirim who spoke through his Permanent Secretary, Barr. (Mrs.) Ibiware Clapton-Ogolo expressed satisfaction with the Board’s commitment to supervise and monitor the project to completion. He stated that “everyone witnessing this project will be impressed that some government officials do their jobs creditably, contrary to the widespread belief that government agencies are lethargic to their duties. This is a clear demonstration that there are people in government who are responsible and accountable.”

Also speaking, the President of the Port Harcourt Club – 1928, Mr. Soe Dikibo expressed his amazement at the facility and its partnership with NCDMB. He noted that the Board’s plan to fabricate most of the plant’s equipment in-country is commendable.

A journalist and President of the Rotary Club of Port Harcourt – Garden City, Mr. Precious Ahiakwo-Ovie also lauded the Board for its numerous development strides and for affording stakeholders first-hand opportunity to be enlightened on the Board’s programmes. He extolled the increase of Nigerian Content from the initial 5 percent at the passage of the NOGICD Act in 2010 to the current level of 42 percent and the projection to hit 70 percent by 2027.

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