According to NMGS, the volume of stolen oil exceeds the amount officially sold

  • Call for scientific data-driven mining

The Nigerian Mining and Geosciences Society (NMGS) has lamented that oil theft has become a Frankenstein monster, with the amount taken now exceeding what can be sold legally.

The president of NMGS, Akinade Olatunji, spoke after being installed as the society’s 32nd president in Ibadan, the capital of Oyo State, and advocated for a comprehensive approach to combating the scourge. Olatunji stated that increased security surveillance will not prevent oil theft, emphasizing the importance of communities instilling a sense of ownership over the assets in their territories.

He believes that giving tokens to communities that are aware of the vast resources being carried away from their lands does not foster patriotism or a sense of belonging. As a result, Olatunji advocated for intentional and deliberate steps to ensure that the assets are owned or co-owned by the community.

Read: Deborah: Family disputes rumors of cleric’s bequeathed assets being withdrawn

“The oil-producing communities in Nigeria are long overdue for a kind of marshal plan that will transform them from the ghetto setting to the glamorous setting they have seen in cities built with money from their resources,” he said.

“The amount of resources allocated to oil communities in the Petroleum Industry Act (PIA) is insufficient to ensure the kind of return on investment required for the oil and gas sector’s long-term survival and profitability.”

“This is an aspect of the PIA that must be urgently amended, or the Bill’s entire prospects may be jeopardized.” In order to solve this challenge, we must think outside the box.
This had gone on for far too long.

“The joy and excitement that greeted the passage of the Petroleum Industry Act 2021 demonstrated that the sector was long overdue for comprehensive reform.” The PIA has instilled new vigour, energy, and passion in the sector.

“The NMGS believes that the PIA should be made to function.” There is no such thing as perfect legislation; we can only learn about its flaws when we apply it. The highlighted flaws can subsequently be addressed and reinforced by suitable National Assembly changes. The NMGS is pleased that the PIA is an excellent endeavor to remove the opacity and irregularities that have characterized the country’s oil and gas sector over the previous 20 years.”

Speaking on the need to restructure the solid mineral industry, Olatunji stated that the sector’s potential is enormous and emphasized the importance of shifting away from the’scavenging’ mentality and toward scientific data-driven mining.

Checkout: The influx of counterfeit Casio calculators and educational materials disturbs stakeholders

He attributed the sector’s modest success to the dedicated efforts of its members leading major federal agencies, who, despite all the hurdles, have remained committed professionals motivated to making a difference in their calling.

“The NMGS is indeed proud of them, and we know they can do much more if the political backing is there for them to function.” “At the federal level, there is a Road Map for the Solid Mineral Sector that was designed based on the Nigerian Minerals and Mining Acts of 2007.” The Road Map is a comprehensive document created by expert groups that include members of the NMGS. The Road Map is quite strong, and it clearly outlined our goals as a country seeking to be taken seriously in the solid mineral industry. The document includes major Performance Indicators (KPIs) that can be used to track the progress of all major participants in the Road Map’s implementation.

“The NMGS believes that it is time to compare everything done in the last ten years to the KPIs.” We cannot proceed without first reviewing how well we are doing in achieving the sector’s primary reform agenda. The assessment is required to enable for the rectification of errors and the strengthening of any weak links discovered during implementation.”

Leave a Reply

Your email address will not be published. Required fields are marked *