King Dakoru Confident Local Firms Can Replace Exiting IOCs

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The Amanayabo of Nembe Kingdom, Edmund Dakoru has expressed confidence that Nigerian companies can effectively replace International Oil Companies (IOCs) that are exiting the country.

Last year, Royal Dutch Shell announced its plan to offload onshore Nigerian oil assets in a bid to move to cleaner energy.
It said it was discussing with the Federal Government to sell its onshore oil assets in the country.

Also, Seplat Energy a few weeks ago announced it had entered into a contract with ExxonMobil, to buy Mobil Producing Nigeria Unlimited’s entire oil assets in Nigeria. That includes all of Exxon’s entire shallow water assets in the Niger Delta.

However, Dakoru, who is also the Chairman, of Nigeria Liquified Natural Gas (NLNG) and Bonny Gas Transport Limited (BGT), said much as it is regrettable that the IOCs are leaving the country, the Nigerian Local Content Act which was passed into law in 2010 has assisted local industries to improve their management capacity tremendously to the extent that many can boast of maintaining international standards in both oil and gas production and industry services.

King Dakoru said this while welcoming the new Group Managing Director, C & I Leasing Plc, Lenin Ugoji and members of his team to his Palace. C &I Leasing Plc is a partner to NLNG, particularly in the area of provision of operationally leased vessels.

King Dakoru who was also a former Minister of Petroleum during the regime of former President Olusegun Obasanjo, believes that the Local Content Act so far has been a success, and therefore called on Nigerian companies to do more training and research so that they could compete favourably all over the world.

Ugoji in his response expressed the company’s gratitude for the warm welcome the king accorded his team and told the monarch of the company’s desire to partner with the NLNG for the mutual benefit of both organizations and Nigeria at large.

C&I Leasing Group PLC is a Nigerian public limited logistics & maritime company established in 1990 as a private company and later got listed on the Nigerian Stock Exchange, now Nigeria Exchange Limited in 1997.

Over the years the company has registered itself in the provision of internationaLimitedrd services, a good example of what the Nigerian Content Act has achieved.

The C & I Leasing Marine Unit provides a range of both onshore and offshore services to take advantage of the opportunities in the Nigerian Local Content laws. It owns, charters and operates specialised Vessels on a contractual basis from short to long term for its numerous clients. It primarily Operates self-owned and also charters offshore vessels and security patrol ships, Tugs, Line Handlers and Crew Boats operating in the Gulf of Guinea and Bonny river delta.

The company employs about 7,500 people across the country and operates out of seven local and international offices located in; Port Harcourt, Benin, Enugu, Lagos, Abuja, Ghana and United Arab EinternationalGhana Operations are through its subsidiary Leasafric Ghana Limited and in the United Arab Emirates through its subsidiary Epic International FZE.