Imo State Governor, Hope Uzodimma, has raised concerns about the activities of major oil players—Shell, Mobil, Chevron, and TotalEnergies, questioning the genuineness of their investments in the Nigerian oil and gas sector.
In what he described as a cabal, Governor Uzodinma, who appeared on Channels Television’s Sunday Politics, yesterday, said these entities were undermining President Bola Tinubu’s efforts to revamp the nation’s economy.
Join our WhatsApp ChannelOn the alleged relocation of investors on the grounds of challenges in the Nigerian business climate, the governor contended that those leaving Nigeria were not legitimate investors.
He criticized the oil giants for their disregard of environmental laws in Nigeria, questioning their shift from onshore to offshore operations.
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Uzodinma questioned the authenticity of these oil giants, stating, “Why have they taken to offshore operation, abandoning onshore operation if they are genuine?”
He highlighted the contrast between oil locations in Houston, teeming with life, and those in Warri, describing the environmental degradation caused by offshore operations.
Asserting that those leaving Nigeria were not investors but beneficiaries of a cabal system, Uzodimma claimed they were departing due to an inability to exploit foreign exchange disparities, crude oil theft, and petroleum subsidy advantages.
However, he viewed this exodus as an opportunity for indigenous companies to thrive.
In a development, Shell Plc agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited, to the Renaissance consortium for $2.4 billion. This follows reports that five multinational companies exited Nigeria in the past ten months, prompting Governor Uzodimma to emphasize the potential for indigenous companies to step in and contribute to the nation’s economic growth.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
