Akinade Olatunji, the President of the Nigerian Mining and Geosciences Society, expressed his view on the ineffectiveness of increased security surveillance in combating oil theft in Nigeria. He made this statement during his installation as the society’s 32nd president at Citron Hotel in Ibadan, the capital of Oyo State.
Olatunji expressed his concern that oil theft has become a formidable problem, surpassing the amount of oil being sold through legitimate means. He proposed a different approach, emphasizing the need for the local communities to take ownership of the assets on their land. He criticized the practice of providing token compensation to communities who are aware of the significant resources being plundered from their land, as it fails to foster patriotism and a sense of belonging.
While acknowledging the Petroleum Industry Act as a positive step towards addressing the long-standing issues in the oil and gas sector, Olatunji asserted that enhanced security measures alone would not solve the problem of oil theft. He called for strategic and intentional actions to ensure that the communities have a stake in these assets, advocating for a comprehensive plan that transforms oil-producing communities from impoverished areas to thriving regions similar to cities built with the wealth generated from their resources.
Olatunji also highlighted the inadequacy of the resources allocated to oil communities in the Petroleum Industry Act, emphasizing the need for urgent amendments. He warned that the bill’s overall prospects could be jeopardized if this aspect is not addressed promptly, as the allocated funds are insufficient to guarantee the necessary safety and profitability of the oil and gas sector in the long run.
In a lecture titled “Harnessing the Myriads of Geoscience Solutions as Panacea to Rapid Development of the Nigerian State,” Austin Avuru, the founder and Executive Chairman of AA Holdings, acknowledged the dominance of the oil and gas industry in Nigeria, which has overshadowed the early successes of geoscience applications in mining and mineral exploration.
Avuru urged Nigerians and governments at all levels to shift their focus beyond the oil and gas sector and implement comprehensive solutions to unlock the vast potential of other resources abundantly available in Nigeria. He emphasized that such diversification would lead to the establishment of a larger, more stable, and highly diversified economy for the Nigerian state.
Source: PUNCH
