A bill for an Act to prescribe investment in refineries as a condition for the licensing and operation of oil producing companies in Nigeria passed its second reading at the House of Representatives recently.
The bill seeks to mandate oil-producing companies operating in Nigeria to invest in the building of refineries as a condition for obtaining licence in the country.
Rep. Emmanuel Adedeji (AC-Lagos) moved a motion for the passage of the bill and was unanimously supported by members when Speaker Dimeji Bankole put the motion to vote.
Leading the debate, Adedeji said that if passed into law, the bill would compel oil companies operating in the country to build refineries that would contribute to the economy.
``Until there is a legislation to compel oil companies doing business in Nigeria to act, they would not on their own think of investing in the refineries,'' he said.
Supporting the bill, Rep. Ifaluyi Isibor (PDP-Edo) said that if oil companies were made to invest in refineries, turnaround maintenance of refineries would become a thing of the past.
Rep. Leo Ogor (PDP-Delta) challenged Adedeji's position, saying the possibility of achieving the aim was slim as the cost of building refinery was high.
He advised against making laws that would throw the oil sector into confusion.
Rep. Ike Chinwo (PDP-Rivers) who supported Ogor's argument, said that several oil companies had been licensed but were not doing business.
``The solution to this problem is for us to sit back and proffer solutions to why the ones licensed are not working,'' he said.
He suggested that the National Assembly's focus on providing incentives that would encourage prospective oil companies rather than making laws that would impede the growth of the sector.
Meanwhile, a bill for an Act to repeal the Federal Mortgage Bank of Nigeria Act 1993 and make comprehensive provisions for the re-enactment of the bank and its board of directors also passed through second reading.
Rep. Garba Matazu (PDP-Katsina), who sponsored the bill, noted that the N5 million given as the maximum amount to customers was not enough to take care of the housing need of Nigerians.
He said that as representatives of the people, it was their duty to make laws that would provide quality mortgage facilities for the Nigerian people.
Matazu noted that the sole aim of the Federal Mortgage Bank was to provide affordable housing for Nigerians.
Jonathan Tasks ECOWAS On Free Movement, Currency
By: Edoamaowo Udeme
Acting President Goodluck Jonathan Recently Called On Ecowas Member States To Sanction Officials Who Stand Against The Implementation Of The Community's Protocol On Free Movement Of Persons, Goods And Services.
Jonathan Stood For President Umaru Yar'adua As Ecowas Chairman At The 37th Summit Of The Authority Of Ecowas Heads Of State And Government In Abuja.
He Advocated Concerted Efforts Toward The Actualisation Of The Community Regional Currency, The Eco.
He Said: ``as We Have Had Cause To Draw Attention To, On A Number Of Occasions, The Full Implementation Of The Protocol On Free Movement Of Persons, Goods And Services And The Right Of Residence And Establishment, Requires Our Collective Political Will.
``we Need To Admonish, And If Need Be, Sanction Any Of Our Officials Found To Be Deliberately Flouting The Letter And Spirit Of This Protocol.
``it Is Also My Sincere Hope That The Construction Of The Joint Boarder Posts (jbp) Which Hopefully Facilitate Free Movement Along Our Land Borders Will Finally Commence In 2010.
``an Added Issue We Should Jointly Address Is The Roadmap For The Realisation Of The Second Regional Currency, The Eco, Which Would Hopefully, Be Launched On Schedule As Previously Agreed.
``it Is My Fervent Hope That All Hands Will Be On Deck To Ensure That This Long Overdue Project Is Actualised.''
Jonathan Said The International Financial And Economic Crisis Had Taken Its Toll On The Sub-region, With A Declined Economic Growth Rate From 4.7 Per Cent In 2008 To 4.4 Per Cent In 2009.
He Emphasised The Need For The Member States Of Ecowas To Re-energise The Integration Process, To Mitigate The Effect.
Jonathan Explained That ``a New Unholy Alliance Between Drug Trafficking And Terrorism'' In The Sub Region Was An Emerging Concern That The Summit Must Address And Find Ways To Stem.
He Lauded The Efforts Of The Community Towards Consolidating Democracy And Building The Institutions Of Governance In Most Of The Member States.
``it Is A Particularly Good Omen We Have Seen Some Credible And Acceptable Elections At Different Levels Hold In A Number Of Our Countries.
``this Process Underscores The Inalienable Right Of Our People To Chose Their Leaders.
``at The Same Time, The Fight Against Corruption And The Institution Of Transparency And Best Practices In Governance Are Becoming Our Normal Way Of Doing Things.
``this Wind Of Consolidation Of Democracy Is Quite Pleasing And We Must Redouble Efforts To Ensure That Greater Substance And Value Is Placed On Them,'' He Said.
In This Regard, He Gave Instance Of The Adjudged Credible 2009 Presidential Poll In Guinea Bissau.
He Also Cited The Suspension Of Guinea And Niger Republic From The Community For Acts Perceived Contrary To The Ecowas Supplementary Protocol On Democracy And Good Governance.
``let It Be Stated Again That No Place Exists In This Sub-region For Such Rape On The Rights And Indeed Dignity Of Our People.
``no More Will There Be Comfort Zone For Such Political Mis-adventurers,'' He Said.
The Summit Is Expected To Take An Overview Of The Political Trends In The Sub-region And Review Efforts At Advancing The Process Of Economic And Social Integration Of Member States.
It Is Also Expected To Produce A New President Of The Ecowas Commission Who Would Take Over From Dr. Ibn Chambas And A New Chairman Of The Authority.
