President Bola Ahmed Tinubu has commissioned the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, reaffirming the Federal Government’s commitment to resolving longstanding issues in Ogoniland.
Speaking through the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, President Tinubu noted that discussions are ongoing with the Ogoni people to address their concerns and ensure that the Otakikpo terminal facilitates the evacuation of crude oil from the region.
He said, “The government is already engaging the Ogoni people to resolve the issues in the area. Once this is achieved, the Otakikpo terminal will serve as the key channel for evacuating crude oil produced from Ogoniland.”
The President appealed to Ogoni leaders to cooperate with the government, emphasizing that the natural resources beneath their land would yield no benefit to either the community or the nation if left untapped.
“And that is why we are engaging Ogoni leaders to encourage them to return to production. If these resources remain buried, Ogoni will gain nothing, and Nigeria will also lose the potential value they hold,” he added.
Tinubu also announced that the era of financial constraints in the oil and gas sector is ending, with the imminent commencement of operations by the $5 billion African Energy Bank (AEB). He explained that access to financing has been a major challenge in upstream operations but assured that the AEB promoters have fulfilled all requirements to begin operations soon.
Commending the management of GEIL, Tinubu praised the company for prioritizing long-term value creation over luxury, noting that while many marginal field operators spent their funds on private jets, GEIL chose to invest in building an export terminal that would transform the industry.
He assured GEIL and other operators who adhere to the terms of their licenses of the Federal Government’s full support and collaboration.
The Otakikpo terminal is the first indigenous crude oil export facility to be established in Nigeria in five decades.
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