NewsOil: NNDC seeks collaboration with NNPC

Oil: NNDC seeks collaboration with NNPC


IN continuation of the search for crude oil and gas in Northern Nigeria, the New Nigerian Development Company (NNDC) has said it is discussing with officials of Nigerian National Petroleum Corporation (NNPC).
The Chairman of the Company, Professor Halidu Abubakar, disclosed this during the 44th Annual General Meeting (AGM) held in Kaduna at the weekend.
According to the chairman, the collaboration with NNPC for search of hydrocarbons in the “Northern Sedimentary Basins of Nigeria” was meant for NNDC to be part of all the activities of the oil company in the basins and to, as well, reduce financial commitment of NNDC.
He also disclosed that solid mineral development is another new project receiving the attention of NNDC as the company in conjunction with other states, is making efforts to acquire more mining sites.
Abubakar also revealed that arrangements are at advanced state in the merger between Gamjitel Telecommunications Company with its affiliate company; Backbone Connectivity Network (BCN) Nigeria. The merger, he said, is aimed at making it bigger and more vibrant telecommunications outfit to enable the NNDC get better value due to synergy.
In order to ensure regional development, finance institutions like NNDC and state Investment Institutions play greater roles in developing the country and ensure sustainable financial status, just as the company is intensifying efforts to source for more investible funds in collaboration with sister development finance institutions, he stressed.
The company has also mapped out a five-year plan with focus on “boosting agricultural production, development of solid minerals, massive investment in property development, resuscitation of promising ailing industries, consultancy services as well as being more socially responsive,” he added.
He also announced a proposal of 10 million Naira each for “Young Professionals Development Trust and the Learning Resources Centre Funds respectively” by the company directors.
On the assertion that some states like Sokoto and Niger claimed there have crude oil deposits, Abubakar said NNDC cannot go into the states as they are independent, adding that the company can only do that on the invitation of the states.
He also said that NNDC is worried over the fate of some of its subsidiaries, disclosing however, that plans are on to ensure the ailing ones were aided to full recovery.
For the year ended March 31, 2012, the nominal value of NNDC quoted investment stood at 239.26 million Naira while the market value stood at 6.801 billion Naira, he asserted.
The AGM had in attendance, all the Secretaries to the 19 Northern States (SSGs).


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