The executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has been appointed to the Executive Board of the African Petroleum Producers’ Organisation (APPO).
By the appointment, Ogbe becomes Nigeria’s representative on the Board of the 18-member continental body, which has its headquarters at Brazzaville, Republic of the Congo.
Ogbe was picked for this role by the minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who doubles as the chairman of the NCDMB Governing Council.
The notice of the executive secretary’s appointment was conveyed in a congratulatory letter signed by the director of support services, APPO, Mrs Philomena Ikoko, on behalf of the secretary general of the organisation, Dr Omar Farouk Ibrahim.
She applauded the NCDMB boss on the confidence reposed in him by the minister, expressing her belief that he would make immense contributions to the development of the African oil and gas industry.
She stated that Ogbe is joining the executive board of APPO at a challenging time for the oil and gas industry, especially in Africa. “Your appointment is a major call to duty for Nigeria and the continent. The secretariat will give you the support you will need to make a success of your assignment,” she promised.
NCDMB played key roles in catalysing the operations of APPO and the development of local content in the African continent, providing institutional support and mentorship to several oil-producing countries in their formulation of local content policies.
According to the APPO secretary general, the Africa Energy Bank seeks to fund oil and gas projects across economies in Africa, helping to plug critical financing gaps that exist through the continent’s overreliance on financiers from the West.
Each APPO member country is expected to raise $83 million, with an objective of raising $5 billion in capital for the establishment of the Bank. It was revealed recently that Nigeria, Angola and Ghana have contributed their share capital. The trio’s contributions represent 44 percent of the minimum capital that is required from oil-producing countries on the continent.
Similarly, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated at the Offshore Technology Conference that Afrexim Bank has already raised $19bn for the take-off of the Africa Energy Bank. $14 billion out of the funds represents the bank’s financial exposure on African oil and gas projects, with the additional $5 billion as take-off capital.
