Home Business & Economy 2015 Social Investment: Shell spends $195.5m in Nigeria

2015 Social Investment: Shell spends $195.5m in Nigeria

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Managing Director, Shell Companies in Nigeria ,  Mr Osagie Okunbor, at the weekend revealed that Shell companies in Nigeria  had spent over $195.5million on social investment in the country in 2015.
Okunbor who is also Shell Country Chair made the disclosure during an interactive session with newsmen in Lagos.
He said that the amount made Nigeria the largest concentration of social investment spending in the Shell Group.
He said that out of the amount, the sum of $145.1million was paid to the Niger Delta Development Commission (NDDC) as required by law
The Shell country chair said that another $50.4million was directly expended in social investment projects by the Shell Petroleum Development Company of Nigeria (SPDC), Limited operated Joint Venture and Shell Nigeria Exploration and Production Company (SNEPCo).
According to Okunbor, these spend level have not come about by accident.
“Shell and its partners believe they can make a real difference in the lives of Nigeria, and we have targeted our investments at the community and enterprise development, education and health.
“Of course, we cannot take the place of government but we are keen to play our part in the development of a country we’ve been part of for than 50 years,’’ he said.
The country chair said that Shell companies in Nigeria will continue with their contributions to developing the country’s human capacity and contracting capacity.
He said that the sum of $ 0.9 billion have been spent on local contracting and procurement.
He said that ownership of key assets such as rigs, helicopters and marine vessels was a key focus of these efforts to support Nigerian and community contractors.
Okunbor said that Shell Companies in Nigeria are also actively involved in the development and utilisation of natural gas, pioneering its production and delivery to domestic consumers and export markets.
“Although the SPDC JV’s market share of domestic gas has reduced through a series of divestment since 2010.
“Which enables Nigerian companies to play a more strategic role; Shell companies still remain a crucial part of the national gas energy mix.
“For example, our Afam VI power plant alone contributed 14 per cent of Nigeria’s grid-connected electricity in 2015.
“Consolidating its achievement since first power in August 2008. Another entity, Shell Nigeria Gas, SNG supplies natural gas to 87 industrial customers,” Okunbor said.
He highlighted crude oil theft, illegal refining and insecurity as the key challenges in 2015.
According to him, the company is  constantly monitoring the security situation in our operation areas in Niger Delta and are taking all possible steps to ensure the safety of staff and contractors.

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