Opinion
Rise and rise of Abdulrasaq Isa Kutepa’s Waltersmith Petroman
By Tunde Olusunle
Nigeria’s popular and highly regarded Thisday newspapers did its typical annual summation of remarkable individuals and corporate entities who and which impacted the broad esplanade of the nation’s multispectral space, last year. The front page of the Monday December 25, 2023, which was the Christmas day edition of the publication featured portraits of some of those the newspaper described as “Movers and Shakers” of the receding year. It was a potpourri of impactful contenders for the highest political offices in the land, as well as state governors who were deemed to have offered good governance to their constituents. High-flying business leaders and standout bankers who were variously considered to have etched footprints on the sands of the year, equally made the honours roll.
While the front page of the newspaper under review could understandably not accommodate the faces of all those who were adjudged to have excelled in their various departments, the inside pages were more encompassing. “Usual suspects” like the pluri-faceted businessman, entrepreneur and industrialist Aliko Dangote and his “running mate” Abdul Samad Isyaku Rabiu who is breaking grounds in agriculture, infrastructure and manufacturing, had their faces featured on the front page of that newspaper. So was the visage of “Lagos boy” Femi Otedola, a precursor in the power and banking sectors, who is also famous for his philanthropic activities. Mele Kyari, Group Executive Officer of the Nigerian National Petroleum Company Ltd, also featured on the cover of the publication.
Abdulrasaq Isa Kutepa may not have been emblazoned on the outer pages of the tabloid under reference. He features very prominently, nonetheless, in the section devoted to the interrogation of “movers and shakers” of national socioeconomic space. Indeed a few days before the mention in *Thisday,* I had authored an essay titled “As Torrents Of Trophies Pour for Isa Kutepa” which received generous media ventilation. Kutepa is the Chairman and Co-Founder of Waltersmith Group of Companies. Waltersmith Petroman Oil Limited, one of the subsidiaries under the umbrella organisation is prosecuting a silent revolution in the nation’s oil sector. The piece published in the Saturday December 23, 2023 edition of Thisday, drew attention to the unmistakable ascent of the Kutepa/Waltersmith brand in Nigeria’s business and investment firmament.
From its *Ibigwe* field in Imo State, Waltersmith Petroman operates a modular refinery which was commissioned in 2020, by Muhammadu Buhari, Nigeria’s former President. The refinery aims to produce diesel, naphtha, heavy fuel oil, (HFO), and kerosene. Refined petroleum products from Petroman’s modular complex is targeted primarily for states in the south east zone. Anambra, Enugu, Abia, Imo and Ebonyi states therefore, are the primary beneficiaries of the Petroman, 5000 barrels per day modular refinery. Efforts are afoot to upscale the capacity of the refinery to one with a processing capacity of 40,000 barrels per day. This upgraded capacity will be fed from the Assa marginal field acquired in 2021.
More lately, Waltersmith Petroman has featured very prominently on the list of a quintuple of investors who aspire to procure the Shell Petroleum Development Company of Nigeria, (SPDC), from the British energy giant, Shell. The foremost global brand desires to withdraw from onshore oil production in the Niger Delta region after nearly 100 years of oil and gas operations in Nigeria. Renaissance Consortium a muscular agglomeration comprising: ND Western, Aradel Energy, First E & P and Waltersmith, all prominent local oil exploration and production entities, in collaboration with Petrolin, a Swiss-based trading and investment company, nicked the deal.
The very fact that Kutepa’s organisation is having a bite of a $2.4Billion SPDC transaction speaks to the rapid ascent of Petroman in the nation’s oil and gas sector. An initial $1.3Billion will be raised by the consortium of buyers and paid to SPDC. At the consummation of the deal, $1.1Billion will be remitted to SPDC as balance and final payment. Waltersmith Petroman and its collaborators have made good progress in their recent collegial bid for the SPDC onshore assets, after efforts by a number of Nigerian-based energies failed. For the assurance of doubts, Sahara Group, Seplat Energies, Famfa Oil, Niger Delta Exploration and Production, as well as Triolus Investments Ltd, previously took shots at the acquisition of SPDC. Heirs Oil and Gas, as well as ND Western equally bidded for SPDC.
Beyond accentuating its activities in the Nigerian oil and gas sector, Waltersmith Petroman has been making international incursions. In 2019 for example, the organisation acquired an oil block in Equatorial Guinea’s Niger Delta basin, known as Block EG-23. Waltersmith Petroman Oil Limited and Hawtai Energy Hong-Kong were granted a 40% participating interest each in the oil block while Equatorial Guinea’s national oil company, GE Petrol, was granted 20%. The octogenarian Teodoro Obiang Mbasogo Nguema has exercised a vice grip on the central African country for 44 years and still counting. The former Spanish colony with a population of less than two million people struck oil in 1995. The country’s Minister for Mines and Hydrocarbons, Gabriel Mbega Obiang Lima noted at the signing ceremony that the EG-23 Block was very strategic to the country’s economy. He noted that Equatorial Guinea had just signed a Memorandum of Understanding, (MOU), for its Liquefied Natural Gas, (LNG) train.
The gas reserves from the block Obiang Nguema noted will be needed for gas supply to the LNG. He applauded the proven competence and experience of Waltersmith Petroman, despite being a brother African country. The reputation of the Nigerian outfit had long preceded the eventual consummation of the deal, the Minister noted. Kutepa assured on that occasion that Waltersmith will draw from its experiences in its operations in deltas and riverine areas of Nigeria in fast tracking operations on “Block EG-23.” He pledged that the operations of Waltersmith in the region will indeed boost the economy of the country by helping to extend value creation down the line.
Founded in 1998, fully operationalised in 2008, Waltersmith Petroman has blossomed into a formidable player in Nigeria’s business firmament through the years. Kutepa’s dream across time has been to grow Waltersmith into a diversified Nigerian conglomerate which he continues to pursue. The walls and shelves of the corporate headquarters of the organisation beam with commemorative plaques and mementos presented to it for its innovations in the oil and gas sector. In 2020, Waltersmith Petroman won the “Refinery Project of the Year” as well as the “Future Industry Leader” awards. In the following year, it won the “Nigerian Oil and Gas Indigenous Company of the Year” award, among several honours.
Kutepa himself has chaired the “Independent Petroleum Producers Group of Nigeria,” (IPPG), established in 2015, by indigenous exploration and production companies. Its principal focus is to help the maximisation of the contributions of the domestic oil and gas industry to the development of the country’s socioeconomy. Central to Kutepa’s corporate governance ethos and success is the ultra-strict adherence to global best practices. Things must be done rightly, transparently and methodically in conformity with laid down rules and procedures. Kutepa accepts nothing short of these minimums. The 360° transmutation of this man who graduated with an honours degree in sociology over four decades ago but who is today a big player in the corporate world, should command studies and exegesis by research enthusiasts.
Tunde Olusunle, PhD, poet, journalist, scholar and author is a Fellow of the Association of Nigerian Authors, (FANA)
Opinion
BENUE 2027:The Apa/Agatu Quest for Equity
By Tunde Olusunle
It may be well over two years to the next cycle of general elections in Nigeria. For the people of Apa/Agatu federal constituency in *Benue South, however, the measure of their participation and integration into the governance scheme will be defined in the run-up to the general polls that year. Nine local government areas make up the predominantly Idoma country of Benue State also labelled Zone C in the senatorial tripod of the geo-polity. The zone is also home to the Igede ethnic stock and the Etulo. Local government areas in “Benue Zone C” include: Apa, Agatu, Oju, Obi, Ado, Ogbadibo, Okpokwu, Otukpo and Ohimini. The other zones, Benue North East and Benue North West, are wholly dominated by the Tiv nationality, striding across 14 local government areas. They are christened Zone A and Zone B in the local political scheme of the state. Federal constituencies in Benue South are: Apa/Agatu, Oju/Obi; Ado/Ogbadibo/Opokwu and Otukpo/Ohimini.
The subjugation of groups and ethnicities considered demographically smaller, by the larger groups which has dominated Nigeria’s politics over time, has not been any different for the Idoma of Benue State. Until the circumstantial emergence of a Yahaya Bello from the Ebira ethnicity in Kogi State in 2015, the Igala had the relay baton of governorship of Kogi State, in rounds and succession. The Ebiras and the Okun-Yoruba zones in the state could only aspire to be serial deputies or Secretaries to the State Government. This political template was virtually cast in stone. The Ilorin people of Kwara State have similarly wholly warehoused the gubernatorial office, sparingly conceding the position to other sociocultural groups in the state. The only exception was the concession of the seat to a candidate from Kwara South, in the person of Abdulfatah Ahmed, by his predecessor, Bukola Saraki in 2011. Even at that, there were murmurs and dissent from those who believed Ahmed came from a community too close to the Ilorin emirate to be of genuine Igbomina stock, which prides itself as the pure Yoruba species in Kwara State.
Twenty-six years into the Fourth Republic, the maximum proximity of the Idoma to Government House, Makurdi, has been by the customary allocation of the Deputy Governor’s slot to its people. Ogirri Ajene from Oju/Obi, the charismatic blue-blood of blessed memory, was deputy to George Akume, incumbent Secretary to the Government of the Federation, (SGF), from 1999 to 2007. Akume it was reported, genuinely desired to be succeeded by Ajene who exhibited competence and loyalty and could build on their legacies. The Tiv nation we understand, shot down the proposal. Gabriel Suswam succeeded Akume and had the urbane multipreneur, Stephen Lawani from Ogbadibo as deputy. Samuel Ortom, a Minister in the Goodluck Jonathan presidency who took over from Suswam opted for Benson Abounu, an engineer from Otukpo as running mate, while Hyacinth Alia, the Catholic priest who succeeded Ortom, also chose as deputy, Samuel Ode, who was also a Minister in the Jonathan government, from Otukpo. Arising from this precedence, Apa/Agatu has not for once, been considered for a place in Government House, Makurdi.
In similar fashion, the position of Senator representing Benue South, has repeatedly precluded Apa/Agatu federal constituency. David Alechenu Bonaventure Mark a former army General from Otukpo, took the first shot at the office in 1999. He was to remain in the position for five consecutive times, a distinctive record by Nigerian standards. Mark would subsequently become President of the Senate and the third most senior political office holder in the nation’s governance scheme for a string of two terms between 2007 and 2015. He was replaced by Patrick Abba Moro, who hails from Okpokwu and was a former teacher, in 2019. Abba Moro who previously served as Minister of Interior in the Jonathan government from 2011 to 2015, won a second term at the 2023 general elections and remains substantive Senator for “Benue Zone C.” He is indeed incumbent Minority Leader of the Senate, and thus a principal officer in the leadership scheme of the “red chambers.”
While Moro is barely two years into his second term, there are suggestions that he is interested in a third term which should run from 2027 to 2031! This is the core issue which has dominated contemporary political discourse in Benue South, especially from the Apa/Agatu bloc. For Apa/Agatu, it is bad enough that they are repeatedly bypassed in the nomination of deputy governors in the scheme of state politics. It is worse that they are equally subjugated by their own kinsmen within the context of politics in *Idoma and Igede land.* This is particularly worrying when both local government areas constituting the Apa/Agatu federal constituency, Apa and Agatu, are not in anyway deficient in human resources to represent Benue South. Names like John Elaigwu Odogbo, the incumbent *Och’Idoma* and respected clergy; Isa Innocent Ekoja, renowned Professor and Librarian; Sonny Togo Echono, FNIA, OON, Executive Secretary, Tertiary Education Trust Fund, (TETFUND), and John Mgbede, Emeritus State Chairman of the Peoples Democratic Party, (PDP), Benue State, readily come to mind.
Major General R.I. Adoba, (rtd), a former Chief Training and Operations in the Nigerian Army; Professor Emmanuel Adanu, former Director of the Kaduna-based National Water Resources Institute, (NWRI) and the US-based specialist in internal medicine, Dr Raymond Audu, are eminent Apa/Agatu constituents. There are also Ada Egahi, long-serving technocrat who retired from the National Primary Healthcare Development Agency, (NPHDA), and Super Eagles forward, Moses Simon, (why not, hasn’t the retired soccer star, George Opong Weah just completed his term as President of Liberia)? The Member Representing Apa/Agatu in the House of Representatives, Godday Samuel Odagboyi, an office previously held by Solomon Agidani, as well as Adamu Ochepo Entonu, is, like his predecessors, a prominent figure from the resourceful Apa/Agatu federal constituency.
The Olofu brothers, Tony Adejoh, a retired Assistant Inspector General of Police, (AIG), and David, PhD, a renowned management and financial strategist, who is also an Emeritus Member of the Benue State Executive Council during the Ortom dispensation, are from the same federal constituency. So is Abu Umoru, a serial entrepreneur who represents Apa State Constituency in the Benue State House of Assembly. The continuing intra-zonal alienation of Apa-Agatu from the politics of Benue Zone C, remains a sore thumb which must be clinically diagnosed and intentionally treated in the run-up to 2027.
If previous top level political office holders from Idomaland in general and Apa/Agatu in particular, had diligently applied themselves to tangible, multisectoral development of the zone and constituency, the present clamour for inclusiveness would probably been less vociferous. *River Agatu* which flows from Kogi State, and runs through Agatu before emptying into *River Benue,* is a potential game changer in the socioeconomy of Apa/Agatu, Benue South and Benue State in general. Properly harnessed, it can revolutionise agriculture and aquaculture in the state, beyond subsistence levels which are the primary vocations of the indigenous people. Rice, yam, guinea corn, millet and similar grains, thrive in the fertile soils of the area. These can support “first level” processing of produce and guarantee value addition beneficial to the primary producers, before being shipped to other markets. River Agatu can indeed be dammed to provide hydro-electricity to power the entire gamut of Idomaland.
The infrastructure deficit in Benue South with specific reference to Apa/Agatu is equally very concerning. A notable pattern in Nigerian politics is its self-centeredness, the penchant for political players to prioritise their personal wellbeing and the development of their immediate space. This has accentuated the ever recurring desire of people to ascend the political pedestals of their predecessors if that is the principal window by which they can also privilege their own primary constituents. Motorable roads are non-existent, seamless travel between communities therefore encumbered. Expectedly this has been a major impediment to subsistent trade and social engagements between constituents and their kinsmen. Primary health facilities are almost non-existent, compelling people to flock to Otukpo, headquarters of Benue South, for the minutest of medical advice and treatment.
Apa/Agatu pitiably bleeds from the relentless and condemnable activities of vagrants and bandits who have reduced the constituency into a killing field. Reports suggest that in the past 15 years, no less than 2500 lives were lost to the vicious attacks of marauders and trespassers in the area under reference. This unnerving situation has compelled engagements between concerned Apa/Agatu leaders, and the leadership of the Nigeria Police Force, (NPF). The prayer is for the swift establishment of a mobile police outpost in the troubled sub-zone to contain bloodletting. The proposal, anchored by AIG Tony Olofu, NPOM, (rtd), and Echono, has received the blessings of the police high command. At the last update, a commander for the outfit had been named, while the deployment of personnel had begun in earnest.
It is very clear that in the march towards 2027, Apa/Agatu will refuse, very vehemently, to be sidelined and trampled upon in the political scheme of their senatorial zone. Abba Moro may desire a third term in the Senate, but the people of Apa/Agatu are quick to remind him that his curriculum vitae as a politician is sufficiently sumptuous for him to yield the seat in the “red chambers” and sit back like an elder statesman. They remind you that for a man who began his working life modestly as a lecturer in the Federal Polytechnic, Ugbokolo in 1991, Abba Moro has done extremely well for himself in Nigerian politics. For reminders, Abba Moro was elected Chairman of Okpokwu local government in the state as far back as 1998. Ever since, he has remained a permanent fixture in Nigeria’s national politics.
The people of Apa/Agatu will put up a determined fight for the Benue South senatorial seat in 2027, and no one should begrudge them. They are the proverbial ram which was pushed to the wall, which must of necessity push back with angered horns to liberate itself. They are already engaging with their kith across “Benue Zone C” to ensure that intra-zonal equity, fairness and justice, prevails in communal politics.
Tunde Olusunle, PhD, Fellow of the Association of Nigerian Authors, (FANA), teaches Creative Writing at the University of Abuja
Opinion
The Prince Adebayo prescriptions for ease of doing Business: 15 Take-Aways
By Dr. Ag Zaki
On Thursday, 9 January 2025, Prince Adewole Adebayo presented a keynote address at the Radisson Blu Hotel, Ikeja, Lagos. The occasion was the annual conference of a group of professionals, business executives and experts codenamed J9C for January 9 Collective. The theme of the Conference was “Business and Policy Strategy: Examining the Role of Reform in enhancing the ease of doing business in Nigeria.” Prince Adebayo is a versatile cerebral man of many parts, a lawyer, a multimedia practitioner, a real estate investor, a large-scale miner, a philanthropist, a community developer, and the 2023 Presidential Candidate of the Social Democratic Party (SDP). The organisers of the J9C conference introduced him as an intercontinental lawyer because he currently practices law in over sixteen countries.
The full speech of Prince Adebayo at the occasion is available online and can be accessed by clicking at this url: https://youtu.be/SsHkcJbVNRg?si=ebvoOVqGh0zVOsnt or by scanning the QR code above. However, we are presenting the salient take-aways from this most incisive keynote address below for the convenience of interested persons and for the public good.
THE TAKE-AWAYS
Preamble
1. Not every change of policy or programme is a reform. A reform is a fundamental change in the activities, programmes, and policies structured to cause improvement. Genuine government reforms are people oriented and so citizens can interject, comment or contribute.
2. Reform may be internally motivated, externally forced or imposed, or technological driven.
3. The government of Nigeria must first reform itself to be able to implement development-oriented reforms to improve the country’s economic performance.
In general terms
4. Fiscal and monetary reforms are critical and are urgently required in Nigeria. While government can freely control its fiscal reforms, it must be bound by market forces for realistic and realisable monetary reforms.
5. Economic reforms must positively affect developmental policies, programmes and projects to engender economic growth, increase in efficiency, and lead to stability. Economic and political reforms must be implemented pari-passu for untainted policies and programmes.
6. Urgent structural reforms are required in areas of legal reforms, laws on banking controls and regulations, lending and borrowing as well as land matters.
In specific terms
7. Reforms which are aimed at targeting ease of doing business must be aligned with the Malam Aminu Kano maxim that “all civil servants should abstain from contracts or business”.
8. Nigeria must break the current odious and unwholesome conspiracies between policy makers, civil servants, and contractors, which can lead to irreversible endemic corruption, long foreseen by the revered Malam Aminu Kano, and which can permanently damage the economy.
9. Structural reforms must ensure that land laws open up maximum benefits and potentials of the land, encourage labour productivity and efficient and transparent entrepreneurship rules including registration, capital and lending matters.
10. Tax reforms should be broad-based, not about sharing of revenue but promoting productivity and competitiveness in all aspects of endeavours and infrastructure reforms should make transportation of people and goods safe and cost effective.
11. Monitoring economic crimes must be thorough and should go beyond arresting of “Yahoo boys” and those spraying Naira notes, but those devaluing the Naira and abusing economic rules and regulations.
Warnings
12. Adebayo left some stern terse warnings for the business sector and for the government of Nigeria.
13. Business executives and professionals should not ask or encourage government for specific reforms but for general broad-based reforms as firm-specific reforms can enhance operations of specific firms or business in the short term but will ultimately kill the industry.
14. Government should not meddle into business or be guided by partisan businessmen; government should meet business only at the junction of regulatory framework.
15. Government should be selfless and honest in carrying out reforms, incorporate measurable performance indices and ensure that reforms are implemented in a way not to inflict pains or punishment on the people.
# DrZaki25, 903 Tafawa Balewa Way, Abuja
Opinion
Governor Monday Okpebholo: A Blessing to Edo State
By Eigbefo Felix
His Excellency, Senator Monday Okpebholo, the Executive Governor of Edo State, has demonstrated that he is a blessing to the state through his policies, appointments, initiation of road construction across the three senatorial districts, and his deep love for the people of Edo State.
Governor Monday Okpebholo has begun fulfilling the five-point agenda he promised the good people of the state since his inauguration.
In the area of security, he has shown total commitment. He assured the people of Edo State that he would ensure their safety, and true to his word, the state remains peaceful, which has brought joy to its residents. He has provided the necessary support to security personnel.
The governor increased the subvention for Ambrose Alli University (AAU) from ₦40 million to ₦500 million. He also promised to address the issues facing AAU medical students. Additionally, he has started renovating primary and secondary schools across the state, underscoring his understanding of the importance of education.
The agricultural sector has taken a positive turn as Governor Okpebholo has allocated ₦70 billion to the sector. Recognizing agriculture’s importance to both the state and the nation, he is positioning Edo State to become the food basket of the nation with his investments in the sector.
During the electioneering period, Senator Okpebholo promised to create 5,000 jobs within his first 100 days in office. He has already begun the process, and soon, the people of Edo State will benefit from these employment opportunities. Unlike in the past, he will not rely on MOUs before making appointments. Furthermore, he has started appointing Edo State indigenes, rather than outsiders, to various positions.
Governor Okpebholo has commenced road projects across the state, from Edo South to Edo Central and Edo North. He believes that when roads are motorable, the prices of goods in the market will automatically reduce.
He has also begun investing in the health sector, understanding its critical importance to the people of Edo State.
Governor Monday Okpebholo’s initiatives and actions affirm his dedication to transforming Edo State for the better.
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