By George Ozalla
Stakeholders in Nigeria’s oil and gas sector have intensified calls for expanded indigenous ownership of national oil assets, with a firm demand for 20 per cent equity allocation to Nigerians in the ongoing 50 oil block bids submitted to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
The Nigerian Local Content Conference, NLCC, convened in Abuja by Michael Akueche, Convener and Chief Executive of Mica Equity Allocation Limited, brought together representatives of oil and gas producing states and communities, industry operators, policymakers, traditional rulers and youth leaders to examine the structure of participation in the upstream petroleum sector.
In his paper presentation, Michael Akueche urged oil producing states and communities to adopt a united front in their engagement with federal authorities and regulators.
“We must speak with one voice if we are serious about securing a fair stake in this industry. Fragmented positions will continue to weaken our bargaining strength,” he said.
He urged President Bola Ahmed Tinubu to consider the proposed 20 per cent equity allocation within the ongoing licensing round, arguing that it would deepen indigenous participation in oil asset ownership.
“We are not asking for charity. We are asking for structured inclusion that guarantees real participation and ownership for our people,” Akueche stated.
In a separate paper presentation, traditional leaders from Delta State led by High Chief Azubuike Oluma Hawkins advanced a stronger position on ownership and control of oil wealth.
“We seek to transform our role from hostages of the resource curse to hosts and owners of our resource wealth,” Hawkins said. “We will no longer just ask for a share of the cake, we demand a seat at the table where the cake is baked, and the recipe is written.”
He noted that the struggle of oil producing communities must now be pursued with greater legal and strategic precision.
“Our agitation will now be channelled into legally savvy, economically smart and strategically disciplined execution to claim our destiny,” he added.
High Chief Hawkins also referenced provisions of the Petroleum Industry Act on Host Communities Development Trusts, particularly the 3% operating expenditure contribution.
“That 3% OPEX fund is not charity. It is a legal entitlement, and it must be treated as such by all operators in the sector,” he said.
In his own paper presentation, Dr Yusuf Mamman Dantalle, National Chairman of the Inter Party Advisory Council, IPAC, focused on regulatory enforcement and human capacity development within the oil and gas industry.
“The Nigerian Upstream Petroleum Regulatory Commission can mandate local content compliance, ensuring that a significant percentage of these jobs go to Nigerians,” he stated.
He stressed that compliance must be backed by sustained investment in skills development.
“This requires parallel investment in capacity building and technical training, not just for immediate project needs but for long term career opportunities in the energy sector,” he said.
Dr Dantalle added that addressing youth unemployment remains a critical national priority.
“The resultant reduction in unemployment, particularly among the youth, is a direct step toward lifting households out of poverty,” he noted.
Across the conference, participants consistently advocated for clearer frameworks to guarantee meaningful Nigerian participation in upstream oil ownership. Proposals included structured consortia for oil producing states and communities, as well as indigenous investment vehicles to improve competitiveness in the licensing round.
There were also recommendations for more flexible financial and technical entry requirements, alongside partnerships designed to strengthen indigenous capacity in the sector.
At the conclusion of deliberations, participants issued a communiqué reaffirming their demand for 20 per cent equity allocation for Nigerians in the 50 oil block bids and broader inclusion of oil producing states and communities in ownership structures.
The communiqué specifically urged President Bola Ahmed Tinubu to consider the proposals, noting that their adoption would strengthen stakeholder confidence, deepen stability in the sector, improve participation from producing regions and youth groups, and fetch Mr President millions of votes.
