North Moves to Invest in Oil/Gas, Says 'We're Lagging Behind'

Disturbed by the rising dominance of the South in almost all sectors of the nation's economy, a powerful lobby group in the North has commenced moves to bridge the gap.

The objective, according to LEADERSHIP investigations, "is to encourage wealthy persons from the North to invest in the oil and gas sector so as to protect the future of the region."

Already, the group of concerned wealthy northerners are mobilising towards buying one of the multinational oil companies in Nigeria, Chevron/Texaco, preparatory to investing in the downstream sector of the petroleum industry.

According to one of the mobilisers, "it is worrisome that our people have been left behind in almost everything. Look at the banking sector where former President Olusegun Obasanjo forcefully conslidated the financial institutions in such a way that gave advantage to the South over the North. We watch with pain such developments".

The source added, "Out of the six oil companies operating in the country, three, namely, AP, CONOIL and Oando are owned by the South-West alone, while the other three, Chevron, Shell and Total are owned by multinatinoal corporations.

"Now that Chevron wants to divest its ownership of the oil giant, the North is interested. We want to secure our futture by buying this company so that we can have a sense of belonging in a federating economy.

But Femi Otedola, the owner of AP, is said to have interst in CHEVRON also. He is said to be making moves to buy the company and operate the two. This is not fair. We that don't have anything should buy it this time," the source added.

"Obasanjo took over AP from former Vice President Atiku Abubakar, a Northerner, and gave it to his kinsman, Otedola, at the peak of their conflict in 2006.

"The move to mobilise and take over CHEVRON is receiving good responses from northn personalities.

"What we want is to invest in oil. We have oil deposits but they have not been developed. We are the largest transporters of oil from one part of the nation to the other.

We have the largest number of filling stations, but have no ownership of what we transport.

We are calling on our people to come and invest. There is much gain to reap. It is our collective responsibility to reduce poverty, eliminate begging and develop our people. We have been left behind, and we need to catch up," he fumed.

Commenting on the development, a northern transporter, Alhaji Lawal Isa, hailed the move, saying it would help to empower the region and the people.

According to Isa, "When I heard about it, I was very happy that our people are waking up from slumber. We need oil companies in the north.

We have to put our heads together to develop the region. We have to support any company in the north that wants to buy CHEVRON. If we don't rise now, one day, somebody, somewhere will just buy the whole north."

Another northern banker who pleaded anonymity said, "My brother, we must be united economically, politically, socially and otherwise. As far as the banking sector is concerned, we are playing third fiddle, and so, it is an opportunity to invest in oil and gas. It is an opportunity to make up for what we have lost as a region."

Related terms: economy, gasoline, nigeria, oil, oil and gas, poverty, president