Prof. Wumi Iledare
…Capacity development is not about barrel but value addition.
-Felix Douglas
During his closing remarks at the 15th Emmanuel Egbogah Legacy Lecture Series (EELLS), Wumi Iledare, Professor Emeritus of Petroleum Economics and Executive Director, Emmanuel Egbogah Foundation (EEF) thanked participants for making it to the event.
He added that EELLS could have been done in Abuja, but Dr. Egbogah wanted it to be for students so that they can have opportunity to understand the future which is paramount for youths.
He said speakers and panelists have been emphasizing what indigenous companies ought to do to sustain value.
“Looking at the indigenous players today, majority of them which company do they come from? I also worked in that company and received enormous training which so many other players did and it has worked for a lot of people at present.”
Professor Iledare said he was elated on the aspect of capacity building and human capital development which were emphasized by panelists. He has invested in human capital development at the university in terms of training people who have excelled. This is the result of investing in human capital development.
He gave example of someone who excelled in South Korea after being thoroughly supervised which was part of what the multinationals did to train a lot of independents who are reaping the fruit that initiative. If the indigenous companies did not replicate what the International Oil Companies (IOCs) did for them, it means they have failed. “It is not about barrel but about value.”
He extolled Uniport for the support given for the advancement of EEF including the students who attended the event. It could have been done in Abuja, but EEF decided that it should be done where students will benefit.
Professor Iledare advised the Petroleum Trust Development Fund (PTDF) to give more attention to training of students in Nigerian universities. PTDF should concentrate on local institutions in training people for indigenous capacity at home. They shouldn’t help foreign institutions to the detriment of local ones. There has to be sustainability.
He urged local operators to collaborate in building academic institutions through investments. In terms of corporate governance, merit should be in the forefront to avoid mediocrity instead of ethnicity or other primordial considerations to the detriment of the nation.
For the country to progress in corporate governance, it has to ensure that only the best are considered instead of promoting a culture that will not progress the future of the oil and gas industry.
Professor Iledare appraised indigenous operators most of whom have been supportive to EELLS for the past 15 years. The Emerald Energy Institute (EEI) should brace up to the challenge to keep EELLS vision.
He also thanked all the stakeholders including Engr. Alek Musa, Professor Joseph Ajeinka for their leadership roles in the industry and academia.
He advised the students to work together without unhealthy competition by having a leadership that would be ready to lead and cooperate with others.
He maintained that the EEF vision is about value addition and creation which is a multiplier effect. Encouraging industry professionals, Professor Iledare said future progress rest on value, not cash flow. There is difference between value and cash flow. He warned indigenous companies to be careful about cash flow and bidding process that should be awarded to investors not traders. Oil and gas is not about buying and selling but creation of value.
Comment here