Multinationals Exiting Nigeria are Fake, Unserious Investors – Uzodimma

Major oil firms such as Shell, Mobil, Chevron, and TotalEnergies have been involved in the Nigerian oil business; Imo State governor Hope Uzodimma has criticised this involvement, claiming that these companies are not real investors.

During an interview on Sunday Politics on Channels Television, Uzodimma said these things.

The governor claimed that Bola Tinubu’s attempts to boost the country’s economy are being thwarted by a group of people he called the “cabal.”

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When asked if the investors who left Nigeria were because of these so-called cabals, Uzodimma argued that the investors who left weren’t real ones.

He claims that by moving their operations offshore from onshore, Shell and other oil corporations disrespect Nigeria’s environmental regulations.

Uzodinma said, “Let’s take the oil and gas industry for instance, is there anywhere in the world you go, and you see any filling station, you want to refill your car and you don’t see Shell, Mobil, Chevron, Total? How many of them are operating filling stations in Nigeria? Why are we isolated, and you call them real investors? Why have they taken to offshore operation, abandoning onshore operation if they are genuine?

“You go to Houston, landing Houston Airport, you see oil locations, you see vegetables planted all over there, habitable for human existence.

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“Fly to Warri, as you are landing Warri Airport, look at oil locations. Look at the sea, all the fishes, nothing existent, no fish there. The environment is degraded to criminal level.

“Are they what you call investors, people who have no regard for our environmental laws? Are those investors? People who are into double standard; applying different applications in other countries, applying degrading application in Nigeria. Is that what you call investors? Please if we don’t take our destiny in our hands, we will be doomed for it.”

The governor claims that people quitting Nigeria are not investors but rather individuals who stand to gain from the cabal system.

Uzodimma underlined that the alleged investors’ withdrawal would present a chance for native businesses to take on a bigger role in the sector.

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The governor claimed that the reason these investors are departing is that they are no longer benefiting from petroleum subsidies, theft of crude oil, and discrepancies in foreign exchange. He saw their exit as a “blessing in disguise,” since it gives Nigerian businesses that had been turned down for investment chances new opportunities.

“Again, it is a blessing in disguise because the more they leave, the more opportunities the indigenous companies would have to participate. There is no rocket science . No foreign investor, who is comfortable in his country that wants to leave his country and come here.

“And at the same time, the good investors who are Nigerians, who have been denied opportunities to practise and invest, they now have opportunities to do so.

“I think the earlier the artificial and fake investors leave, the better for Nigeria”.

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Notably, Shell recently consented to pay the consortium Renaissance $2.4 billion for the sale of The Shell Petroleum Development Company of Nigeria Limited, its onshore business in Nigeria. In the past ten months, at least five international corporations have departed Nigeria.

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