Late Chief Aret Adams, the pioneer Chairman of Niger Delta Exploration & Production Plc (NDEP), was fondly remembered at the 17TH Annual Aret Adams Memorial Lecture.
Niger Delta Exploration & Production Plc (NDEP) was proud to support the Lecture.. The theme of this year’s Lecture was “Nigeria’s Economy After Oil: How prepared are We?
The Chairman for the Event was Chief Donald O.Etiebet. CON, FNMGS (Former Minister of Petroleum Resources) while the Guest Speaker was Mr. Olabode Agusto, MFR (Director, Agusto & Co. Ltd. & Former DG, Budget Office of the Federation).
Late Chief Aret Adams, who would have been 83 this year, was fondly remembered by Chief Etiebet as a selfless patriotic technocrat of high integrity who loved his country more than himself. He went on to describe Aret Adams as a builder of men, who developed and deployed young managers who became leaders across the Nigerian energy industry.
In introducing the main presentation, Chief Etiebet described the challenge posed to Nigeria with the Internet of Things, Artificial Intelligence, Clean fuel and Climate Change becoming more prevalent worldwide.
Speaking to this challenge, Mr Agusto’s presntation gave an overview of prevailing industry trends and its impact on Nigeria. In a world with declining oil demand and the increasing use of electric powered cars, Mr Augusto envisaged a decrease in Nigerian oil revenues and a reduction in foreign exchange.
He urged Nigeria to give its utmost priority to the agricultural sector as it did in the past before the discovery of oil. Additionally, he recommended a focus on gas production and the development of refining capacity, encouraging the government to allow market forces to dominate so that it becomes more attractive for companies to invest beyond and outside of crude oil production.
To mitigate the impact of decreased oil revenues, Mr Agusto highlighted the need to create a working tax structure, improve unemployment, fix infrastructure and create skills acquisition programmes for graduates and those still in education. Ultimately, increased non-oil tax revenues should underpin the future economic development of Nigeria.
Dr Fatona commented, ‘As an industry icon and pioneer Chairman, the life of Late Chief Aret Adams has impacted many organizations and individuals, especially NDEP Plc where his legacy lives on. As our pioneer chairman, his vision and belief in indigenous participation is what drives the ND Group today.’
The lecture was held on the 25th February 2020, at the Muson Centre, Lagos. After the lecture and Q&A session, Plaques of Appreciation were presented by Mrs. Izarene Adams.