By Charles Okonji
The President, Trade Union Congress (TUC), who is the immediate past President of PENGASSAN, Comrade Festus Osifo has warned that the plans for price capping on petroleum products by the downstream regulators will not only scare investors in the sector, but reduce market-driven returns and undermining confidence in deregulation.
He disclosed this while speaking with journalists at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) home coming dinner in his honour at the wheatbaker hotel in Lagos on Monday night.
Comrade Osifo advised that attention should be on how to enable a healthy competition among the players in the industry, emphasising that a healthy competition will pave way for lower price.
He pointed out that the major interest of the investors is to maximize their profit, noting that multiple investors in the sector will lead to the protection of the consumers as price will naturally come down.
According to him; “I think that price capping will come will greater challenges. If we focus on the price capping , we are going to drive away investors. For now, what government should focus on is how to ensure healthy competition among the players.
“When we have competition, its naturally bring down price .What the regulator should do is to go and source for more investors. Source for people to build the refineries, both modular and the bigger refineries. So that they can compete, most especially in the international price.
“Achieving sustainable, fair energy pricing requires deep upstream and midstream reforms rather than blanket price caps that distort market,” Osifo said.
Commenting on one of his achievements in PENGASSAN in the last six years , Osifo said the union has successfully protected the jobs of its members during the divestments by international oil companies (IOCs), adding that no member lost his job as a direct consequence of the transfer of oil and gas assets to new investors.
“The union had not only protected workers from job losses arising from the ownership changes but also ensured that their remuneration was maintained and improved. This development represented one of the major achievements of the leadership of the union, particularly against the background of the significant restructuring taking place in Nigeria’s oil and gas industry.
“The divestment wave involving major international operators had created concerns over the fate of workers as assets changed ownership and new investors took control of operations. But PENGASSAN deliberately engaged the outgoing and incoming operators to ensure that workers were not treated as casualties of the industry’s restructuring.” Osifo stressed.
The immidate past President of PENGASSAN described job protection and improved remuneration as two of the key measures by which the performance of the union’s current leadership should be assessed
He stated that his leadership had deliberately sought to remain close to members at the branch level, particularly during negotiations over Collective Bargaining Agreement agreements(CBA).
According to him; “Because of each of their Collective Bargaining Agreements, if the people don’t see me there with them, they will see the zonal chairman there with them. So, they saw that leadership where we worked with them closely.
“We never abandoned any of our branches. We worked with them closely to bring about the level of remuneration that we have in the oil and gas industry.”
On his part, MD/CE Country Chair, MR Mathieu Bouyer, noted he was very happy to be at the occasion, adding, ‘when I think about everything that has been said, I just have to say that I recognise the great leader you’ve been in the past decade or even more.’
Bouyer noted that his three years with Comrade has brought a lot of progress to Total Energies, stressing had always arrived a positive resolution of some critical issues through negotiations.
”And I think there is something important, that in life, even when we don’t have necessarily the same forces and powers behind us, there is always a way and a room to find compromise. And for that, I thank you.
”I want to say also that, someone in the speech said that when Festus was supported by Total Energies to become the the leader of PENGASSAN, we believed, I was not there, I guess Mike, my predecessor was there, that Festus would carry over the values of the company, you know, the Total Energies.
”One of them is care, and I have to say that a lot of what is coming from the speeches tonight is that you are caring for the people. And at the end of the day, it’s the value of Total, it’s the value of caring for the people, and I I think you are right. So, well done for that as well.
”You know, Total is a company which I would say, has been in Nigeria for decades, more than 60 years, and we are here for the coming 60 years or more.
“We are not just here to invest in assets, produce oil and gas, and pay taxes. We are here also to contribute for the long run, through social actions, but also through the leadership (people) we produce. We don’t only produce oil and gas, we produce talents, and you know, there are two people today, I mean Festus is one of them, of course, that has been at the top of the union and the TUC even.
So, you know, we can say that we are super proud as well. I am super proud as the MD, because at the end, what’s left after the the oil, the production, the accounts, is the people. Seeing retirees coming from far away to be able to attend this programme, shows the quality of person Osifo is.” The MD averred.
Earlier in his opening remarks, Comr. Rabiu Abdulhameed, Total Energies E&P Branch Chairman, PENGASSAN, stated that tonight is not a farewell, rather, it is a celebration of a remarkable legacy, a homecoming of a greatest leader in the history of PENGASSAN, and an opportunity to honour a man whose impact on PENGASSAN, TUC and the Nigerian oil and gas industry will be remembered for generations.
Comrade Abdulhameed noted that PENGASSAN under Osifo became stronger, more respected and more influential, saying that he elevated Collective Bargaining Agreements across over 100 branches nationwide, strengthened workers’ welfare, local capacity development, created and protected jobs, ensured that PENGASSAN remained a respected voice in National discourse.
“Indeed, his tenure gave birth to what many of us proudly describe today as “Osiforisation”, a leadership principle anchored on courage, strategic thinking, workers’ welfare, institutional strength, inclusiveness and service. It is a philosophy that challenges leaders not merely to occupy positions, but to leave institutions stronger than they met them.
“The economic impact of his leadership also produced what we now fondly call “Osifonomics”. This refers to practical demonstration of purposeful leadership, strategic negotiations and unwavering commitment to workers welfare even during the most difficult economic periods, like the case of our recent currency devaluation in 2013.
“Many members experienced unprecedented improvements in welfare, workplace safety, purchasing power and economic stability through the outcomes achieved under his watch. For many of us, Osiforisation and Osifonomics are no longer just terms; they have become leadership principles and living legacies.
“Beyond the office he occupied, Comr. Osifo touched lives personally. Through his generosity, philanthropy and genuine concern for people, he impacted countless families and individuals across our industry and beyond.
“The PENGASSAN Foundation is another remarkable initiative of Comr. Osifo, reflecting his strong commitment to giving back to society. Through the Foundation, PENGASSAN has extended its impact beyond members’ welfare to support communities through education, healthcare, empowerment, and other social interventions, demonstrating that true leadership is about creating value not only for members, but for the society at large.” Abdulhameed stressed.
