June 19, 2024

Dr. Ikpea, Chairman Lee Engineering Group calls for establishment of ‘Security Fund’ to finance war against oil thieves, pipeline vandals 


Oredola Adeola

Lee Engineering and Construction Company Ltd. has solicited support for the establishment of  “Security Fund” to be dedicated to checkmating the activities of pipeline vandals and oil thieves responsible for the disruption in the transportation of crude oil to terminals and the decline in Nigeria’s crude oil daily output.


Dr. Leemon Ikpea, the company’s Group Chairman and Chief Executive Officer, made this known at a news briefing on Friday in Abuja.


EnergyDay’s check showed that Lee Engineering Group is a high-level indigenous service provider in the Engineering, Procurement, Construction, Operation, and Maintenance (EPCOM) with over 31 years of experience in the oil, gas, and power sectors.

He, therefore, called for collaboration between the Federal Government, and indigenous and multinational oil and gas companies to raise special capital that can be pooled together in a certain financial institution to protect the country’s oil pipelines against saboteur.

He said, “Time has come for us to create a pool of funds to further tackle insecurity.


He also condemned the spate of insecurity and kidnapping across the country and appealed to big organisations to support the government to improve the security situation.


Ikpea emphasized that  ensuring the security of oil and gas pipelines is necessary, noting that Nigeria makes  about  90 percent of export income from revenue derived from the exploration of oil and gas.


He said, “We can have a security fund that can be in a pool in a certain bank and if there is any flashy area, the fund can be used.


“The fund can as well be used on road construction and rehabilitation.


“Security issues should not be left for the government alone to tackle, rather it should be a collective effort in terms of funding and information, among others,” he said.


Ikpea noted that the country had recorded an improvement in crude oil production following the government’s special intervention and attention to security.


He, however, lauded the Nigerian National Petroleum Company Ltd on its recent discovery of illegal pipelines due to heightened security.


Speaking about some of the corporate social responsibility(CSR) that his company has carried out, Dr. Ikpea disclosed that a foundation was established in 2012 to cater to widows, the elderly, and sick people.


Ikpea noted that the foundation had trained about 40 doctors working in different countries with over 189 graduates of Civil and Mechanical Engineering.


He disclosed that the company would also diversify into aviation, production, exploration, travels and tours, among others in the near future.

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