Following the earlier inauguration of Isoko Alternative Energy 10th July, 2023, by the President General of Isoko Development Union, the erudite Professor Chris Akpotu, the committee Chaired by Engr. Onwo Nelson, has presented its report to Isoko stakeholders at the Secretariat in Oleh, Isoko South Local Government.
The meeting which have the Traditional Rulers, the 2 Local Government Chairmen, President Generals of various clans and other critical stakeholders in attendance, empirically presented in details sustainable approaches, options, and/or feasible ways to actualize the Isoko dream.
Currently, the energy transition in the 21st century is increasingly meaningful to host Communities. Therefore, in addition to the already mapped out plans, there is an urgent conceptualized plans to incorporate the entrepreneurs and political class with the primary aim of actualizing the targeted goal. The views, expertise, as well as experience demonstrated by the committee ultimately were evaluated by the general house and adopted because Isoko nationality is poised having the Independent Power Plant (IPP).
#HIGH POINTS:
1. The current energy needed in Isoko is 6.5 megawatts. However, the committee proposed 10 megawatts for the eventual increase of energy consumption due to development and industrialisation.
2. There is the possibility to sell energy to nearby LGAs or Communities *for more revenue,* if the need arises.
3. The amount required to generate the 10 megawatts is ~ $17 million USD. This amount includes the cost of replacing all our electricity infrastructure in Isoko land as the current system can not withstand a 24-hour power supply.
4. To raise the $17 million dollars, the committee recommend that all the oil producing Communities should collapse all their individual projects to electricity projects. Then, the funds, e.g., the 95% of the 3% Host Communities Trust Funds from oil companies, should be invested into #Isoko Investment Holdings.
*NB: The investment of the 3% oil host communities’ funds in visible/viable projects is in obedience to the Petroleum Industrial Act (PIA) 2021*
Second, all special projects from NDDC, DESOPADEC, State Government should go into Isoko Investment Holdings.
NOTE:
Communities without oil funds are free to raise funds from their sons and daughters, which they could be channeled into it to hold some equity shares. Otherwise, the owners of Isoko Investment Holdings are those who contributed their 3%.
5. Corporate entities of Isoko extraction and technical partners may choose to commit their funds in the form of shares until we raise the $17 million.
6. The project *is envisaged* to last for 36 months, after which, the Host Communities can use their 3% for other developmental projects within their domain.
7. The electricity bills and profits from power generation shall be shared equitably by the owners/shareholders of Isoko Investment Holdings.
8. Some Communities may decide to pay their electricity bills from their profits or from their 3%. The choice is theirs.
9. The committee also proposed that the Isoko Investment Holdings can in the future bid to own a marginal oil field like other entities.
Finally, this is the age of electricity and it is seemingly the best gift of science to mankind. Isoko needs electricity as planned to generate additional revenue/wealth creation, industrialization and increasingly improve Isoko economic status.
The Alternative Energy Committee:
1.Engr. Onwo Nelson – Chairman
2.Rev. Dr. G. Agbuduta- Co-Chairman
3. Dr. Edafe *Asedegbega* – Secretary
4. Engr. Oba Obi – Member
5. Dr. Vincent Edewho – “
6. Mr. Igelige Morrison – “
7. Chief Adonis Ubuwere – “
8. Chief Dan Odhomo – IDU Rep –
9. Dr. Oke Micheal
10. Comrade Morrister Idibra.
Dr. Jubilant Igelige, JP,