Chevron Nigeria Limited (CNL), operator of Nigerian National Petroleum Corporation NNPC/Chevron Joint Venture, has committed approximately USD 425,000 (NGN 53 million) to poverty alleviation initiatives, including capacity building and microcredit programs, in eight communities in Bayelsa State. General Manager of Policy, Government and Public Affairs for CNL, Femi Odumabo, states that this contribution is part of Joint Venture’s corporate social responsibility (CSR) program which aims to empower the people who live within the corporation’s area of operation by using a community engagement concept called the Global Memorandum of Understanding (GMoU).
According to Mr. Odumabo, NNPC/Chevron is spending about USD 265,000 (NGN 33 million) on a 15-month training program for 80 local Nigerians and USD 160,000 (NGN 20 million) on microcredit initiatives in local communities. The benefitting communities are Sangana, Fishtown, Koluama 1, Koluama 2, Foropa, Ekeni, Ezetu1 and Ezetu 2. Keffes Regional Development Council (RDC), one of the two community-managed councils in the Bayelsa State that Chevron facilitated, will be executing the CSR projects. The 15-month training program is designed to equip participants with the skills necessary to secure gainful employment, whether through self-employment or an established institution. During the first three months, the training will cover general knowledge and skills common to all vocational fields. The final 12 months the trainee receives specialized training in his area of choice, including Safety, Welding/Pipelines Construction, Instrumentation, Fashion Design /Fine and Applied Art, Computer Hardware Maintenance, Electrical Installation and general subjects such as Elementary Science, Mathematics, Technical Drawing, Use of English and Business Management.
No further information on the microcredit initiatives is available.
As of 2006, Chevron Corporation was the second-largest integrated energy company in the United States and one of the leading energy companies in the world. The company has 56,000 employees and conducts business in 180 countries. In 2006, Chevron had USD 132.6 billion in total assets and USD 63.7 billion in total liabilities. Its return on average stockholders’ equity was 26 percent.
Additional Resources:
AllAfrica.com: “Nigeria: NNPC/Chevron JV Commits N53m on Capacity Building”
Chevron: Chevron Fact Sheet
Chevron: 2006 Corporate Responsibility Report
Nigerian National Petroleum Corporation
Centre for Petroleum Information: Chevron Nigeria Limited (CNL)
MarketWatch.com: Chevron Corp New
Bloomberg.com: Currency Calculator
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