CILT Nigeria - Next Generation

MEMBERS OF TRANSPORT STUDENTS ASSOCIATION FROM LAGOS STATE UNIVERSITY PAID A COURTESY VISIT TO THE EXECUTIVE OF NEXT GENERATION AT CILT NATIONAL SECRETARIAT

The CILT Nigeria NG received members of the Transport Students Association-LASU to a familiarization and interactive visit at the Institute's National Secretariat, Ikoyi on Wednesday, 4th April 2023.

The visit which was attended by the Executive members lead by the Chairman and some CEOs from Next Generation members; Mr. Stephen Fola-Badejo (CEO, LogiTrak Africa) and Mr. Shehu Aliu (CEO Lucid Africa) had familiarization session with the students, shared basic professional requirements in Logistics & Transport, counseling, as well as advisory sessions.

Afterwards, the students were encouraged to take advantage of registering as members of CILT as they stand to gain a lot of wonderful benefits.

The President, TRASA-LASU, Comrade. Dosunmu Olamilekan couldn’t hide his joy as he appreciates NG Nigeria for giving them the platform to interact and assured that they will not take this Synergy for granted. As he requested for a partnership with NG on transportation awareness strategy especially to the fresh students at the orientation program.

The visit was concluded with a brief familiarization with the National Executive Director and staff at the National Secretariat, followed by group photographs.


- LASU

"Logistics is the backbone of any successful Supply Chain, from transportation and warehousing to inventory management and order fulfillment, effective logistics ensures products are delivered on time and in good condition."

THE HISTORY OF THE SEVEN SISTERS

You must have heard about oil, the black gold that makes countries rich and is used to make different by products that are useful to man.

But what you might not have know is that crude oil was formed as a result of small plants and animals that died and fell to the bottom of the sea floor, buried under layers of rock.

In 1858, Edwin Drake discovered oil and in 1870 Rockefeller formed the Standard Oil of ohio, His company had a habit of buying their strongest competitor, he always researched and developed new products that would be produced from oil like Vaseline, varnish, toothpaste and paraffin wax.

He also diversified into Iron, rail roads, shipping etc until his company was broken into 33 other companies after a court case, some of the companies that were birth from his company included Mobil, Exxon, Chevron etc

The mid 1940s, seven oil companies grew to control about 75% of the oil reserves and 85% in the 1950s, then Enrico Mattei popularised them by referring them to what we would later know as the 'Seven sisters' it was a term used for the seven daughters of Pleione and Titan Atlas (Pleiades sisters)

The seven sisters included

✓Standard Oil Company of New Jersey (now known as Exxon)

✓ Standard Oil Company of New York (Mobil)

✓ Standard Oil Company of California (Chevron)

✓ Gulf oil

✓ Texaco

✓ British Petroleum (BP)

✓ Royal Dutch (Shell)

Most of them have merged, like Exxon Mobil, Texaco merged with Chevron as well.

The seven sisters used ownership of oil fields to maintain collusion and restrict oil supply so that they could reap greater profits, they sometimes minimised the taxes and regulations they were meant to pay to the government of the countries that owned the oil fields and when the government wanted to nationalise their oil, they could slow production of oil to retaliate.

In 1951, Mohammed Mossadegh nationalised the nation's oil asset, this angered BP, and in 1953 he was overthrown out of government and the new government gave back the oil fields back to the seven sisters until OPEC was born in 1960.

OPEC, the Organisation of Petroleum Exporting countries is a cartel that aims to manage the supply of oil in an effort to coordinate the price of oil in the world unfortunately Russia, UK and United States aren't members

They coordinate their members oil production to keep price stable, their influence grew when they announced oil embargo in 1973 aimed at countries that supported Isreal during the Yom Kippur war, members include

1. Iran
2. Iraq
3. Kuwait
4. Saudi Arabia
5. Venezuela
6. Baghdad
7. Nigeria
8. Libya
9. United Arab Emirates
10. Algeria
11. Angola
12. Congo
13. Equatorial Guinea

And four countries left which include Ecuador, Indonesia, Gabon, Qatar

Do you think that OPEC succeeded in phasing out the oil monopoly