By Ogu Ihuaku
The Rivers State Government(RSG),on Wednesday signed a Memorandum of Understanding (MoU) with Senendib Capital Limited for the protection and preservation of mangrove forest ecosystems and establish Blue Carbon Credit Partnership within the state.
The MoU was signed by the Rivers state Commissioner for Energy and Natrural Resources, Engr. Uchechukwu Nwafor, and the Director of Petroleum, Rivers state Ministry of Energy and Natural Resources, Dr Temple Amachere on behalf of the state.
The MoU was also supervised by the state Attorney General and Commissioner for Justice, Danagogo Iboroma (SAN), in Port Harcourt.
Mr Rafat Rizvi,the Managing Partner and Chief Executive Officer, Serendib Capital Limited, and the Chief Operating Officer, Mr Christian Elemele, signed on behalf of the company.
The Rivers State Commissioner for Energy and Natural Resources, Engr. Uchechukwu Nwafor, noted illegal oil bunkering activities as one of the causes of high level degradation of the mangrove forests in the state, and the entire Niger Delta.
Nwafor said the project would integrate mangrove restoration, seagrass conservation and sustainable agriculture.
He also stated that the project would aid in tree planting, biochar production with a view to bring transformative shift in environmental and socio-economic gains in the state.
“The project will benefit the state in no small measure, and in particular, increase our Internally Generated Revenue (IGR).
“The Rivers State Government, will therefore, provide the needed logistics in line with the terms of the MoU as well as security to ensure the success of the project”, he stated.
In a remarks, Mr Rafat Rizvi,the Managing Partner and Chief Executive Officer, Serendib Capital Limited, said the project would be part of a larger mangrove marine ecosystems restoration programme known as Delta AZURE, which will be the world’s largest blue carbon credit project.
Rizvi noted that the mangrove restoration project would prevent the deforestation of 170,000 hectares of forest through afforestation, reforestation, revegetation and replantation.
He said that the carbon credits generated from the project would be used to bring tangible benefits to the state and will be used as an economic vehicle to support the communities involved.
“The conservation project would generate carbon credits that would be used as an alternative income source for those local people who may otherwise make an income from illegal logging and deforestation”,he observed.
Rizvi added that the project would create a significant number of jobs within the local communities and help the state in terms of diversifying it’s revenue streams not just in the short term, but for a very much longer term.
Rizvi commended the Rivers State Government for the trust,assured that the company would not betray the confidence reposed in them.
He expressed the company’s commitment to work in synergy with the local communities while seeking their cooperation.