By Yemisi Izuora/Ijeoma Agudosi-Lagos The declining oil price in the international market is raising production concern among oil companies around the world. Consequence of the emerging scenario is prompting oil companies to look at ways to cut production cost. There are indication that merger and acquisition may become major consideration among players in 2015. Already, Afren, the British oil and gas group with operations in Africa and Iraq, has received what it called a “highly preliminary approach” from Nigeria’s Seplat after an oil price rout set the stage for takeover activity in the sector, according to Financial Times report. Afren’s…
Author: orientalnewsng
Ijeoma Agudosi/Agency Report Waltz Environmental Environmental Solution, said it planned to create one million jobs for the youths in the Niger Delta, including Cross River, in the next 10 years. According to News Agency of Nigeria report, the Director of the organisation, Mr. Samuel Ekong, said the jobs would be in technical areas, especially in oil and gas. He said the organisation would partner with job creation agencies such as Entrepreneurial Development Centre in Calabar and oil companies in the region to create the jobs. “We have a structure in place for job creation for the youths in the Niger…
By Yemisi Izuora-Lagos The Central Bank of Nigeria (CBN) has directed deposit money banks to ensure that they have sufficient capital buffers to mitigate the escalating risk-taking activities. The bank stated that where exposure to the oil and gas sector is in excess of 20 percent of total credit facilities of a bank, the risk weight of the entire portfolio in such facilities would attract a risk weight of 125 percent for the purpose of capital adequacy computation. In addition, the banks were directed to prepare and forward to the central bank their computation and results of their single-factor sensitivity…
By Our Correspondent News filtering in indicates that many people may have died following explosion at Gombe Motor Park which went off at about 9 am this morning. The Dukku motor park in Gombe town, is usually a busy motor park as passengers traveling to all the eleven local government go through the park. The causality figure is high because the motor park is very crowded, especially as people are traveling to traveling in and out of the LGAs to celebrate the Christmas with their love ones. It could be recall that this is the third explosion in Motor Park in…
By Yemisi Izuora-Lagos The Federal Airports Authority of Nigeria (FAAN) was honoured with Corporate Citizen Excellence Award by the Nigeria Institute of Public Relations (NIPR) during a recent presidential dinner and award night organized by the institute. In his presentation, the National President of NIPR, Dr. Rotimi Oladele, said the event was the maiden edition of the award and the Federal Airports Authority of Nigeria was shortlisted among the best corporate establishments based on on-going laudable transformation projects in the aviation sector, which was aimed at institutionalizing world-class safety and security standard at the airports. This epoch-making aviation initiative has…
By Yemisi Izuora-Lagos The Skyway Aviation Handling Company Limited, SAHCOL has announced the movement of its Head Office to a new Corporate Headquarters located at the Murtala Muhammed International Airport Cargo Complex. The relocation marks the first time the Management of the company is being housed in one edifice, after the fire incident that gutted the warehouse/Offices of the Company, on November 21, 2002. This is a further confirmation that Privatization is paying off for SAHCOL, as less than five Years of handling over SAHCOL to SIFAX Group, the Company started and completed the construction of a befitting Corporate Headquarters.…
By Beluchi Chinwuba-Lagos Controller Federal Operations Unit Zone ‘A’ Deputy Comptroller of Customs Turaki Usman Adamu has announced the siezure of 6,550 cartons of smuggled frozen poultry products. Adamu also said the unit has deployed undercover operatives to monitor all the flash points and ensure that Nigerians are not fed with the unwholesome products. Adamu who made the disclosure through Assistant Comptroller of Customs Adamu Abubakar Mohammed, the Officer In Charge of Lagos Roving Operations spoke the need to ensure proper monitoring of areas under its supervision. He noted that the unit has taken some far reaching decisions geared towards…
By Yemisi Izuora-Lagos Federal Airports Authority of Nigeria (FAAN) has asked cargo flight operators not to consider bringing their cargoes to the Murtala Muhammed Airpot due to congestions being experienced at this time. FAAN therefore urged the operators to find alternative entry points for their cargo rather than the Murtala Muhammed International Airport, Ikeja, Lagos. Already, FAAN has advised the Nigerian Airspace Manager Agency to issue a Notice to Airmen (NOTAM) to this effect. Yakubu Dati General Manager, Corporate Communications of the agency who issued this advise said this has become imperative due to the congestion created by…
By Yemisi Izuora-Lagos The Director –General of Sir Ahmadu Bello International Airport, Birin Kebbi, Alhaji Abubakar Umar Dakingari has explained why the state government invested in the airport project. Dakingari in his explanation said the project was envisaged to boost the export of farm produce, enhance socio-economic development and prepare the state for foreign investment. Presently the state exports farm produce like onions, maize and rice to North African countries, Asia and also to the local markets in Lagos, Kano, South East and South, South as the largest onion and rice producer in the country. But, because the state did…
By Yemisi Izuora-Lagos Stakeholders in insurance sector have expressed optimism that the creation of new policies in the insurance industry would create more jobs in 2015 as the industry has the potential for improvement next year. Dr Adelayin Oniwuide, a former President of Chartered Insurance Institute of Nigeria (CIIN), said that the industry had created some micro insurance products that would boost its premium. “I am aware that the insurance sector is carrying out various awareness programme on its products such as the agricultural policy. “With shopping malls and houses springing up in different locations, people will want to take…