….Says Indigenous Firms Showing Capacity In Oil Sector Yemisi Izuora The recent acquisition of ExxonMobil 60 per cent equity in Mobil Oil Nigeria Plc by NIPCO has demystified the impression by International Oil Companies [IOCs] that it is an impossible terrain to market petroleum products by indigenous oil companies. The Chairman, Petroleum Downstream Committee, House of representatives, Hon. Joseph Akinlaja who disclosed this during an oversight visit to NIPCO PLC in Lagos said the feat of the company is commendable and a big boost for higher indigenous stake in the nation’s oil and gas industry . “ There is no…
Author: Orientalnews Staff
Yemisi Izuora Efforts at ensuring that over 200 commercial entities around Ozoro in Isoko Local Government areas of Delta State benefit from power supply has gotten a boost as Benin Electricity Distribution Plc (BEDC) signed a Memorandum of Understanding (MOU) with Thames Energy Limited and the Delta State Government on the construction of 20megawatts power plant in the area. The MOU signing ceremony, signaled a tripartite partnership that is expected to galvanize the potentials of several commercial entities in addition to rejuvinating the economy of the Isoko and thus make the location an economic hub for Delta State. Managing Director/Chief Executive Officer, BEDC, Mrs Funke Osibodu in her opening remarks at the ceremony,…
Yemisi Izuora Global insurer Allianz has given information about a new binding agreement to acquire 98 per cent of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest gross domestic product (GDP) of the African continent, and boasts an expanding population of over 180 million citizens. Allianz sees Africa as a key growth market of the future, and the acquisition of Ensure Insurance means Allianz is now present in…
Yemisi Izuora Ghana one of the countries importing gas from Nigeria is no longer comfortable with her Gas supply agreement with Nigeria. A state visit of Ghanaian president Akufo- Addo to Equatorial Guinea according to government sources was to “deepen the cordial bilateral relations between the two countries and explore possible areas of cooperation.” Akufo-Addo, while in the Central African country signed a government-to-government Heads of State Agreement with Equatorial Guinean government for the supply of LNG from Equatorial Guinea to Ghana. Ghana in the 1990s signed a memorandum of understanding with Equatorial Guinea under which Ghana was to benefit…
……Event To Become Annual Gathering Of Stakeholders Yemisi Izuora The federal government has given its approval to the Nigeria International Petroleum Summit, a forum that is designed to promote potentials in the industry and exchange of ideas among sector operators across the globe. The summit which is Nigeria’s official oil and gas industry trade show event will undoubtedly be the Africa’s largest and most important industry platform and linkage to the world where engineering and technological breakthroughs, bid rounds, bid sign-off, major contract signing and sites conferences would meet other developmental and economic diversification initiatives of the country. Oriental News…
….As Future Energy Nigeria Prepares Ground For Another Summit Yemisi Izuora Stakeholders in the Nigeria’s power sector would be discussing the country’s energy crises and the future of the industry, as Future Energy Nigeria Initiative gathers operators and policy makers to congregate at the yearly power forum in Lagos. Director of Future Energy Nigeria Initiative, Ade Yesufu commenting on the summit said, “I’m excited about Nigeria’s energy future, Nigeria is the future, we have to restore investor confidence”. As the Global Business Director for the upcoming Future Energy Nigeria, an event that has a solid reputation as a longstanding, high-level gathering place…
Mr Eddy van den Broeke, Chairman of Greenville, an oil and gas company, has disclosed that his company would invest $500 million in the nation’s gas sector, adding that the investment would be in collaboration with NNPC/Total Joint Venture and Gas Aggregation Company of Nigeria. Van den Broeke made this disclosure to journalists after the signing of the Gas Sales and Aggregation Agreement, GSAA deal at the Nigerian National Petroleum Company, NNPC headquarters, Abuja. According to him, Greenville will invest in the first three mini Liquefied Natural Gas, LNG, plants in Africa. He said: ”The big challenge today is that no…
Nigeria’s Access Bank said on Wednesday it had booked a 4 billion naira ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers. Wigwe told an analysts’ call that Access hoped to recover the debt once 9mobile was sold to new investors. – Rueters
The management of United Bank for Africa Plc, has said that it had applied to the Financial Services Authority of the United Kingdom for a banking license in its bid to further connect Africa to the world through global financial centres, complementing its existing presence in New York and Paris. Reuters quoted the group’s Chief Executive, Kennedy Uzoka, as saying during a conference call on Tuesday following the release of its audited half-year financials that UBA made provision for its N38bn exposure to 9mobile, the mobile operator formerly known as Etisalat Nigeria, but failed to give details of the provision. He…
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has said that the entry of Nigerian Independent Petroleum Company (NIPCO) into the cooking gas market had broken the monopoly of International Oil Companies (IOCs) through their affiliates in Nigeria. Mr Nosa Ogieva-Okunbo, the association’s President, disclosed this during a courtesy visit to NIPCO management in Lagos. Ogieva-Okunbo said major marketers hitherto had almost total control of the LPG business prior to the entry of the company in 2009. NIPCO is a private company operating in the downstream sector of the oil and gas business in Apapa. He said that…