Yemisi Izuora A new group for oil, gas and renewable energy-related risk managers is being formed by the Institute of Risk Management (IRM). The initiative is launching with a LinkedIn survey, which is open until 2 October, polling the views and concerns of risk managers across the energy spectrum. Project leader Alex Larsen, CEO of Baldwin Global, explained that the survey is a precursor to a thought leadership document, which in turn will be the launchpad of a new special interest group within IRM, along with specific industry sector IRM training courses. “Until now, the IRM has only done a little…
Author: Orientalnews Staff
Yemisi Izuora Risk managers have been urged to be curious and vigilantly watch moves by the Central Bank of Nigeria (CBN), as it reviews daily mobile money wallet transaction and balance limits, as well as the bank verification number (BVN) requirement for mobile money wallet holders. CBN stated: “In line with the initiative of the bank to enhance access to financial services through the mobile money services, the daily transaction limit and balance limit on mobile money wallets have been reviewed to afford users of mobile money services more flexibility in the use of mobile money wallet.” The revised limits…
Yemisi Izuora As the Global festival in of insurance Inclusion and diversity begins, insurance professionals share the same opinion that the culture within their insurance companies need to change. A new survey conducted by Dive-In, reports that about 71 per cent of insurance professionals across the world believe the culture within their companies needs to change. In a survey of 2,800 insurance professionals across 17 countries, two thirds of respondents named mental health and support for gender and LGBT issues as top priorities for cultural change. Respondents said cultural change and inclusivity is needed to attract and retain top talent.…
Yemisi Izuora The Central Bank of Nigeria, CBN, has injected $195 million into the FOREX market. In the wholesale Secondary Market Intervention Sales, SMIS, of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises, SMEs, and invisible segments, with the sum of $50 million and $45million respectively. This week’s intervention is significant, coming in the midst of the Monetary Policy Committee Meeting which began on Monday, September 25 through Tuesday, September 26, 2017. Monday’s sale follows the major intervention, last week, to the tune of $545 million, as the retail Secondary Market Intervention Sales,…
Yemisi Izuora The Infrastructure Concession Regulatory Commission (ICRC) has launched a contract disclosure portal, to further support governments transparency reawakening culture in its Public-Private Partnership model in Infrastructure financing projects. The acting Director-General of the ICRC, Engr. Chidi Izuwah, in a presentation at the event said the World Bank and ICRC developed the dedicated web portal for the disclosure of all PPP contracts information by the government. He said the portal would ensure timely disclosure of contract information from project initiation through to the implementation and hand-back phase of PPP projects to the government. According to Izuwah, the disclosure exercise…
…To Lift Power Generation By 561 MW Yemisi Izuora Seven Energy International Limited, says it has concluded agreement with regard to the long term Gas Sales Agreement for the supply of gas by Accugas Limited to the Calabar Nigerian Integrated Power Project, and work has commenced. The Calabar GSA is supported by a World Bank Partial Risk Guarantee which has the backing of the Federal Government of Nigeria, is a financial instrument that will secure the supply of up to 131 million cubic feet per day, MMcfpd, of natural gas under the Calabar GSA, thereby enabling the consistent generation of up to 561 MW of electricity to…
Yemisi Izuora Ikeja Electric, Nigeria’s largest power distribution company, has spent over N150m to carry out major rehabilitation work at Ogudu Injection Substation, in a bid to improve power supply in its network, especially across Ojota, Ogudu, Soluyi, Gbagada, Alapere, Oriola and environs. The Company’s Head of Corporate Communications, Felix Ofulue, said the rehabilitation became necessary as a result of frequent breakdown occasioned by obsolete equipment at the Injection Substation, which most times resulted to serious load shedding and power outages in the areas. Ofulue said, “All the Switch Gear Panels and Cables were completely replaced with new ones to ensure…
Yemisi Izuora Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), is poised to grow its equity production from the current 180,000 barrels per day to 300,000 bpd by 2018 and by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively. NPDC Managing Director, Mr. Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC. Mr. Matashi said having attained the position as fifth largest Exploration and Production Oil Producer in the Nigeria, the…
Yemisi Izuora The Nigerian Content Development and Monitoring Board, NCDMB, is stepping up efforts to raise the current $200 million Intervention fund to $1 billion in the next three year to enable it achieve its set objectives. The executive secretary of the Board Simbi Wabote said the managers of the fund, the Bank of Industry, BOI, has been directed to increase the fund to $1 billion to create more lending opportunities for Indigenous operators in the industry. Wabote who spoke at the opening of a 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference, organized by the…
Yemisi Izuora The Senate president, Bukola Saraki says that huge capital flight in the oil and gas sector is worrisome but however assured that the present Senate focus on reforms that will address the challenges. Speaking at the opening of the 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference 2017 organized by the Nigerian Content Development and Monitoring Board, NCDMB, in Lagos, Saraki noted that the 8th National Assembly is not oblivious of some of the challenges facing the industry. The president who spoke through the chairman senate committee on upstream Senator Alaso Adera said…