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Siemens Nigeria Builds €3m Facility, Boosts Local Content

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Siemens Limited Nigeria has inaugurated a new facility in Port Harcourt to increase local capacity in the Nigerian oil and gas industry.

The company said it invested about €3m in the facility and developed it according to international specifications and standards.

It said the Siemens Port Harcourt Service facility was equipped to repair and overhaul highly sophisticated equipment that would previously have been sent overseas.

The Managing Director and Chief Executive Officer, Siemens Limited, Onyeche Tifase, while speaking at the opening of the new Siemens Port Harcourt Service Workshop on Wednesday, described it as the first facility of its kind for Siemens in West, East and Central Africa, and a major investment for the global Siemens service business.

Noting that Siemens registered its business in Nigeria 46 years ago, she said, “Siemens Service Centre stands as a shining example of how leading Original Equipment Manufacturers can localise their services, increase value-addition and contribute strategically to the much-needed diversification of Nigeria’s economy.

“We recognise this as a groundbreaking moment, not just for Siemens, but for Nigeria and Nigerians.”

Tifase said with over 160 years of engineering history across the world, Siemens had remained at the forefront of technological advancement through the supply of sustainable and efficient automation, digitalisation and electrification solutions and lifecycle services.

She said, “Siemens equipment outperforms in various oil and gas, manufacturing, utility and infrastructure facilities worldwide. In Nigeria, our vision for many years has been to create a world-class facility and workshop environment where service excellence is fostered to align with our client’s ever-changing needs.

“We are proud to have developed a facility that is ISO 9001 accredited and offers a modern working environment for our partners and employees.”

She said it had become even more critical in today’s economy to ensure that industrial plants and facilities run at maximum capacity and efficiency over an extended lifecycle.

“The technical experts and other employees located in the Siemens service workshop are well trained, certified and capable of developing and delivering precisely the right support to ensure maximum results and address all our customer’s service needs.

“This will ensure we remain even closer to our customers and can provide greater responsiveness, reduce turnaround time and optimise costs for undertaking maintenance programmes.”

According to Tifase, future development plans for the workshop include provision of electrical repair services for equipment such as motors, drives, switchgear, transformers, distribution boards, etc.

The Vice President, Region South and West Europe and Africa, Siemens, Mr. Philipp Kurney, said, “The capital investment in this facility is right about three million euros. That is one element to it. I think the second and potentially more important element is the amount of training and investment in people.

“We have taken a lot of people locally and put them on training programmes, allow them to learn in our factories at Europe and America.

The Maintenance and Integrity Manager, Shell Exploration and Production Companies in Nigeria, Mr. Oji Eberechukwu, described the workshop as a critical milestone.

He said it would support the Nigerian Content Development agenda and position Siemens as a more responsible and corporate business citizen of the Federal Republic of Nigeria.

He said, “We will collaborate more in the utilisation of this workshop for some extraordinary maintenance and of course in the sharing and transfer of technical competencies in this space; like the just-concluded Bonga FGCs inspections in this workshop.

“Though they were preliminary, we look forward to a time when we can do complete major overhauls of our compressors and turbines and also do high speed balancing in-country.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Global Deal Activity Down by 4.5% in October 2020

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A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.

Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”

North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.

The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.

Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”

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Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business

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Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.

According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.

The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.

Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.

“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.

The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.

The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.

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Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB

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Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19  

The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.

This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.

Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.

In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.

“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.

“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”

In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.

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