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Dangote Refinery, PTI Partner on Human Capital Devt

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Dangote refinery
  • Dangote Refinery, PTI Partner on Human Capital Devt

Dangote Refinery and Petrochemicals and the Petroleum Training Institute, (PTI) Efunrun are to collaborate in the area of human capital development and professional certification given the Group’s foray into oil and gas business.

Dangote Group Executive Director, Stakeholder Management and Corporate Communication, Mansur Ahmed, who led Dangote Group management to receive the management of the Institute when it paid a courtesy call on the Company said the Dangote Refinery and Petrochemicals would be more than ready to partner the PTI in the critical area of skill acquisition and human capital development.

He stated that the PTI is in vantage position to provide trainings that are otherwise sought abroad and that with the economic situation in the country, PTI should the leading light in training of personnel in oil and gas sector.

Engr. Ahmed then advised the Institute Management to build a framework that will show the contents of its training modules and how they match specific needs of organisations in the sector.

He tasked the Institute to come with a proposal that can lead to the formalisation of the partnership between the Group and the Institute while also urging them to take facility tour of the Dangote Refinery and Petrochemicals currently under construction so as have insight into the areas of immediate training the company would require.

Speaking earlier, the Principal of the Institute, Professor Sunny Iyuke expressed delight that the Institute management has been able to link up with the Group eventually saying he was optimistic that the partnership would be beneficial to both parties.

He explained efforts being made by the new management of the institute headed by him to redirect the institute saying it has undergone several changes in the last few months all in efforts to reposition it to be relevant in discharge of its duties in the light of the modern day technology.

Iyuke made bold to say that the PTI has some of the best facilities for training in the oil and gas sector in the world and that the management was striving to ensure the facilities are deploy appropriately so that the institute would take its pride of place in the sector.

He also expressed the confidence that the facilities at PTI would be of immense benefit to Dangote refinery given its unique size and scope of production and that the training and certification that the Institute would provide would be global standard.

Stressing the reason why the current management moved to reposition the Institute, Iyuke lamented that it was embarrassing that over five decades after the discovery of oil in Nigeria, the country is still importing oil.

Describing the situation as saddening unacceptable, he explained that PTI would need to double up and take the lead in human capital development in the oil and gas industry noting that with the local content policy of the government, the Institute has much work to do.

The institute listed areas of training where Dangote Refinery could benefit from as Refining process; Process control; Plant Utilities; Pipeline maintenance; Catalyst and Catalysis; Corrosion and Corrosion control; Water and Waste Water Management; Power plant and a host of other spheres.

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.

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Shell

Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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