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Agip Set to Receive Tenders for $13.5bn Project

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Agip Oil Company
  • Agip Set to Receive Tenders for $13.5bn Project

The Nigerian Agip Exploration Limited will begin to receive commercial proposals this month for the development of its Zabazaba deepwater project, which is estimated to gulp $13.5bn.

The Nigerian Content Development and Monitoring Board, which disclosed this in a statement on Sunday, said the request for commercial tenders from bidders followed the finalisation of the technical evaluation for the main package of the project by the NCDMB and the NAE, with the aim of maximising local content.

It said the package included the floating, production, storage and offloading units, subsea, installation and rigs.

The Executive Secretary, NCDMB, Mr. Simbi Wabote, was quoted as saying that the board fast-tracked its evaluation and approval on the Zabazaba project, with the view of increasing Nigeria’s crude oil production and creating opportunities for the growth and development of local content.

He said the conclusion of the technical evaluation had paved the way for the NAE to proceed with its plans to receive and evaluate the commercial bids, conclude negotiations and award contracts in the second quarter of this year.

Wabote commended the NAE for working harmoniously with the NCDMB, saying the company took on board all Nigerian content requirements.

According to him, the NAE plans to achieve its first oil in 2020, is determined to make the final investment decision in the second quarter of this year and start the execution of the project in the third quarter.

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.

Business

Rising Operating Costs, Exchange Rates, Service Charge Increased Airfares by 100%

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air peace

Price of air tickets rose by 100 percent across several routes as rising operating costs, high foreign exchange and surged in service charge forced airline operators to raise airfares.

Airlines attributed the increase to a series of price adjustments and the introduction of new fees by the Federal Airport Authority of Nigeria (FAAN). According to them, airline firms were given special concessions, which will continue to push price up and could hit an average of N100,000 for even the Lagos/Abuja route.

Speaking on the situation, Captain Ado Sanusi, the Managing Director of Aero Contractors, said airline companies could not access forex at the official rate while the FAAN had upped its fees.

He said “We were buying dollars at N360 and it went to N380 but you can’t get it for less than N480.

“We are paying VAT at 7.5 per cent. We are paying 15 per cent duty on our spare parts. The boarding passes, we pay 15 per cent duty on it.

“The passenger service charge has increased by FAAN. So, don’t look at one component but look at the total reason for the increase.

“Yes, there is an increase in demand but it is caused by the lack of aircraft and this lack of aircraft is caused by unavailability of spare parts which is also caused by dollar scarcity.”

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Tony Elumelu Receives Licence to Kick Start Heirs Insurance Limited, Heirs Life Assurance Ltd

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The Chairman of Heirs Holdings, Tony O. Elumelu, on Friday said the company has received operating licences from the National Insurance Commission (NAICOM) for its two new insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).

The Chairman disclosed this on his social media page.

In his words, he said “I am proud to announce that the Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences for our new Group insurance companies – Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).

“This represents an important milestone of a long-term strategic journey in providing much needed, quality, & valuable financial services, to a broad demographic in Nigeria. Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried & tested business philosophies.

“Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.

“It has been a five-year journey, but with the optimism & the resilience that have brought us this far, it has been worth the wait.

“I would like to warmly thank our new CEOs—Dr. Adaobi Nwakuche, MD/CEO of Heirs Insurance and Niyi Onifade, MD/CEO of Heirs Life Assurance, our Board members, regulatory partners, those who have believed in this dream, despite the obstacles, & those who have cheered us on.”

This is coming barely two weeks after Mr. Elumelu announced Transcorp has acquired Afam Power for N105 billion.

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Ndubuisi Ekekwe Moves to Deepen Capabilities Through Free Weekly Business Lessons

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Ndubuisi Ekekwe

In a bid to deepen business and individual capabilities across the African continent, Prof. Ndubuisi Ekekwe, Founder of Fasmicro and the Lead faculty, Tekedia Institute, on Sunday said he will commence free business lessons to enhance accumulation of capabilities.

In a message forwarded to all members of the platform, Tekedia.com, Prof. Ekekwe, explained that when businesses accumulate capabilities, they move upstream and create new competitive tentacles which eventually form the foundation of their growth.

More so, because of the capabilities, they protect their market shares through strategic moats against competitors and new entrants,” he stated.

Prof. Ekekwe plans to send out two business lessons per week to engage Tekedia’s growing community on the mechanics of business systems. “Each piece would be prepared to pass across a business lesson.”

Prof. Ndubuisi Ekekwe writes regularly in the Harvard Business Review and has spoken at global events — explaining and teaching the mechanics of business systems and nation-building.

To start receiving his free business lessons sign up here.

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