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American Investor Earmarks $200m for Nigeria’s 1st Modular Refinery

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  • American Investor Earmarks $200m for Nigeria’s 1st Modular Refinery

The Federal Government’s plan to establish modular refineries in the oil producing areas has received a boost with a leading United States modular refinery investor, Missouri American Energy, Moham, setting aside $200 million for the take-off of Nigeria’s first modular refinery with 20,000 barrels per day production capacity in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State.

President of Missouri American Energy, Mohan, Mr Henry Iwenofu, who led a delegation of the company’s top officials, including the local promoters, to Abuja, told the Minister of State for Petroleum, Dr. Ibe Kachikwu, that $200 million budgeted by the company for the fabrication and installation of Gbaramatu Modular Refinery, GMR, components in the United States and Nigeria was in one piece.

Another $200 million, he disclosed, was available for infrastructural development, adding: “All Missouri American Energy Mohan needed is a friendly business environment with government policies and programmes that will enable the refinery strive and achieve its desired objective.”

He was accompanied by the pioneer chairman of Delta State Oil Producing Areas Development Commission, DESOPADEC, and Bolowei (Prime Minister) of Gbaramatu Kingdom, who is the promoter of Gbaramatu Modular Refinery, Chief Wellington Okirika, Investor’s Representative, Mr. Howard Wegman of Community Capital Group of Canada, Vice President and Director, Moham, Dr Chike Okechukwu and Dr. Alfred Okeke, respectively.

Others in the team were the Special Adviser to Delta State Government on Petroleum Matters, Bosin Ebikeme, notable Gbaramatu Kingdom leaders, comprising Chief Alfred Bubor, Col Sache Etoromi (retd.) and representatives of oil-bearing communities in the area.

Kachikwu, represented by the Executive Director/Coordinator, Nigeria National Petroleum Corporation, NNPC, Refinery, Downstream and Infrastructural Development, Engineer Rabiu Suleiman, said that President Muhammadu Buhari was deeply worried about the huge environmental degradation and environmental pollution associated with the unprofessional, unscientific and unconventional methods being adopted by local refinery operators in the country, hence the government’s decision to encourage establishment of modular refineries with serious encouragement to local refinery operators to key into the project.

He said that President Buhari had since given assurance that ministries and agencies would be directed to relax the bureaucratic requirements required for the establishments of such a refinery so that foreign investors like Missouri American Energy Moham and Community Capital Group of Canada could be encouraged to do business under the new dispensation.

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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Investment

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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