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Aiteo to Pay Rohr, Others N2.5bn as Salaries for Five Years

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Gernot Rohr
  • Aiteo to Pay Rohr, Others N2.5bn as Salaries for Five Years

An indigenous oil and gas company, Aiteo Group, has concluded an agreement to pay all Nigerian national football teams coaches’ salaries for the next five years with N500m annually.

The Deputy Managing Director, Aiteo Group, Mr Francis Peters, made the disclosure at the agreement signing between the representatives of the company and the Nigerian Football Federation on Wednesday in Lagos.

Aiteo Group is an integrated, global-focused Nigerian energy conglomerate founded in February 2008. The company is the successor entity to Sigmund Communnecci Ltd.

Peters said that the payment was meant for the development of football in Nigeria, adding that the agreement was as a result of the groundwork done by Amaju Pinnick, the President of the NFF.

According to him, we are ready to support him because we knew he is an achiever considering what he did at Delta Football Association.

“That is why we decided to partner with the NFF in paying the coaches’ salaries with N500m per annum for the next five years.

“The sponsorship will commence on May 1, 2017, and will last five years with an initial option of a one-year extension.

“The deal grants exclusive rights to Aiteo Group and will cover all local and foreign components of the NFF’s financial obligations for the main team which is dissimilar to the recent deal with Zenith Bank.

“Aiteo Group’s overreaching social responsibility objectives are to encourage a positive impact through our activities in the society at large and which it has successfully done for several years.

“This is the long-awaited injection of funds the NFF has earnestly yearned for.

“We are convinced that we are turning a new chapter in Nigeria’s football with this agreement in place,’’ he said.

Reacting, Amaju Pinnick said that the journey started two years ago when he was campaigning to be an Executive Committee member of Confederation of African Football.

According to him, I met a lot of delegates from other countries who kept on mentioning Aiteo Group which have been supporting football in their countries.

“When I came back, I researched about the company and later met with them.

“They accepted my proposals as soon I contacted them, and within 10 days of discussion, we reached an agreement on how to be official sponsors of the NFF.

“In the next five years, there will be nothing about owing any Nigerian coach.

“I call on other corporate organisations to support the NFF to succeed, and I assure you, we will abide by every aspect of the contract signed today,’’ he said.

Also, the Chairman of League Management Company, Mr Sheu Dikko, applauded Aiteo Group for becoming the Official Optimum and Technical Support Partner to NFF.

Dikko explained that the indigenous oil giant has the right to use the images of all national football teams in their commercials.

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.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

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markets energies crude oil

The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

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oil

Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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