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ExxonMobil, PENGASSAN Row Threatens Oil Production



  • ExxonMobil, PENGASSAN Row Threatens Oil Production

The dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria and a subsidiary of United States’ ExxonMobil Corporation took a turn for the worse on Monday as the union extended its industrial action to other international oil companies operating in the country.

This followed the rejection of the directive by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, by the Mobil Producing Nigeria Branch of PENGASSAN that the industrial action should be suspended.

The Secretary, PENGASSAN MPN Branch, Mr. Anietie Udoh, said in a letter dated May 12, 2017, a copy of which was seen by our correspondent, Kachikwu had directed the union to suspend its industrial action.

In the letter addressed to the union’s national general secretary, he said, “Please note that as a branch under the supervision of the national leadership and a subset of the PENGASSAN NEC, we hereby restate our absolute commitment to the NEC resolution dated May 2, 2017 and the national president’s directive.

“Consequently, PENGASSAN MPN Branch rejects in totality the ministerial directive in the referenced letter and assures you of our total commitment to the NEC resolution and further directive(s) from the national secretariat.”

The oil workers are protesting the alleged refusal of the oil major to honour an agreement that it will review the sacking of 83 employees in December and that none of the workers that participated in a protest in December will be sanctioned for their actions.

Our correspondent gathered on Monday that PENGASSAN had told its members to withdraw their services from offices and oil production facilities operated by upstream companies in Nigeria, in sympathy with striking employees of the local subsidiary of ExxonMobil, union and industry source said Monday.

“I think what is happening now is that they asked the PENGASSAN branches in the IOCs to do a three-day warning strike, which commenced today (Monday), in solidarity with the ExxonMobil branch of PENGASSAN to press home the fact that the union is serious about the matter,” the Chairman, PENGASSAN and NUPENG PIB Committee, Mr. Chika Onuegbu, told our correspondent.

Union officials locked workers out of offices at Shell, Eni and Chevron in Lagos, as well as the companies’ operational bases in the Niger Delta, Platts quoted officials of the IOCs as saying.

The union has also shut some of ExxonMobil’s production facilities in Akwa Ibom, a company source was said to have confirmed.

ExxonMobil produces more than 300,000 barrels of crude oil per day.

“The national executive of PENGASSAN at the weekend directed members to begin a strike at the international oil companies in solidarity with our members in Mobil Producing Nigeria,” the Chairman of the Lagos branch of PENGASSAN, Mr. Abel Agarin, was quoted by Platts as saying.

Industry analysts said the union action could deal a major blow to the nation’s bid to restore oil output following months of militant attacks on infrastructure that caused production to plummet to near 30-year low last year.

The Minister of Labour and Productivity, Dr. Chris Ngige, according to a government official, has in the meantime referred the dispute between PENGASSAN and ExxonMobil to an industry arbitration panel for resolution, after failed attempts by the government to settle the matter.

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


BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal



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BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

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Dangote Cement Emerges Best Performing Firm In Africa



Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation



MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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