Connect with us

Business

NPA’s Waste Collector Acquires $4.5m Equipment

Published

on

Seaport
  • NPA’s Waste Collector Acquires $4.5m Equipment

To clear waste at the ports, the Nigerian Ports Authority (NPA) refuse collector has acquired a $4.5 million equipment.

African Circle Pollution Management Limited (ACPML) will use the equipment to fight pollution in the oceans, lagoons, ports and waterways.

Speaking after the installation of the Oily Water Separator (OWS) plant in Port Harcourt, the Rivers State capital, ACPML Chairman Chief Olusegun Osoba said the equipment, would ensure effective management of water pollution and waste generated from ships.

Over 250 Nigerians, said Osoba, former Ogun State Governor were working with the company.

ACPML, he said, had embarked on initiatives that will reduce ship pollution and cargo residue on the nation’s waters to create cleaner sea for shipping operation in the country.

According to Osoba, the equipment, will enable the firm to tackle pollution and waste generated by vessels.

The equipment, he noted, would enhance ACPML operations as contained in the agreement it signed with the government on waste management at the ports

According to him, the ACPML uses specialised equipment to take liquid waste, including sludge and bilge from ships calling in the nation’s seaports in line with the provisions of International Maritime Organisation (IMO), the International Convention for the Prevention of Pollution from Ships (MARPOL) 1972, 1973 and 1978 conventions and other related laws

He said ACPML remains committed to safety of the nation’s waterways, adding that the company will continue to support the present management of NPA as it continues to promote the Nigerian economy through the maritime sector.

The former governor disclosed that more Nigerians would be employed and more equipment would be purchased by the company based on the transparent administrative attitude now prevalent in the NPA.

“We have modern and world-class facilities; and highly trained and professional staff to deliver services with internationally accepted quality, safety and environment standards.

“Our company is an environmentally conscious company applying the Best Available Techniques (BAT) and Best Environmental Practice (BEP) to safely collect all vessel related waste in line with the stipulated best international practice.

“IMO does not allow indiscriminate dumping of waste in the oceans and waterways. This is to protect the environment and the Eco system. What we do is to collect waste from the vessels calling on Nigerian ports and waterways, all kinds of wastes including oil.

“We don’t just take this waste and dump them in the dumping site, we treat them and make sure we satisfy the international standard of waste management. That is what the new equipment will assist us to do,” he explained, adding that the equipment is one of the most modern in the entire West coast of Africa.

“We are the most modern because the IMO does not allow incineration of waste anymore. What the IMO requires now is the recycling of the waste in such a way that no harm is dumped in the waterways, the oceans and the lagoons to ensure that the water lives and air waves are all protected,” the elder statesman explained.

Osoba praised NPA Managing Director Ms Hadiza Bala Usman for institutionalising transparency and efficiency in port operation.“Since the appointment of Ms Hadiza Bala Usman by President Buhari, the first thing I noticed is that she has been able to reduce beaurocracy in the Nigerian Ports Authority.

“The beaurocratic tendencies have been virtually wiped out. The result of this is that more efficiency and transparency have been brought into the business transaction with the Nigerian Ports Authority.

“If anybody is complaining about Hadiza Bala Usman, from our own experience in Africa Circle, it must be that such people are not transparent in our own view. And if you are not transparent and compliant to the rules and regulations of NPA, you will run into trouble water with Hadiza Bala Usman.

“Hadiza is not doing what she is doing at NPA by accident, she is doing it through pedigree and what she imbibed from her late father Bala Usman who was introduced to me by the former governor of Kaduna State Alhaji Barabe Musa,” Chief Osoba said.

ACPML, he said, is toeing the line of NPA to ensure that Nigeria under the present administration of President Buhari fulfill its obligations as a key member of IMO.

According to him, ACPML will not relent in ensuring that it fulfills the provisions of the agreement it signed with the Federal Government through the NPA.

Under the agreement, ACPML is mandated by the Federal Government to provide waste reception facilities at the nation’s seaports in line with the guidelines of IMO particularly marine pollution (MARPOL) 72, 73, and 78.

Investigation revealed that the company has many specially adapted garbage trucks on ground in Port Harcourt, Rivers State; Calabar, Cross River State; and Warri, Delta State.

The equipment is outside with over 1,000 tonnes capacity tank farm at the ACPML waste management facility at Snake Island which was designed to safely hold hazardous waste while waiting recycling.

The company, he said, has the determination to become the leader in comprehensive waste management for the oil and gas industries of Sub Saharan Africa and the whole of Africa by providing the necessary equipment systems and trained personnel to achieve this while delivering the best and most efficient solutions for marine, oil and gas production and shipboard waste disposal.

Osoba noted that before the coming on board of the Usman-led administration it was extremely difficult for the firm to get her money released, a development he said affected the company’s performance and delivery of its responsibilities.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Appointments

CBN Replaces Nigerian Security Printing and Minting Plc Management Team

Published

on

central-bank-of-nigeria

The Central Bank of Nigeria (CBN) has dismissed the top management team of the Nigerian Security Printing and Minting Plc (NSPM), appointing Abubakar Sule Minjibir as the acting Managing Director.

This development was disclosed in an internal memo titled “House Notice No. 2083 – Executive Management Changes,” signed by Soji Ogungbesan, General Manager of Corporate Services at NSPM.

The newly appointed interim executive management includes Abubakar Sule Minjibir as the Acting Managing Director, Mohammed Mustapha as General Manager of Finance and Strategy, and Adesoji Ogungbesan as General Manager of Corporate Services.

Minjibir succeeds Ahmed Halilu, the former MD and CEO of NSPM, who had been appointed by the former President Muhammadu Buhari in 2022.

Halilu’s appointment had sparked controversy due to his reported familial ties with Aisha Buhari, the former President’s wife.

The memo, dated July 10, 2024, stated: “The board has announced the immediate dissolution of the present executive management team of the NSPM and has approved the immediate constitution of an interim executive management team.”

The memo also assured staff of the new management’s commitment to their welfare and the strategic initiatives and organizational transformation developed by the board.

Staff members were encouraged to cooperate with the new management team to achieve the board’s strategic vision for the company.

Alongside Halilu, the other executives dismissed include Ado Danjuma, Executive Director of Corporate Services; Tunji Kazeem, Executive Director of Security Documents; Chris Orewa, Executive Director of the Lagos factory; and Victoria Lucky Irabor, Company Secretary and Legal Adviser.

The dismissal and appointment of new management come amid concerns raised by various groups about the previous leadership’s connections and the potential implications for the security and integrity of sensitive materials produced by the NSPM.

The Gravitas Group, an international advocacy organization, had previously condemned Halilu’s appointment, calling it a “family affair” and expressing concerns about the concentration of such sensitive responsibilities within a familial relationship to the President.

As the CBN moves forward with the new interim leadership, it aims to steer NSPM towards achieving its strategic goals and ensuring the integrity and efficiency of its operations.

Continue Reading

Company News

Dangote Refinery Buys 11 Million Barrels of American Crude Due to Domestic Shortages

Published

on

Dangote refinery

The Dangote Refinery has announced plans to acquire an additional 11 million barrels of crude oil from the United States.

In a tender viewed by Bloomberg, Dangote Refinery purchased five million barrels of West Texas Intermediate (WTI) Midland crude for delivery next month and in September.

The company has also initiated a tender process to buy another six million barrels of American crude for September.

Despite its reliance on local crude supplies, the refinery near Lagos has been forced to seek imports to sustain its operations.

With the ability to source crude from offshore terminals in just a few days, the refinery took in over 41 million barrels of feedstock in the first half of the year.

Notably, about a quarter of this amount was sourced from the United States.

Aliko Dangote, Chairman of Dangote Group, explained the necessity of importing crude oil as the refinery scales up production and explores alternative supply contracts.

“It makes economic sense for us to tender for crude. If we could source 100 percent Nigerian crude, then fine, but we can’t wait,” Dangote stated at the Africa CEO Forum 2024.

He further said it is important for a mix of different crude types to optimize operations, given the current limitations in domestic production.

The refinery’s recent acquisition contrasts with its earlier deliveries, which included 11 WTI cargoes, or nine million barrels, between February and May, alongside approximately 18 million barrels of Nigerian crude.

This move to secure a longer-term offtake agreement indicates a commitment to diversifying crude sources, particularly during a period of weak demand for Nigerian supply.

The Nigerian National Petroleum Company (NNPC), which holds a 20 percent equity stake in the refinery, has faced difficulties meeting its 300,000 barrels per day (bpd) crude oil obligation.

In June, Nigeria’s crude output was around 1.28 million barrels per day, significantly below its estimated production capacity of 2.6 million barrels per day.

Factors such as crude theft, aging oil pipelines, low investment, and divestments by major oil companies have all contributed to declining production.

Despite various assurances from the federal government and the NNPC about meeting the country’s OPEC quota, Nigeria recorded an estimated 30 million barrels of underproduction in the first four months of 2024.

Efforts to curb insecurity in the Niger Delta, where Nigeria’s oil is extracted, have included a multi-billion-naira contract with local security groups and substantial spending on official security agencies. Nonetheless, oil theft, asset vandalism, and sabotage remain rampant in the region.

Continue Reading

Company News

NNPC Seeks $2 Billion Crude-Backed Loan Amid Mounting Debts

Published

on

Mele Kyari - Investors King

The Nigerian National Petroleum Company (NNPC) is exploring the option of securing a $2 billion loan using crude oil pre-payments as collateral.

Mele Kyari, the group’s general manager, revealed that the company is seeking a loan against 30,000-35,000 barrels per day of crude production.

However, he did not disclose the exact amount of money NNPC aims to raise.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari told Reuters.

The funds raised from this loan are intended to support all of NNPC’s business activities, including boosting production growth.

Despite the assurance of financial stability, NNPC’s financial situation has raised eyebrows, with the company reportedly owing around $6 billion to international traders for imported petrol.

These traders have indicated that NNPC is taking longer to make payments, exceeding the typical 90-day window.

Further complicating matters, NNPC’s debt includes overdue payments ranging from $4 billion to $5 billion for January imports alone.

This has led several international petrol suppliers to withdraw from recent tenders.

Kyari remains optimistic, stating that the loan will be a syndication with regular partners who have longstanding business relationships with NNPC.

He anticipates concluding the deal within the next two months.

The identity of the lender remains uncertain, with sources indicating that the African Export-Import Bank (Afreximbank) may be unable to extend its exposure to Nigeria to the desired level.

Efforts to get confirmation from Olufemi Soneye, NNPC’s chief corporate communications officer, regarding the new oil-backed loan proved unsuccessful.

This potential $2 billion loan follows NNPC’s recent $3.3 billion emergency crude repayment loan secured on August 16, 2023.

Arranged by Afreximbank, the loan was aimed at supporting the naira and stabilizing the foreign exchange market. It also intended to back the federal government’s monetary and fiscal reforms.

NNPC’s pursuit of the new loan underscores the challenges facing Nigeria’s oil sector, which has been grappling with fluctuating oil prices, operational inefficiencies, and financial mismanagement.

As the company seeks to bolster its finances, the outcome of this loan negotiation could have significant implications for the country’s economic stability and its energy sector’s future.

The oil-backed loan strategy reflects NNPC’s broader efforts to leverage its crude production capacity to secure necessary funding.

However, the increasing debt levels and delayed payments to international traders highlight the pressing need for comprehensive reforms and efficient management within Nigeria’s oil industry.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending