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JV Funds’ll Attract Investments in Oil Sector – Shell

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Oil and Gas
  • JV Funds’ll Attract Investments in Oil Sector – Shell

Improvement in the release of joint venture funds for oil and gas projects by the Federal Government through the Nigerian National Petroleum Corporation will attract more investments to Nigeria’s oil sector, Shell Petroleum Development Company of Nigeria has said.

According to the SPDC, the recent development in the JV funding by the Federal Government has also increased the confidence of investors in the country’s oil sector.

Shell is one of the world’s renowned energy companies and has been operating in Nigeria for about 60 years.

The Managing Director, SPDC and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, who disclosed this in an interview in one of the latest publications of the KPMG, said in recent times a lot of things had been achieved between the international oil companies and the Federal Government.

He said, “I have become more confident of prospects in this sector now more than any time in the recent past. This is essentially because of what we have been able to achieve in partnership with the NNPC and the Nigerian government on the JV funding. Historically, we struggled with all the parties, particularly the NNPC, in meeting cash flow obligations.

“With the very far-reaching steps that were taken last year to reach an arrangement to manage the whole JV funding structure, we have seen far more stability in the NNPC meeting its obligations. We still have a few areas to cover, in particular 2016 arrears, but even that is good progress.”

Okunbor expressed optimism that the increased confidence in the sector was a precursor to increased investments.

He said, “What this has done, from a Shell perspective, is that it has actually created much more confidence in the minds of investors. This has been running for a year; so we can say there is some stability and we can seriously consider investments.

“Following a meeting we held recently with Mr President in London, our global CEO has said that if we get all the conditions right, together with our partners, we will be able to make significant investments in the sector.

“That is a major indicator of what we are able to do, but it is underpinned by a lot more confidence in the ability of the country to meet its obligations. I am pretty confident that if we can sustain this momentum, we will see investments flow into this sector. The multiplier effect when this happens will be tremendous.”

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

Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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