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Poor Funding Hindering Oil Firms’ Growth – Agip



Agip Oil Company
  • Poor Funding Hindering Oil Firms’ Growth – Agip

The Nigerian Agip Oil Company and its joint venture partners such as the Nigerian National Petroleum Corporation and Oando have identified lack of funding as a major impediment to Nigerian companies operating in the oil and gas industry.

The JV partners noted that it was important to look for ways to make funds available for Nigerian-owned ventures if the country was to achieve the projected self-sufficiency in executing ground-breaking contracts and projects.

The Vice Chairman/Managing Director, NAOC, Mr Lorenzo Fiorillo, who spoke in Yenagoa, Bayelsa during a workshop organised for industry operators, however, said the collaboration with three Nigerian banks had greatly minimised the problem.

The two-day workshop, with the theme, ‘Business Finance Options for Nigerian Oil and Gas Contractors’ was attended by several government agencies and captains of industry.

Fiorillo said the workshop was to further demonstrate the JV’s strong commitment to Nigerian content development through the implementation of various activities and partnerships supporting and enhancing the attainment of the board’s overall objectives

The Agip boss stated, “Over time, we have identified financing as a major gap in the ability of Nigerian companies to bid and execute contracts in the oil and gas industry.

“Consequently, in the last four years, the NAOC has entered into a Memorandum of Understanding on vendor financing schemes with three major banks in Nigeria – Stanbic IBTC, UBA and Zenith Bank in order to support their contractors in providing funds for the execution of projects and contracts awarded by the company.”

Fiorillo, represented by the General Manager, Nigerian Content Development of the JV, Tajudeen Adigun, said the workshop would expose the participants to various financing options available in the market.

In his comments, the Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote, urged Nigerian companies to take advantage of some of specific strategic initiatives geared towards encouraging assets ownership and participation by indigenous companies in the industry.

He said that the Equipment Component Manufacturing Initiative was created to encourage indigenous companies to venture into manufacturing of equipment, components, spare parts or accessories used for oil and gas operations.

Wabote added that the Nigeria Oil and Gas Park Scheme also envisioned the establishment of world-class industrial parks in the nine oil-producing states and low-cost manufacturing hubs through provision of site and services.

Wabote stated, “Already, the board has acquired sites for these parks in Imo, Cross River, Rivers, Bayelsa, and Akwa-Ibom states. Work has commenced earnestly in Bayelsa and Imo states. We are determined to finish construction of these parks within the next few years.

“We urge you to key into this process by acquiring some space for your business activities.”

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



BUA Cement Logo

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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