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Dangote Refinery: NCDMB to Ensure Local Content Compliance

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Dangote refinery
  • Dangote Refinery: NCDMB to Ensure Local Content Compliance

The Nigerian Content Development and Monitoring Board says it plans to partner the Dangote Petroleum Refinery and Petrochemical Free Trade Zone Enterprises to ensure full implementation of the local content policy.

The Executive Secretary, NCDMB, Mr Simbi Wabote, who was represented by the Director, Monitoring and Evaluation, Mr Akintunde Adelana, disclosed this during the DPRP Nigerian Content Sensitisation/Awareness Creation Programme, titled: ‘Let’s walk the Nigerian content talk together’ in Lagos.

He said, “The Dangote refinery project is expected to close a major gap in the supply of petroleum products in the country. We consider this as a very important project and we are willing to partner the company to ensure full implementation of the local content policy.

“We embarked on this journey with the company a long time ago and we are ready to partner the Dangote Group. Part of what you see to today is part of our efforts to ensure that the company and its contractors comply with the local content policy.”

Wabote said the country recorded losses prior to the enactment of the local content policy, as international oil companies operating in the country executed jobs abroad.

“The narrative then was that nothing could be done in-country. Plants and modules were fully fabricated offshore without any structure in place to achieve knowledge transfer. Before 2010, we had no active dry-dock facilities. The few we had were abandoned and left to rot away. Today, we have four active dry docking facilities in Port Harcourt, Onne, and Lagos,” he added.

According to him, the NCDMB’s mandate is to develop local capacity in key areas such as manufacturing and fabrication and promote indigenous ownership of assets and utilisation of indigenous assets in oil and gas operations.

Wabote said, “The board’s responsibilities also include linking the oil and gas industry with other sectors of the economy, enhancing the multiplier effect of oil and gas investments in economy and developing a pool of competitive supply chain rooted in oil-bearing communities.

He said non-compliance with the Nigerian content law would result in the suspension of projects/contracts, penalty of five per cent of project sum, and withdrawal of the NCDMB’s services, among others.

Other penalties for non-compliance, according to him, are escalation to other regulators to withdraw or suspend licence; withdrawal of approvals or de-classification of contractor from pre-qualification list; application of the full weight of the law in accordance with Section 68; and publication of non-compliant operators in newspapers and professional gazettes.

Also speaking on the occasion, the Chief Operating Officer, DPRP, Mr Giuseppe Surace, said the programme was organised to create awareness among the company’s contractors on the requirements of the NCDMB.

“The programme was organised to ensure that our contractors are well informed about the Nigerian Content Act and this is expected to assist them with the execution of not just the Dangote project, but other projects in their portfolio,” he added.

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.

Brands

Union Bank Unveils Multi-Asset Trading Platform M36

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Union Bank Unveils Digital Investing Platform, M36

A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria.

Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products.

M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers.

In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access to information, M36 is looking to expand opportunities for investors at all levels, while also simplifying the process of investing.

M36 was developed by Union Bank as part of its strategic focus on delivering superior customer solutions leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

Speaking about this, Mr. Chuka Emerole, Head, Treasury at Union Bank said, “M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.

“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives.

“We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace”.

With the 24-hour concierge service, M36 users can access round-the-clock support from investment advisors as they actively manage their portfolios.

The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.

The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its Life Essentials menu.

 

M36 is available for download on the App Store and the Google Play Store.

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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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Appointments

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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