- Samsung Trains Female Welders
Samsung Heavy Industries (SHI) has trained another set of internationally-certified female welders in Nigeria.
The firm is a major partner in the building of the Floating Production Storage and Offloading (FPSO) vessel for the production of 200, 000 barrels of crude oil per day from the Egina deepwater field.
A beneficiary of the training scheme, Chinonye Okonkwo, said that the training is highly impactful as she became one of the globally certified welders in the country.
She said through the training, Samsung has brought out the welding skills in her, adding that she has now become a home-grown engineeri in the oil and gas industry, adding that she started in the administration department of Samsung Heavy Industries in Nigeria in 2015, and later moved into technical segment of the firm.
“I spoke to my manager on whether I could become a welder in Korea and he replied in affirmative that I could be trained as a welder in any part of the country. This prompted me to apply for the training in Nigeria. In the beginning, I faced hurdles as many came around to see whether I would succeed or not, but at last, I succeeded in being trained as a welder. According to her, she now trains others in the area of welding, noting that the knowledge she received has helped a lot.
The training, she said, has helped her to contribute her quota to the construction of Egina FPSO, which was partially fabricated in Lagos.
She urged existing and prospective welders to take a cue from the trainees, adding that there is beauty in being trained as a globally certified welder for the oil and gas and other industries.
Samsung, she said, has confidence in Nigerian workers and firms, because they meet their standards.
“Records were broken during construction. This is the first ever project to meet Nigeria’s demanding new standards for “local content”, which in simple terms means Nigerian-owned businesses delivering work in Nigeria. Over 9.7 million hours were spent by the Nigerian workforce, with over 6,000 Nigerians in employment on the project at its peak via Samsung and its partners and sub-contractors,” she added.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks
Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States
Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria
Oil Prices Recover Slightly Amidst Demand Concerns in U.S. and China
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate2 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance