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FG Reopens Akanu Ibiam International Airport, Seeks Users Commitment

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FG Seeks Users’ Commitment as it Reopens Ibiam Airport

The Federal Government has urged Travellers from the south-east region to increase their commitment towards the Aviation sector as it reopened the Akanu Ibiam International Airport in Enugu.

This was disclosed by Hadi Sirika, the Minister of Aviation, who represented President Muhammadu Buhari at the reopening ceremony on Sunday.

It would be recalled that on August 24, 2019, FAAN shut down the operation of the Akanu Ibiam International Airport in response to the complaints of prominent people of the South East region, who called government attention to the deplorable state of the airport. They described it ‘as a death trap.’

The Federal Government through the Ministry of Aviation swung into action immediately and rehabilitated the airport to avoid a potential catastrophe.

Upon completion, Sirika urged the people in the region to increase their commitment by using the airport to the fullest of its capacity.

The Minister said “FAAN management has been given the mandate to ensure that periodic maintenance is carried out diligently so that we will not have to go through a painful experience of closure again. May I ask the government and people in this region to increase their commitment by using this airport to the fullest of its capacity? This airport will be placed in concession to ensure value for money.”

He said the rehabilitation of the airport had shown the president dedication towards the infrastructural development of the South-east.

Sirika explained that the airport has been upgraded to international standards and very soon international carriers would be landing and taking off passengers from there.

“With the airport reopening today, it is now open to local flights and on the 5th September, international flights will resume as soon as we begin to allow them into the country.

“In the next few days, most flights will commence. Ethiopian Airlines and
many other airlines that receive approval to come here will come here.” Sirika said.

He said it was the wishes of some stakeholders in the aviation industry to limit international flight services to only Lagos and Abuja airports, but he ensured that Enugu, Port Harcourt and Kano airports were upgraded for international operations to satisfy travellers from the regions.

“Stakeholders wanted us to only make Abuja and Lagos airport international airports and use smaller aircraft to ferry passengers to their locations. I am a policy maker and look at the haves and the have-nots. It will cost an average businessman about $1,000 to book hotel and board flights to come down to these airports from Lagos and Abuja. We will serve you where you are. I made sure Enugu airport meets all international standard that it requires,” Sirika said.

The minister applauded the efforts of the Enugu State government, NCAA and FAAN in ensuring that the rehabilitating of the airport was successful.

“I also thank the Nigeria Civil Aviation Authority (NCAA) for performing their duties and the Federal Airports Authority of Nigeria, (FAAN) for giving the project all the attention it deserves.
Sirika stated.

The airport is currently opened for daylight operations between 6:30 am to 7:00 pm.

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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