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FG Reopens Akanu Ibiam International Airport, Seeks Users Commitment

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3 years ago

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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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Merger and Acquisition

Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival

Published

2 days ago

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December 1, 2023

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GZ Industries Limited

Jonathan Oppenheimer, scion of South African billionaire Nicky Oppenheimer, has secured full ownership of Nigeria’s largest beverage can manufacturer, GZ Industries Ltd.

Oppenheimer Partners Ltd. concluded the acquisition of the remaining shares from Affirma Capital, formerly known as Standard Chartered Private Equity.

While financial details were not disclosed, the private equity firm previously held a 37.5% stake in GZ Industries, a major supplier of cans to global brands such as Coca-Cola.

The move positions Jonathan Oppenheimer to play a pivotal role in shaping GZI’s growth trajectory in sub-Saharan Africa.

With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.

Oppenheimer Partners initially invested in GZI in 2018, coinciding with the establishment of a factory in South Africa, where the company now commands a 20% market share.

GZI, a producer of 3 billion aluminum cans annually in Africa, competes with Nampak Ltd., which is currently undergoing restructuring efforts.

Affirma Capital’s exit from GZI aligns with its broader investment strategy in Africa, having invested in 11 companies since 2008, with eight successful exits returning over $800 million to investors.

Jonathan Oppenheimer, part of the wealthy Oppenheimer family, inherits a substantial role in GZ Industries, further diversifying the family’s portfolio, which amassed significant wealth through the 2012 sale of their stake in De Beers for about $5 billion.

The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.

As Nigeria’s President Bola Tinubu outlines ambitious spending plans for 2024, the acquisition positions GZI strategically in a potentially thriving economic landscape.

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Merger and Acquisition

Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies

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3 days ago

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November 30, 2023

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Chevron

Norwegian energy company Equinor has successfully finalized the sale of its 20.21 per cent stake in Chevron’s Agbami oil field.

The transaction, including Equinor’s 53.85 per cent ownership in Oil Mining License 128, was completed with Nigerian-owned Chappal Energies. The financial details of the deal have not been disclosed.

Equinor, a longstanding player in Nigeria’s energy sector since 1992, views this divestment as a strategic move in line with its broader international oil and gas portfolio optimization strategy.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, commented on the transaction, stating, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”

Chappal Energies, the acquiring entity, is a committed Nigerian-owned energy company with ambitions to further develop the assets, contributing significantly to the Nigerian economy.

The completion of the transaction remains contingent on various conditions, including regulatory and contractual approvals.

Equinor’s exit from the Agbami oil field signifies a shift in its global asset portfolio management, enabling the company to concentrate on its core operational areas.

The deal aligns with the broader industry dynamics and demonstrates Equinor’s commitment to strategic alignment and operational efficiency.

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Company News

Dangote Petroleum Refinery Set to Make History with Public Listing on NGX

Published

5 days ago

on

November 28, 2023

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Dangote refinery

Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).

Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”

The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.

At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.

The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.

A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.

The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.

Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.

Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.

As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).

Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.

The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.

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