Connect with us

Business

Bayelsa Oil, Gas Park Ready Q4 2022, Says Wabote

Published

on

Oil

Bayelsa Oil, Gas Park Ready Q4 2022, Says Wabote

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has disclosed that the Nigerian Oil and Gas Park in Emeyal 1, Bayelsa State, would be completed in the fourth quarter of 2022.

Speaking after inspecting the construction work at the project site alongside senior management of the board, Wabote said his assessment visit was a prelude to the planned tour by the Minister of State for Petroleum Resources, Chief Timipre Sylva, to the board’s major projects.

A statement from the NCDMB stressed that the oil and gas park projects at Emeyal 1 and Odukpani in Cross River State and the Composite Gas Cylinder Manufacturing facility at Polaku are some of the projects to be visited.

Wabote expressed delight over the quality and speed of work by the wholly Nigerian contractors, noting that their work compared favourably with similar jobs across Nigeria and was evidence that NCDMB was always acting in accordance with its guidelines on patronage of local service companies.

The park is expected to create a low-cost manufacturing hub that will produce equipment components and spare parts to be utilised in the nation’s oil and gas industry when completed.

The board stated that the project started with a ground-breaking ceremony on April 27, 2018, and has now reached about 68 percent completion, with four major structures nearly completed, while foundation work was starting on some buildings and parts of the project.

“We did the ground-breaking ceremony in 2018 and we were practically inside water; but today, we are seeing structures coming up. We still have a long way to go because most of the buildings are getting to the finishing stages while some are just starting. We believe that we will complete this project by Q4, 2022,” the NCDMB boss said.

Explaining the benefit of the park scheme to the nation’s economy, Wabote hinted that the facility would stimulate the manufacturing of oil and gas components in-country and reverse the current trend whereby the sector depended on importation for most of its finished products.

He added that the park would also save the much-needed foreign exchange for the nation and create jobs for the Nigerian people.

“It will also enhance our capacity and bring about technological innovations because most of those manufacturing will be done here. For the community, it will create a lot of jobs and there will be a spin-off effect to other economic activities. The benefits are enormous,” he noted.

He also assured that shortage of electricity would not affect companies that would set up in the park.

“We have been able to conquer the challenge of electricity at this site. We have built a 10megawatts gas plant to guaranty power to the site,” he explained.

Wabote confirmed that Shell Petroleum Development Company (SPDC) was supporting the oil and gas project through a Capacity Development Initiative (CDI).

Shell’s commitment to the project, he stated, included the construction of effluent treatment plant, fire station and acquisition of two fire trucks and to construct a water treatment plant, sewage systems and piping network for water.

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.

Continue Reading
Comments

Business

NCDMB and NEXIM Sign $30 Million Agreement to Support Oil and Gas Services Firms

Published

on

NCDMB- Investors king

The Nigerian Content Development Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM) yesterday signed a $30 million agreement on working capital and capacity building fund to support oil and gas services firms.

Simbi Wabote, Executive Secretary, NCDMB and Managing Director, NEXIM Bank, Abba Bello, signed the funding agreement at the Abuja office of the Nigerian content monitoring agency.

Wabote said the Oil Producers Trade Section, Independent Petroleum Producers Group and Petroleum Technology Association of Nigeria had raised concerns over funding challenges confronting oil services firms, as this had made most of the companies to consider downsizing their staff.

He said, “The OPTS and IPPG had at some point raised before the NCDMB the inability of most indigenous contractors to provide services to them due to challenges of funding.

“This was especially when we got struck by the COVID-19 pandemic. I recall receiving several letters particularly from IPPG trying to see how we can support this.”

He added, “I also recall receiving similar letters from PETAN when the COVID-19 struck and most of their members had nothing to do anymore.

“This is because companies were shut down and their members were threatening on how to downsize and take Nigerians off their payrolls.

“Based on this, we then set up a committee to say how do we support these firms with the provision of working capital.”

Wabote noted the roll-out date for the fund would be July 1, 2021 and that the fund size of $30m would be boosted by matching funds of the same amount to be provided by NEXIM in naira (to be converted at prevailing official exchange rate).

“The scheme shall cover loans for working capital support and capacity building, oil service contracts, invoice discounting including acquisition of low-end equipment to service short-term contracts/service obligations,” he stated.

He said the target market comprised Nigerian oil service providers which belonged to a professional association in the Nigerian oil and gas industry and commercially viable with a business relationship with either an international oil company or a major Nigerian oil firm.

“Maximum amount that can be borrowed by a single obligor is $1m or its naira equivalent at the official exchange rate prevailing at the time of borrowing,” Wabote said.

He added, “Tenor shall be up to 12 months for working capital loans and up to three years for capacity building loans with moratorium of up to 12 months.

“The applicable interest rate shall be five per cent per annum all-in for dollar-denominated loans and eight per cent all-in per annum for naira-denominated loans and the rate shall be fixed throughout the tenor of the loan.”

Continue Reading

Appointments

LivingTrust Mortgage Bank Appoints Mr. Timothy Olorunsogo Gbadeyan as Company’s Secretary

Published

on

LivingTrust Mortgage - Investors King

LivingTrust Mortgage bank has appointed Mr. Timothy Olorunsogo Gbadeyan as company secretary/head of legal services.

The bank disclosed in a statement signed by Ikechukwu Omuku, the Finance Officer/Head, Investor Relations, LivingTrust Mortgage Bank Plc.

The statement reads “We wish to notify The Nigerian Stock Exchange and the investing public of the appointment Mr. Timothy Olorunsogo Gbadeyan as Company Secretary/Head, Legal Services of LivingTrust Mortgage Bank Plc.

“Mr. Gbadeyan is a consummate corporate attorney with experiential background in deals advisory, real estate finance, facioring, general commercial transactions, corporate governance, company secretarial services and regulatory compliance. Until his appointment, he was the Head of Legal Services of Infinity Trust Mortgage Bank Plc.”

Continue Reading

Company News

Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

Published

on

Farmforte - Investors King

Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

Continue Reading




Advertisement
Advertisement
Advertisement

Trending