The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it has invested $332 million to attract project developments valued at $3.7 billion under its commercial ventures partnership program.
Its Executive Secretary, Simbi Wabote, made this known at the virtual bi-yearly Nigerian Oil & Gas Opportunity Fair (NOGOF).
According to him, the partnership of the Board has been quite productive, especially in terms of value addition. For instance, the Board’s partnership with Brass Fertiliser has led to the development of a 10,000MT/day Methanol Plant and 500MMscfd gas processing plant at Odiama in Brass.
The Board is also in partnership with Rungas Group for the manufacturing of 1.2 million composite LPG cylinders yearly in Bayelsa and Lagos states; the same partnership exists between the NCDMB and Butane Energy to deepen LPG utilization in the North through the roll-out of LPG bottling plants and depots in Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa states and Abuja.
Wabote said some of the Board’s partnerships would be completed and inaugurated within the next two years, notably modular refineries in Edo and Bayelsa states.
“We shall complete and commission composite LPG cylinder manufacturing plants with a combined capacity of 1.2million cylinders per annum. We shall commission three other projects dedicated to gas processing, LPG bottling, and production of base oil. We shall also commission and commence operations from our industrial parks at Odukpani and Emeyal-1 and we shall commercialise at least one R&D project and close skills gaps in under-water welding and any other core skill required in the industry,” he said.
He continued, “We have widened the options for accessing our intervention funds by increasing the size of our intervention funds from $200 million to $350 million, increasing the number of products from 5 to 7, and also increasing the number of managing banks from 1 to 2.
“We have committed a total of USD332 million to attract project developments valued at $3.7billion under our commercial ventures partnership program.
“The Federal Government is also implementing the N2.3trillion Economic Sustainability Plan managed by the Office of the Vice President for public works, housing program, Solar Home Systems, agriculture, healthcare, and social investment.
“There is no gainsaying that the desired level of opportunities cannot be harnessed by Nigerian companies without the domiciliation of critical infrastructure such as roads, power, trunklines, railways. The railways and the train stations, the Second Niger Bridge, the AKK Pipeline, and other infrastructure projects provide unique opportunities for investments and businesses to thrive.
“There are opportunities in areas of manufacturing, logistics, security, facilities management, training, catering services, occupational health services, and many others.”
Some of the other partnerships undertaken by the Board include the 5,000 barrels per day Waltersmith Modular Refinery at Ibigwe, Imo State and NEDO Gas Processing Company in Kwale, Delta State, for the establishment of 80 million standard cubic feet per day (MMscfd) gas processing plant and a 300MMscfd Kwale Gas Gathering hub.
Other investments include the development of 5,000 metric tons LPG Storage and loading terminal facility by Triansel Gas Limited in Koko, Delta State and construction of Energy Park, inclusive of a modular refinery, power plant and 40MMscfd gas processing facility at Egbokor, Edo State by Duport Midstream.
Wabote is convinced that the roll-out of new policies and enactment of laws would open a new vista of opportunities for investors. He said the declaration of a “Decade of Gas” by President Muhammadu Buhari, the impending passage of the Petroleum Industry Bill, the amendment of the NOGICD Act, the ratification of the AfCFTA agreement and the recently approved and gazetted Ministerial Regulations were some of the policy and regulatory-driven opportunities in the coming years.
Similarly, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, expressed the corporation’s readiness to partner potential investors towards value creation and a fair share of Return on Investment (RoI) in the exploration of frontier basins, development of upstream gas fields and financing of greenfield/brownfield additional production on de-risked assets. He assured of the opportunities that abound in gas and power infrastructure development, like expanding gas pipeline networks, development of gas-based industries as well as the Integrated Power Plants (IPP).
Other areas of opportunities, he noted, include the rehabilitation of refineries; construction of greenfield condensate refineries, as well as in the downstream sector, especially in LPG and CNG plants across the country, pipelines and storage tank construction as well as developing shipping capacity.
South African Government to Sell Stake in South African Airways to Takatso Consortium
The South African government is selling a 51% stake in South African Airways (SAA) to Takatso consortium, which will initially commit more than 3 billion rand ($221 million) to give the struggling airline a new lease of life.
SAA has been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the COVID-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.
The airline is one of a handful of South African state companies that depend on government bailouts, placing the national budget under huge strain at a time of rapidly rising debt.
The partnership with Takatso will alleviate that financial burden, public enterprises minister Pravin Gordhan told journalists on Friday as the state would no longer provide any funding to the airline, which exited administration in late April after receiving 7.8 billion rand from the government. read more
Gordhan added that the government will retain a 49% stake with the intention of eventually listing the airline to address future funding requirements.
“The objective of bringing in an equity partner to SAA is to augment it with the required technical, financial and operational expertise to ensure a sustainable, agile and viable South African airline,” he said.
The consortium includes pan-African investor group Harith Global Partners and aviation group Global Aviation, Gordhan said.
Following the announcement, co-founder and consortium Chair Tshepo Mahloele told Reuters that 3 billion rand should be sufficient to operate the airline for 12 to 36 months.
The government could dispose of more of its ownership stake going forward, he added.
“They aren’t married to this 49%,” he said. “They won’t be putting more money into this asset.”
An initial public offering for the airline is unlikely to happen within the next three years, and SAA would first need to become profitable, Takatso Chief Executive Gidon Novick said.
Novick said Takatso would seek to relaunch SAA as soon as possible, prioritising first domestic service followed by regional destinations.
International long-haul routes would follow but would be selected carefully, and SAA would also work to forge partnerships with major carriers.
“We’re going to be competing with the greatest airlines in the world, and we need to be mindful of that,” Novick said.
The airline’s subsidiaries meanwhile will be evaluated, in particular Air Chefs, SAA Technical and low-cost airline Mango, Gordhan said, noting that “anything can happen” when asked if some could be shut down.
SAA will continue to be domiciled in South Africa and the government will have a “golden share” of 33% of the entity’s voting rights and certain areas of national interest, Gordhan said.
($1 = 13.5379 rand)
Coca-Cola Partners NGOs To Clear Plastic Waste In Nigeria
Coca-Cola Nigeria has said it partnered with non-profit organisations to reduce plastic pollution across the country.
In a statement on Thursday, it said it would be doing more to promote environmental sustainability as part of efforts to commemorate World Environment Day.
It stated that it had introduced initiatives to protect the environment through its philanthropic arm, the Coca-Cola Foundation.
Coca-Cola said that it supported the Statewide Waste and Environmental Education Foundation to launch the Eko Beach Race 2021 themed ‘A race against plastic pollution.’
The event had in attendance 2,000 youths, students and sports enthusiasts who participated in a marathon race and beach clean-up.
SWEEP Foundation’s President, Obuesi Philips, stated at the event that it “was geared towards recognising the growing contributions of sport to the realisation of societal development.”
The drink maker also partnered with the Aid for Rural Education Access Initiative to host the “Recycle and Win” festival.
It included community outreach and clean-up programmes in Kwara, Kano, Kaduna, Yobe and Oyo States. Coca-Cola said that 10 tons of plastic bottles were recovered through the process.
The Director, Public Affairs, Communications and Sustainability at Coca-Cola, Nwamaka Onyemelukwe, urged Nigerians to adopt more eco-friendly practices while emphasising the urgency of the current global situation.
Onyemelukwe stated, “At Coca-Cola, we recognise there is a packaging waste problem globally and especially in Nigeria, which is why we pioneered the World Without Waste initiative to engineer innovative solutions to tackle this challenge.
“World Environment Day presents an opportunity for us to act on this mandate as seen by the number of environmental sustainability initiatives we have supported in collaboration with local implementing partners.”
RAK Unity Petroleum to Shutdown as Shareholders Approved Liquidation
Shareholders of RAK Unity Petroleum Company Plc, at the company’s 18th Annual General Meeting, held on Friday, 4th June 2021, agreed that the company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020.
The company disclosed in a statement signed by Olubukola Olonade-Agaga, ALSEC nominees Limited Company Secretary.
The liquidation is subject to the approval of the members of the Company in the general meeting.
The statement in part, “THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.”
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