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Solewant Group Invests $200m to Meet Africa’s Standard Steel Pipe Needs

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Original engineering equipment manufacturer/oil and gas services provider, Solewant Group, said it has spent over $50 million and currently investing additional $150 million, cumulating to over $200 million investments, in the expansion of its automated Longitudinal Submerged Arc-Welding (LSAW) pipe milling plant.

The Group Chief Executive Officer of Solewant Group, Mr. Solomon Ewanehi, said the investments were to enable the company consolidate and provide standard steel pipes needed in the African oil and gas and water sectors.

Ewanehi, disclosed this when a team from the ministry of water resources paid an inspection visited to the company’s facilities at Alode, Eleme-Onne, in Rivers State.

Facilities inspected at the Solewant Group Industrial Area included the company’s Pipe and metals fabrication centre, state-of-the-art laboratory, fabrication and coating yard of over 139,000 square meters, multi-layer pipe coating plant and concrete weight coating factory.

Ewanehi noted that Nigeria has over the years suffered from inadequate local capacity in the water, oil and gas industry, particularly in the areas of in-country value addition and production of tubular goods.

To address the gap, Ewanehi, said the company set up her Industrial Area to drive local content and provide direct impetus to the existing water, oil and gas laws and regulations that support local content development.

He added that Solewant Industrial Area would also provide a strong African presence, as Nigeria is at the forefront of the West African development where major oil, gas and water facilities were being installed.

He said their journey to manufacturing was an example of value creation that started in 2004, when the federal government met with some stakeholders in Abuja to examine progress made by indigenous industries.
This, he said, led to the development of the company’s Industrial Area.

“The purpose of this pipe and metals centre is to provide employment to the youth and training of engineers in pipes/pipe coating application services, encouraging local content, technology transfer, to save time of project delivery and minimize cost of projects and efficient pipes/metals coating solution to project owners,” he said.

Ewanehi identified environment and patronage as major challenges, pointing out that their company was not looking at challenges, because they were natural.

The GCEO said he was more excited that Nigerian Content Development and Monitoring Board (NCDMB) has certified Solewant as original equipment manufacturers of coating pipes in the country, saying “so if you need such products and solution, you must come to Solewant facility.”

In his remarks, after the tour of the company’s facilities, the leader of the delegation from the ministry, Mr. Oyok Nsa, who spoke on behalf of the Minister of Water Resources, Adamu Suleiman, described the products manufactured by Solewant Group as of high quality and unprecedented in Nigeria.

According to Nsa, “it is more gratifying to see a hundred percent Nigerian company manufacture such products in-country, and as such, Solewant needs to be encouraged and supported.”

He said the ministry was concerned with the prevalence of material failures in water supply infrastructure in Nigeria, occasioned by the use of sub-standard uPVC/HDPE Pipes, casing, screens and fittings.

He revealed that the ministry was planning to standardizing and regulating the materials to be used in construction of water supply infrastructures in the sector.

Commending Solewant Group further, Nsa said, “What we have seen here today is unprecedented. The water treatment plant and other pipe production and coating facilities are of high quality and meet International standard.

“Solewant has proved that they can manufacture high quality tanks and pipes that can convey safe water to the public. We are impressed, so we are going to make our report to the Honourable Minister of Water Resources when we get back.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Again, NNPCL Fails to Make Port Harcourt Refinery Functional After Several Promises 

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The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

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