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Buhari Appoints Kyari NNPC GMD, as Baru Retires

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  • Buhari Appoints Kyari NNPC GMD, as Baru Retires

President Muhammadu Buhari on Thursday appointed Mr Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation, as the oil firm announced that the appointment would take effect from July 8, 2019.

According to the corporation, Kyari will take over from the current GMD of NNPC, Maikanti Baru, who is to retire statutorily on July 7, 2019, at the age of 60.

This came as the Organisation of Petroleum Exporting Countries and the Nigeria Extractive Industries Transparency Initiative commended the government for appointing Kyari, congratulated the new NNPC boss and called for more reforms at the corporation.

NNPC’s Group General Manager, Group Public Affairs, Ndu Ughamadu, said the new GMD, was until his new appointment the corporation’s Group General Manager, Crude Oil Marketing Division.

The oil firm also announced the appointment of six Chief Operating Officers and a Chief Financial Officer.

It further stated that Kyari doubled, since May 13, 2018, as Nigeria’s National Representative to the Organisation of the Petroleum Exporting Countries.

Ughamadu said the NNPC new boss would be bringing to his new appointment, more than 27 years of experience in the various value chains of the petroleum industry.

On the other new appointees, he stated that Mr Roland Onoriode Ewubare, who hails from the South-South region of the country and was appointed Chief Operating Officer, Upstream, was until his new appointment Group General Manager, National Petroleum Investments and Management Services, a corporate services unit of the corporation.

Before his NAPIMS’ appointment, Ewubare was Managing Director of the Integrated Data Services Limited, a seismic data acquisition company of NNPC based in Benin.

The oil firm stated that Mustapha Yinusa Yakubu hails from the North Central region of Nigeria and is newly appointed as Chief Operating Officer, Refining and Petrochemicals.

Until his new appointment he was the Managing Director of National Engineering and Technical Company Limited.

Yusuf Usman hails from the North-East and is Chief Operating Officer, Gas and Power. Until his new appointment, Usman was Senior Technical Assistant to the Group Managing Director of the corporation.

Lawrencia Nwadiabuwa Ndupu, from the South-East, is newly appointed as Chief Operating Officer, Ventures. She, until her new appointment was the Group General Manager, NNPC Oil Field Services, established to provide technical services to players in the industry.

Umar Isa Ajiya, from the North-West region, who holds the new position of the Chief Financial Officer, was until his recent appointment, the Managing Director of Petroleum Products Marketing Company of NNPC, a downstream arm of the corporation.

Prior to holding the position as the Managing Director of PPMC, he was the corporation’s Group General Manager, Corporate Planning and Strategy.

Adeyemi Adetunji, who is from the South-West region, holding the new appointment of Chief Operating Officer, Downstream, was until his new appointment the Managing Director of NNPC Retail Limited, a downstream marketing company of NNPC.

Prior to his position as the MD of the downstream marketing company, he was General Manager, Transformation Department, a think-tank unit of the corporation.

Farouk Garba Said, who hails from the North-West and holds the new position of Chief Operating Officer, Corporate Services, was Group General Manager, Engineering and Technology Division of NNPC.

Said would be taking over from the present occupier of the office who retires statutorily on June 28, 2019.

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.

Economy

Waltersmith’s 5,000bpd Modular Refinery in Imo State to Commence Operations

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Dangote refinery

5,000bpd Modular Refinery Built in Imo State to Start Operations

The Department of Petroleum Resources (DPR) has said the 5,000 barrels per day Modular Refinery project built in Imo State is ready for operations.

Sarki Auwalu, the Director, DPR, disclosed this during a pre-commissioning visit to the project site in Ibigwe, Imo State.

In a statement released by Waltersmith, Auwalu was quoted as saying the purpose of his visit was to ensure that the refinery was ready to commence operations.

He said “We can confirm that the refinery is very much ready to commence operations. We have seen all the preparations.

“To us, the plant is alive. The commissioning is just symbolic. Everywhere is ready to start off. My overall assessment is excellent.

“We have been to other modular refineries but we have not seen anything like this – the space, the way it is arranged and the way it will work.”

The 5,000 barrels per day modular refinery is scheduled for inauguration this month. The refinery has crude oil storage capacity of 60,000 barrels and it is expected to deliver more than 271 million litres per year of refined petroleum products.

Auwalu said, “The role we play is to enable businesses and create opportunities. When DPR issues you a licence, it enables you to invest and as a result of that opportunity we create, that business is enabled.

“Waltersmith is one of our success stories. We consider the project as ours. We have been tracking their growth and we are happy to see that our child is growing. It is our plan that they expand and they have the potential.”

Speaking on the project, Abdulrasaq Isah, the Chairman, Waltersmith Refining and Petrochemical Company, said the project is the first phase of a series of refinery projects that will lead to the delivery of up to 50,000 barrels per day in refining products.

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OPEC Fund, West African Development Bank Agree to Improve Corporation in West Africa

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ecowas

OPEC Fund and West African Development Bank (BOAD) Agreed to Deepen Corporation in West Africa

The West African Development Bank (BOAD) and the OPEC Fund for International Development have signed an agreement to further deepen their development corporation in the member nations of the Western African Economic and Monetary Union (WAEMU).

The member nations include Benin, Burkina Faso, Côte-d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

According to the statement released by the two organisations, the agreement reached will increase engagement and knowledge-shareing between the two institutions and ensures improved cooporation in terms of co-financing public and private sector projects.

The OPEC Fund and West African Development Bank (BOAD) boost cooperation in Western Africa

The agreement focuses on increased engagement and knowledge-sharing between the two institutions and ensures enhanced cooperation in co-financing public and private sector projects.

It will also support international trade and regional trade integration to enhance economic productivity in the region. It will help mitigate the negative impact of COVID-19 on the region and strengthen the economy of the West African region.

Dr. Abdulhamid Alkhalifa, Director-General, OPEC Fund, who signed on behalf of the organisation said: “We are pleased to grow our partnership with BOAD to work together toward our common cause. West African countries have significant potential to increase trade flows and strengthen competitiveness which will drive growth, reduce poverty, and create new jobs in the region. The OPEC Fund’s global expertise, combined with BOAD’s strong regional presence, positions our two institutions well to help the region to weather the impacts of the pandemic and improve its competitiveness within the global economy.”

Serge Ekué, the President of BOAD, commended “the commitment and growing partnership between Africa and the OPEC Fund, which translated into support to BOAD for several decades now, thereby contributing to growth and sustainable development in the WAEMU member countries.” He added that the implementation of this framework agreement will help support the objectives of BOAD’s new strategic plan for 2021-2025, with the “aim of increasing the impact of its operations in terms of development outcomes by funding productive investments and creating jobs for youth and women, while focusing on micro-, small- and medium-sized enterprises (MSMEs), transport infrastructure and digitalization, agriculture and food security, energy, real estate, health and education.”

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Economy

More Stimulus is Welcomed – But What’s Needed is Smarter Stimulus

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UK EConomy contracts

Stock markets are cautiously upbeat that a stimulus package can be agreed in the U.S. before the November 3 election – but even if it does happen, it’s likely to be a “short-lived sticking plaster” that masks the major long-term issue: unemployment.

This is the warning from Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory and fintech organizations.

It comes as House Speaker Nancy Pelosi and Secretary Steven Mnuchin spoke again on Tuesday – the deadline imposed by the Speaker – as the two sides try and strike a deal over another significant fiscal stimulus package ahead of the election.

Earlier this month, Republican senators slammed a $1.8 trillion offer made by the Trump administration to the Democrats as too big, an offer Ms Pelosi dismissed as “insufficient.”

Discussions are due to continue on Wednesday upon the Secretary’s return to Washington.

Nigel Green warns: “No doubt, a breakthrough of the deadlock that would allow for more stimulus would provide a lifeline to millions and millions of Americans.

“U.S. and global markets are, generally, cautiously optimistic that a deal can be agreed by the two sides.

“There’s a sentiment that something will have to materialize – and this is fueling markets.

“However, the window of opportunity is closing and it is not yet a done deal.

“If talks collapse, the markets will inevitably be disappointed and there’s likely to be a short-lived sell-off.”

He continues: “Even if Pelosi and Mnuchin can get another massive stimulus package agreed, and U.S. and global markets rise, this is likely to serve only as a sticking plaster.

“A market rally is going to be difficult to be sustained due to the enormous uncertainty created by other factors including the presidential election, a possible looming constitutional crisis in the world’s largest economy, and the growing Covid-19 infections in America and other major economies.”

The deVere CEO goes on to add: “Getting over the political impasse would help boost the economy and deliver much-needed money to Americans, but the major, lasting issue triggered by the pandemic remains: mass unemployment, which will hit demand, growth and investment.

“As such, a swift rebound for the U.S. economy is doubtful as unemployment claims continue to rise.

“That V-shaped recovery talked about by so many? That will be impossible with so many millions facing long-term unemployment.”

Whilst it is certainly positive that unemployment has fallen from 15% in the U.S. to 11% in recent weeks, it should be remembered that this is still at the same rate of the 2008 crash.

In addition, a second wave of soaring unemployment could hit imminently as some support measures wind-down and business’ and households’ savings and resources have been already run-down.

Mr Green concludes: “Near-term support for sure, but a long-term strategy – a multi-year vision – for growth and investment is essential.

“What’s needed is not just more stimulus, but smarter stimulus.”

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