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Showing posts with label business. Show all posts
Showing posts with label business. Show all posts
Saturday, 6 May 2017
Tuesday, 27 May 2014
‘Nigeria Needs $30billion For Gas Utilisation’
Nigeria needs over $30billion to put needed infrastructure in
place to produce and utilize 3-4billion cubic feet of gas per day in
2015 as against over 1.4 billion cubic feet of gas being presently
flared away on daily basis from her proven gas reserve of 187 trillion
cubic feet according to the Chairman , Senate Committee on Gas
Resources, Nkechi Nwaogu.
Senator Nwaogu made the disclosure yesterday in Abuja at a conference organized by the committee in collaboration with the Federal Ministry of Petroleum Resources, Nigerian National Petroleum Corporation (NNPC) and other relevant stake holders.
She stated that Nigeria has a paradoxical situation of occupying the top position in gas reserve and production but last position in gas utilization amongst other naturally endowed countries of the world, such an investment cannot be avoided by Nigeria in view of the fact that the future of her energy is gas.
Nwaogu said, “the future of Nigeria’s energy is gas with a proven gas reserve of 187 trillion cubic feet and a potential reserve of 600 trillion cubic feet which make Nigeria to be the 6th largest producer of liquified petroleum gas (LPG) in the world and the largest on the African continent but the low utilization of natural gas in the country has made ours to be a paradoxical situation.
“While we occupy the top position in gas reserve and production, we equally occupy the last position in gas utilization with the current per capital consumption of natural gas in Nigeria at about 1.06kg, ranking her lowest in Africa with only 5% of her citizens having access to domestic gas.”
“The low utilization of natural gas in the country is greatly hinged on the inadequacy of gas transmission and distribution infrastructure which results to Nigeria flaring about 1.4 billion cubic feet of gas per day, second to Russia in the world in gas flaring.
“Thus, to practically address the ugly tide as recently submitted by development experts, a significant investment of over $30billion on infrastructure is needed to achieve Nigeria’s target of producing 3-4 billion cubic feet of gas a day by 2015”.
She added that the aim of the conference with the theme:”Deepening Domestic Utilization of Natural Gas and Routine Flare Elimination”, was to look at ways of filling the huge gaps between gas production and utilization in the country as well as reducing routine gas flaring.
According to her, since the quantity of natural gas in Nigeria is said to be more than twice the quantity of crude oil with estimated reserve production ratio of about 120 years compared to that of crude oil which is just 42 years, Nigeria needs to carry out the needed investment in the gas sector for optimum utilization of gas production for the benefit of all.
In his Keynote address Senate President, David Mark urged all the stake holders in the sector to use the current gas revolution for betterment of lives of people and not just limiting it to the natural hydrocarbons and wealth.
According to Mark in an address read on his behalf by the Senate’ s Minority Whip, Senator Abu Ibrahim, the gas revolution which has come upon the country, is not just about hydrocarbons and wealth but also about human beings as regards betterment of their lives in various ways.
He said: “Indeed the gas revolution has come upon us. however, I need to stress that the revolution is not just about hydrocarbons and wealth. It is also about human beings and the betterment of the lives of people, their communities and the entire society.
“We have to explore the varying opportunities of this revolution and chart a sustainable way forward for the development of our people since the revolution does not only engender the creation of a plethora of new jobs but also serves as a springboard for the rebirth of the non-oil sector in our country, such as manufacturing, agriculture, solid minerals and so on”.
Mark also admonished policy makers to ensure that exploration activities are not detrimental to the social and environmental conditions of the immediate communities where exploration are taking place hinting that the much delayed Petroleum Industry Bill (PIB), before both chambers of the National Assembly , will soon be passed.
“Although we are still saddled with the PIB but will be passed soon to provide the needed enabling laws for the reformed oil and gas sector that will be to the benefit of all including the host communities”, he said.
However the Minister of Petroleum Resources, Diezani Alison Madueke disclosed at the conference that government was already putting massive and robust infrastructure in place for optimal utilization of gas production in Nigeria to redress the initial in adequate capacities.
“In the last three years , we have begun the most aggressive implementation of a nationwide gas infrastructure blueprint. Our vision is to connect via a national grid to key supply sources and to markets across the nation driven by our conviction that a robust infrastructure is the minimum requirement for supply and market growth”, she said.
Senator Nwaogu made the disclosure yesterday in Abuja at a conference organized by the committee in collaboration with the Federal Ministry of Petroleum Resources, Nigerian National Petroleum Corporation (NNPC) and other relevant stake holders.
She stated that Nigeria has a paradoxical situation of occupying the top position in gas reserve and production but last position in gas utilization amongst other naturally endowed countries of the world, such an investment cannot be avoided by Nigeria in view of the fact that the future of her energy is gas.
Nwaogu said, “the future of Nigeria’s energy is gas with a proven gas reserve of 187 trillion cubic feet and a potential reserve of 600 trillion cubic feet which make Nigeria to be the 6th largest producer of liquified petroleum gas (LPG) in the world and the largest on the African continent but the low utilization of natural gas in the country has made ours to be a paradoxical situation.
“While we occupy the top position in gas reserve and production, we equally occupy the last position in gas utilization with the current per capital consumption of natural gas in Nigeria at about 1.06kg, ranking her lowest in Africa with only 5% of her citizens having access to domestic gas.”
“The low utilization of natural gas in the country is greatly hinged on the inadequacy of gas transmission and distribution infrastructure which results to Nigeria flaring about 1.4 billion cubic feet of gas per day, second to Russia in the world in gas flaring.
“Thus, to practically address the ugly tide as recently submitted by development experts, a significant investment of over $30billion on infrastructure is needed to achieve Nigeria’s target of producing 3-4 billion cubic feet of gas a day by 2015”.
She added that the aim of the conference with the theme:”Deepening Domestic Utilization of Natural Gas and Routine Flare Elimination”, was to look at ways of filling the huge gaps between gas production and utilization in the country as well as reducing routine gas flaring.
According to her, since the quantity of natural gas in Nigeria is said to be more than twice the quantity of crude oil with estimated reserve production ratio of about 120 years compared to that of crude oil which is just 42 years, Nigeria needs to carry out the needed investment in the gas sector for optimum utilization of gas production for the benefit of all.
In his Keynote address Senate President, David Mark urged all the stake holders in the sector to use the current gas revolution for betterment of lives of people and not just limiting it to the natural hydrocarbons and wealth.
According to Mark in an address read on his behalf by the Senate’ s Minority Whip, Senator Abu Ibrahim, the gas revolution which has come upon the country, is not just about hydrocarbons and wealth but also about human beings as regards betterment of their lives in various ways.
He said: “Indeed the gas revolution has come upon us. however, I need to stress that the revolution is not just about hydrocarbons and wealth. It is also about human beings and the betterment of the lives of people, their communities and the entire society.
“We have to explore the varying opportunities of this revolution and chart a sustainable way forward for the development of our people since the revolution does not only engender the creation of a plethora of new jobs but also serves as a springboard for the rebirth of the non-oil sector in our country, such as manufacturing, agriculture, solid minerals and so on”.
Mark also admonished policy makers to ensure that exploration activities are not detrimental to the social and environmental conditions of the immediate communities where exploration are taking place hinting that the much delayed Petroleum Industry Bill (PIB), before both chambers of the National Assembly , will soon be passed.
“Although we are still saddled with the PIB but will be passed soon to provide the needed enabling laws for the reformed oil and gas sector that will be to the benefit of all including the host communities”, he said.
However the Minister of Petroleum Resources, Diezani Alison Madueke disclosed at the conference that government was already putting massive and robust infrastructure in place for optimal utilization of gas production in Nigeria to redress the initial in adequate capacities.
“In the last three years , we have begun the most aggressive implementation of a nationwide gas infrastructure blueprint. Our vision is to connect via a national grid to key supply sources and to markets across the nation driven by our conviction that a robust infrastructure is the minimum requirement for supply and market growth”, she said.
Saturday, 10 May 2014
NPDC To Expend $3bn On 5 Divested Oil Blocks In 6 Years
— May 9, 2014
The Nigerian Petroleum Development Company (NPDC), a
subsidiary of the Nigerian National Petroleum Corporation (NNPC), is
Nigeria’s midsize flagship upstream exploration company.
The company which made its first entry into the domestic gas market with the commissioning of the 100mscf per day has grown to become the biggest producer and supplier of gas in the domestic market, contributing over 450mscf per day through the Oredo and Utorogu gas plants, with the acquisition of these assets.
Speaking yesterday at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, United States of America (USA), the group managing director, NNPC, Mr Andrew Yakubu, stated that Wood Mackenzie estimated that between 2014 and 2020, close to $3 billion of Capital Expenditure will be spent across five of the divested licences.
He explained that “the work programmes for the respective blocks will include re-entry into existing wells, flow-line and processing facilities repair as well as drilling of new wells. In addition to this, exploiting undeveloped fields and near exploration is expected to be carried out,” Yakubu stated.
Speaking further, he added that, “given the scale of drilling required, it is estimated that each block will need to have a minimum of two dedicated rigs for their near-to-medium-term drilling plans and this does present opportunities for the industry.”
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The company which made its first entry into the domestic gas market with the commissioning of the 100mscf per day has grown to become the biggest producer and supplier of gas in the domestic market, contributing over 450mscf per day through the Oredo and Utorogu gas plants, with the acquisition of these assets.
Speaking yesterday at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, United States of America (USA), the group managing director, NNPC, Mr Andrew Yakubu, stated that Wood Mackenzie estimated that between 2014 and 2020, close to $3 billion of Capital Expenditure will be spent across five of the divested licences.
He explained that “the work programmes for the respective blocks will include re-entry into existing wells, flow-line and processing facilities repair as well as drilling of new wells. In addition to this, exploiting undeveloped fields and near exploration is expected to be carried out,” Yakubu stated.
Speaking further, he added that, “given the scale of drilling required, it is estimated that each block will need to have a minimum of two dedicated rigs for their near-to-medium-term drilling plans and this does present opportunities for the industry.”
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Naira Records Mixed Trading At Official, Parallel Markets
— May 9, 2014
The Naira recorded marginal increase against the dollar at
the official and Bureau de Change markets on Friday, the News Agency of
Nigeria (NAN) reports.
At the official market, the Naira which opened at N155.23k to a dollar on Monday closed at N154.2k on Friday, gaining N1.03k.
The currency also appreciated against the dollar at the Bureau de Change during the week by N1.5k, closing at N164 from N165.5k it opened on Monday.
At the parallel market, the Naira closed at N165, the same price it sold on Monday, May 5.
The Naira, however, lost 77k to the Pound Sterling.
The Naira, which opened at N261.73k on Monday at official market, closed for the week at N262.5k to the Pound Sterling on Friday.
At the Bureau de Change to the Pound Sterling, the Naira gained 50k as it opened at N270.5k on Monday and closed N171 on Friday.
It remained stable against the Pound Sterling at the black market during the week selling at N270.
At the official market, the Naira sold for N214.2k to the Euro on Friday from the N215.43 it opened on Monday thereby appreciating by N1.23k.
The Naira, at the Bureau de Change, however, lost N1against the Euro, selling at N228 on Friday from the N227 it opened at the beginning of the week.
The currency was also relatively stable at the black market selling at N229 to the Euro. (NAN)
At the official market, the Naira which opened at N155.23k to a dollar on Monday closed at N154.2k on Friday, gaining N1.03k.
The currency also appreciated against the dollar at the Bureau de Change during the week by N1.5k, closing at N164 from N165.5k it opened on Monday.
At the parallel market, the Naira closed at N165, the same price it sold on Monday, May 5.
The Naira, however, lost 77k to the Pound Sterling.
The Naira, which opened at N261.73k on Monday at official market, closed for the week at N262.5k to the Pound Sterling on Friday.
At the Bureau de Change to the Pound Sterling, the Naira gained 50k as it opened at N270.5k on Monday and closed N171 on Friday.
It remained stable against the Pound Sterling at the black market during the week selling at N270.
At the official market, the Naira sold for N214.2k to the Euro on Friday from the N215.43 it opened on Monday thereby appreciating by N1.23k.
The Naira, at the Bureau de Change, however, lost N1against the Euro, selling at N228 on Friday from the N227 it opened at the beginning of the week.
The currency was also relatively stable at the black market selling at N229 to the Euro. (NAN)
Thursday, 24 April 2014
Fuel Import: FG Approves Early Release Of Q2 Allocation
The approval which was given by the minister of petroleum resources, Mrs. Diezani Allison-Madueke, also included supplementary Q1 fuel import allocations.
In a statement made available to LEADERSHIP yesterday, the Petroleum Products Pricing Regulatory Agency (PPPRA) while commending the minister for the early approval , urged marketers to continue bringing in their products and assured of prompt processing of documents.
“The management of PPPRA commends the honourable minister and charged marketers to take advantage of both the Q1 supplementary PMS allocation, as well as the early release of the Q2 allocation, to bring in their products, promising to ensure prompt processing of documents for all imported products,” the statement signed by Lanre Oladele said.
The development which caught most stakeholders by surprise, according to a PPPRA source, is intended to further assist in providing additional imports to supplement the current level of importation into the system with the aim of improving the national PMS supply situation and stock build-up.
This is the first time such an approval would be done way-ahead of any anticipated quarterly allocation. It is expected that the gesture would enable all importers ample time to conclude their purchases and also bring same into the Nigerian market.
Given the challenges of products supply witnessed in the country in recent times, the source described the development as a good omen for the industry.
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Nigeria Electricity Generation To Hit 12,000mw By 2016
He disclosed this on Monday in Minna at a town hall meeting.
Amadi said that this would be made possible as the commission had issued licence to private power plant operators for generation of over 20,000 megawatts of power within the next three years.
“Life has thought us that nothing is impossible, we can make 30,000 mega watts within the next one year if we want.
“Already we have issued licence to investors to generate over 20,000 mega watts before 2016.
“I am sure that with all the efforts put in place, our power generation will surely surpass our target by 2016,” he said.
Amadi said that the huge foreign investment on the sector in recent time was a product of the reforms and regulations put in place by the government.
He said the power sector had been without framework without any cost related terms and inconsistency in policy that had been the order of the sector, but it was now being regulated.
“This has built confidence in investors, which in turn will boost the sector and our national generation level,” he said.
Amadi said the sector had suffered decades of neglect and appealed for understanding.
He said that the commission had directed consumers not to pay any service charge to the distribution companies any time power was not supplied for two weeks. (NAN)
Marginal Field Bid Round Failure Raises Concern Among Investors
The industry regulator, the department of petroleum resources (DPR), has also failed to disclose the identities of 31 onshore and off-shore fields for sale.
The federal government had indicated that it would conduct the exercise in March, 2014.
The minister of petroleum resources, Mrs Diezani Alison-Madueke, had announced on November 28, last year that the bid round would be completed by March, 2014, but the failure to meet the deadline has further fuelled speculation that government has a sinister motive to auction the field to its political allies controlling major indigenous oil firms.
Also, the failure of the DPR to release the lists of oil fields that are available for sale is putting prospective buyers in the dark and eroding transparency in the process.
Industry sources have accused the regulator of deliberately flouting the guidelines ostensibly to use the exercise as a platform to raise money for politicians toward the 2015 general elections.
At an energy forum in Lagos recently, some investors accused the DPR of not implementing the guidelines for the fields, saying the agency is being used by the federal government to woo politicians with oil blocks ahead of the 2015 polls.
For the first time in 12 years, the federal government kick-started the process for the second marginal field licencing round, offering 31 onshore and off-shore fields. Some operators have expressed fears that their technical partners may become apprehensive and withdraw their funds. Already, some insist that some oil mining leases in which politicians in the opposition and the ruling party have larger stakes but which cannot be verified by Leadership are now in circulation among oil companies.
Among the lists obtained by Leadership from some operators include the Uzuaku field on Oil Mining Lease (OML) 11 in Ogoni land, the Egbolom field on OML 23 that was previously operated by Shell in Rivers State, three offshore fields on OML 100 (Usoro, Ikong, Ibiom) and two on OML 67 (Amaniba and Ekpat).
Spokesperson for the DPR, Paul Osu, had earlier confirmed his agency’s failure to make the list available as promised but explained that the delay was caused by some reasons which he declined to mention. According to him, the list will be uploaded on the agency’s website when it is ready but said it was not made available in January as promised by the director, DPR, for some inexplainable reasons. Osu, however, denied knowledge of the list in circulation.
The executive vice chairman, Terra Energy Services Nigeria Limited, Akin Adetunji, however, said that the DPR should explain why the list has not been published.
Another player in the industry, who spoke on condition of anonymity, said, “There is much confusion with the constant shift in date by the minister and I want to tell you that there are companies which won the bid in the last exercise but could not deliver.
“They realised they had no financial ability to manage the assets and are waiting for the fresh bid round to identify those that could engage them in farm-in-farm-out arrangement, but government is playing hide and seek game.”
Meanwhile, a report obtained by LEADERSHIP on the marginal field operations showed that 17 oil blocks are currently redundant 11 years after they were awarded. The 17 marginal fields were awarded in 2003 but were not productive.
The fields were awarded by the DPR but the regulator is now threatening to withdraw them, a decision that led to scheming by the owners of the oil blocks.
The report showed that owners of the redundant oil blocks from 2003 bid round are afraid that the DPR might withdraw their ownership of the blocks for the new bid round, which was expected to take place this year. The operators have besieged the presidency to avert the withdrawal of their licences.
The marginal fields in Nigeria evolved from the Petroleum Amendment Act 1996, which introduced paragraph 16A into the First Schedule to the Petroleum Act. This amendment provided that the holder of an OML can farm out any marginal field which lies within the OML.
Also under the amendment, the president may cause the farmout of a marginal field, which has been left unattended for a period of not less than 10 years from the date of the first discovery of the marginal field.
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Power Supply Hits 4,000mw
Power generation, which recently dropped to about 3,000mw due to vandalism of critical infrastructure, increased to 4105.90mw as at Tuesday, a statement by Kande Daniel the special assistant, media, to the minister of power, Prof. Chinedu Nebo, said yesterday.
“Nigeria’s power generation is coming up again with the current generated megawatts (mw) hitting over 4,000 as at Tuesday,” the statement said.
“This situation has been attributed to reduction in system collapses, as well as improvement in services delivery, among other things,” it added.
The release further reveals a breakdown of how generated capacity was shared, with the industrial nerve-centre Lagos and environs getting the highest, a maximum load totaling 985.0mw, while the maximum load allocated to Abuja through Katampe and Gwagwalada power line was 410.80mw.
According to Daniel, the latest grid information has dismissed insinuations in some sections of the media that power generation dropped to less than 2,000mw.
She added that since mid-last week, many households now enjoy enhanced power supply unlike what was obtainable in the recent past when vandals tampered with several power installations in parts of the country.
She further reaffirmed Government’s resolve to consolidate efforts at removing all bottlenecks to sufficiency in power supply, while conveying an appeal from the minster of power to Nigerians for more patience and understanding.
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FG Inaugurates Organising Committee For 2014 Nigeria Oil, Gas Forum
The Federal Government has inaugurated the organising committee for the 2014 Nigeria Oil and Gas Trade and Investment Forum.
The inter-ministerial committee was inaugurated on Wednesday in Abuja by Mr Samuel Ortom, Minister of State for Industry, Trade and Investment.
Ortom reiterated that the Federal Government would continue to promote the Onne Oil and Gas Free Zone Authority in Rivers as the gateway for the oil and gas industry in Africa.
He said that the present administration was committed to consolidating the successes achieved in the past two editions of the forum to further strengthen the economy.
The minister said the 2013 Oil and Gas Trade and Investment Forum recorded over 2,500 participants, 100 exhibitors and over 500 investment enquiries.
“I am particularly happy that last year’s edition of the forum was a huge success.
“I am proud of the achievement of the ministry’s organising committee and our partner, Orlean Investment West Africa Limited,” Ortom said.
He said that the Onne Oil and Gas Free Zone Authority was structured and designed to address specific needs and requirements of the corporate bodies in the industry.
“Onne Oil and Gas Free Zone was established as a tax-free centre for processing of goods that encourage acquisition of skills, job creation and transfer of technology.
“It also encourages local content participation, enhanced foreign exchange earnings and backward integration in the country,” he stated.
Orton urged the organising committee to work hard to ensure that this year’s forum recorded better success in terms of attracting more domestic and foreign investment into the sector.
The committee’s terms of reference include organising a two-day trade and investment forum on oil and gas from Oct. 30 and to showcase the Onne Oil and Gas Free Trade Zone as a successful free trade zone in Nigeria.
Others are to mobilise relevant stakeholders, public and private sector investors (local and foreign) for the forum as well as monitoring and following up on the outcomes of the forum.
Members of the committee are drawn from the federal ministries of Industry, Trade and Investment; Petroleum, Transport and Niger Delta Affairs as well as Orleans Invest West Africa.
Other members are the Nigeria National Petroleum Corporation, Nigeria Ports Authority, Oil and Gas Free Zone Authority, Nigeria Export Processing Zone Authority, Nigeria Investment Promotion Commission, Nigeria Customs Service and Nigeria Immigration Service. (NAN)
The inter-ministerial committee was inaugurated on Wednesday in Abuja by Mr Samuel Ortom, Minister of State for Industry, Trade and Investment.
Ortom reiterated that the Federal Government would continue to promote the Onne Oil and Gas Free Zone Authority in Rivers as the gateway for the oil and gas industry in Africa.
He said that the present administration was committed to consolidating the successes achieved in the past two editions of the forum to further strengthen the economy.
The minister said the 2013 Oil and Gas Trade and Investment Forum recorded over 2,500 participants, 100 exhibitors and over 500 investment enquiries.
“I am particularly happy that last year’s edition of the forum was a huge success.
“I am proud of the achievement of the ministry’s organising committee and our partner, Orlean Investment West Africa Limited,” Ortom said.
He said that the Onne Oil and Gas Free Zone Authority was structured and designed to address specific needs and requirements of the corporate bodies in the industry.
“Onne Oil and Gas Free Zone was established as a tax-free centre for processing of goods that encourage acquisition of skills, job creation and transfer of technology.
“It also encourages local content participation, enhanced foreign exchange earnings and backward integration in the country,” he stated.
Orton urged the organising committee to work hard to ensure that this year’s forum recorded better success in terms of attracting more domestic and foreign investment into the sector.
The committee’s terms of reference include organising a two-day trade and investment forum on oil and gas from Oct. 30 and to showcase the Onne Oil and Gas Free Trade Zone as a successful free trade zone in Nigeria.
Others are to mobilise relevant stakeholders, public and private sector investors (local and foreign) for the forum as well as monitoring and following up on the outcomes of the forum.
Members of the committee are drawn from the federal ministries of Industry, Trade and Investment; Petroleum, Transport and Niger Delta Affairs as well as Orleans Invest West Africa.
Other members are the Nigeria National Petroleum Corporation, Nigeria Ports Authority, Oil and Gas Free Zone Authority, Nigeria Export Processing Zone Authority, Nigeria Investment Promotion Commission, Nigeria Customs Service and Nigeria Immigration Service. (NAN)
FG Remains Committed To Oil Sector Deregulation – Alison-Madueke
— March 19, 2014
She made the declaration yesterday in Abuja during her ministerial address on the topic “State of the Industry: Achievements and Steps to the Next Level,” at the on-going 2014 Nigeria Oil and Gas (NOG) Conference and Exhibition.This is even as the director, department of petroleum resources, George Osahon, also disclosed that the country’s crude oil reserves and production were drastically dropping, a situation he said calls for great concern given the country’s dependence on oil revenue.
The minister in her presentation said: “In terms of downstream deregulation, now that the power sector reforms are well underway, the Nigerian government’s commitment to restructuring the oil and gas sector remains unwavering.
“In this regard, downstream deregulation remains an important part of the reform framework going forward, that seeks to restore financial sustainability and investor confidence in this sector of the national economy now and into the future.
“We are aware that government had sought to deregulate the sector, and continued regulation we are aware as well have several negative effects.
It is physically unsustainable, it discourages investment and principally it benefits the rich not the masses in the society that we intend to reach in the first place.”
She emphasised that deregulation remains the only way in which capital investment can be encouraged and new employment opportunities created for both foreign and local operators adding that in a democratic polity there has to be a balance amongst different policies of government and the needs and desires of the people of Nigeria.
The minister further stressed that as the country moves towards liberalising the sector and encouraging private investors, new regulations and guidelines along with strong regulators are obviously needed.
Oil Theft: Shell Declares Force Majeure On Forcados Blend
A statement by the company disclosed that the declaration of force majeure was due to ongoing repairs on the 48-inch crude export line at Forcados Terminal in the Western Niger Delta.
Shell spokesperson, Precious Okolobo, who signed the statement, said the subsea line was shut when a leak was discovered on March 4, 2014, leading to suspension of SPDC and third party crude oil exports through the terminal.
“Helicopter over flights showed a slight sheen around the export line. A joint investigation conducted by representatives of communities, SPDC, regulators and security agencies determined that the leak was caused by third party interference; unknown persons had installed a crude theft point on the line in water depth of about eight metres,” the statement said.
It added that SPDC has mobilised equipment and materials to the site, and is working to repair and reopen the line as soon as possible.
Any Protection For Children In Mining?
Nigeria adopted the Child Rights Act (CRA) in 2003 to domesticate the convention on the rights of children.
11 years down the line, only 16 of 36 states have domesticated the law to protect the rights of children.
The CRA defines a child as a person who has not attained the age of 18. The Act, while adopting the fundamental human rights as stipulated in the 1999 Constitution in addition, has 16 rights recommended to protect the lives of children.
These include rights to a name, survival and protection, dignity, parental care, protection and maintainance, freedom and universal primary education, freedom from discrimination, right to health and food among others.
Unfortunately, poverty, laziness by parents and even the absence of a political will by states to domesticate the CRA in their various states made it neccessary for children to engage in all kinds of jobs to support their parents. It was created to protect the child from all forms of abuse from the family and the society at large. However, it is obvious that this has not taken any effect in the country as many instances of child labour abound.
A young child, Abdul, said, “I have to work because my mother is poor. I go to school in the morning and when i return, i come to the quarry site to crush rocks. If i am lucky, i get between N300 and N1,500 a day.”
Another young child, Joe, is a child miner at Kwagiri village, Kaduna state. He told LEADERSHIP that he has been a rock crusher for two years and is happy doing it as he can support his mother and have some money in his pocket.
“I go to a government day secondary school, and after school hours, I come to the quarry site to crush small rocks in exchange for some money,” Joe said.
Kwagiri quarry is not the only site that allows children in. Various mines abound where children are seen in their droves crushing stones, hawking food, and in some cases kept as paid mistresses or prostitutes by old miners through the supervision of quarry madams.
Another victim of child mining is Halima who hawks food to workers in the mine even during school days. She told LEADERSHIP that she had to work to earn some money to support her father’s farming income and her mother’s petty business.
“I go to school at least three times a week but i like to come to the quarry because i get money to meet some of my small needs,” she revealed.
These cases are not much different from many other incidences of children labour and it is not only in mining that children are used as labourers. This also happens even in agriculture.
On a visit to Olam Rice farm in Nassarawa State, LEADERSHIP caught up with 13 year-old Gambo who through a translator said had never been in school. Asked how much he is paid for loading trailers in the farm, he said he earns between N500 and N1,000 daily and between N7,000 weekly. He will love to go to school, but his parents are both illiterate and can not afford it, he stated.
Helpful as this may seem, it is a terrible state of affairs where children take the responsibility of fending for their families or are expected to support them. they become the breadwinners instead of being protected against the deplorable society.No wonder there is an increase in child rape, child trafficking, slavery and cases of child abductions.
To curb this menace of child abuse, it is absolutely neccessary that states that have not domesticated the CRA be encouraged to do so. Children should not be sent hawking and crushing rocks when their mates are in school learning the basics of life through education. The FG should impose it on the states to ensure that the rights of Nigerian children are protected.
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Time to Curb Chinese/Indians Invasion of Nigerian Minerals Sector
ome / Business / Mines and Steel / Time to Curb Chinese/Indians Invasion of Nigerian Minerals Sector
— April 17, 2014
The need for foreign investors and expertise in the nation’s
solid minerals sector has made it necessary to open up the sector to
both local and foreign investors, but the fear of invasion and a total
take-over by foreigners has led to other worries. Ruth Tene Natsa speaks
on the challenges this may portend.
Recently the Minister of Mines and Steel Development, Architect Musa Mohammed Sada, cried out against the domination of the nation’s minerals and metals sector by Chinese and Indians to the detriment of millions of jobless Nigerians.
The minister as a result, stressed the need for more collaboration between the ministry and its stakeholders in order to expose activities of the sector to citizens who have continued to remain ignorant to its existing opportunities.
Sada assured “It was the intent of the federal government that Nigerians become major operators in the nation’s mining operations while being placed in the map of major mining nations”
While several opportunities for job creation and poverty alleviation exist in the solid minerals and mining sector, the fear of lost investments as a result of the long-term investment necessary for solid minerals will always militate against both local and international investors/investments.
Even though foreign investments are necessary for the development of the nation’s minerals and metal sector, the need to protect the rights of citizens is paramount, as many of such investors not only take advantage of the cheap and excess labor, but in several cases, deny citizens of the right to enjoy what benefits the law stipulates.
Sada earlier had observed that most Chinese and Indian mining operations in Nigeria fail to meet with the minimum employment targets for Nigerians which includes having higher number of locals employed in expatriates companies; safety precautions for workers on site; proper salary structure to protect the rights of local workers as well as proper tax clearances to ensure federal government gets its due.
The need to control the domination of the two nationalities is because they have invaded Nigerian quarries and obey the laws guiding their acceptance into the sector. LEADERSHIP findings have revealed that many Chinese and Indian quarries have a high number of expatriates employees, their companies provide little or no safety precautions for local workers and language barrier continue to hinder proper communications between the Indian /Chinese and Nigerian nationalities.
It is to be recalled that the federal government in a bid to ensure that mining and quarry sites operate within the constituted laws guiding the sector in 2013 threatened shutting down several quarrying operations particularly those of Hongyum Quarry Limited (a Chinese operation)and also threatened the revocation of license to Perfect Stone quarry.
The Minister ordered the “denial of explosive renewal, as a result of poor safety precautions and ordered the blacklisting of Perfect Stone quarries as they failed to provide proper answers to the queries directed at them, pending when they could provide proof of full compliance while insisting that “there was to be no renewal of the Hongyum operations after 5 years as everything about their activities proved environmentally wrong”.
Sada said “ The purpose of letting these companies operate is for the provision of jobs for Nigerians and if these jobs are now being taken away by people from other places and those that are employing Nigerians are being challenged in terms of competition, definitely we will do something. One of the reasons we came out here is to see for ourselves what is on ground so that we know where the rules are being violated. We are not going to invent new rules, within the rules are embedded there and we intent to ensure its compliance.”
Architect Sada maintained that except companies met the required standards of the law, they were to be shut down, until they were able to meet with standards which centered on environmental compliance, royalty payments, employment of Nigerian citizens, proper preservation/storage of mining explosives, provisions of conducive working environment as well as meeting up with community development agreement in tandem with the community Social responsibility CSR among others.”
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Recently the Minister of Mines and Steel Development, Architect Musa Mohammed Sada, cried out against the domination of the nation’s minerals and metals sector by Chinese and Indians to the detriment of millions of jobless Nigerians.
The minister as a result, stressed the need for more collaboration between the ministry and its stakeholders in order to expose activities of the sector to citizens who have continued to remain ignorant to its existing opportunities.
Sada assured “It was the intent of the federal government that Nigerians become major operators in the nation’s mining operations while being placed in the map of major mining nations”
While several opportunities for job creation and poverty alleviation exist in the solid minerals and mining sector, the fear of lost investments as a result of the long-term investment necessary for solid minerals will always militate against both local and international investors/investments.
Even though foreign investments are necessary for the development of the nation’s minerals and metal sector, the need to protect the rights of citizens is paramount, as many of such investors not only take advantage of the cheap and excess labor, but in several cases, deny citizens of the right to enjoy what benefits the law stipulates.
Sada earlier had observed that most Chinese and Indian mining operations in Nigeria fail to meet with the minimum employment targets for Nigerians which includes having higher number of locals employed in expatriates companies; safety precautions for workers on site; proper salary structure to protect the rights of local workers as well as proper tax clearances to ensure federal government gets its due.
The need to control the domination of the two nationalities is because they have invaded Nigerian quarries and obey the laws guiding their acceptance into the sector. LEADERSHIP findings have revealed that many Chinese and Indian quarries have a high number of expatriates employees, their companies provide little or no safety precautions for local workers and language barrier continue to hinder proper communications between the Indian /Chinese and Nigerian nationalities.
It is to be recalled that the federal government in a bid to ensure that mining and quarry sites operate within the constituted laws guiding the sector in 2013 threatened shutting down several quarrying operations particularly those of Hongyum Quarry Limited (a Chinese operation)and also threatened the revocation of license to Perfect Stone quarry.
The Minister ordered the “denial of explosive renewal, as a result of poor safety precautions and ordered the blacklisting of Perfect Stone quarries as they failed to provide proper answers to the queries directed at them, pending when they could provide proof of full compliance while insisting that “there was to be no renewal of the Hongyum operations after 5 years as everything about their activities proved environmentally wrong”.
Sada said “ The purpose of letting these companies operate is for the provision of jobs for Nigerians and if these jobs are now being taken away by people from other places and those that are employing Nigerians are being challenged in terms of competition, definitely we will do something. One of the reasons we came out here is to see for ourselves what is on ground so that we know where the rules are being violated. We are not going to invent new rules, within the rules are embedded there and we intent to ensure its compliance.”
Architect Sada maintained that except companies met the required standards of the law, they were to be shut down, until they were able to meet with standards which centered on environmental compliance, royalty payments, employment of Nigerian citizens, proper preservation/storage of mining explosives, provisions of conducive working environment as well as meeting up with community development agreement in tandem with the community Social responsibility CSR among others.”
Stay up to date, follow us on Twitter; @thundergist
Poor Funding, Bane of Steel Industry
The call for the privatisation of the Ajaokuta Steel complex as a panacea to its long neglect has received various reactions from stakeholders.
Stakeholders are of the view that the development of the steel sector will not only ensure employment for the teeming unemployed youths, but will also be the solution to the nation’s huge demand for iron/steel materials needed for construction and developmental purposes, while contributing greatly to the gross domestic product(GDP) of the economy.
While that may be so, numerous challenges continue to hinder the development of the steel sector. This include poor funding, lack of equipment, lack of expertise, absence of a steel law and a total lack of political will by the government of the day to ensure the development of the steel sector. This is most evident in the long neglect of the Ajaokuta Steel Complex and the poor funding of the steel and mining sectors in general.
Speaking in an exclusive telephone interview with LEADERSHIP recently, the minister of mines and steel development, Mr Musa Mohammed Sada, said, “there is a big problem because we, the regulators, have no law empowering us to make efficient impact towards ensuring quality steel production in the nation.” He added that “the present dispensation was working towards ensuring that proper regulations are created to protect the Nigerian steel sector.
“Laws are critical because as it stands, there is nobody empowered to analyse the quality or content of steel made in Nigeria. Steel is produced from part scrap, but in some cases, we have observed that factories produce from 100 per cent scraps and there is nothing we can do about it because of the absence of a law.”
The minister revealed that the ministry had visited several steel factories in the past but maintains that the absence of a steel law hindered proper sanctioning of erring factories. He added that the matter was being presented before the Federal Executive Council (FEC) after which it will be presented to the National Assembly to ensure that a steel law was enacted to preserve the sector
The privatisation of the sector in the 70s led to its near collapse while the call for the privatisation of the Ajaokuta Steel Complex to ensure its completion continues to lead to several arguments among stakeholders.
“What I want the executive arm of government to know is that no private investor would invest $513 million or N83 billion to complete the Ajaokuta steel plant and equally invest in completing the remaining required external infrastructure because the risks are too high with changing government policies,” the chairman, House Committee on Steel Development, Sadiq Asema Mohammed, said. “We know that the steel sector is private driven all over the world like in Russia, India, South Korea, among others and in all of these countries their steel industries were first and foremost developed by their respective governments before the private sector took over. Even now in Europe and the United States of America (USA) where their steel sector has matured, their governments still keep a tight rein and interest in their steel industry.
“If we sell the National Iron Ore Mining Company (NIOMCO), our best iron ore mine, to whoever, where lies our national interest? in whose interest are we privatising the NIOMCO or Ajaokuta Steel Company Limited?”
Also an interview with the director-general of the National Steel Raw Materials Exploration Agency (NSRMEA), Mr Alex Ohikere, revealed that major challenges to the activities of the agency lay in the area of equipment.
“Because of the kind of activities we carry out, sound equipment are needed. A few years ago, all the rigs in our possession were obsolete and we used to spend a lot of money almost on a daily basis for maintenance. But luckily in 2010/2011, government intervened and funded the supply of two new crawler-mounted drilling rigs with accessories and also funded the supply of a low-bed because the rigs need to be moved from Kaduna to where the drilling activities are ongoing. The rigs must be carried on a low-bed so one can see the number of vehicles involved in the activities we do,” Ohikere said.
The DG added, “We also need water for core drilling. So in a typical field work, we need the rig, low-bed, water tanker, and of course field vehicles; so it is capital intensive. Apart from the procurement, we try to repair/refurbish some of the obsolete plants and equipment. It’s a known fact that rigs do not die, however, they are very expensive to maintain.”
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FG Loses N113.4bn To Import Policies
The federal government lost about N113.4 billion to
restrictive import policies in the first quarter of 2014, the Seaport
Terminal Operators Association of Nigeria (STOAN) has said.
STOAN chairman, Mrs Victoria Haastrup, who made the observation at an industry forum in Lagos yesterday, also said the Nigeria Ports Authority (NPA) has failed to keep to terms of concession agreement entered with the terminal concessionaires in 2006.
She said: “The federal government generates a lot of revenue from the port terminals. The recent policy somersault on imports resulted in revenue drop across board, even in the Nigerian Customs, whose revenue dropped from N191.3 billion in the first quarter of 2013 to N77.9 billion in same period of 2014.”
Haastrup specifically lamented poor power supply at the port, which falls under the provision of the NPA in the concession agreement, stressing that the lack of public power supply to the terminal had tremendously increased cost of their operations, “while still paying the NPA electricity bills.” She urged the port’s authority to consider putting independent power plant production in place.
According to her, multiplicity of service process by customary government agencies in the port and frictions among maritime statutory agencies due to alleged overlapping functions constituted bottlenecks to international best practices in seaport terminal operations.
“Port access vehicular traffic control system is chaotic. It has reduced the turnaround time of trucks resulting in high cost of haulage and congestion of the terminals. Dependency on only one mode of transport for movement of cargo from the port terminal is a big challenge,” she said.
Also advising the Nigeria Shippers’ Council in its new role as the seaport economic regulator, the ENL Terminal owner said, “The Council must be decisive in its regulatory role so as to ensure uniformity in the imposition of charges and fees. It must also ensure that only those necessarily required to be operating at the Ports are allowed to operate.”
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STOAN chairman, Mrs Victoria Haastrup, who made the observation at an industry forum in Lagos yesterday, also said the Nigeria Ports Authority (NPA) has failed to keep to terms of concession agreement entered with the terminal concessionaires in 2006.
She said: “The federal government generates a lot of revenue from the port terminals. The recent policy somersault on imports resulted in revenue drop across board, even in the Nigerian Customs, whose revenue dropped from N191.3 billion in the first quarter of 2013 to N77.9 billion in same period of 2014.”
Haastrup specifically lamented poor power supply at the port, which falls under the provision of the NPA in the concession agreement, stressing that the lack of public power supply to the terminal had tremendously increased cost of their operations, “while still paying the NPA electricity bills.” She urged the port’s authority to consider putting independent power plant production in place.
According to her, multiplicity of service process by customary government agencies in the port and frictions among maritime statutory agencies due to alleged overlapping functions constituted bottlenecks to international best practices in seaport terminal operations.
“Port access vehicular traffic control system is chaotic. It has reduced the turnaround time of trucks resulting in high cost of haulage and congestion of the terminals. Dependency on only one mode of transport for movement of cargo from the port terminal is a big challenge,” she said.
Also advising the Nigeria Shippers’ Council in its new role as the seaport economic regulator, the ENL Terminal owner said, “The Council must be decisive in its regulatory role so as to ensure uniformity in the imposition of charges and fees. It must also ensure that only those necessarily required to be operating at the Ports are allowed to operate.”
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Saturday, 5 April 2014
Preserving The Environment Against Mining Hazards
Preserving The Environment Against Mining Hazards
— March 27, 2014
One of the negative effects of illegal mining is the
undeniable destruction of the environment as a result of non- or poor
remediation. As the rainy season begins again, Ruth Tene Natsa writes on
the need for miners, and stakeholders, to ensure that remediation is
carried out on the surfaces where mining activities occur out so as to
protect and preserve the environment
Remediation is the process of restoring both land and environment to its natural state after mining activities that have exposed the top soil through digging.
Non-remediation of mined environments portends high risks of flooding, exposure to dangerous minerals such as lead and even physical danger for both humans and animals.
Nigeria is a country blessed beyond measures with an abundance of solid minerals in virtually all the 774 local government areas.
The several coal reserves which it has in abundance and the recent discovery of gold in several states of the federation, among many others, make Nigeria a mining nation. Unfortunately with the negligent and lackadaisical attitude of the federal government to the development of the sector, while paying lip service to its reforms, illegal miners continue to have a field day in the mining sector. This is even as government claims it lacks the wherewithal to fully monitor the activities of these miners who continue to employ unsafe mining techniques.
In an exclusive interview with LEADERSHIP, the immediate past president of the Nigerian Mining and Geosciences Society (NMGS), Akinola George, said the non-remediation of mining environments is not only hazardous to the environment but dangerous to the life. Recounting a survey by the World Bank in the 36 states of the federation, including the FCT in 2011/2012, George recalled that “the survey revealed that of 1,218 abandoned mines, over 40 were very hazardous, 221 were moderately hazardous, while 957 were mildly hazardous.”
The geoscientists were worried that aside being dangerous to the environment, the animal deposits and various poisonous expositions posed cancer risks to the humans around. They, therefore, urged the government to not only remediate but to ensure the immediate reformations of such mines.
Although the federal government, through the Ministry of Mines and Steel Development, have made efforts to organise the illegal miners into cooperatives, their activities continue to be regrettably dangerous to farmlands, the environment, animals and most importantly the residents of their host communities who are continually exposed to contaminated lands. Holes dug and left uncovered during mining could serve as traps for animals and unsuspecting humans who could fall into them without warning and heavy rains could wash off the soil, making it unsafe for farming activities.
Illegal mining and non-remediation has so many implications, both directly and indirectly, with the flooding experience witnessed in several parts of the nation in 2012. There is no doubt that if the land had been properly maintained and the drainages were in order, the calamity may have been averted.
The lead poisoning incidence in Zamfara State was another direct consequence of non-remediation. The lead was washed into other uncontaminated environments, thereby defiling them and exposing whole communities to the menace where over 400 children died and others were brain damaged.
Meanwhile, in a bid to ensure that mining and quarry sites operate within the constituted laws guiding the sector, the minister of mines and steel development, Mr Musa Mohammed Sada, has threatened to shut down quarrying operations in companies that fail to comply with acceptable standards.
While leading a delegation on inspection of quarrying sites in Abuja, he threatened to shut down activities in Hongyum Quarry limited and called for the revocation of license to Perfect Stone quarry in the FCT.
Stay up to date, follow us on Twitter; @thundergist
Remediation is the process of restoring both land and environment to its natural state after mining activities that have exposed the top soil through digging.
Non-remediation of mined environments portends high risks of flooding, exposure to dangerous minerals such as lead and even physical danger for both humans and animals.
Nigeria is a country blessed beyond measures with an abundance of solid minerals in virtually all the 774 local government areas.
The several coal reserves which it has in abundance and the recent discovery of gold in several states of the federation, among many others, make Nigeria a mining nation. Unfortunately with the negligent and lackadaisical attitude of the federal government to the development of the sector, while paying lip service to its reforms, illegal miners continue to have a field day in the mining sector. This is even as government claims it lacks the wherewithal to fully monitor the activities of these miners who continue to employ unsafe mining techniques.
In an exclusive interview with LEADERSHIP, the immediate past president of the Nigerian Mining and Geosciences Society (NMGS), Akinola George, said the non-remediation of mining environments is not only hazardous to the environment but dangerous to the life. Recounting a survey by the World Bank in the 36 states of the federation, including the FCT in 2011/2012, George recalled that “the survey revealed that of 1,218 abandoned mines, over 40 were very hazardous, 221 were moderately hazardous, while 957 were mildly hazardous.”
The geoscientists were worried that aside being dangerous to the environment, the animal deposits and various poisonous expositions posed cancer risks to the humans around. They, therefore, urged the government to not only remediate but to ensure the immediate reformations of such mines.
Although the federal government, through the Ministry of Mines and Steel Development, have made efforts to organise the illegal miners into cooperatives, their activities continue to be regrettably dangerous to farmlands, the environment, animals and most importantly the residents of their host communities who are continually exposed to contaminated lands. Holes dug and left uncovered during mining could serve as traps for animals and unsuspecting humans who could fall into them without warning and heavy rains could wash off the soil, making it unsafe for farming activities.
Illegal mining and non-remediation has so many implications, both directly and indirectly, with the flooding experience witnessed in several parts of the nation in 2012. There is no doubt that if the land had been properly maintained and the drainages were in order, the calamity may have been averted.
The lead poisoning incidence in Zamfara State was another direct consequence of non-remediation. The lead was washed into other uncontaminated environments, thereby defiling them and exposing whole communities to the menace where over 400 children died and others were brain damaged.
Meanwhile, in a bid to ensure that mining and quarry sites operate within the constituted laws guiding the sector, the minister of mines and steel development, Mr Musa Mohammed Sada, has threatened to shut down quarrying operations in companies that fail to comply with acceptable standards.
While leading a delegation on inspection of quarrying sites in Abuja, he threatened to shut down activities in Hongyum Quarry limited and called for the revocation of license to Perfect Stone quarry in the FCT.
Stay up to date, follow us on Twitter; @thundergist
Tuesday, 1 April 2014
SSS accuses CBN Governor, Sanusi Lamido, of financing terrorism
.And now the SSS is accusing suspended CBN governor Sansui Lamido Sanusi of
financing terrorism in Nigeria.
Premium Times reports
A new twist has been added to the ongoing travails of the suspended
Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, as the
Department of State Security Service, SSS, has accused him of financing
terrorism.
The SSS stated this at the Federal High Court, Lagos, while defending its
decision to seize Mr. Sanusi’s international passport.
Mr. Sanusi’s passport was seized on February 20, as he arrived the Lagos
international airport, hours afte... more »
Friday, 21 March 2014
First Bank, Others , Kick-off Consumers’ Loan Offer
First Bank, Others , Kick-off Consumers’ Loan Offer
— March 19, 2014
FirstBank, Nigeria’s best banking brand, Intel Nigeria and
Slot Limited, a leading retailer in mobile devices, have thrown their
weight behind an initiative that offers the public the opportunity to
purchase personal computers and tablets now and pay later. The scheme
which is open to employees of private and public organisations,
entrepreneurs, and cooperative associations and unions, provides a wide
range of Lenovo, Asus and Samsung products which are paid for over a
period of one year.
Speaking on the initiative, country manager, Intel, Olubunmi Ekundayo said, “The scheme is part of the goal of Intel to make technology more accessible to everyone.”
We have harmonized plans with all the partners to make customers acquisition of PCs and tablets simpler and easier. We believe that this will go a long way in helping to bridge the digital divide.”
FirstBank, in a statement, said that it is committed to creatively meet customers’ needs, and that this collaboration with Intel and Slot is one of its many initiatives to improve quality of lives and meet the personal and business demands of its customers.
Adim Isiakpona, marketing and PR manager, Intel, gave more insights into the scheme as he explained that individuals and corporate entities can purchase quality Intel-powered PC’s by walking into any Slot Outlet near them, pick up a Proforma invoice for the device bundle and visit the nearest First Bank branch for onward processing.
Isiakpona further explained that as an added bonus, customers will be entitled to a free Etisalat Internet dongle plus 200MB data card and genuine Microsoft Office on laptops and 200MB data card on the device purchased. All devices will also have access to Intel Explore and Learn Marketplace with free Educational and learning content for all customers to enjoy.
You will recall that as part of efforts to increase customers acquisition, Intel had started a PC acquisition scheme called ‘Create your tomorrow’ in 2012, and has partnered with other financial institutions in the past to make acquisition simplier. The consumer loan scheme with FirstBank and Slot will ease the process of owning Intel powered PCs and Tablets, while relying on a stress-free monthly installmental payment process.
Speaking on the initiative, country manager, Intel, Olubunmi Ekundayo said, “The scheme is part of the goal of Intel to make technology more accessible to everyone.”
We have harmonized plans with all the partners to make customers acquisition of PCs and tablets simpler and easier. We believe that this will go a long way in helping to bridge the digital divide.”
FirstBank, in a statement, said that it is committed to creatively meet customers’ needs, and that this collaboration with Intel and Slot is one of its many initiatives to improve quality of lives and meet the personal and business demands of its customers.
Adim Isiakpona, marketing and PR manager, Intel, gave more insights into the scheme as he explained that individuals and corporate entities can purchase quality Intel-powered PC’s by walking into any Slot Outlet near them, pick up a Proforma invoice for the device bundle and visit the nearest First Bank branch for onward processing.
Isiakpona further explained that as an added bonus, customers will be entitled to a free Etisalat Internet dongle plus 200MB data card and genuine Microsoft Office on laptops and 200MB data card on the device purchased. All devices will also have access to Intel Explore and Learn Marketplace with free Educational and learning content for all customers to enjoy.
You will recall that as part of efforts to increase customers acquisition, Intel had started a PC acquisition scheme called ‘Create your tomorrow’ in 2012, and has partnered with other financial institutions in the past to make acquisition simplier. The consumer loan scheme with FirstBank and Slot will ease the process of owning Intel powered PCs and Tablets, while relying on a stress-free monthly installmental payment process.
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Union Bank Unveils Growth Strategies
Union Bank Unveils Growth Strategies
— March 19, 2014
Union Bank Nigeria Plc has unveiled a five-year strategic
plan that would see the bank becoming a highly respected provider of
quality banking services.
Group managing director of the bank, Emeka Emuwa, disclosed this in Lagos yesterday.
Specifically, Emuwa said the bank’s strategic ambition would focus on six areas, which he listed to include quality of customer experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards and quality of earnings.
He recalled: “Last year, we had two important tasks ahead of us. First, to immediately improve the bank’s operations by dealing with existing operational and services and second to develop a roadmap to firmly establish Union Bank as significant player within the Nigerian banking industry.
“However, after months of hard work during, which we considered our strength as a bank, our challenges and also the landscape within which we operate, we have emerged with a strategy that will guide the bank for the next three to five years. This strategy has been approved by the board of Union Bank.”
The Union Bank boss said the lender remains focused on building on the progress it made in 2013. “One of such was the launch of the Bank of the Future branch in Lagos as well as rolling out over 300 Automated Teller Machines (ATMs),” he said.
, adding” the bank may not open new branches but roll out future branch model of the bank that would offer convenient banking activities while additionally 300 ATMs will be installed this year in 338 branches of the bank nationwide.”
On the rumours about Union Bank seeking to raise fresh capital, Emuwa said the bank has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term
Group managing director of the bank, Emeka Emuwa, disclosed this in Lagos yesterday.
Specifically, Emuwa said the bank’s strategic ambition would focus on six areas, which he listed to include quality of customer experience, quality of client base, quality of talent, quality of banking platform, quality of professional standards and quality of earnings.
He recalled: “Last year, we had two important tasks ahead of us. First, to immediately improve the bank’s operations by dealing with existing operational and services and second to develop a roadmap to firmly establish Union Bank as significant player within the Nigerian banking industry.
“However, after months of hard work during, which we considered our strength as a bank, our challenges and also the landscape within which we operate, we have emerged with a strategy that will guide the bank for the next three to five years. This strategy has been approved by the board of Union Bank.”
The Union Bank boss said the lender remains focused on building on the progress it made in 2013. “One of such was the launch of the Bank of the Future branch in Lagos as well as rolling out over 300 Automated Teller Machines (ATMs),” he said.
, adding” the bank may not open new branches but roll out future branch model of the bank that would offer convenient banking activities while additionally 300 ATMs will be installed this year in 338 branches of the bank nationwide.”
On the rumours about Union Bank seeking to raise fresh capital, Emuwa said the bank has sufficient capital to fund its restructuring and expansion and will not be seeking further capital in the near to medium term
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