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Business News

Opac modular refinery to commence by September

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Opac Refinery

Opac refinery, which is currently being constructed in Delta State Kwale, is expected to commence operations latest September. Opac is one of the two modular refineries the government hopes to commission on or before the third quarter of 2018.

The Department of Petroleum Resources (DPR) projects that upon completion, the facility will be able to process at least seven thousand (7, 000) barrels per stream day.

Opac refinery is promoted by Pillar Oil Limited, Omsa Limited and Astek Limited. Pillar Oil will be supplying about three hundred and fifty thousand (350,000) tonnes of crude per annum to the refinery once the facility begins operations.

 The facility is expected to come on stream in the third quarter 2018 and the DPR has granted it requisite approvals: approval to relocate plant and approval to construct plant in line with our effective regulatory process and in alignment with government’s aspiration to stimulate economic growth

The modular straight run refinery consists of the following modules: oil refining unit cru-350; heating furnaces; pumping stations; water cooling system; separation and preparation tanks; storage depot; control room with electrical panel; utilities supply and office facilities including laboratory; and truck-loading station-Department of Petroleum Resources

Meanwhile, the Presidency has reacted to the ongoing construction at the Opac refinery, commenting that it is in line with President Muhammadu Buhari’s vision for the Niger Delta region.

Opac will produce naphtha, kerosene, diesel, and fuel oil fractions upon completion. The refinery will have storage depot for crude and finished products.

Nigeria currently imports most of its petroleum products despite being one of the largest crude oil exporters in the world. Hopefully, this trend will change following the commencement of operations by Opac, as well as the many other modular refineries that are expected to be constructed soon.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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    Appointments

    Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

    Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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    Stanbic IBTC declares N10.4 billion interim dividend

    The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

    This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

    His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

    He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

    What you should know

    • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
    • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
    • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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    Corporate Press Releases

    P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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    Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

    Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

    Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

    Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

    “We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

    Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

    “This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

    Hotflex

    According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

    Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

    British airways

    Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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