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Business News

Addax Petroleum confirms resignation of Managing Director

Addax Petroleum Development Nigeria Ltd. has confirmed the resignation of its Senior Vice President/ Managing Director, Colin Klappa

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Addax

Addax Petroleum Development Nigeria Limited has confirmed the resignation of its Senior Vice President/Managing Director, Colin Klappa.

Klappa served as a Senior Vice President of Exploration & Development at Addax Petroleum Corporation and served as its Senior Vice President of Exploration & Middle East.

He joined Addax Petroleum in May, 2008, and served as Managing Director of Cameroon operations, General Manager of Exploration, and Managing Director Middle East.

Prior to joining Addax, he spent most of his 32 years career with numerous Chevron subsidiaries in upstream E&P technical, managerial and leadership positions in Canada, Australia, United States, Nigeria, UK, Colombia, and Kazakhstan.

According to a statement released by the General Manager (External and Government Affairs), Dorothy Atake, disclosed that Yonghong Chen, the company’s Deputy Managing Director (Operations), would be the Acting Managing Director with effect from June 18, 2018, the Premium Times reported.

Workers of the company recently announced the commencement of an industrial action against the management of the company. The industrial action was sequel to the expiration of the ultimatum the company’s chapter of PENGASSAN gave the management then-led by Mr. Klappa over “some unresolved burning issues.”

According to Chris Ogiewonyi, Chairman PENGASSAN at Addax said the indefinite action was a culmination of a series of failed and inconclusive communications between the workers’ union and the management over alleged “culture of impunity against some of its officials.

Recently, the Chief Executive Office at its Geneva Office, Zhang Yi, and the legal director were arrested over bribery schemes carried out by the firm in Nigeria. Details of the allegations revealed payments for “questionable transactions” to some  Nigerian lawyers and a company owned by a politician, Emeka Offor, with a huge chunk of the money believed to be used to bribe government officials.
The company later reached an agreement to pay a 31 million Swiss francs (about N11.5 billion) fine in Geneva, Switzerland to settle the bribery charges against some officials in Nigeria.
Also recently, the Federal Government of Nigeria, through the office of the Attorney General of the Federation, commenced legal proceedings against Addax Petroleum Development Nigeria Limited, over the company’s alleged under-remittance of $3 billion in taxes and royalties.
Recent drop in oil prices had forced the company to shut operations in Geneva, Aberdeen, and Houston in the United States of America.
However, the company said it is strongly committed to its operations in Nigeria. According to its General Manager External & Government Affairs, Addax Petroleum, Mrs. Dorothy Atake restates the company’s commitment to its operations in Nigeria noting that the future of the oil firm in Nigeria is  “very bright”.

Mrs. Atake said part of the company’s objective included a program to optimize its oil and gas operations in the country and increase production from its existing onshore and offshore assets. She also revealed plans by the company to invest $3.5 billion in Nigeria over the years.

She said for almost two decades, Addax Petroleum, which has been operating a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC), recorded cumulative production of over 425 million barrels of crude oil.

About Addax

Addax Petroleum was originally part of the Addax and Oryx Group of Companies (AOG) which were established in 1987, but the company became an independent entity in 1994.

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In August 2009, it was bought over by Sinopec – China National Petroleum Corporation, who coughed out US$7.24 billion for the acquisition. Sinopec is the world’s biggest oil refiner.

 

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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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.”

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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.

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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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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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