In what can best be described as a giant move, Green Energy International Limited (GEIL), has sealed a deal of $350 million with some unnamed international firms. The operator of Otakikpo Marginal Field in Oil Mining Lease 11, Rivers State, concluded the deal after signing a Memorandum of Understanding (MoU) with the companies.
While the MoU was signed for the second phase development of the Otakikpo oil field, it is pertinent to note that an oil services giant, a London-based international bank, a prominent crude oil off-taker, and an EPC contractor were all part of the deal.
How the deal will be utilised: The deal is poised to position the Otakikpo field as major crude processing and exporting hub in the eastern Niger Delta. More so, the indigenous oil company stated that what aided the deal was the company’s commitment to making other commercially-stranded marginal fields in the area functional again.
While the second phase development involved the drilling of additional wells at Otakikpo Marginal Fields, the newly-signed MoU is expected to boost the field’s production from the present 6,000 barrels of crude oil per day to 20,000 barrels of crude per day.
Green Energy also made known that the development would lead to the expansion of the processing facilities from 12,000bpd to 50,000bpd to adequately handle production from the other fields.
More so, 1.3 million barrels onshore terminal and a 20km export pipeline and crude oil loading system will also be constructed from the deal, as the company believes that this will enhance efficient export of the expected production.
What you should know about the field: Otakikpo is a marginal field lying in the oil mining lease OML11, located approximately 60km south-east of Port Harcourt in the Rivers State, Nigeria.
The field was developed by its operator, GEIL in collaboration with its technical and financial partner Lekoil Oil and Gas. While GEI takes pride in its 60 percent participating interest in the field, Lekoil holds 40 percent stake.,
OML11 was farmed out to GEIL by the SPDC JV, which comprises the Shell Petroleum Development Company, Total E&P Nigeria, Nigerian Agip Oil Company, and Nigerian National Petroleum Corporation (NNPC).
How to access new CBN’s Agric fund
Each non-interest deposit Bank to set aside 5% of its PAT annually as contribution to the Fund.
The Central Bank of Nigeria (CBN) has unveiled guidelines for a Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprises Development Fund (MSMEDF).
This was disclosed by the apex bank via its website on Tuesday. The guidelines also included the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.
How the AGSMEIS works
* The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.
* Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.
* Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.
* Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.
* Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals and the creative industry as well as other activities as the CBN may determine from time to time.
How to access fund
The application of the Fund shall be categorised into three broad components. They are debt, equity and developmental components.
• The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.
*Asset purchased shall be registered with the National Collateral Registry (NCR).
* Financing limit: N10,000,000
* Mark-up: 5% per annum
* Tenor: Up to 7 years (depending on the nature/gestation period of the
* Moratorium: Maximum of 18 months for principal and 6 months on mark-up.
* Duly completed application form.
* Bank Verification Number (BVN).
* Certificate of Training from recognised Entrepreneurship Development Institution (EDI) or evidence of membership of organised private sector association.
* Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only).
* Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
Last month, the CBN announced that it has unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic.
In a statement, the apex bank said the integration will focus mainly on its Anchor Borrowers’ Programme (ABP) as well as the Targeted Credit Facility (TCF).
Why it matters: The Scheme will be for start-ups, business expansion or revival of ailing companies and shall be in compliance with provisions of BOFIA (1991) as amended and the principles underpinning operations of NIFIs.
“The MSMEDF for NIFIs guidelines are aimed to channel low return funds to the MSME sub-sector of the Nigerian economy through participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services.
“Similarly, the non-interest guidelines for the AADS are aimed at engaging a minimum of 370,000 youths in agricultural production across the country between now and 2023, in order to reduce unemployment among the youth in the country,” it added.
While the specific objectives of the MSMEDF for NIFIs are to increase the productivity and output of microenterprises, job creation and engender inclusive growth, those of the AADS are to increase agricultural production towards food security, job creation and economic diversification.
* It is targeted at Nigerian youth between 18 and 35 years, seek to promote interaction among state governments, the CBN and other stakeholders in the agricultural value chain in each state.
* To enhance job creation in the agricultural sector, with focus on two crops where States have comparative advantage.
* Others were the Real Sector Support Facility (RSSF) revised guidelines (V3); the Real Sector Support Facility (RSSF) among others.
CBN to hold MPC meeting on July 20
Apex bank to hold its 274th Monetary Policy Committee meeting on Monday, July 20, 2020.
The Central Bank of Nigeria has announced that it would hold its 274th meeting of the Monetary Policy Committee (MPC) on Monday, July 20, 2020.
This was disclosed in a statement issued by the apex bank and published on its website.
It stated, “The 274th Meeting of the Monetary Policy Committee (MPC) is scheduled to hold in Monday, July 20, 2020 by 8:00pm at the CBN’s Corporate Headquarters, Abuja.”
Last May, the MPC had reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50%.
Governor, CBN, Godwin Emefiele, disclosed this while reading the communique at the end of the MPC meeting in Abuja.
Meanwhile, other parameters such as the Cash Reserve Ratio (CRR) remained at 27.5%, Liquidity ratio at 30%.
Highlights of the Committee’s decision
* MPC cuts MPR by 100 basis points to 12.50%
*CRR stood at 27.5%
*The Liquidity Ratio was also kept at 30%
Why it matters: The Committee is the highest policy-making committee of the Bank with the following mandate:
* Review economic and financial conditions in the economy.
* Determine appropriate stance of policy in the short to medium term.
* Review regularly, the CBN monetary policy framework and adopt changes when necessary.
* Also communicate monetary/financial policy decisions effectively to the public and ensure the credibility of the model of transmission mechanism of monetary policy.
COVID-19 Update in Nigeria
On the 14th of July 2020, 463 new confirmed cases and 10 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 33,616 confirmed cases.
On the 14th of July 2020, 463 new confirmed cases and 10 deaths were recorded in Nigeria, having carried out a total daily test of 3,015 samples across the country.
To date, 33,616 cases have been confirmed, 13,792 cases have been discharged and 754 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 186,309 tests have been carried out as of July 14th, 2020 compared to 183,294 tests a day earlier.
COVID-19 Case Updates- 14th July 2020,
- Total Number of Cases – 33,616
- Total Number Discharged – 13,792
- Total Deaths – 754
- Total Tests Carried out – 186,309
According to the NCDC, the 463 new cases were reported from 17 states- Lagos (128), Kwara (92), Enugu (39), Delta (33), Edo (29), Plateau (28), Kaduna (23), Oyo (15), Ogun (14), Osun (14), FCT (12), Ondo (9), Rivers (9), Abia (8), Bayelsa (5), Ekiti (3), Borno (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,711, followed by Abuja (2,687), Oyo (1,882), Edo (1,807), Rivers (1,397), Delta (1,392), Kano (1,314), Ogun (1,105), Kaduna (1,039), Ondo (747), Katsina (669), Ebonyi (616), Borno (593), Plateau (571), Gombe (533), Bauchi (521), Enugu (515), Kwara (422), Abia (413), Imo (399).
Jigawa state has recorded 321 cases, Bayelsa (318), Osun (276), Nasarawa (252), Sokoto (153), Akwa Ibom and Niger (145), Benue (126), Adamawa (110), Anambra (101), Kebbi (87), Zamfara (76), Ekiti (66), Yobe (62), Taraba (30), Cross River (10) while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 14, 2020||33616||463||754||10||13792||19070||7|
|July 13, 2020||33153||595||744||4||13671||18738||7|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|