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Business

NCDMB says Nigerian Oil and Gas Park will be completed in Q4 of 2022

NCDMB boss has revealed that the Nigerian Oil and Gas Park at Emeyal 1 in Bayelsa, would be completed in the 4th quarter of 2022.

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Implementation of oil and gas policy saves $9 billion annually – NCDMB

Engr. Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has revealed that the Nigerian Oil and Gas Park would be completed in the 4th quarter of 2022.

The ES who made this statement while inspecting the construction work at the project site disclosed that his assessment tour would be followed up by a planned tour of the Board’s major projects by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

According to him, the Minister during his tour will inspect the board’s oil and gas park projects at Emeyal 1 and Odukpani in Cross River State, as well as the Composite Gas Cylinder Manufacturing facility at Polaku.

READ: NCDMB launches LPG Composite Cylinder Manufacturing plant in Bayelsa

In his statement, he lauded the efforts of the contractors, saying the progress made by the contractors in a short period of time, compared favourably with similar jobs across Nigeria.

He noted that this impressive attitude to work by the Nigerian contractors is the major reason why the Board was always acting in accordance with its guidelines on the patronage of local service companies.

The NCDMB boss noted that the park will create a low-cost manufacturing hub that will produce equipment components and spare parts to be utilized in the nation’s oil and gas industry.

READ: Seplat raises $260 million to complete ANOH project

What they are saying

Engr. Wabote in his statement said: “We did the groundbreaking ceremony in 2018 and we were practically inside the water; but today, we are seeing structures coming up. We still have a long way to go because most of the buildings are getting to the finishing stages while some are just starting. We believe that we will complete this project by Q4, 2022.”

Wabote, who also spoke about the benefits of the park scheme to the nation’s economy disclosed that upon completion, the project would curb the importation of finished petroleum products.

READ: Indigenous oil firm institutes legal action against NCDMB and others

He said, “The facility will stimulate the manufacturing of oil and gas components in the country, this move will reverse the current trend whereby the sector depended on importation for most of its finished products.

Speaking about the socio-economic benefit of the park, he said,“It will also enhance our capacity and bring about technological innovations because most of those manufacturing will be done here. For the community, it will create a lot of jobs and there will be a spin-off effect on other economic activities. The benefits are enormous.”

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What you should know

  • The Executive Secretary of NCDMB stated that the Nigerian Oil and Gas Park project started with a groundbreaking ceremony on April 27, 2018.
  • The project at press time is about 68 percent complete. Four major structures are near completion while foundation work has commenced on some buildings and parts of the project.
  • In a bid to ensure a stable power supply for companies that would be set up in the park, the Board has also built a 10megawatts gas plant to guaranty power to the site. Aside from this, the company is also committed to building a water treatment plant, sewage systems and piping network for water.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

1 Comment

1 Comment

  1. Prefegha Kelvin

    February 12, 2021 at 5:51 pm

    Gory be to God. I’m really excited about these development coming up with such speedy prospect for completion dates. Do not relent on your service to your State and the Country at large. Posterity will count you worthy of existence. Kudos.

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Business

Apapa gridlock: NPA MD says e-Call up will eliminate human intervention and extortion

The MD of the NPA has stated that the introduction of the e-call up system will eliminate extortion by enforcement and security officers.

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Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said that the introduction of the Electronic Call-up system will eliminate human intervention from the process thereby eliminating extortion by enforcement and security officers.

This is as she also revealed that shipping companies make billions of naira from importers forfeiting their deposits for returned containers due to congestion in and around the ports.

This was disclosed by Bala-Usman during an interview on Channels Television.

The NPA boss said that one of the solutions being introduced is to create holding bays outside the ports for empty containers, so that the containers will no longer be returned to the ports, but instead to these holding bays, with shipping companies taking responsibility.

READ: CBN to sanction exporters who default on export proceed number

What the NPA Managing Director is saying

Bala-Usman said, ‘’We have reached a point where we are going to have a strong Electronic Call up that will remove human intervention from the process. One of the key aspects of this E-Call up is the fact that we have approved truck parks where all trucks must sit in order to access the port location.

‘’Having identified this truck park through a public process, we have listed eight truck parks that have been so certified by Lagos State Government and Nigerian Ports Authority as approved truck parks that all trucks that have the intention of doing business in the port will sit and they will be called upon using an electronic call-up.’’

Going further she said, ‘’40-50% of trucks causing congestion are actually trying to return empty containers. Shipping companies make billions of naira from importers forfeiting deposits for returned containers, most deposits are forfeited because of congestion, a status quo that pleases shipping companies.

‘’One solution being introduced is to create holding bays outside the ports for empty containers. So consignees no longer need to return the containers to Ports, but instead to holding bays, where Shipping companies will take responsibility.’’

While acknowledging the fact that there will be glitches and teething issues in the deployment of the electronic call-up system, she, however, said we must start and address the issues as they arise.

READ: NPA expects 23 ships with petrol, food items, other commodities at Lagos Ports Complex

What you should know

  • As part of measures to resolve the gridlock around the ports axis, the NPA had launched an Electronic Truck call-up system, Eto, designed for the management of truck movement and access to and from the Lagos ports.
  • This is to also help complement the drive for a business-friendly and secure environment for port business in Nigeria.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.
  • The Lagos State Government through its newly constituted Traffic Management Enforcement Team to resolve Apapa gridlocks and the Nigerian Port Authority Security Team also identified parks as holding bay for trucks around the metropolis.

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NAHCO recalls suspended GMD

NAHCO recalled Adetokunbo Fagbemi, its Group Managing Director and Chief Executive Officer.

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NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO Aviance) has recalled Mrs. Adetokunbo Fagbemi, the Group Managing Director and Chief Executive Officer of the aviation handling firm.

The GMD was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

This was disclosed by the Board via a statement issued and seen by Nairametrics on Thursday.

It stated, “The Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

What you should know

  • The GMD was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.
  • Since Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO.

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