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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Tuesday, May 17, 2022

May 17, 2022

FG To Rehabilitate Calabar, Warri Ports, 2 Others


The federal government is currently holding discussions with some banks, including the World Bank, on how to embark on the rehabilitation of four of its major seaports.

The banks that are being considered are the World Bank, International Finance Corporation and Afri-Exim Bank. These banks have shown significant interest in funding the rehabilitation work. The seaports being considered for repair include Apapa, and Tin-Can Island Ports in Lagos, Calabar Port in Cross River, Warri, Koko and Burutu Ports in Delta State.

It was gathered that the quay walls of Tin-Can Island Port are falling off and that it is in dire need of repairs.

However, the actual amount to be invested in the rehabilitation work could not be ascertained, but sources said the amount would come from direct and indirect funding

The Managing Director of the Nigerian Ports Authority (NPA), Mr Muhammed Bello Koko, while addressing maritime reporters at the weekend said the rehabilitation of the ports was in furtherance of the core objective of the authority as trade facilitator in the nation’s shipping industry and to make them more attractive for imports and exports trade.

Bello-Koko disclosed that dredging of the Escravos as well as the Calabar Port, which has the longest water channels in the country, would also be undertaken.

Daily Trust

Thursday, May 12, 2022

May 12, 2022

Nollywood Actor Gbenga Richard Is Dead


Nollywood actor Gbenga Richard AKA sinner man in the movie titled new Jerusalem has been confirmed dead

He died Thursday morning after battling an unknown ailment.

The once vibrant actor who was a force to reckon with in the 1990s and early 2000s according to reports suffered from series of ailments and raising money for his treatment became difficult.

Richard was reportedly suffering from diabetes and other related ailments.

Friday, May 6, 2022

May 06, 2022

Aero Contractors, Operators Of Cross River-owned CallyAir To Shut Down Soon


Barring any urgent intervention, Nigeria’s foremost carrier, Aero Contractors may be on its way out of the skies after over 61 years of flight operations.

Aero Contractors is currently the operators of Cross River State-owned CallyAir.

The Cross River State government had, last year, delivered its two CallyAir aircraft to Aero Contractors to operate and maintain till further notice.

According to THISDAY Newspaper, with only two aged aircraft, Bombardier Dash 8-300 and Boeing 737-500 in their early 30s and totally bereft of operating cash, Aero Contractors is now on its knees about to shut the door for scheduled services.

Aero Contractors, which provided shuttle service for oil and gas industry for decades and extended its service to scheduled flight operations since 2000 has become moribund with over N50 billion debt overhang.

THISDAY investigations revealed that economic recession occasioned by the COVID-19 lockdown and protracted low season after December heavy passenger traffic demand, culminated to the financial drought of the airline.

It was learnt that currently, the airline finds it difficult to fuel its existing fleet.

The Managing Director of the airline, Captain Abdullahi Mahmood in a telephone interview with THISDAY confirmed the precarious state of the airline and identified factors that led to debilitating condition of the indigenous carrier.

Captain Mahmood said that the airline could stop operation at any time because the management is finding it increasingly difficult to keep the aircraft in the airspace.

He said that high cost of foreign exchange, high maintenance cost, high cost of aviation fuel and low traffic are responsible for the bad condition of the airline.

According to him, “Maintenance cost is high, foreign exchange is not available and the high fuel price in addition to the fact that after the high Christmas season, there was low passenger traffic from later January till Easter period. Then we are also contending with overhead, which is so much.

“When you have no traffic and what you are generating cannot defray operating cost, you cannot survive. We are still operating but from the rate we are going we may shut down anytime.”

He also explained that because the aircraft in the fleet are old and breakdown very often, the cost of maintenance is high, “and spares have to be imported and even insuring the aircraft requires foreign exchange.”

When contacted, the immediate past CEO of the airline, Captain Ado Sanusi, confirmed that it is very unlikely that the airline would survive, except it urgently acquires new fleet.

Sanusi who took over the airline in February 2017, when it was in comatose told THISDAY that the airline was coming back from shutting down when he began to preside over its affairs.

“The airline had two aircraft, which were due for major checks, the C-check, passenger confidence was low and three of the airline’s aircraft were in maintenance facilities overseas. The airline was at the brink of collapse when we took it over, ”he said.

Sanusi further explained that the airline was under receivership, as it was being managed by the Asset Management Corporation of Nigeria (AMCON), “so what the airline needed was more aircraft, which would enable it to increase revenue.”

THISDAY learnt that the AMCOM had invested so much money in the airline but was not ready to invest more, a situation that lead to Sanusi and his team to consider having the C-check conducted in-house.

“The engineers in the airline went to work, they took the Boeing 737 classic and successfully conducted C-check and received Aircraft Maintenance Organisation (AMO) certification from the Nigerian Civil Aviation Authority (NCAA).

“The success of the C-check opened door for us because it restored passenger confidence, knowing that we had the ability to maintain our aircraft and from 40 to 50 per cent load factor, our passenger traffic grew to 80 per cent.

“AMCON was elated that they continued to support us. We sold assets we didn’t need and we brought back one of the three aircraft ferried overseas for maintenance and now had two Boeing and One Bombardier Dash 8. Our revenue rose from N180 million to N2 billion. We did a lot.

“We bought the engines of United Nigeria Airlines Boeing B737-300 aircraft. With our revenue, we revamped the rotary wing of the airline and would have clinched a multimillion-dollar deal with Total for shuttle service but because the airline was under receivership we didn’t. We even went into a strategic partnership with indigenous company to revive the rotary wing and was in that process when COVID-19 came,” Sanusi said.

“The COVID-19 lockdown was the undoing of the airline, like many others in other parts of the world, “Sanusi said, adding, “It was during the lockdown that the Maintenance, Overhaul and Repair (MRO) facility came alive and began to engage in third party maintenance, which is maintenance of other airlines’ aircraft.”

”Immediately after the lockdown we were ready to go into business. Passenger demand was unprecedented. The prospect of Aero was very good. It had a chance to recover, but the biggest challenge was fleet renewal. Average age of the aircraft was late 20s or early 30s. We communicated to the shareholders.

‘We did not have the ability to do D-check, which was heavy check, but we later got approval and we conducted D-check on the Boeing 737 after which we would retire the aircraft, hoping that there would be fleet renewal in order to put the airline as an on-going concern, “Sanusi revealed.

Aero, is described as a fully made airline because it has scheduled operations wing, rotary wing, MRO and training school; no other airline in Nigeria came close.

THISDAY learnt that for the airline to survive some of the workers had to be put on redundancy and at the peak of revival it had about 400 staff, about 100 in schedule wing, 10 in training and the others on administrative and maintenance and whenever it had more jobs on maintenance it recalled more technical staff.

On why the airline was going under, Sanui said, “The airline needs fleet renewal without which it cannot survive. External factors include high cost of aviation fuel, scarcity and high cost of forex, low passenger traffic, which was extraordinarily very low. When I left the airline had a good chance of survival, even coming out of receivership. But it needed strict financial management,” he said.

A former top manager of the airline said that the genesis of Nigeria’s foremost carrier started because of the way it went into scheduled passenger operation, the kind of aircraft it acquired, the age of the aircraft and “When AMCON took it over it did not inject enough fund into the airline. If sufficient funds were injected and the rotary wing was revived it would have survived; although the oil and gas industry was going down at a time when the price of crude crashed. The airline has good people but it needed finance,” he said.

Wednesday, April 13, 2022

April 13, 2022

Port Harcourt Refinery To Produce 60,000 Barrels/day Early 2023 – FG


Minister of State for Petroleum Resources, Chief Timipre Sylva, on Tuesday, said the April 2023 completion date for the rehabilitation of the Port Harcourt refinery was feasible and that the plant would refine 60,000 barrels of crude by early next year.

Speaking on the state of repairs of the facility, which was projected to gulp $1.5bn, the minister expressed satisfaction at the level of work.

Sylva stated this while answering questions from newsmen shortly after a tour of the Port Harcourt Refining Company’ in Eleme, Rivers State on Tuesday.

He said, “This project kicked off second quarter last year and where they are now is quite impressive. It is on schedule.

“The commitment is to deliver 60, 000 barrels per day from this refinery by first quarter of next year, and, of course, we are quite happy.

The minister also vowed that the Federal Government would put an end to all forms of illegal oil bunkering going on in the Niger Delta, saying such criminal activities must not be legalised.

Sylva said the modular refinery programme of the Federal Government was on course and urged people to take advantage of the programme.

He, however, said modular refinery should be separated from the illegal oil refining going on in the Niger Delta resulting in the soot pandemic in Port Harcourt and its environs.

He said the President, Major General Muhammadu Buhari (retd.), had inaugurated a modular refinery in Imo State last year, adding that similar projects were currently ongoing in other parts of the country, including Rivers State.

Sylva said, “When people begin to equate modular refinery with the criminality that is going, I think they don’t go together.

“The criminality should be taken on. What is going on in Port Harcourt and some of these areas causing problem is a criminal activity and we cannot legalise that criminal activity.

“We must stop that activity by law enforcement and that has started. The programme of starting a modular refinery had always been on.

“Any law-abiding Nigerian who wants to invest in this area can access funding and the licenses from the Federal Government.”

Thursday, April 7, 2022

April 07, 2022

CBN Fines Access, UBA, Stanbic N800m For Crypto Transactions


The Central Bank of Nigeria has fined three Nigerian commercial banks a total of N800 million for failing to comply with regulations prohibiting consumers from transacting in crypto currencies.

Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa are among the banks affected.

According to Bloomberg, the sanctions are part of the CBN’s efforts to tighten down on cryptocurrency, ensuring that commercial restrictions on cryptocurrency trading are in place.

Recall that the CBN in a circular dated 5th February 2021, notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.

According to the report, Access Bank Plc, the country’s largest lender by assets, was fined N500 million for failing to shut down customers’ crypto accounts.

United Bank for Africa Plc was fined N100 million naira for a customer’s digital-currency transactions.

CBN penalized Stanbic IBTC Bank, the local unit of Standard Bank Group Ltd., N200 million for two accounts allegedly used for crypto transactions.

Chief Executive Officer of Stanbic IBTC, Wole Adeniyi disclosed at an investor conference call in Lagos that while Stanbic IBTC followed the central bank’s orders, the transactions for which it was sanctioned may have passed through its system undetected.

He said the CBN was able to detect the relevant transactions using “advanced capacity” that Nigerian lenders do not have access to, and they have urged the central bank to share the technology.

“It doesn’t seem that they are going to entertain a refund, but they are now sharing intelligence with us to be able to kind of deter clients,” Adeniyi added.

Friday, April 1, 2022

April 01, 2022

Crypto Traders Dies With Password To $500,000 Clients’ Investments


A 33-year-old man lost his life savings after getting involved with a cryptocurrency trader who died, taking the password to access funds to the grave.

Tong Zou is one of thousands of customers left seriously out of pocket following Gerald ‘Gerry’ Cotten‘s mysterious death in 2018 at the age of 30.

Zou trusted Quadriga CX, Canada’s largest cryptocurrency exchange, with C$500,000.

A big chunk of it was given to him by his parents.

But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever.

The shocking story has been recounted in a new Netflix documentary, Trust No One: The Hunt For The Crypto King.

“It just makes me more depressed about it,” Zou told Sky News.

“I could have invested it in real estate. I could have put it in stocks.

“So far, nothing’s been found. It sucks.”

Quadriga’s accounts are estimated to have held $250 million.

An official investigation concluded that Quadriga was “an old-fashioned fraud wrapped in modern technology”.

Some 76,000 investors like Zou collectively lost out.

At first, the now-closed company allegedly blamed the delay on a legal issue with a bank.

“I kept asking them: Where’s my money? – October, November, December – during all that time,” he said.

“They kept saying it was the lawsuit.

“I couldn’t get any sleep. I just prayed. I really prayed it wasn’t a scam.

“My parents were worried about it too.

“At that time, there was nothing I could do. There was no way of getting my money back.

“Once I deposited it, it was basically gone.”

Some speculate that Cotten, who suffered with Crohn’s disease, might actually be alive.

He died just nine days into his honeymoon due to an acute stomach ache.

His wife Jennifer Robertson said he had promised to create a mechanism that turned the passwords over to her when he died.

She says she never received the passwords.

Tong Zou is one of thousands of customers left seriously out of pocket following Gerald ‘Gerry’ Cotten’s mysterious death in 2018 at the age of 30.

Zou resorted to the cryptocurrency scheme to avoid bank charges when moving Vancouver, shifting his money from the US to a Canadian account.

The 33-year-old has attempted to get his money back in a lawsuit, but hasn’t had any luck as yet.

He hopes the Netflix doc will get authorities to “move their asses and do something about it” but also to raise awareness “so it doesn’t happen to other people.”

Thursday, March 31, 2022

March 31, 2022

Panic As Access Bank, FCMB, Others Lose ₦1.7 Billion To Fraudsters

Some Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021.

This was contained in the 2021 financial statements of the banks. The banks include Access Bank Plc, First Monument City Bank and Wema Bank etc.

According to the Nigeria Inter-Bank Settlement System, NIBSS, a company responsible for interbank transactions in the country, "the increase in transaction processing, speed and available channels comes with an unavoidable side effect– more vectors for fraudulent activities."

The company revealed that fraud-related transactions cost Nigerian banks an average loss of N14bn yearly.

Financial statements reveal that WEMA incurred the biggest losses as a result of fraud within the period under review, as they lost N670.73 million. For Wema Bank, the cost of fraud rose by N27.46m, year on year, as the loss incurred in 2020 was N643.277m.

Access Bank lost N502m to fraud in 2021, third parties lost about N1.98bn. The bank revealed that it recorded a total of 17,697 cases of fraud in 2021, majorly comprising Electronic Fraud/USSD (17,911), Cash Theft/ Suppression/Pilferage/Dry posting (33), Fraudulent Transfer/Withdrawals/Reactivation of account (16), and Armed Robbery (6).

During the review period, FCMB’s losses as a result of fraud climbed from N59.03m to N89.8m.

Wednesday, March 30, 2022

March 30, 2022

Senate Directs DSTV, StarTimes, TSTV To Revert To Pay-per-view Module


The Nigerian Senate on Wednesday adopted a motion directing all pay television service providers to revert to pay per view module as against the mandatory monthly subscription.

In a sponsored motion by Senator representing Benue South Senatorial district, Abba Moro, he lamented the incessant hike in price of various bouquets by the service providers which he described as exploitative.

While giving the high price, the lawmaker said: “Notes that the leading pay-tv service provider in Nigeria, (MultiChoice Nigeria) informed all DStv compact subscribers on August 22, 2020, to expect a 13.3% price increase to N7,900 commencing from September 1, 2020 while the subscription fee for DStv compact plus was increased by 9.5% from N10,925 to N12,000, and Premium was increased from N16,200 to N18,400 indicating a 13.6% hike.”

Senator Moro further decried that price for various bouquets have been raised again without considering the economic hardships subscribers are passing through.

He reminded the upper legislative chamber that Nigerians have angrily reacted to the price hike, hence there was need for legislative intervention.

He maintained that there was no justification for the price hike, given that the pay-tv services are subscription based television services, usually provided by both analogue and digital cable and satellite televisions.

In additional prayers, the Federal Ministry of Communications and Digital Economy as well as the Nigerian Communications Commission were asked to investigate the frequent price hike.

Tuesday, March 22, 2022

March 22, 2022

Multichoice Increases Prices Of GOtv, DStv Packages


MultiChoice Nigeria has increased the prices of its DStv and GOtv packages

MultiChoice Nigeria is the Nigerian Subsidiary company of MultiChoice Africa, owner of DStv and GOtv.

“In light of the rising costs of inflation and business operations, we have had to review the price of our packages to keep delighting our customers with great entertainment, anytime and anywhere,” the statement reads.

Therefore, from April 1, 2022, a new pricing regime for both our DStv and GOtv packages will be in effect.

Tuesday, March 15, 2022

March 15, 2022

Cross River To Manufacture Military Biscuits - Governor Ayade

Governor of Cross River State, Sir Ben Ayade Tuesday disclosed that a production line for the manufacture of military biscuits has been completed and will soon commence production.

Ayade disclosed this while commissioning CSS’ food processing and packaging factory at Gora, near Abuja.

The governor, who has so far sent over 3000 young persons from Cross River for training at the CSS Farms, charged the latest batch of 150 trainees to concentrate on learning the latest techniques in agricultural production.

“I will send as many youths as possible here before my tenure ends. Over 3000 have been trained already, more will still be trained because we are now expanding our value chain. So, we will need some more raw materials. 

“We have set up factories. We have a massive biscuit line and we don’t want to use wheat flour; we want to go using fortified cassava flour to produce our biscuits. We will fortify our flour with special vitamin A and energy to have military biscuits. All of these call for backward integration and innovation and research. But this can only happen when you have the industrial platform to be able work. 

“That is why Cross Riverians will continue to come here, to gain advanced knowledge and skill in modern farming techniques, bring back the knowledge to the state, grow our cash crops and raw material dependence, and then ship into the factories that will now process for export through the Bakassi deep sea port under the kinetics of the superhighway”.  

The governor said agriculture and agro-industrialization hold the key to a prosperous future, adding that it was time for the country to fully return to agriculture, devoid of the usual primitivist mentality if the country must rise beyond her present economic quagmire.

He stated that all forms of industrialization start with agro-industrialization, emphasizing that Nigeria must replace her primordial and cumbersome methods of agriculture to mechanized farming which would lead to industrialization, ultimate beneficiation process and crops value chains driven by world class technology.

The governor called on the federal government to take a facility tour of CSS farms in Gora, Nassarawa State to understudy its entire design, architecture and operations with a view to replicating same across the country.

While commending Prof. John Kenedy Opara for leading the way in agro-industrialization, agro- innovation and food security, Ayade said: “I think it is quite timely for Nigeria to realize that we can’t keep importing everything. It is time to altruistically embrace technology driven agriculture. It is time to begin to create jobs for our people, increase the foot falls in farms, reduce restiveness, banditry, armed robbery and kidnapping. 

“The basis of all the insecurity we find in Nigeria is characterized by unemployment. Agriculture actually speaks to the subject. That is why it is very imperative for me to keep sending young men and women from Cross River to CSS farms to learn modern techniques and skills in farming to enable them earn a living through agriculture and its value chains.”

Earlier, beneficiaries of the training, mostly youths, expressed gratitude to the governor for what they termed a ‘life changing experience’, saying Ayade was empowering them to become next green millionaires.

Agatha Morphy, one of the trainees said the knowledge and skills gathered at CSS farms would be invested back into the state to further help boost her economy through agriculture and food value chains.


Saturday, March 12, 2022

March 12, 2022

FG Shuts Some Popular Loan Apps, Freezes Business Accounts


The Federal Competition Consumer Protection Commission, in collaboration with the Independent Corrupt Practices and other Related Offences Commission, National Information Technology Development Agency, and the Nigerian Police Force, on Friday, raided some illegal financial institutions operating on Opebi Road, Ikeja, Lagos.

Among the financial institutions affected were, GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni.

The raid, the FCCPC said, was in response to customers’ complaints of malpractices by the financial institutions.

Speaking during the raid, the Chief Executive Officer, FCCPC, Babatunde Irukera, explained that customers had accused the financial institutions of violating their privacy in their debt recovery drive.

He said the agency had begun investigations into the allegations since 2020.

He said, “This information started quite a while ago. Some time ago, when the country was on lockdown in 2020 due to the pandemic, we started seeing the rise in money lenders”

“Because there was lockdown due to the pandemic, people needed small easy loan which is understandable. But over a period of time, people started complaining about the malpractices of the lenders, so we started tracking it”

“Towards the end of last year, we gathered quite a lot of information. We started working with some other key agencies and the FCCPC led the meeting where we all agreed there would be a joint effort to look into these businesses.”

According to Irukera, the interest rate charged by online financial institutions appear to violate the ethics of how lending is done.

He further said, “The key two things that were subject of concern were what seems to be the naming and shaming violation of people’s privacy with respect to how these lenders recover their loans.”

“Secondly, the interest rate seems to be a violation of the ethics on how lending is done. So, those were the two things that we set out to look for.”

“So, we started an investigation trying to determine the location of these firms. That has been a very difficult thing. We did that for several months and some of them have moved from one place to the another and we have been visiting these places for months”

 The FCCPC boss, however, said investigations had revealed that the loan firms were neither Nigerian companies nor registered in the country.

“We found out that most of these companies operate from the same place. We also found out that many of them are actually operated by the same person. They are not Nigerian companies, they don’t have an address in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission and they do not have any licence to do their business”

As a result, Irukare said the agency had written to global app companies asking them to suspend the operations of the online banks.

He said, “Essentially, what they have is an app, and so we started gathering more information about them. We engaged the public and the people who had been their victims. They gave us more information”

“As we got more information we had enough evidence to convince the court to issue a warrant for us to proceed with an investigation into a search and seizure. And sometime last month, a court issued a warrant and between then and now, we were preparing a sting operation which is what you are seeing here today. The reason for this is because we wanted to be sure we are hitting at the place we could get many of them.”

He explained, “In addition to what you are seeing here today, the FCCPC has also issued multiple orders today. Two of them are going to vendors: Apple and Google stores where some of these apps are available. We have asked them to shut these companies’ apps down so that people will not be victimised anymore. Secondly, some of them (the orders) have gone to the bank, asking them to freeze the accounts used by these people.”

“I must add though that not all money lenders are operating illegally and that is why it has been taking time for us to track these people.

It doesn’t also mean that the people we are proceeding against today are the only ones, no. We want to start with them. We also understand that they are between five and seven companies operating at the same location.”

Friday, February 25, 2022

February 25, 2022

FG, PHED Hailed For Restoring 24-hours Power Supply To Calabar Free Trade Zone After 20 Years

Prof. Adesoji Adesugba


The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has expressed delight on the several interventions of the Federal Government which have led to the restoration of 24-hours power supply to the Calabar Free Trade Zone after 20 years of epileptic power supply

Adesugba, also the Chief Executive Officer of the Authority, made the remarks when Chief Saleh Nabib, Chairman, Board of the Economic Zones Association paid him a courtesy visit.

He said the restoration of the 24-hours power supply in the zone occurred while the 25 megawatts power upscaling contract of the place awarded by the Federal Government was yet to be completed.

He, therefore, explained that the feat largely depended on the Authority’s synergy with the PortHarcourt Electricity Distribution Company to ensure the unlocking of the true values of the Zone to contribute to the country’s Gross Domestic Product more sustainably.

“We are pleased to announce that 24-hours power supply is now restored in the Calabar Free Trade Zone.

“The Authority is indeed grateful to the Federal Goovernment’s numerous interventions in this regard and to the Calabar Electricity Distribution Company (CEDC) that now see reasons why the zone should have uninterrupted power supply.

“This development will of course lead to unlocking the value of investments and production activity in the zone,’’ Adesugba said.

The NEPZA Managing Director also expressed satisfaction on President Muhammadu Buhari’s commitment and sustained investment toward the restoration of the country’s public free trade zones, adding that work to increase power supply in the Calabar and Kano Free Trade Zones was ongoing.

Chief Saleh Nabib, Chairman, Board of the Economic Zones Association, Nabib, said over 20 years of epileptic power situation in the zone stunted the growth of investments within the enclave, adding that only stable electricity in the Zone could make the place attractive.

“Our members operating in that Zone are now basking in this development and we only hope that this will be sustained.

“The new NEPZA management under Prof. Adesoji Adesugba has been magical in providing solutions to some of the teething challenges in Zones operation in the country,’’ Nabib 

February 25, 2022

ExxonMobil Agrees To Sell Its Interest In Mobil Producing Nigeria Unlimited To Seplat Energy


ExxonMobil has concluded plans to sell its equity interest in Mobil Producing Nigeria Unlimited, MPNU, to Seplat Energy.

The International Oil Company, IOC, stated that, “ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.”


The President, ExxonMobil Upstream Oil and Gas, Liam Mallon, also said: “This sale will allow us to prioritize competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.

“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deepwater operations.”


When finalized, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40 per cent stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells.

ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.


The sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals.

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs.

ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world.

Tuesday, February 15, 2022

February 15, 2022

Buhari Appoints Mohammed Bello-Koko As Substantive NPA Managing Director

Mohammed Bello-koko


President Muhammadu Buhari on Tuesday appointed Bello-Koko as the substantive Managing Director, Nigerian Ports Authority.

Eric Ojiekwe, Director of Press and Public Relations in the Ministry of Transportation, made this win a statement, noting that the appointment takes unmediate effect.

According to the statement, prior to this appointment, Mr Koko was the Executive Director, Finance and Administration of the Authority,

“The President and Commander in Chief of the Armed Forces, Federal Republic of Nigeria Muhammadu Buhari, GCFR, has approved the appointment of Mr. Mohammed Bello-Koko as the substantive Managing Director, Nigerian Ports Authority.

“Prior to this appointment, Mr Koko was the Executive Director, Finance and Administration of the Authority,

“This appointment takes unmediate effect” reads the statement in parts.

It is recalled that Mohammed Bello-Koko has been heading the Nigerian Ports Authority NPA, for some time in acting capacity.

At a recent a facility assessment tour of the Onne and Rivers Ports, Bello-Koko said that building a modern and resilient port infrastructure would fast track the country’s economic development, facilitate good-paying jobs and enable sustained peace across the country.

He assured them of the Authority’s resolve to improve service and quality delivery at the Eastern ports, so that they can serve as competitive alternatives to the ports in Lagos.

Bello-Koko had at the time assured that the agency’s supervising Ministry is working with relevant agencies towards reducing clearance time of imports and cost of handling of non-oil exports, to compliment the economic diversification agenda of the Federal Government.