Connect with us

Uncategorized

LADOL, Samsung Reinvigorate Partnership, Target 50,000 Jobs

Published

on

Kindly share this post

Egina oil and gas project valued at about $3.8 billion has resonated following a renewed pact between the technical facilitators, LADOL and Samsung Heavy Industries.

The project otherwise known as Egina Floating Production Storage and Offtake (FPSO) earlier awarded to the two organizations, is now taking off under a fresh Joint Venture (JV) partnership called, SHI-MCI Free Zone Enterprise.

According to Ships & Ports Daily, already, the project to be cited at the Lagos Deep Offshore Logistics (LADOL) base in Apapa has taken off with the LADOL and Samsung jointly investing about $300 million in the creation of the new facility.

The construction of the facility is expected to last for 18 months and once completed, it will be capable of fabricating 1,000 tons per month as well as integrating all other FPSOs expected to be built in Nigeria for the next decades.

Mr. KS Lee and Dr. Amy Jadesimi, managing directors of the Joint Venture, in a joint statement on behalf of Samsung and LADOL, respectively, said the project is set to generate a whopping 50,000 direct and indirect jobs in Nigeria over the next few years.

The project, which has been described as first of its kind in Africa, is being built for Total Upstream Nigeria Limited, being the operator of the oil field, as well as the Nigerian National Petroleum Corporation (NNPC).

The project is being encouraged by the provisions of the Nigeria’s Local Content Act 2010, which mandates the domestication of up to 70 percent of oil and gas activities, a move that is expected to put the country at par with Brazil, the world sixth largest economy.

In a note of excitement, the JV bosses described the project as “one of the largest FPSO in the world with a storage capacity of 2.3 million barrels, and a targeted production capacity of 200,000 barrels per day.

“In short, billions of dollars that are currently spent overseas will be domesticated in Nigeria for the first time and billions of dollars in new revenues will be earned from market expansion.

“This increase in in-country capacity will position Nigeria to become West Africa’s hub, generate sustainable long term GDP growth required for Nigeria to become one of the world’s leading economies in line with vision 2020″, they said.

Industry watchers believe the siting of the project at LADOL base being the only 100 percent indigenous oil and gas company in the country, with the strong backing of Korea-based Samsung Heavy Industries will boost local content endeavor in the country.

According to analysts, building the facility will significantly increase the sizes of the fabrication, engineering, procurement, training, design and raw materials such as steel and allied markets in Nigeria.

The essence of the facility according to Jadesimi and Lee, is to ensure that large vessels including FPSOs are integrated (partially constructed and assembled) in Nigeria.

The JV operators expressed their gratitude to Mrs Dieziani Alison-Madueke, petroleum resourses minister, the management of NNPC, Nigerian Content Development and Monitoring Board and Total for making the commencement of the project a reality.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Uncategorized

Banks Close 2m Accounts over BVN, NIN, Others

Published

on

Kindly share this post

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


Kindly share this post
Continue Reading

Uncategorized

Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

Published

on

Kindly share this post

Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


Kindly share this post
Continue Reading

Uncategorized

234Finance Moves to Boost Economic Progress in South East

Published

on

Kindly share this post

In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


Kindly share this post
Continue Reading

Trending