News
Brass LNG Suffers Multiple Headaches
The Brass Liquefied Natural Gas (LNG) project, designed to produce 10 million metric tonnes of LNG per year may be dead on arrival after all, because the economics does not add up, Nigeria CommunicationsWeek investigations can now reveal.
Fresh facts gleaned from the industry suggested that Brass LNG which has been on the drawing board for several years may never leave the shelf unless the federal government of Nigeria gives sovereign guarantees to the promoters of the project.
Industry sources said the cost benefit analysis may be negative on the long run, leaving promoters of the $15 billion project clay footed.
Nigerian National Petroleum Corporation (NNPC) holds 49 per cent equity in the project, while United ConocoPhillips; Total, French oil giant; and ENI, Italian company hold 17 per cent stake apiece in the Brass LNG Ltd.
Already, ConocoPhillips, a United States owned oil company has pulled out of the project, and divested from the country without giving any reasons.
Meanwhile, the NNPC, Nigeria’s national oil company is dire financial straits because it does not operate as a company but depends on the federal government for handouts.
The lethargy of the partners; dearth of finance and lack of political will have all served to hobble the take-off of the project.
Also the insecurity in the Niger Delta; non-passage of the Petroleum Industry Bill (PIB); and the unfavourable gas pricing in the country have served to exacerbate fears over the project.
But Andrew Yakubu, GMD, NNPC, waxing hopeful, told journalists in November 2012 that the final investment decision (FID) on the project would be taken this year.
The FID was supposed to have been signed by mid-2010 but have been postponed severally because the various impediments hindering the project were yet to be resolved.
The LNG project is expected to raise Nigeria’s gas export volumes, create over 20,000 jobs and improve revenue receipt for the government.
News
Stella Ikwuegbu, Nollywood Actress is Dead
Stella Ikwuegbu, veteran Nollywood actress is dead.
Stanley Nwoko better known as Stanley Ontop, movie producer, made known this known on Sunday by via his Instagram page.
Stanley Ontop, revealed that the actress passed away today, Sunday, June 16th, after battling with leg cancer.
He wrote: “Nollywood actress and veteran Mrs Stella Ikwuegbu is dead. The veteran actress left this world today after battling with leg cancer. Rest well, Madam Stella. Nollywood again. It’s well.”
The late actress began her career in 1990, appearing in numerous films such as ‘Spoiler,’ ‘Ukwa,’ ‘Sound of Love,’ ‘Holy Man,’ ‘Two Hearts,’ ‘Heart of Stone,’ and ‘Madam Koikoi,’ among others.
Hailing from Enugu, she was not only an actress but also a businesswoman.
A graduate of the Institute of Management and Technology (IMT) in Enugu State, she launched her restaurant, ‘The Film Bar,’ on August 1.
The actress’ death comes barely five days after veteran Yoruba actor Dayo Adewunmi, aka Sule Suebebe, died at 68.
News
MoneyMaster to Showcase Mobile Wallet @ Ojude Oba Festival
As the ancient city of Ijebu ode gets set to host another Ojude Oba festival, Nigeria’s leading payment service bank, Moneymaster Payment Service Bank Limited (MMPSB) has concluded arrangements to be part of the annual event where the indigenes of Ijebuland will be onboarded to the bank’s multipurpose mobile wallet.
The Ojude Oba typically holds on the third day of the Eid-El-Kabir whereby different cultural age groups put up a spectacular parade to pay homage to the Royal Majesty, the Awujale of Ijebualand.
Preparatory to the event, Moneymaster, had embarked on month-long market activation, across Ijebuland to onboard the indigenes on to one of its digital banking platforms – mobile wallet through which customers can transfer, withdraw from an agent, buy airtime and pay utility bills.
In a statement, Moneymaster opined that once majority of Nigerians embrace mobile wallet which enables them to cultivate a more convenient savings habit and also make to payment with ease, the nation’s move towards a cashless economy will become a reality.
“While we rejoice with the people of Ijebuland at this time, we also want to showcase what we have in Moneymaster’s mobile wallet that can help various people to enjoy seamless banking from their phones”, the statement noted.
Licensed by the Central Bank of Nigeria in August, 2020 and insured by NDIC, Moneymaster Payment Service promotes financial inclusion in furtherance of the Nigerian financial literacy initiative driven by the Central Bank of Nigeria.
With Moneymaster, Nigerians can open mobile wallets, savings account, individual and business accounts to make payments, buy airtime, pay utility bills to over 4,000 companies.
The Bank was recently appointed a payment partner to the Ounje Eko initiative by the Lagos State government in its bid to provide discounted food items to residents of the state amidst rising cost of food items.
News
President Tinubu Appoints Ayodeji Ariyo Gbeleyi as New DG Procurement Bureau
President Bola Tinubu has approved the appointment of Mr. Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, in a statement released on Saturday, June 15, said the move was part of a larger reorganization effort in the public procurement system to reposition the agency for greater efficiency and transparency.
Ajuri added that the President thanked Ahmadu for his services and wished him success in his future endeavours.
The statement further noted that Gbeleyi is a renowned financial expert and award-winning chartered accountant.
It said he is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.
According to Ngelale, Gbeleyi is also an alumnus of executive programmes of the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.
He said Gbeleyi has over 30 years of post-qualification experience in diverse sectors, including manufacturing, fast-moving consumer goods, investment and commercial banking, project finance, telecommunications, infrastructure, and public administration.
The statement added,“He was the Board Chairman of the Federal Mortgage Bank of Nigeria and Commissioner of Finance in Lagos State from 2013 to 2015.
The President expects the new Director-General to bring his vast experience and competence to bear in this role to strengthen the agency as the national resource centre for capacity building and sustenance of reforms through the promotion of a competitive private sector-driven economy, ensuring social accountability and efficient deployment of public resources, as well as advancing effective corporate governance and fiduciary discipline in the public and private sectors.”
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