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Oando Awards N100m Engineering Contract, Upgrade LPG Terminal

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Oando Plc, a major player in the nation’s downstream sector, has said that plans were afoot to upgrade its LPG terminal, Apapa, Lagos to an ultra-modern 7,600 metric tonne capacity facility, as part of efforts aimed at boosting the Liquefied Petroleum Gas (LPG) sector
The move, according to the company, was in line with its commitment to ensuring adequate availability of LPG otherwise known as cooking gas in the Nigerian market.
Consequently, Oando said it had awarded a Front-End Engineering and Design (FEED) contract to a United Kingdom-based engineering design and project management firm, Optimus Services Limited (OSL).
The contract, to be executed at a cost of N100 million, is to be completed by next year, and would form an integral part of acquiring all necessary regulatory appro-vals.
Meanwhile, the construction of the ultra-modern terminal is fixed for early next year, but it is subject to approval from the regulatory agency, whilst full operation is expected to commence by the end of first quarter of 2011.
Speaking on the contract, Ayo Ajose Adeogun, chief operating officer, Oando Marketing, said: “With this contract, we have moved the project a step closer to commercialisation. Increasing product reception capacity supports abundance of product stock. In turn, this will guarantee retail availability and make gas more affordable. Our ultimate objective is to encourage consumers to switch from wood and kerosene to cleaner and safer cooking gas. Oando is also committed to product storage optimisation with an effective market-leading freight system that will achieve two to three complete storage turns per month,” he noted.
Also commenting on the awarded contract, Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, said: ÒIt is regrettable that despite Nigeria being the world’s 7th largest in gas reserves with 187 trillion cubic feet (tcf), the country has the lowest per capital consumption of LPG in the whole of Africa at only 0.45kg per person per annum, due to a lack of adequate infrastructure. For instance, the country has less than 20,000 metric tonnes functioning LPG shoreline storage available today as against the required 100,000 metric tonnes. Our ultra-modern terminal when completed by 2011 would provide in excess of 20 per cent of the total storage requirement of the entire nation. This bold step underpins Oando’s commitment to put an end to Nigeria’s perpetual LPG shortages in the long term.
He continued, “As inadequacies exist right across the supply chain, we will also enhance product availability at the retail end by injecting 100,000 units of high grade cylinders yearly. All these are geared toward ensuring that we maintain market leadership in a profitable sector and thus increase return to our shareholders”
The project will further consolidate Oando’s leadership position of the downstream oil industry and enable it to dominate the domestic gas market.
Oando has consistently invested in critical energy infrastructure that will encourage mass utilisation of safe and affordable fuel alternatives across the socio-economic strata in Nigeria.

 


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

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Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).

The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.

Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.

Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.

Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.

The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.

Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”

Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.

The project will also enable them to delight their subscribers by providing more reliable data services.

On the other hand, Tizeti will benefit by adding new revenue streams.”

 

 


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Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed

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By Hussein Sayed, Chief Market Strategist at FXTM,

After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.

The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.

 

Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?

 

From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.

 

In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.

 

As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.


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