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  • Club Africain vs. Rivers United: Eguma, Nwagua sure of positive result in Tunis

    Club Africain vs. Rivers United: Eguma, Nwagua sure of positive result in Tunis

    Rivers United Technical Manager Stanley Eguma and skipper Nyima Nwagua have both exuded confidence  over the team’s chances in tonight’s Group C CAF Confederation Cup tie against Club Africain of Tunisia in Tunis.

    Eguma who said he knows his team would come up against a tough Club Africain side, wants his players to improve on their goal conversation ratio as they target a positive result in Tunis. 

    “In the game of football chances can come but the most important is converting the chances,” Eguma said.”They got their chances and played well in the game and also did as well but converted just one. You cannot score all the chances you created. They are a good team.”

    Nwagua also buttressed the coach’s assertions while adding that the Pride of Rivers won’t be intimidated by the Club Africain’s massive fan base.

    “We know that their fans are always there for them,” Nwagua said. “We know that the fans support will help them and their splendid form is a testament. We know what we want and we will go for it.”

    Meanwhile, Rivers United have alleged that they were refused access to their official training session yesterday night at the Stade de Rades, venue of their today’s CAF Confederation Cup tie with Club Africain of Tunisia.

    Read Also: Man City, Rivers United battle for glory live on StarTimes

    The club said they received a correspondence from CAF noting that they won’t be allowed to make use of the facilities at the stadium because the pitch was in no condition to host an official training session.

    “Rivers United FC of Nigeria have received communication from CAF that the team will not be allowed to have their official training session this evening at the Stade de Rades, venue for Wednesday’s TotalEnergies CAF Confederation Cup Group C matchday 4 tie against Club Africain citing intelligence report received from the match officials that the pitch is in no condition to host an official training session,” the club’s statement read.

    Rivers United are second in the group with six points but Club Africain and Dreams FC have the same number of points from three games as they play Games number four today.

  • NFF defends pre-AFCON  Abu Dhabi camp for Eagles 

    NFF defends pre-AFCON  Abu Dhabi camp for Eagles 

    Nigeria Football Federation( NFF)  has defended   its choice  of Abu Dhabi as the Super Eagles’  training camp ahead of the forthcoming Africa Cup of Nations(AFCON)  in Cote d’Ivoire.

    The  federation’s Director of Communication, Ademola Olajire, hinted that  the national team will  hold a  one week intensive session in the  capital city of the in the United Arab Emirates (UAE) , adding the  Middle East country  has similar weather  that would be obtainable in the  cocoa-rich Cote d’Ivoire in January. 

    The team ( Super  Eagles) would be camping in Abu Dhabi in the United Arab Emirates from January 2nd till on the 9th of January to arrive Lagos   and depart on the 10th to Abidjan,” Ademola hinted on Brila Fm.  

    “ Those  people in charge of that  did their home-work and  discovered that the weather in Abu Dhabi is similar and it  would be the same with that of Cote d’Ivoire in January  and the choice was made  after the experts did their job; and the NFF accepted,” he added. 

    The NFF has already submitted a 40-man provisional list  from where  27  players  will  eventually  be picked for the AFCON  but vastly experienced  coach Loveday  Omoruyi has faulted  the choice of Abu Dhabi  as the team’s training camp.

    Read Also: Minister fires  NFF, Peseiro  warning  over AFCON

    “First of all, does  Abu Dhabi has the same weather with that of Cote d’Ivoire  where the AFCON is going to be played?” Omoruyi who star for Julius Berger in his playing days, asked rhetorically.“ So, why Abu Dhabi.

    “ I would have preferred a place in West Africa  like Togo since they are not going the AFCON or we  can even stay in Nigeria  here so that they get acclimatized to the weather  they are going to meet in Cote d’Ivoire.

     “ But it would be a waste of time and money should we go to Abu Dhabi  that doesn’t have the same weather condition  with that  of Cote d’Ivoire  that will host the AFCON.”

    He added: “ In fact, I have  fears about the preparation of the national team for the AFCON if one, they are going to Abu Dhabi  and secondly,  we  still have  problem with the goalkeeping area because we have not been able to get a reliable goalkeeper .

    “ But if these  problems are resolved, I think we have a chance of going all the way or probably  reach  the semi-finals at least.“ 

  • UCL: Blanc warns  Barcelona of  Osimhen’s threats

    UCL: Blanc warns  Barcelona of  Osimhen’s threats

    • Nigerian ace compared to Maradona    

    Former Napoli and Barcelona defender Laurent Blanc believes the Partenopei striker Victor Osimhen ‘belongs to the category of superstars’ and feels the Serie A side’s defence will be one of the obstacles for the Catalans in their upcoming Champions League meeting.

    Blanc played for both Napoli and Barça as a footballer, and the two sides will meet in the Champions League Round of 16 in February and March.

    The first leg is at the Stadio Maradona on February 21, 2024, while the decider will be played in Barcelona on March 12, 2024.

    “In Naples, I discovered the real defensive culture. It felt like your [Italian] players were born with the souls of defenders, but Italian football is evolving, and this is positive,” Blanc told La Gazzetta dello Sport. “Barcelona are more attacking-minded and creative, but they must cope with an Italian defence. Surely, they’ll put on a show.

    “Barcelona are facing a difficult moment financially, but to win La Liga [last season] was natural,” continued the ex-France international.

    “It was nice it happened with Xavi, who is bringing back the traditional tactical values. Reaching the Champions League Round of 16 was a further reward, but now they need the tools to remain at the top.”

    The meeting between Napoli and Barcelona will also offer a chance to see Osimhen against Robert Lewandowski.

    “Osimhen belongs to the category of superstars. He is phenomenal, young, and with ample room for improvement,” said Blanc.

    Read Also: Osimhen’s Napoli holds fears for Barcelona

    “He can become one of the best strikers. Lewandowski is closer to the end of his playing career and it will be an amazing duel, without forgetting other stars such as Kvaratskhelia, another top player.”

    Meanwhile, Osimhen has earned a comparison to Diego Armando Maradona after an assist for Khvicha Kvaratskhelia in Napoli‘s win over Cagliari.

    The Nigerian striker was on fire on Saturday as he scored the opener in the second half against the Sardinians and inspired Kvara’s winner with an incredible assist.

    Osimhen juggled the ball in the box, making several touches before delivering the decisive pass for his teammate.

    Osimhen  was compared to Napoli legend Maradona in the printed edition of La Gazzetta dello Sport on Tuesday.

    Journalist Sebastiano Vernazza rated the best and worst performers from the latest Serie A weekend and the Napoli forward received the highest grade: 9/10.

    Osimhen’s solo assist was ‘worthy of Maradona’ claimed the pink paper.

    The Argentinean legend has also been mentioned in relation to the upcoming meeting between Napoli and Barcelona in the Champions League Round of 16 with Il Corriere dello Sport writing that the game will be ‘Diego’s derby.’

  • Federal Govt’s N75b loans coming for MSMEs

    Federal Govt’s N75b loans coming for MSMEs

    The Office of the Vice-President, in collaboration with the Bank of Industry (BoI), is set to commence the disbursement of loans to the Micro, Small and Medium Enterprises (MSMEs) by January 2024.

    Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, Mr Temitola Adekunle-Johnson, made this known in a statement yesterday in Abuja.

    Adekunle-Johnson said the move was part of an effort in keeping to President Bola Tinubu’s promise to support the transformation of the MSMEs space.

    Read Also: ‘Lagos will help MSMEs meet AfCFTA goals’

    He said the loans totalling about N75 billion would be given to small businesses at an interest rate of nine per cent.

    Adekunle-Johnson explained that the Federal Government and the bank would leverage platforms to provide the loans to small businesses, targeting women and youths.

    He said the Tinubu’s  Government since assumption of office collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.

    Adekunle-Johnson said: “Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.

    “The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.”

  • Report: Grade A office market expecting major supply glut

    Report: Grade A office market expecting major supply glut

    Over the last 10 years, developers worked to meet the growing need for commercial office spaces in Lagos, though there have been periods of market over saturation underpinned by large supply dumps in a short time frame.

    Key periods of Grade A market oversupply in Lagos State were 2016 and 2020. During the supply dump in 2016, close to 100,000m2 of office space was added to the Lagos office market with Ikoyi and Victoria Island playing host to 85 per cent of the stock.

    Out of the 100,000m2 supplied in 2016, 50,000m2 was within the Grade A office segment through the addition of Alpha 1 (8,000m2) in Eko Atlantic, Lake Point Towers (14,730m²) on Banana Island, and The Wings Towers (27,000m²) in Victoria Island, thus leading to a property market dip which was further worsened by recession.

    Currently, the Lagos Grade A office stock stands at 154,689m2 boasting an occupancy rate of 71.35 per cent.

    According to reports, by 2026, the stock will almost double to 267,230m2, thereby causing a dip in the market and driving leasing activity as tenants upgrade from lower grade office buildings.

     Based on the expected supply and previous market performance, the report anticipated that in the 2026 office market to be a tenant-led market where prime Grade A office spaces in Lagos will be available at comparatively lower rates.

    Another report by Broll, a real estate grading agency stated that  Victoria Island and Ikoyi office submarkets recorded a 4.28 percent  and 13.75 percent  year on year  (y-o-y ) reduction in net average asking rent(US$)/annum/m2 in 2016 amidst increased competition between building owners to attract tenants and keep vacancy rates low. With the current average rent of Grade A office spaces approximately $710/annum/m2, if it emulates the 2016 dip, the rents could reduce to an average of up to $645/annum/m2.

    Read Also: Traders lose millions as fire guts Aba spare parts market

    According to the data tracked by Estate Intel, the lion’s share of the Lagos office pipeline will be  35 percent for Ikoyi  while  Victoria Island  will record 40 percent  submarkets- as such these markets are likely to record a higher rate of decline in terms of decreased rents and occupancy rates.

     To mitigate against the expected supply glut, developers could consider expediting construction to meet an earlier completion date thereby avoiding the 2026 delivery timeline and providing room for existing stock to be leased earlier.

    The Entel report said: “Typically, it takes 2 years for good quality office buildings to attain stable occupancy. For instance, Heritage Place completed in 2016 achieved 70 percent and 90 percent occupancy after about 2 years and 4 years consecutively. As such, early completion of Grade A office pipeline projects will be crucial to achieving stable occupancy sooner.

    On the other hand, where possible, development designs can be updated to mixed-use thereby widening the development’s use and limiting the impact of the projected office market dip”.

    On investment opportunities, the report predicted limited activity in the office market against the backdrop of a Grade A office supply glut as investors seeking development opportunities opt for other property sectors. On the other hand, although unlikely, those interested in this market segment could seek pre-lets before breaking ground on a new development to shield them from existing market conditions.

  • Ministries partner to revive Ajaokuta Light Steel Mill section

    Ministries partner to revive Ajaokuta Light Steel Mill section

    The Ministry of Steel Development and its works counterpart are partnering to revive the Light Steel Mill Section of the Ajaokuta Steel Plant.

    The revival is for the production of rods to be used in constructing infrastructure across the country.

    The Minister of Steel Development, Prince Shuaibu Audu made this known in Abuja following a joint meeting with the Minister of Works, Senator David Umahi and representatives of the United Bank for Africa (UBA) on plans to kick-start the Light Steel Mill Section of the Ajaokuta Complex on commercial terms.

    Head Press and Public Relations Department of the Ministry of Steel Development, Salamatu  Jibaniya said this in a statement.

    The statement explained that following the approval of President Bola Tinubu, the Ministry is set to commence a collegiate approach to reviving the steel plant by exploring realistic means, explaining that the Light Steel Mill Section of Ajaokuta, once revived, will produce rods that would be off taken by the Federal Ministry of Works for the construction of infrastructure.

    Read Also: ‘Suspend concession of Ajaokuta Steel, Itakpe Iron Ore’

    The minister thanked Umahi for the collaboration in the revival efforts of Ajaokuta Steel Plant and the steel sector of the country and commended him for being innovative, adding that the Ministry have a solution to revitalise Ajaokuta using a collegiate approach.

    Prince Audu said the Executive of UBA has given an offer, which is about to finalise to raise the funds within a short period so that the revitalisation of the Steel Plant can begin in phases.

    While commending Prince Audu, Umahi pledged support for the resuscitation of the moribund plant which he said has the capacity to create thousands of direct and indirect job opportunities for Nigerians.

    The minister also met with Mr Mukesh Sharma, representative of India Steel Company, Jindal Steel in Nigeria, as the company reiterated its commitment to building a world class steel plant in Nigeria worth over $5billion.

    He said the commitment of Jindal Steel to developing Nigeria’s steel sector is coming after President Tinubu successfully secured a Steel Investment Deal with the Indian company on the sidelines of the G-20 Summit in September 2023, in New Delhi, India, adding that discussions are also on with relevant Government Agencies on the best location to allocate to the Indian company to build its Steel Plant. He expressed appreciation to Jindal Group for indicating interest to invest about $5 million in Nigeria.

    Earlier, VR Sharma said Jindal Group is looking to build a world steel plant of about five million tons capacity which should kick-start in the next few years with the right commitments, adding that the plant, once running would not only serve the Nigerian market but the entire West Africa, Central Africa, and the European markets, adding that a Deep Sea Port location would be an added advantage.

  • ‘Customs yet to implement tax waiver on LPG’

    ‘Customs yet to implement tax waiver on LPG’

    Liquefied Petroleum Gas (LPG) Stakeholders have lamented the non implementation of tax waiver on import of cooking gas as directed by President Bola Ahmed Tinubu over a week ago. 

    They said Tinubu had ordered an exemption of Value Added Tax (VAT) on LPG imports so as to crash the soaring prices of cooking gas in the country.

    Stakeholders in the industry are therefore asking the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi to comply with the Presidential directive. 

    Other items exempted from VAT and duty payment are LPG cylinders, cascades, gas leak detectors, steel pipes, valves and fittings, dispensers, gas generators and trucks.

    Freight Chairman, Kabir Babawale told reporters yesterday after an emergency meeting of the LPG group.

    Alhaji Babawale said Adeniyi should explain to Nigerians the reasons behind his alleged refusal to comply with the directive of the president.

    He said the LPG storage tanks of many of his members under the code of 73111.00.00.00,  are lying helpless at the ports with increasing demurrage on daily basis,  wondering whether Customs Service will pay for the demurrage now that it has refused to obey the directive of the President.

    “We are anxiously awaiting the implementation of this directive,” he said.

    Babawale, while thanking the Presidency for its proactive decision on the exemption order believed that the development would boost the Gas Economic Policy of the government and ease off the excruciating costs of domestic cooking gas in the country.

    He noted, “as investors, we are ready to commit more into the business, but before then, we are anxiously awaiting the implementation of this directive. Or Can we begin to insinuate that there is a parallel body to the Federal Government in Nigeria?”

    Recall that in a move aimed at making cooking gas more affordable for Nigerians, the Federal Government had few days ago announced the exemption of the LPG imports from VAT and customs duty.

    Read Also: Why FG should extend tax waivers probe to tobacco firms, by CAPPA

    This decision, communicated through a letter from the Ministry of Finance, is expected to significantly reduce the cost of cooking gas for households and businesses across the country.

    The Federal Government had decided to waive customs duty and VAT on importing the commodity and its accessories to crash the price of the LPG nationwide.

    The report said the Ministry of Finance conveyed the decision in a letter dated November 28, 2023, and addressed to several officials, including the Special Adviser to the President on Energy, the Comptroller General of Customs, and the Chairman of the Federal Inland Revenue Service (FIRS). The Minister of Finance, Wale Edun, signed the letter.

    The letter partly reads: “In line with His Excellency, President Bola Tinubu’s commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices, and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99,” the letter reads.

    The letter also directed Nigeria Customs to comply with the presidential directive of July 29, 2023, and withdraw all debit notes issued to oil marketers who have imported the product, using codes 2711.1.200.00 and * 2722.13.00.00 from August 26, 2019, to the present.

  • Firm, IFC seal $100m affordable power deal

    Firm, IFC seal $100m affordable power deal

    Scatec has signed a $100 million loan agreement with the World Bank’s International Finance Corporation (IFC).

      The loan agreement is part of a larger partnership to provide a simpler, more affordable, and cleaner offering of power to African utilities, which also includes a $ 65 million guarantee facility to support the payment obligations of release’s customers.

    The objective is to replace costly diesel and expand electrification in the region; release operates on a unique leasing model, providing flexible short- or long-term contracts for the mining and utilities market, primarily in Africa, based on modular, movable and redeployable equipment.

    IFC is the largest global development institution renowned for its instrumental role in supporting private sector development, and the loan from IFC will provide funding on a portfolio level for Release’s further development and installation of assets to be leased to African utilities.

    The purpose of the guarantee facility is to guarantee payments to Release from the counterparties leasing the solar and battery equipment. The structure provides risk mitigation for Release while allowing African utilities and governments to secure affordable renewable energy from solar and batteries, without the financial commitment required for the conventional infrastructure projects. The partnership with IFC will thereby represent a significant catalyst for further growth of the Release platform.

    The first project where the combined project loan and guarantee structure will be applied is for a 35 MW solar and 20 MWh battery project in N’djamena in Chad, where a lease contract has already been signed. Release’s existing and operating projects in Northern Cameroon of 36 MW of solar PV and 20 MWh of batteries will also form part of the portfolio financing and discussions on extending the capacity of these projects are currently ongoing with the utility.

    Read Also: IFC okays $1b cash for renewable energy projects

    “This highly innovative solution enables countries to deploy solar power projects quickly, allowing African countries to swiftly ramp up to meet rising energy demand with clean power solutions,” said IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa,’Sarvesh Suri.

    “Our ambition is to deploy this replicable solution, in partnership with Release in multiple countries across sub-Saharan Africa within a short timeframe, allowing more people to benefit from the economic growth that comes with reliable, affordable access to electricity.”

    “I am delighted that, through this partnership between Scatec and IFC, Chad has been chosen as the first country to benefit from a solar power plant to support the government’s efforts to meet the energy access needs of our populations,” said Alixe Naïmbaye, Minister of Hydrocarbons and Energy of Chad.  “In addition, the liquidity guarantee facility granted by the World Bank to Société Nationale d’Electricité underlines the strong commitment of the World Bank Group to facilitating partnerships with private investors.”

    “We are excited to secure the partnership with IFC for our innovative solar leasing solution Release. IFC’s support is testimony to the solid business model of Release, the general demand and need for such an innovative solution in the market and our proven track record in developing renewable energy solutions,” says Scatec Chief Executive, Terje Pilskog, who is also Chair of Release.

    “The innovative approach of Release follows a dynamic rolling delivery model of build, connect, and deliver. Looking ahead, Release is actively exploring additional opportunities in Cameroon, Liberia, and the rest of West- and Central-Africa, reinforcing its commitment to advancing renewable energy solutions across the African continent and other select markets,” says Release Chief Executive, Hans Olav Kvalvaag.

    This significant step comes after Release recently raised $ 102 million in funding from Climate Investor One, a fund managed by Climate Fund Managers, a leading climate-centric blended finance fund manager backed by FMO, the Dutch Development Bank, and Sanlam Infraworks, part of the Sanlam Group of South Africa.

  • Egbin power plant shut, darkness looms

    Egbin power plant shut, darkness looms

    Nigerians will have to endure a torrid period of electricity supply as the country’s biggest power plant, Egbin Power plant, Ikorodu, Lagos, has been shut for three days.

    The power station, with an installed capacity of 1,320 Mega Watts (MW) is being shut because the Nigerian Gas company (NGC), who is the sole supplier of gas to Egbin, commenced maintenance works on its gas pipelines.

    The consequence of this is that the national grid will be short of at least 676MW of electricity supply, a development that will have serious implications on the electricity supply in the country.

    Read Also: Egbin power plant plans 1,900MW boost, deepens gas to power

    The management of Transmission Company of Nigeria (TCN), in a notice  said the station was shut as at 11:13 hours of 18th December 2023, to allow the Nigeria Gas Company (NGC) to maintain a linking gas pipeline supplying gas to Egbin Power Station.

    “This means a reduction of 676MW of bulk power generated into the nation’s grid for three days and consequently the quantum of bulk power available to be delivered to distribution companies load centers nationwide for the period”, TCN explained.

  • NCDMB’s support for oil, gas, services companies coming

    NCDMB’s support for oil, gas, services companies coming

    The Nigerian Content Development and Monitoring Board (NCDMB) has assured that patronage and deployment of indigenous oil and gas service companies would remain of strategic importance to take advantage of the massive development of operational capabilities since the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act over the years.

    Speaking in Port Harcourt, the Rivers State capital at the load-out ceremony of OML 100 skidded ejector package, fabricated and assembled by an indigenous company, Wilkriss Nigeria Limited, for residual gas recovery, the Director, Monitoring and Evaluation at the NCDMB, Abdulmalik Halilu, expressed the Board’s excitement to see companies make significant breakthroughs in the fabrication space.

    He commended TotalEnergies and its Joint Venture (JV) partners, sponsors of the project for providing an opportunity for capacity utilisation by an indigenous company, just as he lauded Wilkriss Limited for the top-notch quality in project execution.

    According to the NCDMB Director, the project was significant in two respects. “First is the output, which is the skid itself, being able to deliver the right quality on schedule.” He pointed to metrics he had observed, which he described as quite good, noting that it is very positive for Monitoring and Evaluation. The other leg, he explained, is “where we try to evaluate the outcomes in terms of jobs created on the back of this project”.

    “We will be interested in all those metrics, we want to see the manhours covered, the skills developed, probably new capabilities–some of the equipment that you didn’t have before but because of the opportunity that TotalEnergies has provided, you’re able to acquire them.” He advised the company to update its profile on NCDMB’s Nigerian Oil and Gas Industry Content Joint Qualification System (NOGIC-JQS) platform as soon as possible “to show that this is additional capability that you have acquired”, Halilu expressed. 

    He also urged the management of Wilkriss to sustain the quality assurance attainments already made as evidenced by “all the ISO certifications from HSE to Environment and to Quality Management,” as the company moves to its new site “because that is what counts when we talk about technical evaluation.”    

    Halilu revealed that “NCDMB has conducted a baseline census in fabrication yards and we’ve seen a major trend in terms of burst and boom era, in terms of capacity utilisation. So we try as much as possible to give premium attention to fabrication yards to ensure that there’s a healthy pipeline of opportunities for them to sustain the operations of the yards”.

    On the wider significance of the Wilkriss breakthrough with the Skided Ejector Package for the oil and gas industry, he explained: “We know Nigeria has signed on to net zero carbon emission by 2060…. So this project which seeks to reduce gas flaring – ultimately that means carbon emission – is part of the global momentum we have today around decarbonisation and net zero”.

    The other bit that is of interest, according to him, is “the fact that the Skided Ejector Package helps with the Nigerian Liquefied Natural Gas feedstock. Being able to unlock availability of feedstock is very important. It’s no point completing Train-7 of the NLNG and everybody is struggling with supply of feedstock.”

    Read Also: NCDMB seeks media support on evaluation of content performance

    In his concluding remarks he urged the company to think of how staff who worked on such a sophisticated project would remain engaged in operations in the industry so the knowledge is retained and improved upon, just as the company itself must strive to build capacities as new technologies emerge.

    An Executive Director of Wilkriss, Engr. Naaba Umahi, thanked the NCDMB boss and management for honouring the invitation to the Load-out Ceremony, which he said marked a major milestone not only for the company but the industry and the country, given that a project of such magnitude could be executed in-country with a workforce, which included 6-G-certified welders, that was 100 per cent Nigerian.

    While commending TotalEnergies for being “very supportive” at all stages of the project, he said both companies “were able to agree on materials that could be procured locally.” On the scope of work carried out, he pointed out that it was from steel cutting to completion, adding there was no rework at any stage. Functionality tests, pressure tests, and related activities were all handled by company staff, without a hitch.

    Among challenges Wilkriss faced initially was the review of project design, an undertaking and experience he said were rewarding as they brought out the best in their engineers, yielding what turned out to be process improvement.

    Engr. Umahi, who doubles as Deputy Managing Director of Wilkriss, assured the NCDMB that the company would strive to build capacities for new technologies on a continuous basis.