The Nation Newspaper

Category: Energy

  • Meter manufacturers to govt: give us right environment

    Meter Manufacturers Association of Nigeria (MMAN) has advised the Federal Government to put in place a conducive environment for the growth of the sub-sector, its Executive Secretary, Mr Muhideen Ibrahim, has said.

    Ibrahim said the sector was battling  obsolete equipment, adding that many customers still used old meters.

    He told The Nation on telephone that many countries were replacing analog meters with either prepaid or smart meters, adding that Nigeria cannot be an exception.

    He said the indigenous manufacturers could produce sophisticated meter, if given the right environment.

    He urged the government to provide power, make funds accessibility easier, reduce import cost, through stabilising the country’s foreign exchange market, giving single-digit interest loans, among others.

    He said when these were provided, indigenous operators would be able to improve their profits and do better in the sector.

    He said activities in the meter manufacturing sub-sector could be deepened, when the stake-holders, including the Federal Government play their part well.

    According to him, efforts should be geared towards patronage of locally produced meters and other power components if the government wants to improve indigenous manufacturing and further move the economy forward.

    He said indigenous meter manufacturers would be able to create more jobs and grow the economy, when their products are patronised.

    Also, the Meter Manufacturing Company Limited (MEMCOL) Chairman, Mr. Kola Balogun, advised the government to implement the various policies in the sector, adding that the idea would help in improving the operators’performance.

    The Minister of Power, Works and Housing, Babatunde Fashola, had unfolded plans by the government to improve meter supply by bringing more players into the sub-sector.

     

     

  • Azura 450mw power plant on course, says Fashola

    The Minister of Power, Works and Housing, Mr. Babatunde Fashola (SAN), has said the construction of the 450-megawatts (mw) Azura Independent Power Plant in Benin, Edo State is on course. He noted that the project is a proof of the Federal Government’s commitment to improving power generation and diversification.

    Fashola spoke during a visit to the plant. He said the power plant being built by Azura Power, a private developer and financier of Independent Power Plants (IPPs) across Africa, also showed a  “very clear intent” of the  President Muhammadu Buhari’s commitment to fulfilling his promise of improving power generation.

    The minister also said the project showed the government’s commitment “to do everything it can to enable the private sector to deliver on special projects, adding that the project was facing very many approval difficulties before Buhari came into office in 2015.

    Recalling his first visit to the project site, when the foundation was being laid, Fashola said between then and his visit, the Azura IPP and other  communities had transformed, adding that the communities which are providing water, food and all sorts of services to the workers, were experiencing a new life.

    Other benefits that have accrued to the communities as a result of the project include facelifts to the roads leading to the project, Fashola added, noting that even the road works the government was undertaking from the Benin-Agho Road was affected by the development as the drive time was shorter than when he first visited in 2016.

    Thanking the development partners, JV Siemens and Azura as a brand, for its commitment and belief in the nation’s economy, Fashola also noted that over 1,500 Nigerians had worked on the project.

    “But beyond the hard work, the economy, there are also jobs. You’ve seen people moving from one company to another. Some of the people I spoke to in the control room used to work with government, some with General Electric (GE), Niger Delta Power Holding Company (NDPHC) and others, still they moved here because there are new job opportunities, and more of this will come, without a doubt in my mind,” he added.

    ‘’When we started, I talked about incremental power, this is it, the minister said, expressing hope that the President would be there on completion of the project later this year to officially commission it and add it to the stock of power,’’ he said.

    He added that though work was yet to finish, the project was already generating power.

    “This is one of the power plants; Katsina will happen and so will Kashimbila and quite a lot of others at different levels. Some of them may not be too visible in terms of mini-grids, which are being installed in the villages and communities to increase access to electricity. So we mean business and we are moving,” Fashola added.

    The minister also visited the Niger Delta Power Holding Company (NDPHC) owned 460mw Ihovbor plant and the 330/132KV transmission substation evacuation facilities in Benin North being built under the National Integrated Power Plant (NIPP). The minister was told that although the two lines with 1,000mw carrying capacity, would not have the capacity to carry the power from Azura, the company was constructing another line from the Ihovbor transmission station to Benin North to join the line coming from Onitsha in order to carry the power generated by the Azura Plant.

    NDPHC Managing Director, Mr. Chiedu Ugbo, who conducted the Minister round the facility, said: “The Transmission Company of Nigeria (TCN) is building two new 330KV lines out of Benin North that will connect the station to the grid at Ajaokuta 330KV substation in Kogi State while NDPHC is also building a 330KV line out of Benin North that will connect the station to the grid at the two locations, namely the nearby Old Benin main substation and Onitsha 330/132KV substation in Anambra State.”

  • ‘PTI hub of petroleum training’

    The Principal/Chief Executive of Petroleum Training Institute (PTI), Effurun, Delta State, Prof. Sunny E. Iyuke, has described the institute as the hub of training in the oil and gas industry.

    The PTI Act CAP P16 of the laws of the Federal Republic of Nigeria 200, he said, mandates the institute to offer courses in oil technology and production and allied discipline, adding that the institute’s graduates were making waves in their various disciplines.

    He stated this last Friday at the institute’s matriculation for the 2017/2018 session.

    He said it was the first time that the students were being admitted through the Joint Admissions and Matriculation Board (JAMB) into the 46-year institute.

    About 1,763 candidates were admitted to Higher National and National Diploma and Certificate programmes.

    Iyuke advised the students. “The matriculation oath signifies your admission into the PTI as students. The oath, therefore, compels you to respect and obey the rules and regulations of the institute.

    “Your presence here is a testimony of your determination to be somebody to reckon with in the future and from today onward, you shall be ambassadors of this great institute. You will be happy for choosing to study at PTI as you achieve your ambition of becoming a skilled professional.

    “I expect you to surpass the high standard set by your predecessors. You should pride yourselves above other students from other institutions as the PTI is well equipped with a team of dedicated professionals and state-of-the-art facilities, which are second to none in Africa. I want to assure you of a convivial academic environment where both teaching and non-teaching staff are prepared to develop you with career competencies, skills, and abilities that are required for the 21st century workforce,” he said.

    The principal said PTI was partnering other institutions for students and staff exchange as well as serve as training grounds for them.

     

  • Eko DisCo gets USAID equipment

    As part of its technical assistance to some electricity distribution companies (DisCos), the United States Agency for International Development (USAID), through its technical partners, Tetra Tech, has supplied some equipment to Eko Electricity Distribution Company (EKEDC) to boost its logistic and technical base.

    According to the General Manager, Corporate Communications, Godwin Idemudia, the items were received at Eko DisCo Headquarters in Marina, Lagos.

    Eko Disco Chairman Mr. Charles Itse Momoh expressed satisfaction with the partnership, adding that the choice of Eko DisCo out of four has led to building a new culture of excellence that has been the focus of the core investors of the company since 2013.

    Momoh expressed the confidence that the deal would add more value and produce more dividends than envisaged.

    Also, representative of USAID/Tetra Tech, Mr. Gela Kereselidza, said the equipment would support the performance-improvement goal of the firm.

    He said the performance of Eko DisCo had been encouraging and that USAID was convinced that the choice of the company was not wrong.

    Kereselidza stressed that the two units of the state-of-the-art Zera Test System, among the equipment, would  reduce Aggregate Technical, Commercial and Collection (ATC&C) losses.

    Apart from the test system, other items  being expected include 500 DT statistic meters to boost efficiency and billing as well as one bucket truck to boost efficiency in overhead line tracing and fault clearing.

     

  • ‘New deepwater projects must surpass Egina FPSO integration’

    New deepwater projects must set new records beyond in-country integration of the Floating, Production, Storage and Offloading (FPSO) vessels, the Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary (ES), Simbi Wabote, has said.

    He spoke at the reception for the Total Upstream Nigeria’s Egina FPSO at the SHI-MCI, LADOL yard in Lagos.

    He said the Board was working with operating companies and project promoters to ensure that new projects, such as the Bonga Southwest and Zabazaba deep water projects surpassed the Nigerian Content levels attained on the Egina project.

    Wabote, represented by the NCDMB General Manager, Projects and Operations Division, Paul Zuhumben, stressed the need for close collaboration among stakeholders, particularly the Nigerian National Petroleum Corporation (NNPC), National Petroleum Investment Management Services (NAPIMS) and the Department of Petroleum Resources (DPR) to ensure that new deepwater projects are developed speedily.

    “This is the beginning. We know the Zabazaba is coming with an FPSO. We have made it mandatory on forthcoming major projects that the Egina project will be used as a minimum. It means we are going to dream big and fabricate and integrate more modules in-country.”

    Commending Total on the arrival of Egina project, the ES maintained that the feat was attained because of the support of the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu and the Board’s strategic implementation of the Nigerian Content Act and insistence on the maximisation of existing capacities and development of new capabilities.

    He said: “At the conceptualisation of the project we insisted that certain activities must be carried out in Nigeria. This is why you see the Egina FPSO coming from South Korea to Nigeria for integration.”

    Aside the six modules that were fabricated in Nigeria, the Executive Secretary also stated that several other components were executed in-country, including 60,000 tons of fabrication, involvement of 250 Nigerian engineers on the project and use of locally made paint on the FPSO.

    Speaking further, he confirmed the Board’s determination to ensure that new projects were developed within the six months cycle mandated by the Federal Government. This is necessary to keep yards like the facilities like FPSO integration yard engaged, he said.

    “Setting up a facility like this would have cost between $250million and $300million. If we don’t put new projects in place, thousands of Nigerians are employed at the yard will be laid off.”

    The Group General Manager, NAPIMS, Mr. Roland Ewubare, said about 40 per cent of the Egina FPSO project had involved Nigerian Content driven by the NCDMB.

    He assured that NNPC and NCDMB are aligned on the strategy and vision for local content, which he described as the only way to sustain the nation’s economy.

    “The rationale behind government policy has to be additional local content. NNPC and NAPIMS will support the NCDMB fully in fulfilling that mission,” he added.

  • NEITI seeks more reforms in oil, gas sector

    The Nigeria Extractive Industries Transparency Initiative (NEITI) has appealed to the National Assembly to use its audit reports to push for more reforms in the oil and gas industry.

    Its Executive Secretary (ES), Waziri Adio, made the appeal in Abuja while receiving members of the House of Representatives’ Committee on Petroleum Upstream who were on oversight visit to NEITI secretariat.

    In a statement, Adio explained that NEITI reports contain information and data on company payments and government receipts as well as the lapses and remedial actions required in the industry.

    He said: “We see the parliament as important partners not just because we are answerable to you and we need you to approve our budget but because our reports can and should be inputs to your important work.”

    Adio expressed concern that several reports with far-reaching recommendations had been placed in the public domain with challenges of implementation. He, therefore, urged the National Assembly to study the reports as important documents, adding it will aid their oversight representative and law-making responsibilities.

    In the report, the ES told the lawmakers that NEITI’s decision to develop a new strategic plan to cover  2017 to 2021 was to deepen openness and shape positively the governance of the sector through policy engagement, thought leadership and inter agency collaboration.

    He identified funding, manual data collection and human capacity development as major challenges.

    He praised the National Assembly for the passage of the Petroleum Industry Governance Bill (PIGB), noting the development is in support of the mandate of NEITI to strengthen reforms in the industry and key to promoting investments and better revenue generation.

     

     

     

     

  • More oil, revenue for Nigeria as Egina nears production

    More oil, revenue for Nigeria as Egina nears production

    After 14 years of discovery, the Egina oil field located offshore Nigeria in oil mining lease (OML) 130 and operated by Total Upstream Nigeria Limited (TUPNI), is set for first oil in the last quarter of this year. The floating production, storage and offloading (FPSO) vessel berthed at the SHI-MCI, LADOL shipyard for integration of some topside modules fabricated at the shipyard located LADOL Free Trade Zone (FZE) in Lagos. EMEKA UGWUANYI examines the project and its benefits to the economy.

    On January 24, about 2.30pm, the floating production, storage and offloading (FPSO) vessel that will produce the 200,000 barrels per day (bpd) Egina oil field located offshore Nigeria in oil mining lease (OML) 130 berthed at the SHI-MCI, LADOL shipyard in Lagos, Lagos State.

    The stopover was designed to enable the integration of the six modules fabricated at the LADOL shipyard to the vessel. The modules include water injection, chemical injection and crude oil discharge package, among others. These modules were fabricated in Nigeria as part of Nigerian Content (local content) input into the Egina project. The integration in Nigeria was also meant to further boost local content and indigenous capacity and skills development, hence, it was not shipped to Samsung Heavy Industry (SHI) shipyard in Goeje, South Korea, where the vessel was built.

    The fabrication and integration of some substantial parts of the Egina FPSO in Nigeria will remain a historical landmark that opened a new vista in Nigeria’s upstream operations especially in deepwater oil exploration and production. The Federal Government should ensure no oil firm goes below the Egina project’s performance. The quantum of fabrication undertaken by Nigerian companies for the FPSO underscores the denial of value creation in the economy and skills development of the locals over the years. The milestone is even more pronounced as a global multinational, Total, is involved, disproving years of perception that Nigeria and Nigerians lack requisite skills and the environment for such a huge capital intensive project to be carried out.

    Considering what this project stands for in Nigeria’s oil and gas space, now and for the future, the Federal Government needs to ensure the security of this vessel while the integration of the six modules fabricated at LADOL lasts and ensure the arrival at its final destination, the integration of the remaining components and commencement of operation. Besides, there is a projection that oil price will remain between $60 and $70 per barrel through 2018, therefore, the field will commence operation when oil price is fairly good.

    The Managing Director/Chief Executive, Total Upstream Companies in Nigeria, Mr. Nicolas Terraz, speaking at a ceremony to mark the arrival of the Egina FPSO at the SHI-MCI Yard, LADOL Island in Lagos, said it was a truly historic day, as it is the first time that a deepwater FPSO is being berthed at a quayside in Nigeria for lifting and integration of six large topside modules, which were fabricated locally.

    “To put the significance of this moment in perspective, here are a few Egina records – the Egina FPSO is the largest ever installed in Nigeria, it is also the largest FPSO built so far by the Total and 12,500 tons of equipment will be lifted and installed on the FPSO,” he said. Bear in mind that 15,000 tons were fabricated in Nigeria.

    He further noted that the crane at the LADOL quayside was the biggest crane ever erected in  the country.

    He said: “But beyond these facts and figures, it is important to point out that the integration of the FPSO topside modules here is a game changer for the industry in terms of Nigerian Content. These activities here are a visible and concrete demonstration of our commitment to make meaningful contributions to the development of local capacity and they are the product  of collaborative work between Total, Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB) and our OML 130 partners – CNOOC, SAPETRO and Petrobras.

    “The project was launched amidst considerable risks. But today, it stands as a testimony to our continued commitment, belief and faith in the future of Nigeria.

    “None of this would have been possible without the support of partners and key stakeholders. And for this, I wish to extend the profound appreciation of Total to the Nigerian Ports Authority (NPA); the Department of Petroleum Resources (DPR); the NNPC; NCDMB; National Petroleum Investment Management Services (NAPIMS) and our partners.

    “I also wish to thank the Nigerian authorities that have been involved in ensuring a safe and secure passage for the FPSO. And here, I must thank, in particular, the Nigerian Navy; the Nigerian Immigration Service; the Nigerian Customs Service and the Nigerian Maritime Administration and Safety Agency (NIMASA).

    “I must also express our sincere appreciation to the Management and staff of Samsung Heavy Industries (SHI) and LADOL. Ours is clearly a partnership that creates great results and we are very delighted with how far we have come on Egina. We look forward to a successful completion of the next chapter of the Egina story.

    “To our own staff working on the Egina Project, please accept the heartfelt appreciation of the Management on this milestone. We are in the final stretch of the project and we are counting on you to sustain the momentum and safely lead us to First Oil on schedule and on budget.

    ‘’Let me conclude by pointing out that our plan is to complete the topside installation works in six months and sail away to the Egina Field in July. And to make this phase of the project a success, I wish to appeal to all our partners to continue our legacy of achievements.”

    For the Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman, it was the first time the NPA and the country would be handling vessel of such  size. “This is the first time the NPA and by extension, Nigeria, would be handling any vessel of this size, we therefore, congratulate Total, LADOL Free Trade Zone and Samsung Heavy Industry for the synergy from which this venture emerged.

    “We recognise that the magnitude of this project presented the NPA with the opportunity to, once again, showcase our unrelenting efforts at building capacity to meet the needs of customers across board. We are grateful for this unique partnership and look forward to more of such.

    “This project put a demand on the NPA to facilitate the berthing of the FPSO for the completion of its construction at Lagos Harbour. It also furthers the Federal Government’s local content policy with multiplier effects evident in employment opportunities, capacity building, technological transfer, cost saving, reduction in capital flight as well as the attraction of oil and gas hub to Nigeria for the sub-region.

    ‘’The FPSO project is an attestation to the constant infrastructural and operational preparedness of the NPA. At the NPA, we are conscious of the inherent opportunities that challenges present and successful berthing of this huge vessel testifies to our capacity to provide improved services to the oil and gas industry,” Usman said.

    The General Manager, Projects and Operations,  Nigerian Content Development and Monitoring Board, Paul Zuhumben, who represented the Executive Secretary of Board, Simbi Wabote, praised the efforts of Total and partners for the milestone achieved and assured of the Board’s support at all times. He, however, noted that Egina project created a lot of employment for Nigerians but the issue is where will all these people be engaged on completion of the project. The question called for an appeal to Total and other international oil companies to quicken the development of  their undeveloped assets to retain these people in employment.

    The Egina project has a total budget of $16 billion covering all activities of the project including the field development and the FPSO.  Six out of the 18 topside modules of the FPSO were fully fabricated in Nigeria and will be integrated on the FPSO at SHI-MCI yard, Ladol Free Zone Lagos, within the next six months. After the integration, the vessel will commence its final sail-away to the Egina field.

    The FPSO has a length of 330metres, width of 61 metres and depth of 33.5 metres with storage capacity of 2.3 million barrels and it is the deepest offshore project undertaken by Total Group.

    The buoy, manifold, pressure vessel, crane pedestal, flare tower, piles and risers, among others, were all done in Nigeria by different companies with a multi-disciplinary field operations team of about 280 persons offshore and onshore. Over 15 local companies won one contract or the other resulting in 24 million man-hours job in Nigeria, 560,000 man-hours of human capacity development, fabrication 60,000 tons of equipment and training of 250 Nigerians in-country and abroad.

    The field will increase Nigeria’s oil output by 10 per cent at first oil.

  • Why NNPC relies on marketers for fuel supply

    Why NNPC relies on marketers for fuel supply

    The Nigerian National Petroleum Corporation (NNPC) is relying on members of Major Oil Marketers Association of Nigeria (MOMAN) to distribute fuel nationwide due to their reliable and administrative qualities, the Corporation’s spokesman, Ndu Ughamadu, has said.

    Others, he said, are their financial strengths, ability to undertake big ticket transactions and forthrightness. MOMAN members include Conoil, Forte Oil, Mobil, Total, Oando and MRS Oil.

    He said the body possesses qualities that are unique and also endear them to present and existing investors, adding that such attributes are vital to the growth of any business enterprise.

    In a telephone interview with The Nation, Ughamadu said the marketers are capable of delivering petroleum products supplied them by the NNPC, without delays.

    He said the National Oil Company is saddled  with the responsibilities of importing fuel, taking delivery of its cargoes and making it available to consumers across the country, adding that MOMAN has made the job of giving the product to consumers much easier.

    He said: “MOMAN outlets are strategically located in the country and this is a plus for NNPC that wants fuel to be distributed to consumers faster. Our duty as the nation’s sole importer of fuel into the country is to supply fuel and further ease scarcity, which we have been trying to achieve though the marketers and other relevant stakeholders in the value chain.

    “ Besides fuel, many of the firms are into upstream engagements through which they explore oil for growth, coupled with the fact that they deal with natural and Liquefied and  Petroleum Gas(LPG). These improve their records at the end of every financial year.”

    On portfolios, he said the marketing oil companies have huge financial portfolios, as evident by their subsidiaries, reservoirs or tank farms that can store huge volume of fuel, outlets, balance sheets and the confidence, they are enjoying in the downstream sub-sector of the nation’s oil and gas industry.

    He said many of the firms were quoted on the Nigerian Stock Exchange and other Exchanges, adding that their ability to ensure that people invest in business has further boosted  the confidence reposed in them by Nigerians.

    “In view of the fact the oil marketing firms are bringing in profits through their investments, of which listing on floors of the exchange is one of them, the companies are protecting‘’

    He said companies that are quoted on the floors of the Exchange run businesses worth several billions of naira, enjoy international recognition and always mindful of their image, adding that they are not ready to engage in transactions that are only illegal and capable of eroding the public confidence of the investors.

    He further said activities in the downstream sub-sector of the nation’s oil and industry are developing and require investors that can hold their own as evident by the performance of many of the marketers in the recent years.

     

  • DisCos deploy more meters

    To improve earnings and operational efficiency, power distribution companies (DisCos) are deploying Maximum Demand Meters (MDMs) in manufacturing, steel and fabrication, maritime and other companies in the high-end bracket of the metering industry, Chief Executive Officer, Nigerian Electricity Management Services Agency (NEMSA), Peter Ewesor, has said.

    Maximum Demand Meters are used by industries because of huge load consumption, while Lower Demand Meters are used by residential and some commercial consumers.

    In a telephone interview with The Nation,  Ewesor said it was evident in the increase in number of Maximum Demand Meters submitted to the National Meter Test Station (NMTS) across the country.

    NMTS is a department approved by the Federal Government to test meters, which DisCos deploy to consumers.

    He said the number of such meters distributed by the DisCos to companies have witnessed an unprecedented growth, adding that the idea would help the power firms to reduce collection losses caused by non-payment of tariffs by consumers.

    Ewesor said: “The patronage for Maximum Demand Meters by bigger firms has increased by 100 per cent from 50 per cent or 60 per cent in recent times. The reason is because the DisCos are seeking improvement in earnings, which happened to be the major means of shoring up their revenues.”

    According to Ewezor, who is also the Chief Electrical Inspector of the Federation, individuals are within the  lower end consumers bracket because they use less volume of electricity and as a result of tariffs that are lower to those that are being paid by factories and other high-end income consumers.

    He said most of the eleven DisCos have submitted Maximum Demand Meters to NMTS for testing in line with the directives of the Nigerian Electricity Regulatory Commission (NERC).

    Also, MOMAS Nigeria Limited Chairman, Mr Kola Balogun, has urged power firms to leverage the maximum demand meters to make money for growth. MOMAS is one of the few indigenous manufacturers approved by the Federal Government.

     

     

     

  • Oando supports infrastructure development in Africa

    Infrastructure is crucial to achieving Africa’s sustainable development goal of ending extreme poverty and increasing shared prosperity. A recent World Bank study found that the poor state of infrastructure in many parts of Africa reduced national economic growth by two percentage points every year and cut business productivity by as much as 40 per cent, making Africa, in spite of its enormous mineral and other natural resources, the region with the lowest productivity levels in the world.

    Oando PLC through its subsidiary, Equator Exploration Limited, was recently in Sao Tome & Principe (STP) to reaffirm its commitment to sustainable development projects in the communities in which it operates. The company has worked in partnership with the National Petroleum Agency of Sao Tome (ANP-STP) and the government since 2005 when it started operations in STP, and in line with its Community Relations Policy, has developed and executed much needed empowerment and development projects for the country.

    On January 19, 2018, all players celebrated their joint success with a handover ceremony of state of the art ambulances to the Minister of Health, Maria de Jesus Trovoada.  Present at the ceremony was the Minister, Infrastructure, Natural Resources and Environment, Carlos Vila Nova, who praised the company for fulfilling its commitment to deliver on social investment initiatives as part of its business operations in the country.  Part of the ceremony also saw the team inspecting the ongoing road construction project, at Santa Margarida-Santa Cruz, where the Executive Director of ANP-STP, Orlando Pontes, highlighted that the road project will positively impact people’s lives and increase the value of land in surrounding areas. He went on to say that on completion, the road will better connect local communities, give safer and faster access to markets and services and will impact the country’s economic growth.

    To date, Oando has spent over       USD1.6 million on social impact projects including the donation of school buses to aid accessibility to the much-needed educational institutions unavailable in towns within STP. The company has also awarded scholarships to tertiary students, trained local business owners, donated ambulances to the National Health Service which will make a significant contribution to the health care infrastructure available to STP locals and the farm to market road construction project will have a positive impact on the community and the country as a whole.

    Oando Community Relations Manager, Sam Onyenwe, said: “Our decision to play a role in the development of Sao Tome and Principe is grounded in our philosophy that the purpose of business is ‘to do well in order to do good’. We frame all our CSR programmes on the platform of Partnership, Ownership, Win-win, Empowerment, Respect and Sustainability (POWERS). We believe that by supporting the development of our host communities, we are creating an enabling environment for the economic growth of Africa as a whole.

    Africa’s current infrastructure deficit is estimated at approximately US$ 90 billion over the next decade, with only half of that amount currently being funded. Now more than ever, the importance of Public Private Partnerships (PPPs) for the development of Africa has become increasingly apparent, evident in partnerships such as the one Oando has with ANP-STP and the STP Government who understand that the development of Africa is dependent on Africans.

    Oando Corporate Communications Manager, Obehi Ojeaga, said: “We are extremely proud of the work we have done in Sao Tome and Principe and appreciate the National Petroleum Agency of Sao Tome and the Government for their support and for seeing us as partners working together to achieve a greater good. The amiable partnership serves as an exemplary model of PPP seamlessly working to serve the public’s interest   by spurring capacity-building efforts and creating a sound environment for the vital build-up of strategic infrastructure. We can only imagine the exponential infrastructural progress Africa will possess over time if more African owned businesses implement this model.’’