The Nation Newspaper

Category: Energy

  • Nigerians seek answers to pertinent questions on deregulation

    Nigerians seek answers to pertinent questions on deregulation

    Our Reporter

    Some concerned Nigerians have expressed worry over the Federal Government’s inability to allow market forces to determine petroleum pump price, which caused serious hardship to the common man on the street.

    Mr Olaitan Philips, the Convener, “Let’s Do It Right”, recalls that on December 7, the Minister of Labour and Employment had announced that PMS pump prices are to be fixed at N162.44 per litre effective December 14 after deliberations between the Ministry of Labour and Employment and Labour leaders.

    Philips said the announcement of the Minister of Labour indirectly means that Nigeria will soon be back to the era of petroleum subsidy.

    According to him, the Government had spent over 10 Trillion Naira in the twelve years up to 2018, spending a staggering unbudgeted 1.1 Trillion Naira on petroleum product subsidy in 2019 alone.

    “Many pertinent questions arise from this pronouncement by the Minister of Labour and Employment, Dr. Chris Ngige. “Should petrol pump prices really be fixed by mere negotiations between the Government and Labour?

    “The pronouncement was abrupt and unanticipated considering there were no consultations with the fuel distributors and the business community that this change of direction impacts.

    “The negotiation between Government and Labour, arriving at a deduction of N5 does not take into consideration the current rise of international prices for petroleum products and the deteriorating foreign exchange rate,” he said.

    A Financial expert, Mr Anderson Julius, was of the view that the approach of negotiating petrol pump prices between Government and labour without the involvement of investors further diminishes investor confidence, setting an unprofessional precedent that will be difficult to set aside when parameters that constitute the pump price of PMS rise again.

    Julius pointed out that while it is clear there are many Nigerians struggling with the economic downturn, loss of jobs and uncertainties for the future, more direct intervention from the Government would alleviate the immediate challenges Nigerians are currently facing.

    According to him, direct social programs in small and medium scale businesses which employ the majority of Nigerians would have a more immediate positive impact on Nigerians.

    “Watching the Government move from having announced a policy objective and itemizing its several benefits and suddenly change its mind with this recent pronouncement under pressure from Labour, does not breed a lot of confidence in what government had said previously or it’s capacity to lead Nigeria out of this economic quagmire.

    “This policy flip flop will obviously negatively impact investor confidence in government policies,” he added.

    A Financial Analyst, Mr Badru Sadiku, recalls that in April 2020, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), announced during a live programme on African Independent Television that the era of subsidy on petrol is gone forever, stating that with the current fluctuations in global crude oil prices, the cost of refined products would be determined by market forces going forward.

    He had also explained that although NNPC was not responsible for petroleum products pricing, the country was transiting into a market situation where the forces of demand and supply would determine the cost of Premium Motor Spirit. Is the subsidy coming back?

    According to him, what about the massive corruption Government had said subsidies cause? Is eliminating massive corruption no longer important?

    “Who benefits from this ‘subsidy fraud’? Are they the ones who have trapped us in this unending rigmarole?

    “Who pays those salaries of employees in refineries that are not working and where does the money come from? Do these uneconomic decisions make sense? Can we not see how they are hurting us? Is there an adult in the room?

    Sadiku said that Nigerians were promised a better deal with deregulation. Was the Government deceiving us then and what are they telling us now?

    READ ALSO: ‘Full deregulation solution to petroleum sector woes’

    He said that Government had earlier stated that one of its major economic achievements was the successful deregulation of the downstream petroleum sector, opening the sector up for new investors to invest and improve the sector which will ultimately positively impact the Nigerian economy.

    He reiterated that the promises made by Government must be tracked and the Government held to account.

    Nigeria cannot keep dilly-dallying as regards policies that will ensure the growth of the economy and the liquidity for the Government to be able to fix the mirage of problems and pains Nigerians are reeling from, he added.

    This decision of the Government opens the door to huge loss of revenue and increased debt at a time it is most ill-equipped to make such expenditure, with the need for huge resources required to address the economic recession worsened by the COVID-19 Pandemic.

    The Government has declared 2020 the year of gas and has through the National Gas Expansion Programme (NGEP) started the deepening of the use of gas across the country as alternatives to power and heating, power vehicles and cooking.

    The gas expansion programme is a well thought out programme that will impact Nigeria and Nigerians soon. This is a critical juncture for Nigeria and the right decisions need to be made to ensure a prosperous future.

  • NCDMB, PETAN seal $30m working capital scheme deal

    NCDMB, PETAN seal $30m working capital scheme deal

    Our Reporter

    The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) on Monday signed an agreement on US$30m Working Capital Scheme that will support the operations of oil companies against the adverse effects of COVID-19 Pandemic and loss of contracts due to low oil price.

    The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, and the Chairman of PETAN, Mr. Nicolas Odinuwe, signed the Memorandum of Understanding (MoU) on the credit scheme in Abuja.

    The Working Capital Scheme is one of the newly introduced products in the Nigerian Content Intervention Fund (NCI Fund) approved by the NCDMB Governing Council under the leadership of the Minister of State for Petroleum Resources, Chief Timipre Sylva.

    Key features of the credit scheme are a single obligor limit of One Million US Dollars ($1000,000.00), the tenor of 365 days after 90 days moratorium and eight percent interest per annum for Naira and five percent for United States Dollars.

    In his remarks at the event, the Executive Secretary explained that the fund which is currently domiciled with the Bank of Industry will bridge the oil companies’ cash flow gaps, support operations and prevent staff layoffs in the industry.

    He said the Scheme will be triggered whenever the oil price of $40/barrel benchmark is reached and whenever there are such negative impact on the industry. The $40/barrel trigger point strategy is important considering the rapidly changing nature of the oil and gas industry, he said.

    Providing details on the eligibility of beneficiaries, Wabote stated that loans granted under the Scheme will enable the beneficiaries to manage operating expenses related portfolio of oil and gas operations, bridge payment delays and restock inventory. The Funds will also be applied in acquiring and maintaining assets, expansion or renovation related to ongoing projects for which working capital is being sought and refinancing of loans.

    To further guarantee the security of funds, the Executive Secretary indicated that “Insurance Guarantee covering 120 percent of the loan has to be issued to NCDMB by the intending beneficiary. The Board will also demand a Letter of Sponsorship and Guarantee by PETAN and Irrevocable Standing Payment order issued by Beneficiary Bank.”

    He also confirmed that the application to the fund will be processed within seven days and approved within seven days and repayment will be in three instalments, effective six months, after 90 days moratorium.

    According to him, “the Scheme will be directly managed by the Board using credible consultants in order to simplify and expedite its implementation.”

    He also clarified that “the MOU has a validity period of three years from the effective date and renewable thereafter at the instance of the Board when the Brent crude price falls below $40 benchmark or whenever there are such negative impact on the industry caused by unforeseeable circumstances beyond control.”

    READ ALSO: NCDMB eyes 70% local content implementation

    Providing a basis for the new funding scheme, the Executive Secretary noted that “NCDMB is an Agency established to increase indigenous participation in the oil and gas industry; build local capacity and competencies; create linkages to other sectors of the national economy, and boost industry contributions to the growth of Nigeria’s National Gross Domestic Product.”

    He added that Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD)Act established the Nigerian Content Development Fund (NCDF) drawn from one percent of all contracts awarded in the upstream sector of the Nigerian oil and gas industry which is managed and employed by NCDMB for projects, programs and activities directed at increasing Nigerian Content in the oil and gas industry.

    He recalled the drastic drop in the price of crude oil largely due to the battle for market share between Saudi Arabia and Russia and further worsened with the serious impact of the COVID-19 outbreak.

    He added that the global oil and gas industry witnessed a serious downturn in business fortune and Nigerian operators were equally affected.

    This was the basis for the NCDMB and PETAN to develop a Business Continuity initiative under the NCDMB Local Content Intervention for Target (LIFT) Sectors.

  • ENYO begins gas expansion agenda, autogas services

    ENYO begins gas expansion agenda, autogas services

    Our Reporter

    In an effort to provide cleaner and safer energy alternatives for its customers, Enyo Retail and Supply, has commenced its Liquefied Petroleum Gas (LPG) expansion agenda aimed at boosting the usage of gas in Nigeria.

    The expansion agenda is in line with the Federal Government’s initiative to deepen the consumption of gas in Nigeria. The expansion will necessitate key initiatives such as investment in an LPG filling plant, the launch of its first Autogas filling station, a superior Liquefied Gas mobile app, and sales of a broad range of gas-based products and services to its customers. Moreover, the expansion will enable the company to deliver convenience to its customers.

    Commenting on the expansion, Mr. Abayomi Awobokun, Chief Executive Officer, ENYO Retail and Supply, said: “Following the Federal Government’s declaration of 2020 as the year of gas, ENYO is thrilled to be championing the transition towards cleaner energy and making efforts to intensifying domestic gas penetration as well as adoption in Nigeria. We have set a target to invest in up to 20 LPG plants over the next 24 to 36 months and we expect to have our first Autogas station open in five to six months”.

    Also commenting, Sales and Marketing Lead, Enyo Retail and Supply, Habiba Abubakar, said: “The investment in LPG would enable Enyo to utilise emerging opportunities in the oil and gas industry while also leveraging on data and technology for improved service delivery. We have already identified sites for our Autogas points, and an approach has been mapped out to ensure that these points become operational soon”.

    READ ALSO: ENYO Reveals Expansion Agenda, to Initiate Autogas Services in Nigeria

    In addition, the company recently unveiled its technologically enhanced composite LPG cylinders which aligns with its expansion plan. The cylinders are ideal for domestic and commercial use, weighing fifty percent less than conventional steel cylinders.

    Speaking on the Composite LPG Cylinder, Habiba Abubakar added “We are also excited to introduce our brand of quality composite gas cylinders to the Nigerian market as this is a revolutionary step which will transform LPG usage for years to come. The introduction of these technologically driven composite gas cylinders proves our commitment to strengthening customer experiences across the country. These cylinders guarantee usage without danger or loss of life and property, thus making them extremely safe to use. Their lightweight and translucency also mean the amount of gas inside the cylinders can be easily seen, ensuring the right quantity of gas is supplied thereby removing worries of metal theft. This also reiterates our values of being fueled by safety and trust”.

  • ‘We remain committed to renewable energy, human capacity development’

    ‘We remain committed to renewable energy, human capacity development’

    Emmanuel Udodinma

    Total E&P Nigeria Limited has expressed confidence in maintaining a profitable financial year amid the harsh business terrain occasioned with the Covid-19 pandemic, even as it reaffirms commitment to renewable energy and human capacity development.

    The Executive Director, Corporate Affairs and Services, Total E&P Nigeria Limited, Abiodun Afolabi, represented by the Manager, Diversity and Method Human Resources, Total E&P Nigeria Limited, Gillian Laniyan at the graduation and closing ceremony of Total Access to Disability Mobility Initiative Project, added that the pandemic has been challenging for different sectors of the economy, but stated that the company is weathering the storm to achieve a profitable operating year.

    According to her, the company is also investing a lot of its resources into renewable energy, maintaining that Total is also looking at many ways to bring power and technology into the country.

    “We have already started and the pandemic has shown us that there are many ways to communicate and we need to be adaptable to the environment. We hope to partner with the federal government and we know that they are listening to come to a happy resolution bringing our ideas to see to the future of the upcoming generation. Things are changing we have to bring a better change to Nigeria,” she said.

    She said in October 2018, the company joined the Global Business and Disability Network Charter of the International Labour Organisation (ILO) and had since remained committed to promoting and respecting the rights of persons with disabilities, raising awareness, empowering disabled persons; developing policies and practices; and implementing measures to enable disabled employees to remain on the job.

    “At Total, we believe in diversity and equal opportunity. We are committed to promoting the inclusion of people with disabilities in the workplace with the conviction that no matter your physical circumstances, you have the potential to achieve greatness,” she said.

    She stated that Total partners with non-governmental organizations and other specialist agencies and companies in the realization of its diversity objectives, stressing that the company is collaborating with the Women and Children with Disability Initiative (WACWDI) to select 13 children who are unable to attend school as a result of visual impairment and who are from indigent homes within Lagos State; evaluating the mobility needs of each beneficiary and provide coaching as well as life skills to0 facilitate their independence and facilitate the enrolment of beneficiaries into school while also providing school-readiness packs for the 2020/2021 academic session.

    Also speaking, the Founder, WACWDI, Mrs. Funmi Gbadamosi, said she has worked really hard along with various Managers of Total E&P to access tremendous financial support for the initiative.

    “At WACWDI, we envision a society where everyone irrespective of the challenges of life or birth circumstances, especially and particularly of visual impairment can confidently and productively take his or her place in the society devoid of any inferiority complex and attain his or her potentials optimally,” she said.

    She added that Total’s commitment to promoting the inclusion of people with disabilities is worthy of emulation by organizations that seek to genuinely touch the lives of people whose course in life have been negatively impacted or altered through circumstances that are not necessarily of their own making.

    The two major projects that are dear to our heart which we believe God can use you to provide or fully ,immediately or over a short period of time are transportation challenges can be met with the donation of a functional 12/18 seater bus and a leased accommodation or a gift of residential property in whatever degree of completion.

     

  • Crippling oil production cut

    Crippling oil production cut

    The oil production cut by the Organisation of Petroleum Exporting Countries (OPEC) and its allies OPEC+ to stabilise prices is not only hurting cash flow to the Federal Government, it is also threatening local content in the upstream oil sector by squeezing marginal field operators in the country, Lucas Ajanaku and John Ofikhenua report.

     

     

    Worried by the free fall in oil prices, after days of protracted talks in April, OPEC+ agreed to the largest single output cut in history.

    The record cut of 9.7 million barrels per day (bpd) started on May 1 but was subsequently scaled back to 7.7 million in August. The deal was agreed to support prices as demand has plunged by as much as a third due to global lockdowns to contain the spread of the COVID-19.

    Russia and nine other non-OPEC countries have been working with the 13-member group to prop up oil prices in recent years. OPEC+ members control about 50 per cent of global oil production.

    OPEC’s 13 members produced 25.21 million b/d in November, up by 670,000 b/d from October, while its nine partners, led by Russia, added 12.68 million b/d, a fall of 50,000 b/d, according to the latest S&P Global Platts survey.

    Nigeria improved its compliance to 99 per cent, pumping 1.50 million b/d, as output from key grades such as Forcados, Qua Iboe and Brass River dipped. Brass River exports have been on force majeure since late November due to a pipeline explosion.

    Africa’s largest oil producer entered recession after its GDP fell for two consecutive quarters as oil revenues shrank due to hefty production cuts along with the fallout from the coronavirus pandemic.

    When two elephants fight, the grass suffers. Marginal field operators have been badly affected by this development.

    Oil industry regulator, the Department of Petroleum Resources (DPR), defines a marginal field as a discovered resource that has been left unattended for more than 10 years.

    According to the US Legal.com, marginal field refers to an oil field that may not produce enough net income to make it worth developing at a given time. However, should technical or economic conditions change; such fields may become commercial fields.

    Desirous of promoting indigenous participation in the upstream oil sector dominated largely by international oil companies (IOCs), the Federal Government had withdrawn marginal fields from the big players and handed to local players after successful bid rounds.

    Operators of the marginal fields are worried that the cut in daily oil production, which they described as adverse to their operation, may compel them to pull out of the business if the government fails to address the situation in the next three months.

    It was gathered from some of the operators, who are mostly indigenous players, that since the government complied with the cuts, the investors in the marginal fields can no longer service their loans.

    One marginal field operator who preferred to speak on condition of anonymity said: “We were producing 5,000 barrels per day. They have reduced our production to 2,500 bpd in the last three months.  You have already killed the companies.  We cannot meet our obligation to our creditors.”

    According to the investor, operators now find it difficult to run the fields because of the minimal production volume.

    “We have to shutdown service because the capacity is 5,000 bpd and you reduced it to half. It means that we only run the plant because they will be difficult to restart,” he averred.

    Explaining that the marginal filed operators can no longer cope under the policy, he said, “therefore, we have to retrench.”

    Despite the losses the companies incur consequent upon the production cut, the host communities have not pruned their demands for Corporate Social Responsibility (CSR) from the operators, it was also learnt.

    According to one of the investors, the marginal fields are the onshore oil bearing areas that the International Oil Companies (IOCs) neglected because of their high cost of operations and low profit.

    The grouse of the marginal field operators is that their businesses are worse hit since they are yet to stabilise like the international players.

    He added that the marginal field operators have more of indigenous workers under their employment, noting that it is through their employment that money trickles down directly to the Nigerians, especially the people at the lowest rung of the ladder.

    “It means you have killed them. It means that you have further killed the economy because they are the  ones employing Nigerians,” he noted.

    Lamenting the government’s directive has affected the weak more than the stronger (IOCs) players in the industry, another source said the directive should have been directed at those that have already built capacity and stabilised.

    The operator said the policy ought to have spared the weak players in the industries that spend more on cost of producing from stranded fields.

    “One would have thought that it is the marginal fields that would have been protected. It is the IOCs that produce 500,000 bpd, 200,000bpd that you should have been talking to. For instance, Shell and others have the capacity to survive the production cut.

    “Some of the marginal filed operators have pulled out in order to reduce cost. Those that are in the stranded fields that the IOCs neglected are the ones that have been affected. The marginal fields are the areas that the IOCs have abandoned. Their cost of production is high. They managed to bring it down to $20 per barrel, so if you touch their volume of production, it means you have killed them,” the operator said.

    Efforts to get the reaction of the DPR proved abortive. Its Head, Media, Mr. Paul Osu, when contacted on phone to state the government’s side of the story, only requested that questions be sent to him via text message. An hour later, his reply was “please in a meeting.”  The Nation, however, waited for his response for 24 hours to no avail.

    But there appears to be a silver lining in the horizon as OPEC and non-OPEC allies, after days of tense discussions, have agreed to increase production by 500,000 barrels per day beginning next month. This will bring the total production cuts at the start of 2021 to 7.2 million bpd.

  • Tank farm operators reject planned N300m levy

    Tank farm operators reject planned N300m levy

    The planned imposition of a N300 million levy on owners of Tank farms in Ijegun has drawn the ire of the operators, even as the operators list the seector’s contribution to the economy, MUYIWA LUCAS reports.

     

    There is no love lost, albeit, for now, between the Lagos State government and the operators and owners of tank farms in Ijegun, a suburb of the state. Under the aegis of Ijegun-Egba Tankfarm Owners and Operators Association, the group is challenging a N300 million levy imposed on each company by the Lagos State government for regularisation of drawings.

    According to the association, the Lagos State Commissioner for Physical Planning, Idris Salako, at a stakeholders meeting on September 20, 2020, had accused operators and owners of the tank farms of operating illegally in Lagos State. It also alleged that members of the association do not pay any taxes, charges or fees to the Lagos State Government, including that their operations have destroyed infrastructural facilities within their operational areas. The commissioner was also believed to have threatened to immediately shut down Tank farms.

    In a swift reaction, the Secretary of the Ijegun Tank Farm operators, Eshiet Eshiet, these statements have, to say the least, painted the operators of Tankfarms in very bad light, hence the need to make some clarifications in respect of its members’ operations.

    According to the association, tankfarms at Ijegun have individually and collectively, expended over N2 billion in tackling some pressing infrastructural deficits and challenges within the corridor of operations and cannot incur further costs for regularisation that had been applied for in 2014. The association further noted that threatening to shut down their operations, which play a very pivotal part in petroleum distribution in Nigeria, accounting for 35 percent national petroleum product distribution is counter-productive.

    Giving a breakdown of its intervention initiative, Eshiet revealed that in April,  2019,  the  association  awarded  a  contract  for  the  rehabilitation  of  the  entire  stretch of Marwa Road and reconstruction of Pioneer Road to Sappers Engineering Co Ltd (Nigerian  Army  Engineers)  at  the  cost  of  N500,343,994.37. It listed the work scope to include the  rehabilitation  of  all  portions  of  Marwa  Road,  reconstruction  of  failed  drainage,   desilting   the   drainage   etc.   On Pioneer   Road   the   scope   included the reconstruction  thereof  with  re-enforced  concrete,  reconstruction  of  the  drainages  etc. Sappers Engineering Co. Ltd (Nigerian Army Engineers) was chosen out of four Bidders based  on  their  outstanding  competence,  expertise,  discipline  and  trust,  in  order  not  to  compromise standards. There was also an extension of the scope of work to cover Old Ojo Road from Finiger to Dantata Junction at an additional cost of N70,000,000.00.

    Aside from the aforementioned interventions, the statement revealed that between 2018/2019, Wosbab Energy Solutions Limited, a member of the association, undertook the grading of Folarin Road and construction of culverts at the cost of N1,760,000.0012; from 2015/2019   the    Association expended   over   N15,000,000.00   for   palliative works on Marwa Road at several collapsed portions, especially after heavy rainfall.

    Prior to commencement of operations, Eshiet said Stallionaire Nigeria Limited, a  member  of  the  association,  constructed the  access  road  at  the  cost  of  N64,200,000.00.14. “It  is  worth  mentioning  that  Emadeb  Energy  Services  Limited  in  May  2018  equipped  an  Information  Technology  Class  with  modern  computer  systems,  internet,  generator  and  accessories  at  Ijegun-Egba  Primary  School,  Satellite Town, Lagos State. In  2020,  in  the  storm  of  the  pandemic,  the  association  donated  and  made  available  palliatives  to  the  community  to  cushion  the  effect  of  the  hardship  experienced at that time. These are just a few of the interventions that the association and member companies have undertaken to address the infrastructural deficits, environmental challenges and other CSR within the Ijegun axis,” Essiet said.

     

    Legality

    Eshiet revealed that contrary to the Commissioner’s remark, all members of the association are duly  licensed  and  authorised  by  the  Department  of  Petroleum  Resources  (DPR)  to  operate  Petroleum  Storage  Facilities  (Tankfarms)  at  Ijegun  and  have  all  requisite  permits,  licenses  from  all  appropriate  agencies of government to construct, own and operate Tankfarms, as well as engage in oil marketing and petroleum product distribution operations. He further said that member companies have their facilities mostly on the  shoreline  of  the  Ojo  Creek  Channel,  with  a  considerable  distance  to  community  houses  and  were  granted title  by  the  Land  registry,  Federal  Ministry  of  Lands  and  Housing  to  use  same  for  industrial  and/or commercial purposes.

    “The cluster our members occupy was a wetland, of which rigorous sand filling and shoreline protection were undertaken at great cost, thereafter pilling in line with best practices to sustain the structures thereon.  Regarding the regularisation of our members’ drawings with the Lagos State government, in 2014, our members through the association applied for regularisation. The government, at the time, was not keen at regularising same. Recently, when the government asked our members to submit documentations for  regularisation,  all  our  members  complied.  But to our greatest shock, each company is arbitrarily charged approximately N300 million,” he said.

     

    Infrastructural outlook

    According to the statement, the environmental  outlook  and  challenges  were  apparent  on the association’s entry  into  the  Ijegun  Shoreline for members to develop their respective facilities. He said the area was a wetland, without access roads.  However, Eshiet noted, members’  commitment  to  improve  the  environment,  safety  and  infrastructural  deficits  within the Tankfarm cluster and environ, made the association to undertake several collective projects and actions  with  a  view  to  addressing  some  of  the  infrastructural  deficits. He said the association has  since 2013 been responsible for the maintenance, rehabilitation of  Marwa Road and sections of old Ojo Road, the reconstruction of Pioneer Road and other roads within its operational environment.

     

    Impacting the economy

    Eshiet insists that Tankfarm operations have contributed immensely to the national economy by way of revenue through taxes, levies and charges to the Federal and State governments, as well as the local governments where the storage facilities are located.

    Regarding payments to Lagos State Government, he submitted that the members of the association pay the following taxes, charges and fees to the state government: Lagos State Signage & Advertisement Agency (LASAA); Lagos State Environmental Protection Agency (LASEPA); Lagos State Government-PAYEE; Lagos State Government Development Levy; Radio and Television License Fees- Local Government; Land Use Charge; Wharf Landing Fees Collecting Authority; Lagos State Ministry of the Environment and Water Resources and Lagos State Waste Management Authority (LAWMA).

    “From the above mentioned payments, it is very sad and embarrassing for the Hon Commissioner to publicly say that the Tankfarms do not pay taxes, charges and fees to the Lagos State government,” he concluded.

  • YPF, Ilana Oodua trains 50 Yoruba youth on smart automations, solar technology

    YPF, Ilana Oodua trains 50 Yoruba youth on smart automations, solar technology

    Our Reporter

    “I will mobilize all Yoruba Leaders, Successful Entrepreneurs to Sustain this Initiative to Bring the Younger generation Out of Hopelessness, Joblessness, Slavery” – Akintoye, Leader, Ilana Omo Oodua.

    “Our Cardinal Goal is to Raise Innovative Leaders, Revolutionise Development in Yoruba Land through Knowledge-based Entrepreneurship, Agriculture, Research” – Adeleye, YPF Founder Abisola Olayinka Sunday 8th December 2020.

    Just like the etymology of industrial revivification of South East Asia, a new reality was on Saturday introduced to the advocacy for the development of Yoruba land by a group of young Entrepreneurs who converged under a platform called Yoruba Professionals Foundation (YPF).

    To YPF, the struggle for liberation and development of Yoruba Land, and by extension, the nations of Nigeria, can never be won without placing a premium on knowledge-based entrepreneurship i.e Sciences, Technology, Research, Agriculture, and Digital Innovations.

    Speaking during the passing out and products exhibition by Trainees who participated in a one-week free training organized by YPF and Ilana Omo Oodua in Lagos over the weekend, Emeritus Professor of History and member of Second Republic Senate, Adebanji Akintoye said a new reality has been introduced to the Yoruba Struggle for liberation and development, and with the initiatives of YPF displayed before him by the maiden trainees, the panacea to slavery, joblessness and hopelessness among the younger generation of Yoruba People has been unraveled.

    “This is my message to all Yoruba people. We have reached our destination,” Akintoye, the Leader of Ilana Omo Oduduwa declared. He added “As long as I live, I will mobilize all passionate Yoruba Leaders and successful Entrepreneurs to sustain this Initiative to bring the younger generation within our race out of hopelessness, joblessness, slavery.

    “I was a youth when I wrote the manifesto of the Unity Party of Nigeria (UPN) ahead of 1979 elections. It could achieve that because Awolowo believed in empowering the younger people. By the grace of God, I will support you all to fulfill your objectives and vision.” Akintoye, said with tears gushing out of his face.

    The one-week training, with the theme: “Yoruba Nation: Building Expertise in Smart Automations and Solar Technology for Prosperity and Development”, lasted for one week and featured Smart Home Systems, Motion Detection Solutions, Instruction Alarm System, Automated Entrance Solutions, Electronic Fencing, Finger Print Control/Doors, Solar Technology, Business Development, and Customers Service Relations.

    According to the organizers, the training received support from organizations such as The Elite Creative Solutions, Crystahills Technology Hub, WTL Technologies, Pentagon Movement Group (PMG), Yusop International Ltd, Inovics Digital, among others.

    The trainees from Smart Automations Class displayed several IT security products to exhibit what they learned during the one-week training. The exhibition, moderated by the Resource Person and Vice-President of YPF, Timilehin Sanwo, was not just beyond the word of mouth, it was full of never-seen-before innovations.

    First, the trainees displayed a Spy Wall Clock and programmed it. The Spy Clock is used to monitor whatever that is going on internally without living and bedrooms and can be monitored from anywhere in the world so far there’s internet on the phone connected with the wall clock through a mobile application.

    The Wall Clock contains a memory card, and whatever one is monitoring through his or her wall clock in their houses is also recorded in the memory cards of their phones. The spy wall clock was programmed in such a way that if due to other commitments, one is unable to watch the recordings LIVE, it is saved in the memory card of your cell phone and can be watched anytime one is less busy.

    Akintoye, Adeleye, Kukoyi, Soname, Akano, Ojo, other leaders of YPF and Ilana Omo Oduduwa and some of the Trainees in a Group Photographs after the passing out and product exhibition by Trainees on Smart Automations and Solar Technology powered by Yoruba Professionals Foundation (YPF) and Ilana Omo Oduduwa Saturday 5th December 2020

    Another device, the 360 Eye Camera which can be used by nursing mothers who have kids under the age of 10 to watch over their children in their homes where ever they are in the world was programmed and displayed. Like the Spy Wall Clock, the device contains a memory card, and whatever you are monitoring through the mobile application programmed with the device is also recorded in the memory card of your phone.

    A security gadget, Global Positioning Solutions was also displayed. It is used to wage war against kidnapping. It can be inserted inside a car or pocket of people traveling to dangerous routes and the movement of such persons is tracked and watched through a cell phone connected with the device from anywhere in the world. It Uses a Sim Card, programmed with a mobile application to be downloaded. The device uses a battery that works for three months.

    A padlock, programmed with fingerprint was also exhibited by the trainees. The padlock does not use a key, only a fingerprint can open it. It uses a battery that lasts for six months. The fingerprint is programmed with a code that can be provided only by the owners. The padlock can take a maximum of five different fingerprints.

    The trainees on Solar Technology moderated by their resource person and Director of Sciences and Innovations of YPF, Adeniyi Dada, and the Resource Person for Customers Service Relation, Dr. Samuel Fasanmi, assembled solar and inverter panels and powered the venue of the event to the admiration of the audience.

    READ ALSO: Coronavirus: Potential of solarised (sun-charged) water

    In his remarks, the Founder and President of YPF, Mr. Maxwell Adeleye, said the cardinal goal of his Foundation is to raise innovative leaders and revolutionise development in Yoruba land through Knowledge-based Entrepreneurship, Agriculture, Food Security, and Promotion of Investment Opportunities within Yoruba Land to investors within and beyond shores of Nigeria towards prosperity and development.

    “We want to banish hunger, poverty, and starvation out of our region. We want to raise a new generation of leaders that will use technology to wage war against insecurity in our region, create jobs, and build wealth for the benefit of our people.

    “We are building the intellectual wing of our struggle for development. We want to align with the wave of the 21st century. First, on the list, the panaceas to development is technology, sciences, and research. With the support of God and well-meaning Yoruba people, we shall keep the struggle alive and consistent.

    “With what was displayed today, it has been proven that the cause of security quagmires in Nigeria is not inadequate security personnel but the failure of leadership to adequately deploy technology to tackle the menace,” Adeleye, submitted.

    Others at the event were Ade Kukoyi, a retired Professor of Romantic and Comparative Literature, Akin Soname, CEO, Financial Spectrum Ltd, Tim Akano, CEO, New Horizons Ltd, Arc. George Akinola, Member, Ilana Omo Oduduwa, former CDHR President, Barr. Olasupo Ojo, former OPC leader, Kunle Adesoka, Dr. Jide Sobanjo, Engr. Ademola Akintoye and members and leaders of YPF.

  • SHI strengthens leadership position in offshore technology

    SHI strengthens leadership position in offshore technology

    Our Reporter

    Despite the slump in crude oil prices, which may push the oil majors and minors to defer projects, the global shipbuilding giant, Samsung Heavy Industries (SHI) has continued to improve on its technological expertise to maintain its leadership position in the offshore industry.

    The company has also improved its expertise in topside design and construction, which are key components of offshore development facilities.

    The drop in oil prices following the outbreak of the global COVID-19 pandemic, which eroded demand in the oil market in March 2020, led companies to cut costs to remain competitive.

    But even with the uncertainty in the offshore market outlook, SHI has remained undaunted due to the global oil industry’s belief that fluctuations in short-term oil prices do not affect oil projects, given the long-term nature of oil and gas projects.

    SHI announced on Monday 23rd November that it has signed a US 2.5 billion deal with a European company to provide ship blocks and other equipment. The deal, the largest order ever the shipyard has clinched will be finalized in December 2025.

    The company has continued to wax stronger and stronger with the expectation that the market environment can be turned around when oil prices rise given that projects of oil companies are not dependent on the short term changes in oil prices.

    A recent update issued by the Korean company on its technological innovation, showed that it has invested heavily to build more capacity and capability in offshore projects, where companies manufacture, supply, and operate equipment for drilling and producing oil and gas buried on the seabed.

    Its main customers are major oil producers and state-owned oil companies in oil-producing countries.

    According to the update, SHI has built more Floating Production Storage and Offloading (FPSO) units than any other shipbuilder around the world.

    In addition, the report also showed that SHI is recognised by world’s leading oil producers for its accumulated shipbuilding technologies in offshore development facilities.

    These facilities include fixed offshore platform, TLP, and floating offshore structure, which require a high level of stability and technology.

    With these technological acquisitions, the company said it has effectively demonstrated excellent turnkey-producing abilities.

    As a result, it was awarded the order for the world’s largest offshore platform by the SEIC (Sakhalin Energy Investment Company) and the order for the world’s largest Egina FPSO by Total in France.

    These major achievements by SHI were game changers in the oil and gas industry.

    The Managing Director of Samsung Heavy Industries Nigeria (SHIN) Limited, Mr. Jejin Jeon, attributed the company’s successful bid for the Egina project to the company’s commitment to developing Nigeria’s economy and investing in its workforce.

    “Before the Egina project, most maritime construction for Africa’s oil and gas projects took place outside of Africa. Nigeria did not have the capacity to fabricate and integrate an FPSO locally,” Jeon explained.

    “A component of our winning bid was its emphasis on meeting the stringent new local content law, which requires foreign investors into Nigeria’s oil and gas sector to involve a high proportion of local workers. In order to achieve this, we invested heavily in training to develop the skills needed to construct the FPSO locally. Many were skeptical as to whether local fabrication would meet international standards, but through rigorous training and health, safety and environmental oversight, the Egina project stands as an example of that local fabrication can be world-class and positions Nigeria as a fabrication hub of Africa,” Jeon added.

    The Egina FPSO, which has a total storage capacity of 2.3 million barrels, contributes 10 per cent of Nigeria’s total oil production.

    READ ALSO: Samsung Heavy Industries donates 5,000 test kits to Nigeria

    There is no doubt that SHIN’s involvement in the Egina project will help ripple effects far beyond the construction of a single FPSO.

    It would be recalled that in 2010, the company unveiled a method of construction combining the upper structure with the lower structure of a drilling facility on the sea while undertaking a project for Gazflot in Russia. SHI is especially pioneering new markets, such as the market for FLNG (Floating Liquefied Natural Gas facility) making LNG produced on the water.

    In 2011, SHI received an order to build the world’s first and largest FLNG with an annual production capacity of 3.6 million tonnes from Royal Dutch- Shell and successfully completed the delivery in 2017.

    With the successful completion of this project, SHI secured FLNG orders from Petronas of Malaysia and Italy’s ENI, taking the lead in the market of new vessels.
    SHI had earlier set a goal to win orders for offshore plants worth $2.5 billion in 2020.

    To achieve this goal, it made proactive efforts to win orders for offshore facility building projects of which bidding processes were underway, such as Shell Bonga SW Aparo FPSO, Petrobras FPSO and HI-Block Platform.

    By winning orders for projects similar to those it successfully executed in the past and making the most use of its experiences in shipbuilding, the company aims to achieve the optimum level of profit and loss as well as minimise risks that hindered it from achieving its goals.
    SHI had in 2019, secured an order for one FPSO from Reliance in India, which is worth $1.05 billion.

  • How Moe Falah became a leader in the solar industry

    How Moe Falah became a leader in the solar industry

    Our Reporter

    When asked what his advice is for budding entrepreneurs, Moe’s answer is simple. “There are only three steps,” he says. “One, research; Two, take the plunge. And three, follow through.”

    Moe has followed this formula to success several times in his life – most recently as the 25-year-old CEO and founder of Simple Solar, a company born in January 2020 which sold $25 million in its first year despite the COVID-19 pandemic.

    From an early age, Moe was interested in one thing: making money. He quickly learned that he could do this by connecting consumers to products and services they really wanted, as conveniently as possible. His childhood hustle of mowing lawns – he eventually became a CEO at that, connecting neighborhood homeowners who wanted yard work done to neighborhood kids who wanted work – quickly scaled up into selling items on eBay, buying and selling used cars, and then buying and selling real estate.

    “I didn’t have a lot of advantages,” Moe explains. “I didn’t do it because it was easy. In fact, I did it because my family never had enough money growing up. I never wanted to be in that position again, so I became obsessed with making money at an early age. And I found out you could do that by creating value, by giving people what they wanted.”

    His first house was bought with proceeds from ten years of childhood hustles, and the move was spurred by desperation. “I’d been robbed at gunpoint in my own home,” Moe explains, recalling the terrifying incident from his college years. “I lost about $10,000 between the cash and the valuables that were stolen. I never wanted to be that vulnerable again. So I knew I had to sink money into something that couldn’t be stolen – a house.”

    One might think that a 19-year-old with no knowledge of real estate buying a dilapidated house and flipping it sounds like a recipe for disaster. And it almost was. “Many times, I wanted to give up,” Moe recalls. “I’d seriously underestimated how much work it would take. But there was one thing driving me: I couldn’t afford to fail. No one was going to bail me out.”

    Two years later, he sold the house for four times the price he’d paid for it. Invigorated by his first six-figure sale, Moe was approached by a family friend who was intrigued by the college student’s entrepreneurial spirit. “Come sell with me,” Moe’s first mentor told him, “and I’ll teach you how to make just as much money without breaking your back for it.”

    Moe threw himself into learning door-to-door sales like he’d thrown himself into learning real estate flipping. But he soon encountered an unexpected surprise. “I was too good at sales,” Moe laughs. “That sounds odd, but it’s true. I sold more than the company’s supply line could actually deliver. Nobody had warned me that was a possibility. They ended up being unable to pay months’ worth of commissions I was owed because they weren’t able to collect final payments from the homeowners due to supply line issues.”

    “I was so disappointed,” Moe recalls. “Not only had they failed me; they’d failed my customers who were waiting months and months for these products that they wanted, that would really have improved their lives.”

    Such experiences led Moe to start his own company, Simple Solar.

    “I was determined to create a place where my team could sell as much as they wanted,” Moe explains, “and customers would get timely and reliable service. I knew solar was the way to go because it’s such an amazing product. It saves customers money, gives them independence from the electrical grid, and doesn’t consume any fossil fuels. Who wouldn’t want to buy this product?”

    Moe’s intuition proved right again. After training his team in his own sales and customer service techniques, perfected by years of passion and experience, Moe was soon connecting customers with tens of millions of dollars worth of solar panels. The COVID-19 pandemic didn’t slow his company down – and their team grew from five to forty people through door to door sales.

    “In 2021, our goal is to sell $100 million,” Moe says calmly, “and I think it’ll be easy to achieve. Demand for this product isn’t going to go down in a time when people are thinking about saving money on their bills, being equipped for disasters, and fighting climate change.”

    “Do whatever you do with your whole self,” Moe advises. “Real estate, sales, anything. People can achieve way more than they think they can when they go all-in. That’s what I do and that’s what my team does – and now people want to interview me, I guess.”

    Moe’s self-deprecating honesty is refreshing in his industry – and maybe it’s part of what helps him sell.

    “I really think the key in sales is being genuine,” Moe explains. “I’ll only sell a fantastic product that I really think will improve people’s lives. I think people can sense that.”

     

  • How to boost efficiency at telecoms sites

    How to boost efficiency at telecoms sites

    Our Reporter

    Distributed Power Africa Group CEO Mr. Norman Moyo has said telcos must devise a strategy to boost efficiency on their sites.

    He spoke at the AfricaCom 2020.

    “We can’t be doing the same thing we’ve been doing for the past 15 years in Energy, and expect a better energy saving. We need to rethink, and change from Supply and Install only, to Innovate, Design, Deploy and Measure Savings,” he said.

    He added that energy and network coverage are emerging as two critical factors in social development in order to bring more people into the connected economy.

    He said the opportunities for using telecoms sites as power resources are becoming particularly attractive in countries with unstable grid conditions.

    Huawei’s new eMIMO (energy Multiple Input Multiple Output) platforms aim to address these needs while saving operating costs and enhancing efficiencies.

    As networks evolve and new sites are established, digital site management is becoming a global trend, especially in Africa, where significant cost savings are possible.

    The eMIMO integrated operations support system (OSS) helps improve network visibility and can help identify energy efficiencies everywhere from component up to site-level – therefore helping to make the most of the investment in the site.

    Secondly, remote operations and maintenance help to further reduce costs with less need for site visits and improved power availability, which is the most important consideration for any reliable network.

    The site power system consists of a rectifier, controller, battery, diesel generator, and monitoring systems, which are traditionally sourced from different suppliers. The new, integrated, AI-driven Huawei solution provides all components for cost-savings and guaranteed compatibility.

    Sites using third-party systems without an OSS risk communications glitches between systems, inefficient operations and poor returns on the equipment investment.

    READ ALSO: 360 young Nigerians receive scholarships from telecoms foundation

    An integrated, AI-driven solution with mutual collaboration can help achieve a simplified, intelligent, and green energy network.

    With social sites, the power system becomes not just a cost-saver, but also a revenue-generating solution. eMIMO can provide stable power for equipment supporting everything from smart cities to campuses, residential areas, commercial ATMs, and fuel stations, with added environmental monitoring.

    The system brings affordable, reliable power to homes or businesses that were previously off-grid, without the need for them to invest in their own back-up generators or other equipment. The solution provides reliable, convenient power, and affordable telecom site rental fees can be negotiated.

    Lower operating costs for local public and private entities running the smart city, smart traffic, and smart campus applications means there is no need to invest in a completely new power supply system. In addition, the site can generate increased revenue through infrastructure and power-sharing.

    The opportunities and benefits of the new system are significant and site operators would be well advised to rethink their power approach when establishing new sites. Huawei’s new eMIMO platform boosts energy availability and efficiency and will prove its worth through ongoing insights and value measurement.