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  • Firm, contractors quarrel over unpaid N400m debt 

    Firm, contractors quarrel over unpaid N400m debt 

    •  •Spokesman: They should be patient, we’ll pay soon 

    Aggrieved contractors and Conoil Producing in Koluama community in Southern Ijaw Local Government Area of Bayelsa State are in a row over unpaid N400 million debt.

    The contractors have threatened to shut down operations, if the firm failed to pay them.

    The indigenous contractors, under the aegis of Conoil Ango Field Marine Spread Contractors, said the company had not paid them for about 10 months for the barges and tugboats they hired.

    The contractors, in a petition sent to the management of Conoil, said despite waiting from December 2016 to September 2017, the company is yet to pay them for their services and equipment.

    Those who signed the petition are Chief Amadein Moses; Belief Leghemo; Mathias Sam; Tibiebi Amadein; Lloyd Sese; Christian Omietimi; Amos Imelekedi; Levi Wilson; Francis O. Francis; and Boma Leghemo.

    They claimed the debt is causing crisis in the community, adding that they can no longer contain the anger of indigenes.

    The petition was also sent to J.T.C. Leghemo, a traditional ruler; chairman of Oil and Gas in Koluama clan; 16 Brigade Commander in Yenagoa, Bayelsa; and the commander Gunboat in Bayelsa.

    It said:  ’’This is to bring to your notice again that the marine spread payment has taken too long and that we plead with you to please, effect our payment without delay. We have been waiting for almost 10 months.

    ‘’We, the indigenous marine equipment contractors, have resolved that if we do not receive any reasonable months’ payment this week, we will have no other option but to prevent your flowstation equipment or materials from entering our locality, Koluama, to your site.

    ‘’This is not a threat but it is a task that must be done, we have run out of patience. If you like, you can kill us with state apparatus, we are ready to die.’’

    Speaking on the development, the Contractors’ Coordinator, Chief Amadein Moses, said their patience had been overstretched, urging Conoil to do the needful to prevent problems.

    Conoil’s Public Affairs Manager Mr. Richard Edegbeai admitted  that the company is owing the contractors.

    But he appealed to them to exercise patience, saying the company was making efforts to pay.

    He criticised them for going to the media, adding that when they were promptly paid, nobody heard about it.

    Edegbeai said: “The ones they have collected before, did they go to the media houses to report that Conoil was paying them promptly? I do not understand them. If you are doing contracts, and for one reason or the other, there is delay in payment, they should understand.

    ‘’When it was good, nobody heard. They did not go to any place to report. Yes, it is true we are owing them and we are processing the money. A cheque of N200 million was to be given to them last Friday, but somehow, the cheque did not come on time.

    ‘’Why are they going all over the place, complaining? What about other contractors that we are also owing? There is no country that is not owing. Even America is owing. So, they should be patient.

    ‘’And because they are a community, they forced these marine spreads contract on us. Some of the barges we are not using, but we pay for them just because we want to upgrade.

    ‘’So, they should be patient. If they do not want to be patient, they know the best place to go, that is the court. And the moment they go to court, what it means is that they have frustrated the contract. I think patience is the keyword. By the grace of God, they will get their money soon.’’

  • Firm reiterates commitment to food production

    Firm reiterates commitment to food production

    Elephant Group Plc, one of the leading agro-allied companies, has reaffirmed its commitment to ensuring adequate food production and sufficiency, in line with the Federal Government’s mission of self sufficiency in food.

    The group restated that it was determined to support the agriculture sector and boost incomes and job-led growth.

    Its Group Managing Director, Mr. Tunji Owoeye,  said, in a statement, signed by the company’s Media Consultant, Mr. Babatunde Ajibola,  that:  “Our mission is to offer the best of our experience in agriculture , garnered over the years into planting and producing adequate food for the people in order for the nation to be self-sufficient in food production, since as we all know, the goverment is striving to make agriculture the main stay of the economy; we are all out in ensuring this becomes a reality.”

    Its Executive Director, Mr. Akin Ogunbiyi, restated the group’s commitment to making food sufficiency a reality within the shortest time. He enjoined the people to join hands with the government to make the vision a reality.

  • Court restrains ex-footballer, firm, from Lekki land

    The Lagos State High Court has restrained a former Nigerian international football, Wilson Oruma and a firm, Dok Engineering Services Limited from entering a piece of land measuring 57,739.633square metres at Idasho Village, Elekan in Ibeju Lekki.

    Justice W. Animahun granted an interim injunction restraining the defendants whether by themselves or their agents “from attempting to enter, entering or alienating or in any way disturbing the claimant’s possession of all that land…”

    The order, granted for seven days on August 24, was to subsist pending the hearing and determination of the substantive motion on notice for interlocutory injunction.

    The claimant, through its counsel K. C. Atuenyi, applied to the court for an extension of the order in the face of the long vacation to prevent the respondents from encroaching on the land while the suit was still pending.

    Justice M. O. Obadina, who took over from Justice Animahun as the vacation judge, granted an extension of the order for another seven days. It will lapse on September 12.

    The claimant, Megallus Nigeria Limited, is praying for an order compelling Oruma to assign and endorse all documents transferring his rights over the property.

    In an affidavit of urgency, the claimant’s Managing Director, Ifeanyi Okafor, claimed that during the pendency of the suit and upon commencement of the long vacation, Dok Engineering “in collusion” with the Oruma, “forcefully beset the land” and started erecting fences and partitioning the property in dispute into two equal halves.

    The claimant said it was “in the bid to hoodwink the honourable court into believing that it (Dok Engineering) is in actual possession, and which we verily believe is also an act preparatory to selling and/or alienating same in a manner that will render nugatory any eventual judgment of the Honourable Court.”

    Megallus Nigeria accused the respondents of contempt and urged the court to hear the suit urgently.

    The claimant said sometime in August 2013, Oruma offered it a parcel of land for sale, and it made a part-payment of N5million out of N90million, with the balance to be paid in four months.

    The claimant said due to its inability to complete the balance, a new payment plan was drawn up, in which he paid additional N15million, with the balance  to be paid by March 31, 2014.

    The firm said when it sought to complete the payment and presented Oruma with eight managers’ cheque on March 31, 2014, totalling N70 million, the defendant allegedly refused to collect the cheques and also did not execute the instruments of transfer, including deed of assignment.

    The claimant said the former footballer instead offered to refund the N20million part payment, rather than collecting full payment.

    According to Megallus Nigeria, Oruma claimed that he received an offer double what the claimant first offered and, therefore, would not accept a lesser offer.

    But, the claimant said the defendant “is estopped from reneging on an obligation voluntarily contracted and upon which the claimant had already furnished consideration to the extent that it can no longer revert to its former position.”

    Megallus Nigeria said Dok Engineering (the second defendant), which claimed to have also bought the land from Oruma, could not rely on any agreement between it and the ex-footballer to overreach the claimant’s initial agreement with Oruma.

    Besides, the claimant said a deed of assignment between Dok Engineering and Oruma “was fraudulently procured” as the suit had already been instituted and proceedings ongoing when the deed of assignment dated October 15, 2014 was procured.

    Megallus Nigeria said requirements of the law were not complied with in executing the deed, including obtaining the governor’s consent, adding that it was not signed by the truly accredited representatives of families entitled to deal in or dispose of the land.

    The claimant also sought an order of perpetual injunction restraining the defendants from entering or alienating or disturbing the claimant’s possession of the land.

    Megallus Nigeria prayed for an order nullifying or setting aside any sale, alienation, assignment or transfer of the land to Dok Engineering or any other person by Oruma.

    However, the defendants are praying the court to dismiss the suit.

    Oruma claimed the plaintiff did not pay for the land in line with the agreement.

    Dok Engineering is claiming it acquired the land legally, therefore, the suit was unmeritorious.

    Justice Obadina adjourned until September 8 for hearing of the motion on notice.

  • Our plan to invest $133m additional capital, by firm

    Subscription Video on Demand (SVoD) service provider for emerging markets, iflix, has completed a $133 million additional funding round, bringing the total amount raised this year by the South Africa-based entertainment firm to over $220 million.

    iflix Co-founder/CEO Mark Britt said the proceeds from the funding round would be invested in the company’s local content strategy. He said iflix had unveiled its first exclusive original production, Oi Jaga Mulut, an audacious, uncensored, no-holds-barred stand-up comedy series.

    Noting that the series, which made its debut in Malaysia, last week, hadskyrocketed to the leading show on the service. He added that iflix, in partnership with TVOne, also launched a live premiere football streaming, available for the first time in Indonesia.

    Britt said the programme immediately became one of the highest performing shows there with more than 34,000 unique viewers tuning in in the first week of airing.

    Also, iflix Philippines, he said, has announced its collaboration with the Philippines’ Queen of All Media, Kris Aquino, to commission an original drama series.

    The firm had earlier announced plans to launch services in Nigeria and other African countries this year as part of strategy to increase its global footprint to 23 territories worldwide, with additional regional markets to be added soon.

    With the establishment of iflix Africa, with headquarters in Cape Town, South Africa, and trading commercially as ‘iflix,’ the firm plans to bring its world class service to sub-Saharan Africa.

    The Nation exclusively learnt that the funding round upon which the company plans to invest in its local content strategy attracted significant interest from new and existing investors and shareholders, and was led by Hearst, one of America’s largest diversified media, information and services companies.

    Existing shareholders such as Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. also increased their investments.

    Britt said: “We are thrilled to welcome Hearst to the iflix family. As iflix continues to grow and pioneer new ways for consumers to enjoy entertainment on their terms, we were looking for a partner who could bring additional expertise and knowledge to our business.

    “Hearst is a leading investor and has many of the world’s most innovative and iconic video brands, including ESPN, A+E Networks, Vice, AwesomenessTV, Complex and more. This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix’s continuing growth.”

    The iflix CEO said that from the beginning, the firm’s vision was to build a word-class service for the local customer, transforming the way everyday consumers enjoy entertainment in emerging markets.

    “These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets,” Britt stated.

    For the President of Hearst Entertainment & Syndication, Mr. Neeraj Khemlani, “iflix is riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and Western content.”

    Since going live in May 2015, iflix rapidly established a clear leadership position in emerging markets, setting a new standard for delivering a world-class streaming entertainment service, passionately focused on local customer experiences.

    Over the last 12 months, the service has seen extraordinary growth across all segments of the business, expanding from four markets to 19 across Asia, the Middle East and Africa.

    The company has additionally built deep integrated distribution partnerships with 27 leading telecommunications operators to bundle the iflix service with customers’ mobile and data subscriptions, all sponsored by the telecommunications provider.

  • Invest in real estate now, firm urges Nigerians

    Invest in real estate now, firm urges Nigerians

    The recession presents an ample opportunity for Nigerians to invest in real estate. This is because in every adversity, there is an opportunity. This is the submission of the Managing Director of Richlife Estate and Gardens, Mr. Bankole Oluwaseyi.

    Oluwaseyi told The Nation during the sixth Richlife Mega Promo and Empowerment Summit in Lagos at the weekend, that investing in real estate had gone beyond building and living in one’s personal home. This, he said, was why his firm is encouraging people to real estate like acquiring land for long term dividend.

    “Every individual should endeavour to own a property and invest in real estate; there is no need to wait on government because housing for all cannot be guaranteed by government. Such investment guarantees an assured return in no time,” Oluwaseyi said.

    The firm’s Executive Director, Administration, Mr. Sunday Ezekiel, explained that aim of the empowerment initiative of the company is to open the eyes of Nigerians to the opportunities in real estate. For him, Nigerians need to take the bull by the horn and secure their future through investment in the real estate sector.

    “The moment you do this, then you are assured of a definite return on investment. If you buy an iPhone 7 today, the value has depreciated immediately you take it out of the store; but for real estate, the value can only go up,” Ezekiel said.

    This thinking, Ezekiel said, informed the intervention of the firm to proffer solutions for Nigerians desirous of owning their own homes. Ezekiel explained that one of the ways the firm is doing this intervention is by going into places where people don’t think can be developed and buying large expanse of land, cutting into several plots and start developing. These plots, he emphasised, are then sold at reduced price. “Somebody has to decide that he wants to solve his own housing problem by saving money monthly or contacting us to work out a flexible payment option,” he explained.

    Executive Director, Marketing, Mr. Oladunni Adeyemi, explained that the firm is able to assist Nigerians by simply reducing the costs that is associated with house ownership. Some of these  costs, he said, are things that the firm has looked for a way to average it. For instance, to process the documentation of a land is undertaken by the firm. Equally, the problem of land grabbers (known as Omo onile) has been taken care of by Richlife; hence, a prospective buyer has nothing to lose sleep over.

    Adeyemi said Richlife offers the cheaper land in the country ranging from N100, 000 to N10 million. Besides, he said its flexible payment system is unbeatable anywhere in the country. “We are very flexible with our payment structure. When there is a default on the part of our customer, we still try to restructure the payment for them,” he explained, adding that empowering the people to own properties is the focus of their operation, including providing solution to housing deficit challenges, having known that the land mass is not increasing but population of people is increasing. The properties, which are basically in Lagos and Ogun states, are located in Ibeju-Lekki, Atan, Abeokuta.

    At the end of the summit, two people won a plot of land each. The winners commended the organisers of the event.

  • Agro-mechanisation: UNN, firm partner on tractor assembling

    The University of Nigeria Nsukka (UNN) and Hightech System Limited are to partner in tractor assembling, manufacturing and other tractor value chain services as part of Higher Institution Tractorisation Initiative (HITI).

    The joint venture Memorandum of Understanding (MoU) was signed on Tuesday in Abuja between UNN and HITI under the Partnership Development Programme on Nigeria Agricultural Mechanisation Local Content Support Initiative.

    Transactional Adviser to HITI, Mr. Ike Willie-Nwobu, said that the project would be domiciled at the Anambra Motor Manufacturing Company (ANAMMCO) plant, Enugu, while an Israeli automotive firm would be providing mentorship and guardian manufacturing support.

    According to him, the technical support is under the auspices of Chinese-Israeli European Technical Partnership Guide with the Digital Bridge Institute, Abuja providing Tractor Information and Communication Management System (TICMS).

    Willie-Nwobu explained that the initiative was necessitated by the need to develop agriculture and agro-business. “This initiative is conceptualised to ensure the following: begin and sustain local manufacturing and maintenance of tractors in addition to value addition for the farmers who are using the tractors,” he said.

    The transactional adviser said that support to agriculture will lead to the diversification of the economy from a mono-product economy to a multi-product economy, adding that it will also boost investment in Medium and Small Scale Enterprises, which will drive the economy.

    He added that the initiative will create jobs by restoring the functionality of ANAMMCO in addition to empowering farmers and others along the value chain. Also, the global linkages and partnerships provided by the MoU, he said, would create global competitiveness.

    On his part, UNN’s Vice-Chancellor, Prof. Benjamin Ozumba, said that the initiative would fast-track sustainable agricultural mechanisation in Nigeria using higher institutions as focal centres.

    Ozumba said that the medium and long term goal of the initiative was to leverage the huge concentration of skilled manpower and human resources in universities to provide solutions to tractor challenges in Nigeria.

    “Students, under close supervision and mentorship would be drafted to assemble tractors, provide service/maintenance back-up and operations so that farming and food security initiative of the Federal Government will be achieved,” he said.

    The Vice Chancellor added that in addition to providing solution to food challenges, students of higher institutions will have the opportunity to serve as extension staff, learn in practical terms and contribute to their communities while earning good money at same time.

    “The proposed HITI will be powered through the four platforms-Tractor Assembly Manufacturing Production (TAMP), Tractor Value Chain Support Services (TVCSS), Tractor Vocational and Entrepreneurship Programme (TCEP) and Tractor Outreach/Extension Workshop Support Centres (TOEWSC).

    “The initiative will also incorporate partnership with optional Asian-Turkey-European and Israel systems and institutions for Integrated Agric/Farm project, Modern Agricultural/Mechanisation Innovation Relay Centres,” Ozumba said.

    He said that the project was geared towards providing alternative tools of thinking for the country using innovation linkages.

  • Firm, Kebbi partner on rice production

    To achieve rice sufficiency, Kebbi State is partnering WACOT Rice Limited on the commodity production.

    WACOT Rice, a member of TGI Group, is helping Nigeria to regain its status as a top rice producer. It has invested in rice processing plants. To this end, the company is supporting the Kebbi government to roll out sustainable agricultural standards and practices throughout its rice-production value chain.

    The group has established a modern ricemill in Argungu, Kebbi State, which will produce 120,000 metric tons yearly and 400 metric tonnes of rice daily.

    TGI Group Group Managing Director,  Mr. Rahul Savara, said WACOT rice mill was recently inaugurated by the Acting President, Professor Yemi Osinbajo. He said the firm would help farmers conform to agricultural standards and practice, promote resource efficiency and sustainability, both on-farm and throughout the rice value-chain.

    According to him, his organisation is bringing significant global experience delivering knowledge and expertise in  rice  production  through quality control and strict inspection throughout the entire value chain.

    Savara said the quality of rice being produced at the mill is comparable to the best in the world. The mill, he said, has a production capacity of 120,000 metric tons per year and fully automated silos that have the capacity to store raw materials for up to six months of production.

    The state-of-the-art rice mill with a capital outlay of over N10billion and is expected to provide employment for 3,500 people and its procurement of rice paddy will reach at least 50,000 farmers, as the capacity grows.

    He appreciated the Federal Government for its various initiatives in support of agriculture through the Central Bank of Nigeria (CBN) and other mediums, which has impacted the growth of the sector positively, and has also served as a motivation for private sector players in the sector.

    “Therefore, for us this is just the beginning. We have plans to invest over N100 billion over the next years in various agricultural value chains.

    ”It is worthy of note that the rice processing plant is the first rice mill to be conceptualised, executed and commissioned during the administration of President Muhammadu Buhari.’’

    The construction of the mill was first announced by the  governor in November 2015, when President Muhammadu Buhari launched the Central Bank of Nigeria’s Anchor Borrowers Programme in Birnin-Kebbi.

    “One of the critical things that we are seeing today, especially the development of agriculture, is that this is growth with jobs. Several thousands of our people are farmers and are engaged in farming”.

    On how Kebbi has been able to achieve this feat, the governor disclosed recently that on assuming office and discovering the huge rice potentials in his state, he immediately partnered with the Bank of Industry and the Central Bank of Nigeria and to show his commitment, he put down a princely sum of N4 billion as financial assistance and inputs to rice farmers in the state to go into commercial farming.

  • Firm threatens Umar over Calabar Channel comment

    Firm threatens Umar over Calabar Channel comment

    A company is threatening to fight former Kaduna State military governor Col. Abubakar Dangiwa Umar (rtd) for describing its job as a scam.

    Calabar Channel Management (CCM) Company Limited Managing Director Bart Van Eenoo is demanding  ”an immediate apology and a retraction” from Umar, otherwise the former governor would ”leave our company with no other option than to seek legal redress as the statement has cast aspersion on our integrity”.

    According to him, Umar, in a recent statement, described the contract for the management of the Calabar Channel awarded to CCM by the Federal Government as “a bogus scam to siphon public funds.”

    Eenoo, in a statement in Abuja, said it was disheartening that Umar, “a leading national figure could spurn lies on a legal entity without verifiable facts.”

    He stated that contrary to the claims of the former military governor, “our company has dredged the water channel by deploying dredgers, survey vessels, buoyage tender, wreck removal cranes and other ancillary marine crafts.

    “So far, 16.3 kilometres out of the envisaged 20 kilometres high spots within Tomshort Island had been dredged with the deepening of the channel to 6.5 metres datum”.

    It was “absurd” he added, that the firm could be accused of scamming the government, “when our partners- Boskalis and Westminster Dredging, internationally acclaimed companies are involved.

    “All the stakeholders at the Calabar Port including the NPA’s Station Manager in Calabar then, had alluded to the fact that CCM carried out appreciable work on the dredging until the disruption of work by the NPA.”

    He continued: “Even some of the stakeholders were always aboard the dredgers during the cause of the dredging to have a feel of the work done.

    “It is, therefore, not correct that we did not carry out any dredging at the Calabar Channel”.

    Citing examples of the work done by CCM, he said the firm on August 20, 2015, through its bankers UBA, paid $1,207,440 to Dredging International Services for crewing and provision of logistics at the Calabar channel for nine weeks, $500,000 to Nigerian Westminster Dredging and Marine for dredging services at the Channel and $3,600,000 to Societe de Dragage for dredging services.

    “If the former military governor is alleging that we did not dredge the Channel, why did our company pay for the services of these companies even when our invoices with the NPA were not paid?

    “We have spent more on the dredging than what NPA has so far paid us”, he said.

    On the allegation that the Bureau of Public Procurement (BPP) in its report on the Joint Venture Contract (JVC) advised against the dredging of the Calabar Channel, Eenoo said the transaction has a “No Objection Certificate” signed by the former Director-General of the BPP,  Emeka Eze.

    According to him, a former Board Chairman of the Nigerian Ports Authority (NPA) had written to former President Goodluck Jonathan against the project and Jonathan referred the matter to the BPP.

    He said after evaluation, the BPP issued the “No Objection Certificate” and said the complaint by the former Board Chairman of the NPA “was merely personal differences which it advised should not affect the integrity of the project. The former Chairman also wrote to withdraw the petition.”

  • Firm, govt partner to create employment

    A company and member of some international bodies for credit rating agencies, Fagbadex Global Services Limited, has expressed its readiness to collaborate with the Federal Goverment to create employment in Nigeria.

    Its Managing Director, Chief Friday Agbabule, made the declaration at the corporate headquarters of the organisation while briefing reporters on programmes for the overseas credit report seminar hui  company is packaging to sensitise the public on its franchise to represent some international organisations in Nigeria.

    He explained making credit reporting and verification his priority was borne out of his desire to share his wealth of experience, garnered over two decades, on business information, credit reporting and verification, third party verification and due diligence from various experts and acclaimed guru of credit reporting.

    He said the other reasons for his choice of business was his passion to reduce the rate at which people were defrauded owing to fraudulent and inaccurate documentation, which, at various times, were not verified.

    “Let me express that my desire and willingness to pursue this noble profession was as a result of my innate desire to liberate several people, especially to share the experience I garnered spanning over two decades in this credit reporting and verification exercise from various notable gurus and highly respected experts in the field.

    “Also, my passion to reduce the rate at which people were defrauded owing to fraudulent, inaccurate,  incorrect documentation that were not verified. This time around, I am determined to contribute my quota to end that menace called recession in Nigeria,” Agbabule said.

    He said his company decided to organise a seminar tagged “ Overseas Credit Report Seminar”, scheduled for November, to acquaint business-oriented persons with requirements of gredit reporting.

    Agbabule said his company could  provide reports on foreign companies within a few days, at a minimal cost, as well as such customer’s address verification, due diligence, corporate search and verification and confirmation of information of any company before in2itiating business.

  • NNPC, firm collaborate to boost oil production

    The Research & Development Division of the Nigerian National Petroleum Corporation(NNPC R&D) and Cypher Crescent Limited have sealed a strategic technical partnership to enhance oil and gas production using innovative technologies and optimised workflows.

    The deal is focused on petroleum engineering research and development, hydrocarbon fluid characterisation and production improvement through well and reservoir management (WRM) data democratisation.

    CypherCrescent is an indigenous petroleum engineering research, software development and asset management support company with a global reach.

    The partnership came on the heels of the application of SEPAL Software suite, a highly innovative end-to-end well and reservoir management (WRM) software in E&P companies for production enhancement.

    SEPAL is the first software in the global E&P industry, designed to integrate data, enhance engineering analyses and optimise workflows in five core WRM disciplines (Reservoir Engineering, Production Technology, Petrophysics, Production Geology and Asset Well Engineering).

    It enables E&P companies optimise production from existing assets by systemically identifying hidden intervention opportunities and improve on the success rates of well intervention activities. Also, with the robust data analytics capability of SEPAL, engineers can proactively manage well integrity challenges. SEPAL as an integrated software improves general asset management efficiency and therefore helps companies remain competitive, especially in times of dwindling oil prices. Reliant on its capability, the SEPAL software has been adopted as a solution, in the NNPC project for the classification of Nigeria’s natural gas liquids (NGLs) and gas condensates.

    In addition, the CypherCrescent-NNPC (R&D) partnership aims to achieve national technical capacity development through engineering research and delivery of value adding services to solve challenges in exploration & production (E&P) companies. It also aims to encourage increased local content participation in core upstream projects and subsequently, export technical expertise to the international E&P market space to boost foreign earnings.

    According to the Group General Manager (GGM) of the NNPC R&D Division, Dr. Bola Afolabi, a former Shell senior executive, “With minimal cost, remarkable additional production potential was discovered. We are talking about a digital approach to well and  reservoir management. We are applying a first of its kind technology to easily reveal hidden opportunities and propose realistic well intervention programmes. We are seeking to improve the success rate of exploration and production well intervention activities, reduce operations and improve asset integrity, among others.”

    Cypher-Crescent Managing Director Mr. ThankGod Egbe said by harnessing the expertise of world-class professionals in petroleum engineering, geosciences, computing and applied mathematics, Cypher-Crescent is poised to add values to the global oil and gas industry through creative and unconventional solutions.