The Nation Newspaper

Tag: firm

  • Firm begins second phase of N6b housing projects in Adamawa

    The management of Resort Savings and Loans Plc has begun the second phase of its N6billion housing project in Yola, the Adamawa State capital.

    The mortgage firm delivered 30 housing units in Yola in the last quarter of last year.

    In a statement in Lagos by its Managing Director, Mr Abimbola Olayinka, the firm said buyers have begun taking possession of the homes.

    The buyers, the statement added, include those who bought the homes

    from the company through the National Housing Fund mortgage facility.

    It explained that the company has begun the second phase of the project, in which it will build 100 housing units.

    The mortgage firm assured that the project would be taken round the country, adding that the second phase in Yola started because of the increasing demand for housing in the area.

     

  • Australian firm finds 488 MT of iron ore in Kogi

    Australian firm finds 488 MT of iron ore in Kogi

    An Australian Company, Energio Limited, said it has found a huge Iron Ore in Agbaja, Kogi State.

    In a statement, it said the discovery of 488 million tons in its Igbaja Project, with an In-situ Iron grade of 42.7 per cent, is bound to change the pace of iron ore development in Nigeria.

    Besides, the company noted that the discovery, from about 13.9km2 represents approximately 15 percent of the prospective areas and 9.2 per cent of the company’s 151km 2 landholding for Iron.

    This discovery according to the statement, is the first ever JORC Iron Ore resources discovery in Nigeria.

    Energio informed the Australian Securities that the resources update on the Agbaja project, would be released on June 2013. With improved geological confidence, the company according to the statement, believed the entire resources potentials of the project would have been classified by June 2013.

    The company said it would soon begin the metallurgical test work on approximately 300m of P.Q diamond core to beneficiate the In-situ Iron grade from 42.7 per cent to 58 pe rcent.

    The modern JORC resources estimate enables the admission of project development studies as inputs to the pre-feasibility study stage of the development of the Iron Ore production project.

    Expatiating further on the feasibility potentials of the Agbaja Iron Ore project, Energio noted that it is located in a shallow flat lying channel, adding that the Iron deposit is uniquely positioned to an existing, underutilised rail and port infrastructure.

    The Chairman of Energio Limited, Dr. Ian Burston, described the discovery as a “landmark result, considering that drilling at the site only commenced in late November, 2011. He added that within 12 months, the firm has released its JORC resource results.

  • PHCN firms: Oando, Vigeo, others to wait

    PHCN firms: Oando, Vigeo, others to wait

    BIDDERS for electricity distribution companies will have to wait longer as the Bureau of Public Enterprises (BPE) yesterday postponed the opening of financial bids. The opening of bid, earlier scheduled for October 10 will now hold on October 16.

    A statement by the BPE in Abuja said the postponement was to give bidders the required 15 working days to procure and submit their post-qualification security.

    The agency said the shift in date was necessitated by the time lost from the postponement of the last meeting of the National Council on Privatisation (NCP) from September 13 to September 18.

    It assured stakeholders that all other dates in the timeline for the privatisation of the successor companies of Power Holding Company of Nigeria (PHCN) remained unchanged.

    The agency said the opening of the financial bids of investors for the five generation companies, whose technical proposals met the requirement would take place as scheduled on Tuesday.

    The statement named the three bidders shortlisted for Ughelli Power as Feniks Electricity, Transcorp and Wood Rock/Symbion Power/Medea/PSL/Thomasen and Amperion Power Distribution Ltd.

    For Sapele Power Plc, CMEC/EURAFRIC Energy and JBN-Nestoil Power Services were shortlisted. Amperion Power Distribution Ltd emerged for Geregu Power Plc.

    Mainstream Energy Solutions was shortlisted for the Kainji Power Plc. North-South Power was listed for Shiroro Power Plc.

    On Afam Power Plc, the sixth generation company put up for sale, the privatisation agency said no bidder was technically qualified for the company.

    On September 18, the NCP approved a list of prospective investors qualified to bid for 10 electricity distribution companies.

    The electricity distribution firms proposed for sale are located in Ibadan, Ikeja, Abuja, Enugu, Jos, Eko, Port Harcourt, Yola, Kano, Benin and Kaduna.

    The NCP said Ikeja Distribution Company received the highest number of qualified bids with eight firms.

    They are: Oando Consortium, Amperion Power Distribution Company Ltd, Honeywell Energy Resources Limited and Integrated Energy Distribution and Marketing Company.

    Others are Vigeo Holdings, Gumco, African Corporation AFC and CESC, Kepco/NEDC Consortium, West Power and Gas and Rockson Engineering.

    The Eko Distribution Company received the second highest number of bids, with six firms showing interest.

    The bidders are Oando Consortium, Integrated Energy Distribution and Marketing Company, Sepco-Pacific Energy Consortium, Kepco/NEDC Consortium, Honeywell Energy Resources, Limited West Power and Gas as well as Rockson Engineering.

    Three bidders shortlisted for Ibadan Distribution Company are Western Consortium, Integrated Energy Distribution and Marketing Company and Kepco/NEDC Consortium.

    For the Abuja Distribution Firm, the NCP approved two bids, namely, Kam Consortium Utility Company Ltd. and Interstate Electrics Ltd.

    Four firms emerged for the Enugu company – Rensmart Power Ltd, Proglobal Power International consortium, Interstate Electrics and Eastern Electric Nigeria Ltd.

    Aura Energy Limited was the only bidder for the Jos Distribution Company. Integrated Energy Distribution and Marketing Company emerged for Yola. Sahelian Power SPV Ltd. was named for Kano.

    Two bidders were shortlisted for the Port Harcourt Distribution Company. They are 4Power Consortium and Rockson Engineering.

    For the Benin Distribution company, four firms emerged. They are: Southern Electric Distribution Company, Rensmart Power Ltd., Vigeo Power Consortium and Rockson Engineering.

    The prospective bidders listed by the NCP were for 10 distribution companies, excluding the Kaduna Distribution Company.

    The council said the two bids received for Kaduna were not “technically qualified’’. Fresh bids will be invited from all the pre-qualified bidders in respect of the company.

    This implies that all the 54 companies that previously submitted technical and financial bids to acquire majority stakes in the 11 distribution companies will be eligible for the fresh.