The Nation Newspaper

Tag: underway

  • 2,000 housing units underway in PH Airport City

    The Greater Port Harcourt City Development Authority (GPHCDA) has signed a Public-Private Partnership (PPP) agreement with Masta Services Company Limited to construct 2,000 residential houses in the proposed PH Airport City.

    The project, which will be delivered in phases of 500 units each, will comprise detached duplex, four-bedroom duplex and terraced houses of one, two and three-bedroom apartments. It will be located on 85 hectares of land delineated for this purpose.

    The Airport City is planned to be fully self-reliant in power, water and waste management, and will be serviced with schools, medical facility, fire service station,  police posts and other security systems. It will have asphalt roads with sufficient provision for greens and recreation parks. The city will be located near the Port Harcourt International Airport and within the Phase 1A Area of the Greater Port Harcourt Development Area, which covers 2,500 hectares.

    At the signing,  its Administrator, Ambassador Desmond Akawor, said the project was in tune with Governor Nyesom  Wike-led administration’s desire to provide quality, but affordable housing for the citizens in line with the United Nations Habitat Agency Charter.  He promised that the authority would provide an enabling environment for the delivery of the project within its time frame.

    GPHCDA’s Committee on Investments Chairman Mr. Emma Wike ,who represented the Board Chairman, Chief Ferdinand Alabraba, assured the investor that contrary to perceptions of insecurity about the state, the PH Airport City is a safe haven for investment.  He lauded Masta Services for its confidence in the vision of the  government, urging others to leverage the opportunities for investment in the state.

    According to GPHCDA’s Director of Communications and Marketing Adebayo Adeoshun, the deal is aimed at boosting the provision of affordable housing stock in Port Harcourt.

    Masta Services Company Limited Managing Director/Chief Executive Officer Ugo Ohuabunwa assured that every segment of the state and the host community had been factored into the project as it would accommodate both the high and low-income earners. He said the project would create over 3,000 jobs.

  • Pipeline security force to end vandalism underway

    Pipeline security force to end vandalism underway

    The Federal Government is considering the creation of “a permanent pipeline security force” to protect sensitive pipelines across the country.

    Vice President Yemi Osinbajo said if established, such a force “would be armed with sophisticated weapons to ensure we contain the vandalism, and overhaul security.”

    Osinbajo called for an expedited repair of the Forcados Terminal in Delta State operated by Shell and the activation of an alternative process to ameliorate gas supply deficit in the country.

    He spoke at the weekend when he visited the Forcados Terminal in Delta State. He was accompanied by Governor Ifeanyi Okowa.

    The Vice President said President Muhammadu Buhari is concerned about the damage done to the terminal in February, which resulted in loss of gas supply to power plants and significant loss of potential revenue.

    He said President Buhari asked him to visit and assess the situation which has been responsible for the recent drop in electricity supply in the country.

    A statement on the trip made available yesterday by Senior Special Assistant on Media and Publicity, Laolu Akande, quoted Osinbajo as saying that the president is equally concerned that the gas projects under the disposal of Shell, which will beef up domestic supply of gas in the country, needs to be speedily completed.

    “What is going on here affects the Nigerian people and the economy,” Osinbajo told Shell and Nigerian National Petroleum Corporation (NNPC) officials at the meeting. He was referring to the loss of gas supply to power plants and the loss of potential foreign exchange earning arising from the inability to produce over 250,000 barrels of oil per day, due to the damage done to the terminal.

    “The damage done to Forcados affects our oil earnings but also as important is the power aspect. It (Forcados)-is a major source of gas, about 40 per cent of our gas supply is affected leading to the problem of power supply in the country,” the Vice President told Shell officials led by Country Chairman  Osagie Okunbor and NNPC officials led by Bello Rabiu, the Chief Operating Officer (CEO) for Upstream.

    He added: “I came here on the instruction of the President who is concerned about the damage done to Forcados. I came here to see for myself and underscore the great implication for the nation’s economy. Many people don’t even know that power supply is hampered by what is going on here.”

    He charged the officials to do what can be done and expeditiously as possible to repair the damaged terminal.

    According to a repair plan presented to him during the visit by Shell, the repair work which is in three phases is about concluding its first phase with expectation that the repair will be concluded in May.

    The NNPC also presented an interim alternative plan to supply gas to the plants including trucking condensate.

    Osinbajo expressed concern of the federal government that IOCs that seat on 80% of gas deposits in the country have not been as forthcoming regarding gas supply to the domestic market.

    “Even if it is as a matter of public service,” Prof Osinbajo encouraged the IOCs to do a lot more for domestic gas supply considering the gas supply problems in the country, stressing that “we are clearly suffering in terms of domestic supply.”

    For instance, he harped on the need for Shell to speedily complete the Bonga and Forcados/Yokri gas projects in order to assuage the plight of the Nigerian people.

    “The president is particularly concerned about this outstanding gas projects.” he noted

    The Bonga Gas Diversion project would provide 120mmscf/d when completed by the second quarter of this year, while the Forcados/Yokri gas project would provide 80mmscf/d at completion expected at the same timeline.

    There is also the Assa North/Ohaji South project which can also provide 500mmscf/d.

    Experts say currently, gas production into domestic network in the country has fallen to 601mmscf/d from usual 1.1bcf/d.

    The implication is that the country is now losing about half a billion cf/d, which roughly accounts for about 2000MW of electricity.

    Osinbajo also told reporters that “the damage done to Forcados terminal is the chief reason for the poor power supply that has affected the country recently.”

    Delta State Governor Ifeanyi Okowa, lamented that “the Forcados terminal is important to Delta state and the nation. That is where SPDC evacuates its products and other land operations including Seplat evacuating products from there for sale. Now, all the production on land by SPDC is shortened.”

  • Policy on commodity trading underway

    Policy on commodity trading underway

    The Permanent Secretary, Ministry of Industry, Trade and Investment, Ambassador Abdulkadir Musa disclosed that the government has come up with a policy on the conduct of commodity trading both within and outside the country.

    The Permanent Secretary who was represented by the deputy director, Planning, Research and Statistics, Ajia Mahman disclosed this at the launching and presentation of certificates of registration to three new national commodity associations in Abuja.

    He said, The policy is to address the ugly development, by government setting up the export commodity coordinating committee to sanitise the system by organising the existing and yet to be established trade group into apex commodity association.

    “The main trust of the policy was to ensure orderliness in the conduct of commodity trading within and outside the country.

    “The policy trust of the present administration in ensuring the diversification of the economy is to reduce over dependence on crude oil export.

    “The intention of government is to create robust non oil export led economy by providing the enabling environment for achieving optimal result.

    “In this regard I wish to assure players in the commodity sector of government support on the conviction that it is a path towards the realization of the vision 20-2020.

    “The commodity sector has a myriad of challenges which must be addressed. You must ensure the competitiveness of your products in the market, through quality enhancement, improved yield, information gathering and exchange, increased land area.”

    Abdulkadir lamented the handicap in the subsector as inability to gainfully process most of these commodities to add value. This he said is a challenge if wealth must be created out of this viable economic potential.

  • Dagrin’s five-year anniversary underway

    Dagrin’s five-year anniversary underway

    APRIL 22 will mark five years that the Nigerian music industry lost the late OladapoOlaitanOlaonipekun, popularly known as Dagrin, in a ghastly motor accident.

    To mark this day, Industry Nite and Eldar Records is looking beyond the pain of his demise and pulling all the breaks to celebrate that legacy.The event which comes up on the anniversary of his death will see the likes of Olamide, 9ice, Reminisce, TeeBlaq, Seriki, Lord of Ajasa, YQ, Sossick, WondaBoy, BaseOne, JahBless, PoslyTD, ChinkoEkun, CDQ along with other industry heavyweights and fans paying respect to the iconic Hiphop.The All-black event would be hosted by Jimmie and music by DjSpinall.

    The late PonPonPon crooner’s car had run into a stationary lorry in front of Alakara Police Station in Mushin, Lagos, resulting in severe head injury that led to the eventual death of the singer at the Lagos University Teaching Hospital (LUTH), Idi Araba, Lagos.

    The indigenous language rapper, who hailed from Ogun State, died at the age of 23 and was buried at Ebony Millennium Private Vault, Atan cemetery, Yaba, Lagos.

    His demise generated a lot of controversies, with many believing that the artiste foresaw his death, referring to the lyrics of his last song: “If I die, make you no cry for me, e je n simi.”

    However, one of his producers, Frenzy disclaimed the rumour, saying, “He came to the studio as usual. After I had finished recording with some people, I played the beat of the song to him and he freestyle on it first, with the intention of coming back later to perfect it. But unfortunately, we didn’t have the time until his accident and eventual death. Dagrin never knew he was going to die. It was just a coincidence.”

  • Nigerian Idol 5 underway

    Nigerian Idol 5 underway

    FOREMOST Nigerian franchise owners, Optima Media Group, have announced their readiness for the 5th edition of music reality show, Nigerian Idol.

    The show is in partnership with Telecommunications Company, Etisalat Nigeria and carbonated drink, Pepsi, with other sponsors such as Payporte and Dabur Herbal.

    The organisers said in a statement that the unveiling of the annual music TV reality show is billed to hold in the first week of this year, at a venue to be announced later, in Lagos.

    According to the statement, the unveiling will also feature the public presentation of the three-man panel of celebrity judges for the show and modalities, including procedures for participation in addition to the offer of opportunity for a press idol to emerge through an on-the-spot singing competition. This, they say, will reward the top performer of the day with a prize of USD1000.

    Group Managing Director of Optima Media Group, Rotimi Pedro, expressed delight in the potential of the platform to offer talented Nigerian youths with flair for music, the unique opportunity to express themselves on a global stage while creating a career path for themselves.

    “We are delighted to be able to create the right and unique platforms across different fields for Nigerians to take advantage of and maximise their potential. We have successfully done this over the years on a global stage as the Idol franchise provides. Our further commitment is to work with more partners in achieving this,” he said.

    According to Pedro, the winner of the show will get N7. 5 million, a Galaxy Tab, a phone, an iPod, a recording deal with Universal Music Company and a brand new SUV car. The first runner up, he said, will also get N1.5 million, a Galaxy Tab, phone and iPod, while the 2nd runner up will receive N1million, a Galaxy Tab, phone and an iPod. In addition, each of the finalists from 4th to 10th place will also receive N100, 000, a Galaxy Tab, phone and an iPod each.

    Expected to perform during the course of the reality show, are past winners such as Yeka Onka, Mercy Chinwo, Moses Adigwe and Evelle.

    For the show which begins in March, auditions are expected to hold between January and February across five Nigerian cities, including Benin City, Port Harcourt, Abuja, Ibadan and Lagos.

  • ‘Befitting capital city underway for Imo’

    Imo State  has restated its resolve to give a befitting capital city to the people.

    Governor Rochas Okorocha said over 60 per cent of government’s capital projects are sited within the Owerri territory to achieve this objective.

    Okorocha, according to a statement by Unadike Williams on behalf of his Senior Special Adviser (Media), stated this while inspecting the ongoing construction of drainage within the Works Layout and Amakohia areas of the state capital.

    The governor, who said erosion had remained a major challenge in the areas, pointed out that a number of houses are threatened following several years of neglect and lack of attention by previous administrations.

    He said his administration had embarked on construction of drainage within the Works Layout, through Imo State University to Amakohia, which will be channelled to the Nworie River.

    Okorocha added that the measure would bring a permanent solution to erosion problem in the area.

    He urged the contractor to hasten up the job in order to ensure its completion before December.

    He stressed that his administration has made remarkable achievements in the infrastructural development of the state capital in order to position it as a tourist haven.

    He also disclosed plans for the creation of a new city road network to help improve traffic situation.

  • Peugeot share issue underway as new board meets

    Peugeot share issue underway as new board meets

    French carmaker PSA Peugeot Citroen launched the second stage of a long-awaited three billion euro, about $4.2 billion, capital increase to fund its “Back in the Race” recovery plan and tie-up with China’s Dongfeng .

    As its new board met on Tuesday, the troubled firm surprised markets by issuing more stock than expected at a larger discount to raise 1.95 billion euros from existing shareholders.

    Peugeot shares surged in afternoon trading, outpacing a broader European stock rally on hopes that recovering regional demand can help the recapitalized carmaker rebound.

    The rights issue, in addition to a 1.05 billion stock sale to the French state and Dongfeng Motor Group, allows investors to purchase seven new shares at 6.77 euros for every 12 held, a 41 per cent discount to Monday’s comparable closing price.

    That means future dividends will be divided among 877 million outstanding shares, a greater number than many analysts had anticipated.

    “Our share price target is likely to halve on the back of this transaction,” said Mike Dean of Credit Suisse.

    The extent of existing shareholders’ dilution is “further negative news for Peugeot following an underwhelming ‘Back in the Race’ presentation,” the London-based analyst said.

    But the stock reacted positively, building on tentative morning gains to close at 12.73 euros – a 10.6 percent advance excluding the mechanical effect of a parallel warrants issue that had cut the price by 1.53 euros overnight.

    The rally was “probably a reflection of people being relieved” at the company’s refinancing progress, said Erich Hauser of ISI Group, which had trimmed its Peugeot rating to “neutral” from “strong buy” following the February 14 strategy presentation by new Chief Executive Carlos Tavares.

    The former Renault second-in-command has pledged to simplify model lineups and slash production costs in pursuit of a 2 percent operating margin goal for 2018, rising to 5 per cent by 2023.

    The capital hike will see the French government and state-owned Dongfeng each acquire 14.1 per cent of the carmaker, which posted more than seven billion euros in net losses for 2012-13, as well as take two board seats each.

    Meeting for the first time on Tuesday under new Chairman Louis Gallois, the board named his predecessor Thierry Peugeot as one of three vice-chairmen, alongside representatives of Dongfeng and the French state.

    Peugeot said the rights issue subscription period would run from May 2-14, underwritten by a syndicate led by BNP Paribas, Morgan Stanley and seven other major banks. Settlement, delivery and listing of the new shares will take place on May 23.

    The deal terms imply that Peugeot shares would be valued at seven times forecast 2015 earnings after the capital hike, compared with a multiple of 4.1 beforehand, Paris-based brokerage Exane said.

  • Sequel of Segun Arinze’s ‘Black Arrow’ underway

    If there is one nickname that has stuck on actor Segun Arinze, it is ‘Black Arrow’, the name of a ruthless criminal character he played in a film entitled ‘Silent Night’. Leveraging on the success of that flick, producer Chico Ejiro is about to continue the story in a sequel he called ‘The Return of Black Arrow’.

    Ejiro, through his Grand Touch Production outfit, is already asking for applications by interested actors for the new job. In a social media message, the producer announced that auditions for the job will hold on November 5th, 2013, revealing that stunts would be needed.

    A very emotional story in the wake of the Nollywood era, in which a father had to sentence his own son to death by firing squad, Arinze played a spectacular role as the leader of an armed robbery gang in this 1996 trilogy. He held viewers spellbound with his lines which really reflected his ruthless nature. His characteristic neck-twitching also added colour to his character.

    Ejiro said the audition holds at his number 6, Tafawa Balewa Crescent office, Surulere, and that priority will be given to members of Actor Guild of Nigeria (AGN), Association of Nigerian Theatre Practitioners (ANTP) and National Association of Nigerian Theatre Arts Practitioners (NANTAP).

  • Tonto Dikeh’s music video underway

    WEEKS after dropping her debut singles, controversial Nollywood actress, Tonto Dike is already in the editing suit as work begins on her recently shot musical video. Tonto is leaving no stone unturned as she hopes to make the best out of her music venture.

    Despite the less than enthusiastic response to her singles, she makes good on her promise to remain in the Nigerian music industry. She said that she would follow up her singles with videos and she is doing just that.

    It could be recalled that she was recently rumored to be signed onto D’Banj’s DB Records which she denied but she revealed that she would be willing to sign onto the label if the offer is good.