Aso Villa Reads for 06/07/2020
Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria
The Nigerian Content Development and Monitoring Board (NCDMB) has signed an equity investment agreement with Duport Midstream Company for the establishment of an Energy Park in Egbokor, Edo State. The Board also signed an equity investment agreement with Eraskon Nigeria Ltd., for establishment of a lubricating oils blending plant in Gbarain, Bayelsa. The Board, in a statement on Friday in Abuja, said that the investments would catalyse industrialisation and was expected to generate about 1,500 direct, indirect, and induced employment opportunities. It said the investments would also have several other spin-off economic activities that would be developed where these projects are located. According to the statement, the lubricating oils blending plant will be the first of such plant in Bayelsa and will have the capacity to produce 45,000 liters per day. It added that it would also enhance the availability of engine oils, transmission fluids, grease and other products. The statement noted that the NCDMB Executive Secretary, Simbi Wabote, signed the Shareholders Agreements and Share Subscription Agreements for the board at its liaison office in Abuja. Voice of Nigeria reports.
The Federal Government through the Nigerian Content Development and Monitoring Board (NCDMB) Sunday announced the expansion of the Nigerian Content Intervention Fund (NCIF) from $200 million to $350 million (135.8 billion). NCIF, initiated in 2017 as a $200 million fund is being managed by the Bank of Industry (BoI) to facilitate on-lending to qualified stakeholders in the Nigerian Oil and Gas industry on five loan product types. Being a part of the Nigerian Content Development Fund (NCDF), the fund is aggregated from the one per cent deduction from the value of contracts executed in the upstream sector of the oil and gas industry. NCDMB said the expansion of the fund by $150 million was part of the decisions taken at the recent NCDMB Governing Council meeting, which held virtually and was chaired by the Minister of State for Petroleum Resources, Timipre Sylva, who is the Chairman of the Council. According to the content development institution, the council approved that $100 million from the additional funds would be deployed to boost the five existing loan products of the NCI Fund, which include manufacturing, asset acquisition, contract financing, loan refinancing and community contractor financing. Guardian reported.
As reported by Nairametrics, the NNPC has effected a major shake-up to enable the corporation to live up to its expectations. The state-owned oil giant, the Nigerian National Petroleum Corporation (NNPC) has effected some major reorganization in the firm. They have announced some new appointments and redeployments as part of the ongoing efforts to strengthen and reposition NNPC for greater efficiency, transparency and profitability in line with the next level agenda of President Muhammadu Buhari’s administration. This was disclosed in a press release by NNPC on Sunday, July 5, 2020, and signed by the corporation’s Group General Manager Public Affairs Division Dr Kennie Obateru. The Group Managing Director of NNPC, Mele Kyari, said the new appointments would enable the corporation to live up to the expectation of her shareholders, Nigerians, and give impetus to the ongoing restructuring within the Corporation, which, he said, was in line with the corporate vision of Transparency, Accountability & Performance Excellence (TAPE).
The Nigeria Sovereign Investment Authority (“NSIA” or “The Authority”)- managers of Nigeria’s sovereign wealth fund, at the weekend announced a total comprehensive income of N36.15 billion in 2019. Although the 2019 profit was lower than the N44.34 billion reported the previous year, the performance has been seen as impressive considering the volatile global and generally challenging local investment environments. Real performance on core activities of the Authority was better than 2018 performance by 35% when currency revaluation income earned in 2018 is excluded, and according to NSIA CEO, Uche Orji, the performance reflects the strength and capability of portfolio and risk management within the institution. Announcing the financials during a virtual conference, Orji said 2019 was quite a favourable year for the Authority in terms of performance. Interest income, a key component of total Income, earned in 2019 was N27.02 billion, representing a 13% increase over the N23.82 billion recorded in 2018 and underscores NSIA’s strategy to generate fixed income returns from securities that generate predictable interest, and steady returns including Eurobonds, Treasury bills and other secured deposits. Business Day reports.
