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EXCHANGE RATE U AR A A A FR AY
Quick Takes OVH Energy Graduates Mechanics
OVH Energy Marketing recently celebrated the graduation of over 200 mechanics from the third edition of the company’s Oleum Academy initiative following successful completion of an intensive three month course aimed at providing professional mechanics with the necessary skills to become automobile technicians. The training offers participants diverse learning mediums including in-class instruction on subjects comprising auto diagnosis, electromotive and workshop management. Inaugurated in Lagos with just 100 mechanics, the Oleum academy was conceived by OVH energy as a corporate investment and skills development programme targeted at bridging the skills gap amongst mechanics in the Nigerian auto-repair industry. The initiative has since grown and was launched nationwide in 2016, with mechanics from Uyo, Abuja and Ibadan coming onboard. Commenting on the purpose of the training, the Head of Lubes, OVH Energy Marketing Ltd, Lilian Ikokwu said: “Our goal with Oleum academy was to create a well-qualified blue-collar workforce who are able to meet local industry demands, by providing the tools and resources required to remain relevant in the dynamic auto maintenance industry.”
FIDELITY GET ALERT IN MILLIONS PROMO
L-R: Divisional Head, Retail Bank, Fidelity Bank, Richard Madebo; Deputy Director, Head, Lagos Office, Consumer Protection Council, Joshua Yakubu; Executive Director, Shared Services/Products, Fidelity Bank, Chijioke Ugochukwu; Regional Bank Head, Fidelity Bank, Obaro Odeghe; and Head Lagos Office, National Lottery Regulatory Commission, Durugo Nwakuche, at the Fidelity Bank ‘Get alert in Millions ‘ promo, in Lagos...recently SUNDAY ADIGUN
Osinbajo: FG Will Rescue Power Sector Chineme Okafor in Abuja The Vice President, Prof. Yemi Osinbajo has said the federal government would work out strategies that would help Nigeria’s electricity market come out of its current operational challenges, especially the financial troubles threatening its growth. Osinbajo made the pledge at a recent two-day power sector conference organised by the National Assembly in Abuja, that through a set of measures, which include a ‘Power Sector Recovery Plan’ being developed by the government with the World Bank, the government was confident it would soon pull the electricity market out from the woods.
ENERGY He claimed that though the present government took over a troubled power sector with lots of operational challenges that were preventing its progress, it would however initiate measures to revive it. “The sector was exposed to severe challenges with respect to market liquidity, forex requirements for market participants, Discos collection and commercial losses, funding for transmission infrastructure, gas debts owed by Gencos, and vandalism of gas pipelines. Let me assure you that this government, from the get go, has been working diligently to address these challenges with the prime end goal of ensuring
the financial viability of the sector to encourage private investments, improved energy efficiency and access to power for all,” said Osinbajo. The Vice President stated that a dedicated team has been set up in his office to study the troubles of the power sector and appropriately advise him and the government on remedial steps needed in this regards. The team, he said, has been able to create a web portal with daily briefing on the operational data of the electricity market to engender transparency in operators’ activities and dealings with the public. While listing some of the strategies the government planned to adopt to get the sector through its troubles,
Osinbajo explained that: “The federal government of Nigeria (FGN) ‘power sector recovery plan’, seeks to identify and implement sustainable measures to resolve the financial shortfalls in the power sector. The World Bank is currently assisting the Federal Government to put together this plan.” “As a responsible government, it is important we pay our electricity bills. My power team is responsible for collating data from each distribution company on debts owed by FGN ministries, departments and agencies in order for FGN to settle our debts and also develop sustainable payment mechanisms for future bills,” Continued on page 22
Nigerian Content Fund: FG to Disqualify Defaulting Contractors Ejiofor Alike Oil and gas companies that default in the deduction and remittance of one per cent of the value of contracts they executed in the upstream sector of the oil and gas industry will, henceforth, be disqualified from participating in tenders for new contracts, the Nigerian Content Development and Monitoring Board (NCDMB) has announced. Speaking in Lagos at a recent stakeholders’ forum on the Nigerian Content Development Fund (NCDF) remittances, the Executive Secretary of NCDMB, Mr. Simbi Wabote also unveiled
ENERGY plans to conduct a forensic audit of the industry to track and recover due payments on the NCDF held by some companies. The NCDF was established by Section 104 of the Nigerian Oil & Gas Industry Content Development (NOGICD) Act of 2010 and provides that one per cent of every contract in the upstream sector of the Nigeria Oil and Gas industry shall be deducted at source and paid into the Fund. Wabote stated that some companies were defaulting in their deduction and remittance on contracts they executed.
He noted that the forum provided a window for all covered entities to understand the channels for paying the one percent NCDF to the Board before the audit, adding that there were no exemptions for players in the upstream sector. He charged companies to make the remittance to the NCDF TSAA account with the Central Bank of Nigeria (CBN) stressing that NCDMB does not operate an account in any commercial bank. Wabote explained that the NCDMB focused the early years in collections, putting in place the operating model for utilisation of the fund, establishing the
NCDF Advisory Committee for efficient governance of the fund and creating confidence and trust of industry stakeholders. “The Board opened up the Fund for utilisation from 2013, based on the approved operating model that segmented 70 per cent of the Fund to financing Commercial interventions and 30 per cent for Developmental initiatives and activities carried out by the Board on behalf of the industry. Under Commercial interventions, the Fund was leveraged to provide 30 per cent Partial Guarantee to commercial banks Continued on page 22
Sale of Petrobras Unit Suspended
A Brazilian federal court at the weekend suspended $5.2 billion sale of state-controlled Petróleo Brasileiro SA’s natural gas pipeline unit to a group of investors led by Canada’s Brookfield Asset Management Inc . In a document seen by Reuters, the Sergipe state-based court ruled the transaction, which was to be closed within weeks, be halted because of discrepancies in the way Petrobras proceeded with the sale. Petrobras said later on Friday that it had been informed about the court’s decision and that it planned to take “appopriate judicial measures” regarding the case, indicating it would appeal. The sale of the natural gas transportation system, called NTS (Nova Transportadora do Sudeste), was the main item of Petrobras’ 2015-2016 divestiture programme.
Auto CEOs Want Fuel Rules Reviewed
The chief executives of 18 major automakers and their US units have urged President Donald Trump to revisit a decision by the Obama administration to lock in vehicle fuel efficiency rules through 2025. In a letter sent late Friday and viewed by Reuters, the chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler Automobiles NV, along with the top North American executives at Toyota Motor Corp, Volkswagen AG , Honda Motor Co, Hyundai Motor Co , Nissan Motor Co and others urged Trump to reverse the decision, warning thousands of jobs could be at risk. On Jan. 13, the head of the U.S. Environmental Protection Agency finalized a determination that the landmark fuel efficiency rules instituted by then President Barack Obama should be locked in through 2025, a bid to maintain a key part of his administration’s climate legacy. As part of a 2012 regulation, EPA had to decide by April 2018 whether to modify the 2022-2025 model year vehicle emission rules requiring average fleet-wide efficiency of more than 50 miles per gallon through a “midterm review.” The agency in November moved up the timetable for proposing automakers could meet the 2025 standards. The auto CEO letter asked Trump to reopen the midterm review “without prejudging the outcome” and praised Trump’s “personal focus on steps to strengthen the economy in the United States and your commitment to jobs in our sector.”
“If the government does not resolve the issue of interest and forex, the result is that if marketers go down, the banks will go down” Chief Executive Officer of Mainland Oil and Company Limited, Mr. Chris Igwe