Business
How N’Delta Could Benefit From 10% Oil Equity –Adviser
Plans by the Federal Government to cede 10 per cent of its shares in the Nigerian National Petroleum Corporation (NNPC) joint ventures with oil companies to oil producing communities, especially in the Niger Delta, has raised the question about its relevance to the volatile region.
The Special Adviser to the President on Petroleum Matters, Dr Emmanuel Egbogah, gave hints last week that the payment of the equity would commence in 2010, and had urged the Niger Delta subregion to halt the disruption of oil production to enable them benefit maximally from this gesture.
Though the benefit from the equity would have to wait until the Petroleum Industry Bill (PIB) is passed into law by the National Assembly, The Tide gathered that under this arrangement, oil producing communities would be entitled to 10 per cent of profits made by oil companies involved in the joint venture with the federal government annually.
Such profit would be disbursed to the communities by a body which would hold the funds in Trust for the communities. Going by the PIB, the communities to benefit from the profits include town and villages where oil facilities are found, town and villages which provide access to the passage of facilities that are used for the exploration of oil and gas, and communities where there are oil wells.A source in the presidency told newsmen that, “the profit on every barrel of oil produced can be calculated for the sake of determining the amount that accrues to the communities. Oil producing communities would get their shares of the profit based on what roles they played in facilitating the production of oil. If a particular community engages in militancy and disrupts production, such a community would lose a part of their equity for the period that the production process was disrupted. That is why it is in their interest to facilitate oil production after the bill is passed.”Under the provisions of the PIB, the Federal Government is actually to cede 19 per cent of its equity in the major oil companies. As 10 per cent of this figure will go to oil producing communities, the remaining 9 per cent shares will be taken to the stock market for shares purchase by Nigerians. The NNPC’s shares in the joint ventures include Royal Dutch Shell (55%), Agip (60%), Texaco (60%) Chevron (60%), ExxonMobil (60%) and TotalFinaElf (60%).Commenting on the 10 percent equity, an economist and former financial advisor to the former Head of State General Sani Abacha, Alhaji Abubakar Abdulkadir said that the Federal Government has to be cautious on taking that decision.
Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
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