Business

Virgin Atlantic May Fold Without State Help-Branson

Published

5 years ago

April 21, 2020

British tycoon, Richard Branson, has warned that his part-owned airline Virgin Atlantic will collapse unless it receives financial aid from the United Kingdom government to weather the coronavirus crisis.
“We will do everything we can to keep the airline going but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for,” Branson said in a letter to employees seen by media.
Airlines around the world are on the financial ropes as government lockdown orders and border closures have forced them to ground most of their planes.
“This would be in the form of a commercial loan — it wouldn’t be free money and the airline would pay it back,” he added after the billionaire faced criticism following the airline demanding that staff take unpaid leave during the COVID-19 outbreak.
“The reality of this unprecedented crisis is that many airlines around the world need government support and many have already received it,” Branson added.
“Without it there won’t be any competition left and hundreds of thousands more jobs will be lost, along with critical connectivity and huge economic value,” the letter went on.
Virgin is reportedly seeking £500 million ($612 million, 564 million euros) in state help.
British no-frills, airline EasyJet, recently secured a £600-million loan from the British government, which is dealing with airlines on a case-by-case basis rather than heeding to Virgin’s demand for a multi-billion-pound state-funded pot for the entire UK airline sector.
In his letter to staff, Branson referred to “lots of comments” about his wealth and a duty to prop up Virgin Atlantic and offer financial help to staff from his own pocket.
But he insisted that figures being published regarding his net worth were based on the value of Virgin businesses before the coronavirus pandemic, rather than “cash in a bank account ready to withdraw”.
He added: “Today, the cash we have in the Virgin Group and my personal wealth is being invested across many companies around the world to protect as many jobs as possible, with a big part of that going to Virgin Atlantic.”

Business

Angola’s TelCables to boost Nigeria digital connectivity

Published

3 hours ago

December 13, 2024

The Tide

Rack Centre, the leading Tier III Carrier and cloud-neutral data centre in the West African region, has expanded its reach of available interconnection services with TelCables Nigeria, a subsidiary of Angola Cables, which opened a new Point of Presence (PoP) at its facility.

With the presence of TelCables Nigeria, a subsidiary of global ICT solutions and services provider, Angola Cables is set to boost low-latency interconnectivity and Cloud access across West Africa, significantly advancing the region’s digital infrastructure.

CEO, Lars Johannisson, Rack Centre, welcoming TelCables Nigeria to the facility, highlighted the ongoing expansion of Rack Centre’s Lagos campus with the near completion of the LGS 2 Data Centre, which will bring the facility’s total capacity to 13.5MW of IT power and 7,200 square meters of space.

He said: “The is a major step for Africa’s digital development as access to the infrastructure necessary to drive and expand digital ecosystems across the continent, boost innovation and ultimately drive economic growth within Nigeria and across the continent will be readily available”.

He explained further that the LGS 2 data centre has also been developed to ensure AI-readiness that allows for enhanced data processing and storage capabilities, which are critical for businesses and organisations that are embracing artificial intelligence and machine learning.

“Once completed, operators like TelCables, hyperscalers, businesses, telecom operators, and service providers will have access to world-class, carrier-neutral and cloud-neutral infrastructure to scale their digital operations securely. This will ultimately foster economic growth in Nigeria and the West Africa region”, he stated.

Emphasising the importance of the strategic expansion by partnering with Rack Centre, Fernando Fernandes, CEO of TelCables Nigeria and West Africa, explained that “Our partnership with Rack Centre is part of a greater vision, and if we can do this together, we are setting the right course for Africa’s future prosperity as a contributor to the rapidly evolving digital economy”.

The strategic expansion aims to significantly enhance digital connectivity across West Africa using the extensive Angola Cables backbone network to support businesses and communities obtain easier, more affordable access to digital content and services.

Leveraging Angola Cables’ robust SACS and WACS subsea cable systems, the new PoP will enable efficient routing of data traffic to South America, the U.S., and Europe through the EllaLink subsea cable.

This infrastructure not only enhances standard routing but also offers redundancy options for improved resilience and reliability.

Rack Centre stands out with its Power Usage Effectiveness (PUE) of 1.35, the lowest in the West African region, along with a sustainable energy generation mix that sets it apart from competitors.

The LGS 2 Data Centre embodies innovation and sustainability through its adoption of green practices and AI-readiness.

In June 2022, Rack Centre became the first International Finance Corporation (IFC) EDGE certified data centre in Europe, the Middle East and Africa.

This officially makes LGS2 the first Green Certified Data Centre in Africa. It is the most connected facility in the region according to its PeeringDB ranking and links every country on Africa’s Atlantic coast.

Business

Dangote Refinery Exports PMS to Cameroon

Published

3 hours ago

December 13, 2024

The Tide

Dangote Refinery and Neptune Oil jave jointly announced the first-ever export of Premium Motor Spirit (PMS) from Dangote Refinery, Africa’s largest oil refinery, to Cameroon.

In a statement yesterday, Dangote said the milestone achieved was as a result of the strategic collaboration between the two companies, and also underscores their commitment to strengthening economic ties between Nigeria and Cameroon while meeting the region’s growing energy demand.

Alhaji Aliko Dangote, President and CEO of the Dangote Group, stated: “This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people”.

Director and Owner of Neptune Oil, Antoine Ndzengue, emphasized that “This partnership with Dangote Refinery marks a turning point for Cameroon. By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently”.

The collaboration between Dangote Refinery and Neptune Oil does not end with this first export. Both companies are exploring new initiatives to establish a reliable supply chain that will help stabilize fuel prices and create new economic opportunities across the region.

For Nigeria, this export showcases Dangote Refinery’s ability to meet domestic needs and position itself as a key player in the regional energy market. It represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

Business

NCDMB Tasks Media Practitioners On Effective Reportage

Published

3 hours ago

December 13, 2024

The Tide

The Nigerian Content Development and Monitoring Board (NCDMB) has charged media stakeholders on effective reportage of its activities and initiatives, saying the Media is an integral partner of the Board.

Executive Secretary of the NCDMB, Engr. Felix Omatsola-Ogbe, gave the charge in his opening remark at the 2024 Capacity Building Workshop for Media Stakeholders organized by the Board recently for Journalists in Port Harcourt, the Rivers state capital.

Tagged, “Role of Media and Communication in Sustaining the Tempo of Nigerian Content Development”, the Workshop focused on enhancing the capacity of media professionals to effectively report and promote Nigerian content initiatives.

Represented by the General Manager, Corporate Communications and Zonal Coordination of the Board, Barr. Esueme Dan-Kikile, the NCDMB Scribe emphasized the crucial role of the media in driving awareness, advocacy, and public understanding of policies and programmes aimed at fostering local content development in the nation’s oil and gas industry.

He stated that the workshop aligns with the Board’s commitment to leveraging communication and media partnerships to sustain progress in Nigerian content implementation and ensure active stakeholder engagement.

Ogbe, who commended the Media for their collaborative efforts with the Board, also revealed that the current management of the NCDMB tends to partner stakeholders in the education sector to deploy better and more qualified teachers to rural communities through a new initiative of the Board tagged, “Back to the Creek”.

“This is about the 14th year since the establishment of the NCDMB, and the media has been a very integral partner to the Board. And so this yearly workshop is being organized to train and retrain media practitioners across the country because of the important role the media has continued to play in their collaboration with the Board.

“Under the present management of the NCDMB, we’ve an initiative called ‘Back to the Creeks’ in which the Board, in partnership with stakeholders in the education sector, tends to provide some support in terms of educational facilities and infrastructure in the rural communities to attract qualified teachers to those places so that children and students in the rural areas could acquire good education and become better citizens of the nation too”, he said.

In a presentation titled “Implementing Nigerian Content New Contracting Guidelines in line with the Presidential Directives on Local Content”, Senior Supervisor, Projects Certification and Authorization Division of the NCDMB, Engr. Bashir Ahmed, said the Board was created by its enabling law due to the need for value retention in the oil and gas industry and associated ones.

He noted that with deliberate commitment of the Board in job creation and ensuring competency, while also fast tracking in investments in the oil and gas sector, the NCDMB, which had previously secured a distance 27th position in the Presidential Ease of Doing Business (PEDBE) index in 2019, has now moved upwards to first position between 2022-date, saying the Board has reduced its touch steps from nine to five, following consultation with stakeholders in both the NNPC, OPTS and others.

Giving an overview of the Nigerian Content Measurement Metrics, General Manager, Midstream Monitoring and Evaluation of the NCDMB, Ms. Tassalla Tersurg, stated that there were three approaches to monitoring and evaluation in the Board, noting that they include performance, compliance and intervention monitoring.

Meanwhile, Management of the Board has said key elements of sustaining Nigerian Content Development includes, Policy Implementation and Enforcement, Capacity Building, Promoting Local Manufacturing, Funding and Financial Support, Innovation and Technology Adoption, and Stakeholders engagement, including making the best use of Media and Communication stakeholders, amongst others.

Highlights of the event were panel discussions, moderated by the Manager, Corporate Communications of the Board, Dr. Obinna Ezeobi, with the themes “Sustaining the Tempo of Nigerian Content Development”, and “Relevance in the Face of Changing Dynamics: How Can Media Practitioners Reinvent Themselves?”

By: Ariwera Ibibo-Howells, Yenagoa