Nation
Firm Outlines Progress On Investment, Growth strategy
The Chief Executive Officer of 11 Plc, Mr Tunji Oyebanji, says the company is poised to make progress on its long-term growth plans by investing through the commodity price cycle to capture high-value opportunities, grow earnings and cash flow potential.
Oyebanji gave the assurance while addressing newsmen after a tour to the company’s upgraded facility in Lagos on Sunday.
He said the management of company had invested huge amount, in local and foreign currencies, to upgrade the facility, increase domestic demands and operational efficiency.
According to him, 11Plc is assiduously executing its growth strategy that will lead to sustained improvement in shareholder value.
He noted that the strength of the company’s investment was in its main lines of business which remained a key element of its growth trajectory.
This, he said, include lubricants, Liquefied Petroleum Gas (LPG), Aviation Fuel (ATK) and Petroleum Motor Spirit (PMS).
“The strength of our portfolio and our financial capacity enable us to continuously evaluate our priorities and the pace of investments.
“Barely six years after acquiring the majority stake of ExxonMobil in Mobil Oil Nigeria Plc, 11Plc has invested massively in the facilities and human capital to improve productivity and meet market demands.
“The company has invested heavily in both human and material resources, a feat that has brought tremendous improvement in all areas of its business.
“The new owner is very bullish about Nigeria, we have therefore invested significantly in raising the profile of the company.
“So, we expect it to continue to perform very strongly in years to come.
“With the investments, we are well poised for whatever developments that may come along with the incoming government.
“Of course, you know, there may be policy changes, but we believe that with the investments that we have made, we are well positioned to take advantage of whatever changes that may come with the new government or changes in the economic environment,” he added.
The 11 Plc helmsman said the company had the biggest storage tanks for aviation fuel (ATK) with over 21 million liters capacity and had replaced some loading gantry that were operational before the acquisition.
According to him, the gantry has the capacity to load 70 trucks per day, with four loading arms at full capacity, but currently can load about 35 trucks, per day
He added that the company parades huge four storage tanks for white products.
“Three of the tanks are for petrol with 45 million liters capacity, while one is for aviation fuel with 21 million liters capacity.
On lubricants manufacturing plant, Oyebanji said that the company had done a massive turnaround and currently with a market share of about 20 per cent in the country
On expansion, in terms of LPG, he said the company had increased its investment as part of the efforts to deepen the use of the product, popularly called cooking gas.
He said the company had embarked on expanding its LPG filling plants across the country, while it had already expanded its storage to 8,000 metric tonnes capacity.
He also said the company had already started exploring Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.
“We continue to see improvements and all the investment that has been made in the last few years has contributed meaningfully to the rising profile of 11Plc in the hydrocarbon industry”, Oyebanji said.
The source reports that on April 1, 2017, ExxonMobil sold its 60 per cent majority stake in former Mobil Oil Nigeria Plc to NIPCO Plc, following which the company’s name was changed to 11 Plc.
Nation
An ICT Centre Set To Be Established In Omoku
An Information and Communication Technology (ICT) Centre is set to be established in Omoku, Ogba/Egbema /Ndoni Local Government Area of Rivers State.
The initiative is being championed by the Omoku People’s Forum, a global association of Omoku elites, under the leadership of its President-General, Dr. George Ada Ubah.
As part of efforts to ensure the successful execution of the project, a prominent son of Omoku, Chief (Barr.) Dennis Masi, has been appointed by the Forum as the Chairman of the ICT Centre Project Committee, entrusted with the responsibility of coordinating and driving the initiative to fruition. Upon completion, the ICT Centre is expected to serve as a major hub for the training and empowerment of youths in digital and technological skills, equipping them to actively participate in the increasingly technology-driven global environment.
The project is also widely regarded as a significant step towards positioning Omoku as an emerging ICT hub within Rivers State, fostering innovation, digital literacy, and economic development in the region.
Nation
Concerned Rivers Chiefs For Peace And Development Denies Political Affiliations
Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.
The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.
According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors
‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”
It said the body is led by a team of respected traditional leaders serving as trustees
“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”
The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said
It also described its emergence as a new chapter in grass roots leadership and regional development
Earlier, chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.
Nation
NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes on Investment in The Region
The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.
The two leaders spoke at a business round table organized by NDDCTMA in Port Harcourt
Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.
He said no other persons can do this except sons and daughters from the region.
“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.
“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.
Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.
Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.
“With little threat we have left the city,we have gone to Lagos,we have moved our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.
The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.
He said time has come for potential investors from the region to have a change of heart by coming home to invest.
John Bibor
-
News5 days ago
Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
-
Politics5 days agoAPC Resumes Electronic Membership Registration Nationwide
-
Rivers5 days agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Business5 days ago33 Banks Raise N4.65tn As Recapitalisation Ends
-
Politics5 days agoAlleged Coup: Protests Rock N’Assembly As Detained Officers’ Children, Wives Demand Justice
-
Sports5 days ago
Lewandowski Leads Top Stars Missing From W/Cup Roll Call
-
Nation5 days agoNile University Hosts ICA Nigeria First National Confab On Global Communication
-
Sports5 days agoPara Games: Team Rivers Wins 53 Medals On Day 5 … Director Praise Athletes
