Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

Read More

NMRC, developers laud Nigeria’s House Price Index

The Nigerian Mortgage Refinance Company (NMRC) and developers of Lekki Gardens have thrown their weight behind the takeoff of Roland Igbinoba House Price Index (RI), the first in the country. Executive Director of NMRC, Mr.Kehinde Ogundimu, who represented his managing director, gave insight into the usefulness of a house price index in Lagos. He pointed out that absence of useful data had been a major challenge to government, home seekers and investors in the drive to make decision about housing market. He lauded President of Pison Housing Company, Mr Roland…

Read More

Ethiopian Airways, first plane to land in Abuja, as airport reopens

The Nigerian Airspace Management Agency (NAMA) will today begin the calibration of the Nnamdi Azikiwe Airport, Abuja in readiness for resumption of flight operations, according to its Managing Director, Capt. Fola Akinkuotu. The resumption of flights today would come ahead of tomorrow’s deadline. T his is coming as Ethiopian Airways flight would be the first airline to land on the rehabilitated N5.5billion runway. The airline’s is slated to arrive at 11am today. The carrier was the only one that operated to Kaduna airport in its brand new B787, otherwise known…

Read More

$100m oilfield chemical investments at risk

The over $100 million investments in oilfield chemical sub-sector of Nigeria’s oil and gas industry is on the brink of collapse, New Telegraph has learnt. Investigations revealed that stakeholders in sub-sector are rising against this major threat to business exasperated by longerthan- necessary tendering cycle in Nigeria, which is six times longer than that of its rival oil producer in Africa, Angola. Former President, Nigerian Society of Chemical Engineers, Dr. John Erinne, has also confirmed this challenge. He told this newspaper on the side-line of Second National Oil and Gas…

Read More

Abuja airport runway ready today –FAAN

  NCAA: Project 99 per cent completed Airport opens Wednesday   The runway of the Nnamdi Azikiwe International Airport, Abuja, would be ready today, two days ahead of the deadline. Managing Director Federal Airports Authority of Nigeria (FAAN), Engr. Saleh Dunoma, gave the assurance in Abuja yesterday. “We will be ready April 17, but we are leaving the remaining two days for the Nigerian Civil Aviation Authority (NCAA). They have to certify that what we have done is in accordance with their standards. “If there is any obseration as a…

Read More

New chair for Trustfund

The Acting Managing Director/ Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Ismail Mohammed Agaka, has been appointed as the chairman, Board of Directors of Trustfund Pensions Limited. Until his appointment as the acting managing director/ chief executive NSITF last February, he was the pioneer general manager, social security development department from September 2015. The new chairman obtained a Bachelor of Science degree in international studies from the Ahmadu Bello University, Zaria in 1983 and a diploma in social security financing from the International Training Centre of…

Read More