Connect with us

Economy

NLNG to Fully Localize Shipping Arm 2022

Published

on

NLNG Shipping Arm

By Adedapo Adesanya

The shipping arm of the Nigerian Liquefied Natural Gas (NLNG), NLNG Ship Management Limited, (NSML) has recorded 84 per cent of its localisation process and should be fully “Nigerian” by 2022.

The protectionist process known as Nigerianisation will see only Nigerians running the shipping firm, according to the Managing Director of NSML, Mr Abdulkadir Ahmed.

Speaking at the weekend, he said that at the end of next year, there will no foreigner working with the shipping of the company as every position would have been taken over by Nigerians.

“The target is 100 per cent by 2022, However, recognizing the international nature of our trade, we felt it was expedient to allow for some mixture as we keep up to 85 per cent Nigerians and fifteen per cent foreign sailors so as to be able to reap the benefits of what is happening in the world,” Mr Ahmed said.

ALSO READ  Nigerian Stocks Gasp for Air Amid Negative Investor Sentiment

He explained that the Nigerianization of the NLNG Ship Management Limited started from inception with a policy to localise the shipping company.

He said; “Recognizing the international nature of our trade, we felt it is expedient to have some sort of mixture amongst the seafarers, so we are keeping it up with 85 per cent Nigerians and 15 per cent foreigners.

ALSO READ  Nigerian Stocks Weaken Further by 0.34%

‘‘We are doing so as to be able to reap the benefits of what is happening around that world with regards to the seafaring profession.”

NLNG has a total of 23 LNG vessels on long term time charter for deliveries of Liquefied Natural Gas (LNG) from its six-train operation, and one Liquefied Petroleum Gas (LPG) vessel used exclusively for LPG deliveries into the Nigerian domestic market.

Where it becomes necessary, additional third-party vessels are chartered on ad hoc basis, spot or short term, to support NLNG’s cargo deliveries. All 23 LNG vessels are utilised on an integrated scheduling basis.

ALSO READ  European Shares Rise to Highest Level in 5 Months

Currently, NSML’s Fleet Management department manages 11 LNG ships— seven Steam and four Dual Fuel Diesel Electric (DFDE) owned by BGT—ensuring the vessels are operated in line with flag state, class and the global maritime industry requirements.

NSML ensures that these vessels are sea- and cargo-worthy at all times, thereby ensuring that NLNG achieves its aims of delivering cargoes safely and reliably to its customers globally.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Economy

NGX Lists 29.4 billion GT HoldCo Shares at N28.55 Each

Published

on

GT HoldCo Shares

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has finally listed 29,431,179,224 ordinary shares of Guaranty Trust Holding Company (GT HoldCo) Plc on its trading platform.

The stocks were admitted on the exchange on Thursday, June 24, 2021, after the delisting of the entire GTBank equities on the same platform.

Business Post reports that the shares were listed today at a unit price of N28.55.

Last Friday, the stock exchange placed trading in the equities of GTBank on full suspension ahead of their delisting to allow the introduction of GT HoldCo shares.

ALSO READ  Ikeja Hotel to File 2014, 2015, 2016 Financial Statements Next Week

Today, the GTBank shares were removed from the exchange, a total of 29,431,179,224 and were replaced with 29,431,179,224 units of GT HoldCo.

Confirming this development, the NGX in a circular said, “We refer to our market bulletin with reference number NGX REG/LRD/MB16/21/06/18 dated June 18, 2021, wherein the market was notified that trading in the shares of Guaranty Trust Bank Plc (GTB) was placed on full suspension effective Friday, June 18, 2021, in preparation for the delisting of GTB and listing of the Holding Company, Guaranty Trust Holding Company Plc (GT HoldCo).

ALSO READ  Niger Insurance Pays N1.4bn Claims to Customers in Nine Months

“The market is hereby notified that the entire 29,431,179,224 issued shares of GTB were delisted from the daily official list of the NGX today, June 24, 2021, while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were also today, June 24, 2021, listed on the daily official list of NGX at N28.55 per share.

“The delisting of GTB and listing of GT HoldCo on NGX is pursuant to the Scheme of Arrangement between Guaranty Trust Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.”

ALSO READ  Nigerian Stocks Weaken Further by 0.34%

GTBank restructured its business to allow it to offer more services and improve the earnings and value of the company. This led to the change to a financial HoldCo, with GTBank becoming a private company and will operate as a banking institution.

Other subsidiaries were created to offer services in financial technology (fintech), insurance, asset management and other sectors.

Continue Reading

Economy

June 2021 Allocation to FG, States, LGs Drops to N605.96bn

Published

on

June 2021 allocation

By Adedapo Adesanya

The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021.

This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing.

Business Post reports that the amount shared by the three tiers of government for the June 2021 allocation was lower than the N616.9 billion disbursed last month.

Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N242.1 billion, the states received N194.2 billion, while the local government councils got N143.7 billion.

ALSO READ  Oando, 7up Exit NSE-30 Index as Diamond Bank, Others Join

The nine oil-producing states of Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos all received N26.9 billion as a 13 per cent derivation of mineral revenue.

The communique issued by the FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for May 2021 was N181.1 billion as against N176.7 billion achieved in the preceding month of April 2021. This resulted in an increase of N4.368 billion.

ALSO READ  Huge FX Demand Pushes Naira to N364.06/$ at Investors Window

The distribution is as follows; federal government got N25.3 billion, the states received N84.2 billion and local government councils received N58.9 billion.

The distributed statutory revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the federal government received N175.5 billion, states got N89.0 billion, while the LGs got N69.6 billion, and the 13 per cent mineral derivation handed to the nine oil states amounted to N24.666 billion.

ALSO READ  Nigerian Stocks Weaken Further by 0.34%

The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty decreased in the month, meaning only VAT increased in the month under review, although marginally.

The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N357.9 billion, VAT of N168.4 billion, solid mineral revenue of N7.9 billion, exchange gain of N1.7 billion and augmentation from oil and non-oil revenue of N50 billion and N20 billion respectively brought the total distributable revenue to N605.958 billion.

Continue Reading

Economy

National LPG Takes Sensitization to 12 States

Published

on

Domestic LPG

By Adedapo Adesanya

The National Liquefied Gas Petroleum (LGP) sensitization and awareness campaign to reduce gas flare has kickstarted in 12 states across the country.

Speaking at a two-day sensitization and awareness campaign held in Abuja, Mr Dayo Adeshina, the programme manager National LPG expansion implementation plan (NLEIP), said the exercise was the commitment of the climate change initiative to reduce emission by 20 per cent.

He said the National LPG pilot programme, which will start after the sensitization, is to begin in Enugu and Ebonyi States for South-East then to the South-South States of Delta and Bayelsa and in the South West – Lagos and Ogun.

ALSO READ  Kenya Tops Nigeria in Mobile Money Transfers

In the North West are Sokoto and Katsina States; the North East batch will be done in Bauchi and Gombe States while in the North Central, it will kick off in Niger and the Federal Capital Territory (FCT).

He said, “The sensitization awareness campaign is targeted at 12 pilot states, two in each geo-political zone. During the campaign, we will highlight the importance of the LGP to the government and the people.

“Every year almost nine hundred thousand people are affected by the effects of kerosine and charcoal which leads to malaria, the government plan is to display the energy mixture which currently stands at 65 per cent, kerosine 30 per cent, LPG 5 per cent.

ALSO READ  European Shares Rise to Highest Level in 5 Months

“LPG would ensure accessibility, acceptability and affordability.”

Mr Adeshina said to drive the exercise well, an inter-ministerial committee on LPG was constituted and is being headed by the Vice President, Mr Yemi Osinbajo, adding that the composition of the committee shows the commitment of the federal government to the expansion and implementation of LPG in Nigeria.

“So, to make it available, some of the policy directives were worked on and past in 2017, the government will remove necessary bottlenecks,” he said.

ALSO READ  Nigerian Stocks Gasp for Air Amid Negative Investor Sentiment

LPG is a fossil fuel closely linked to oil. As a fuel, it is used for cooking, lighting, and central heating. It is a clean-burning, non-poisonous, dependable and high-performance fuel stored and transported in containers as a liquid, but is generally drawn out and used as gas.

LPG has a very wide variety of uses, mainly used across many different markets – agricultural, recreation, hospitality, calefaction, construction, sailing and fishing sectors – as an efficient fuel.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: