By Adedapo Adesanya
The federal government has denied knowledge about an $875 million ammunition deal with the United States which is being purportedly blocked by some lawmakers in that country.
This was disclosed by the Minister of Information and Culture, Mr Lai Mohammed, who described the purported ammunition deal reported in some sections of the media as fake news.
While commenting on the issue with some newsmen on Friday, the Minister said there was no contract of such nature and sum between Nigeria and the US
“There is no contract of arms between the Federal Republic of Nigeria and the United States of America today apart from the 12 Super Tucano Attack Helicopters of which six had been delivered.
“We are quite satisfied with the progress and cooperation that we received from the government of the US on this issue.
“As a matter of fact, six of the Tucano helicopter will be launched on August 3, this year.
“We are not aware of the so-called $875 million arms contract or some helicopters which they said some lawmakers in the US are trying to persuade the president of the US not to honour
“The relationship between Nigeria and the US is smooth and waxing stronger,” he said.
The reaction of Mr Mohammed followed reports that influential US lawmakers were masterminding a hold on a proposed sale of ammunition and attack helicopters to Nigeria over allegations of human rights abuses and anti-democratic actions of the present administration.
The report listed the blocked proposed sale to include 12 AH-1 Cobra attack helicopters accompanied by defence systems, 28 helicopter engines produced by GE Aviation and 14 military-grade aircraft navigation systems made by Honeywell.
But the Minister explained that apart from the 12 AH-I-Cobra attack helicopters of which Nigeria has taken delivery of six, he said he was not aware of any contract as being speculated.
Eaton Calls for Stoppage of Sulphur Hexafluoride Gas
By Adedapo Adesanya
Leading power management company, Eaton Nigeria, has advocated the regulation of sulphur hexafluoride (SF6) gas usage in electrical power distribution networks.
This call was made during the company’s Power & Water Nigeria Exhibition and Conference 2022, an event that connects the Nigerian utility industry.
The event which was organised by Vertex Global services saw the participation of experts and exhibitors from over 20 countries.
The gathering enabled global stakeholders to access engaging technical discussions, on-the-spot assessment of the region’s opportunities in power generation, distribution, renewables, and water & utility sectors; as well as exhibitions from leading local and international suppliers.
During his presentation on the topic, A Call to Action on the ‘dirtiest’ greenhouse gas in clean energy, Mr Charles Iyo, Regional Sales Manager Eaton West Africa said “Sulphur hexafluoride gas which is used in the production of most switchgears remains one of the world’s potent greenhouse gases that adversely affect the environment. 1kg of SF6 is equivalent to 23,500 Kg of CO2 in global warming potential, and each unit of switchgear is estimated to use 2.5 kg of SF6 gas; which makes it devastatingly dangerous to the climate.”
“Government in Africa, especially Nigeria needs to take proactive measures such as implementing new regulations to ban the use of SF6 Gas in switchgear production. Also, regulatory bodies and industry stakeholders need to collaborate and elevate industry practice and policies to implement the use of SF6 free technology thereby creating a safe and sustainable future,” he added.
Mr Iyo further highlighted SF6-free alternatives that could positively combat climate change, saying the adoption of vacuum technology is considered a safe, compact and reliable alternative to SF6 gas in the production of switchgears.
Eaton has been at the forefront of advocating the elimination of SF6 gas globally. The power management company pioneered SF₆ free medium voltage switchgear production in 1960 with Magnefix, a compact solution for distribution system operators.
The various range of SF6 free switchgears are produced with environmentally friendly technology in comparison with the methods used by many other suppliers, which use SF6 as insulation gas.
OVH Energy Rewards Distributors for Outstanding Performance
By Adedapo Adesanya
Leading supplier and distributor of refined petroleum products, OVH Energy Marketing, has rewarded its top-performing lubricant distributors for their outstanding performance at a presentation ceremony held in Lagos.
During the presentation ceremony which happened at Aspamda Market, two qualified distributors who each sold over 1 million litres of lubricants were recognized in line with the management’s commitment to award deserving distributors.
Chucorl Nigeria Limited and Ade De Young Auto Limited, who met and exceeded the set target in the distribution of OLEUM lubricants, were awarded OLEUM branded trucks at the ceremony.
Speaking at the event, the Chief Executive Officer, OVH Energy Marketing, Huub Stokman posited that the ceremony was organized to reward top-performing distributors as well as inspire others through their exemplary feats.
“Our distinctive progress as the leading downstream oil and gas company is built on the commendable dedication and support of our partners as well as the contributions of our staff. I applaud the awardees and other OLEUM distributors for their diligence and resourcefulness in making sure that the OLEUM range of lubricants remains a market leader,” he said.
“Oleum is a product made in Nigeria, by Nigerians, for Nigerians. Our dream is to formulate the best lubricant available in the Nigerian market at a very affordable price. The hard work of our partners continues to contribute immensely to the growth of the organization and for that we are thankful,” he continued.
Commenting at the presentation ceremony, Mr Lateef Adeleke, owner Ade De Young Auto Ltd., an awardee said “I appreciate the company for this initiative to reward distributors with branded trucks. Rewarding deserving distributors with the branded trucks is a thoughtful initiative from OVH Energy Marketing.”
On his part, Mr Oliver Jacob, CEO Chucorl Oil and Gas Limited said “This acknowledgement from OVH Energy Marketing is indeed an incentive to do even more. The trucks will be valuable in strengthening our supply chain and meeting our increasing consumer demand.”
In recent years, OVH Energy Marketing has embarked on diverse empowerment initiatives such as the OLEUM Academy and the Mechanic Oleum Reseller Enterprise Initiative.
OLEUM academy has impacted over 5,000 individuals nationwide through the provision of automotive mechatronics, lubrication, and entrepreneurship training.
The Mechanic Oleum Reseller Enterprise Initiative is an avenue for auto-technicians to boost their income through the sales of lubricants in their workshop.
Capital Market Can Attract Funds to Solve Nigeria’s Infrastructure Deficiency—Yuguda
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has again emphasised that the current infrastructure deficiency in Nigeria can be solved with the help of the capital market.
While addressing the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja over the weekend, he said all that was needed was for the government to partner with the private sector to bridge the infrastructure gap by approaching the capital market for funding.
“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.
“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” the SEC DG said, appealing to the relevant stakeholders to cooperate with the agency to achieve this goal.
He also said for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.
Mr Yuguda acknowledged CIS as a key partner in the commission’s regulation of the market, assuring that the SEC would continue to provide the needed support.
“On behalf of the Board and staff. We will give you all possible co-operation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.
The SEC boss stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can take better decisions.
“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.
“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA bill pending at the National Assembly and that bill has a lot that will revitalize this market,” he added.
In his remarks, the President of CIS, Mr Oluwole Adeosun, commended the SEC for the relationship that exists between the Commission and the Institute and thanked the Management for always supporting the organisation.
“Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.
“You have shown this in your actions since you came into office and we appreciate you for all your efforts, we pray that investors benefit greatly from their investments in the capital market. Thank you for all your support to the CIS Bill,” he said.
The former President of CIS, Mr Olatunde Amolegbe, also thanked the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.
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