Connect with us

Business

It’s A Done Deal! Wale Tinubu Shines like a new Penny as he Acquires NAOC

Published

on

 

 

 

As an entrepreneur par excellence, Jubril Adewale Tinubu, CON, the Group Chief Executive, Oando Group, has an uncanny ability to spot new business opportunities and create fruitful partnerships.

His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies.

This, not only speaks to his own success, but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape.

The world-class businessman is once again making waves in Africa’s economic landscape with his visionary leadership and strategic acquisitions, shining once again like a new penny.

Tinubu’s latest move – the historic acquisition of 100 percent stake in Nigerian Agip Oil Company Limited (NAOC Ltd) – is set to reshape Nigeria’s oil and gas industry.

The deal, that has been in incubation since last year September, has finally hatched.

This final acquisition was announced on Wednesday by the Italian oil and gas giant. It was disclosed that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Confirming this in the statement, the Italian oil company said it had obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated in a statement.

The company also said it was developing plans for economic diversification in the country.

Eni said this includes assessing the potential production of agri-feedstock for Enilive bio-refineries and various nature- and technology-based projects, such as clean cooking initiatives to offset emissions.

Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.

Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4 per cent interest in Nigeria LNG.

NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in the statement.

With this landmark acquisition Oando will leapfrog from its current oil equivalent output from 25,000 barrels per day to 50,000 barrels per day.

6 / 100

Business

Nigerian born, Serumu Igberadja, Makes history, assumes  office as IVETA President

Published

on

By

 

 

 

Nigerian born Serumu Igberadja has  made his history as he assumed office as   President of the International Vocational Education and Training Association (IVETA) USA.  Igberadja who was  also the former Vice President of IVETA  East and West Africa, and the CEO of Think TVET Global Consult and Edu Tour Global Limited assumed office January 1st 2025.

With his assumption as the president  of IVETA he becomes the first from West Africa to assumed such position.

The Delta State born is also the Director of International Relations and Business Development at Whitecloud TVET Solutions Ltd.

Igberadja who has  Bachelor of Science  (Ed) and M.Sc in Technical Education and Industrial Technology respectively is a youth leader and a community development advocate who  has special interest in good governance, non-violence, community development, quality education, vocational skills development, sustainable livelihood, and economic development.

Igberadja  is also an Alumnus of the Prestigious International Visitors Leadership Program (IVLP) of the United States Department of State Bureau for Educational and Cultural Affairs.

He has an interest in contributing his expertise to the growth and development of Technical Vocational Education and Training (TVET) for sustainable development across the globe. He is a member of the UNESCO UNEVOC Forum and Skillman International Forum (SIF) Italy. As well, an Assistant Journalist in the Lucubrate Magazine and the Coordinator for the Lucubrate Project Nigeria.

Serumu Igberadja has facilitated several workshops, conferences, and partnerships to promote and advance TVET for sustainable livelihood and development. Notable partnerships with  Lucubrate NKB Norway and University of Nigeria Nsukka(UNN), IVETA and National Board for Technical Education (NBTE), IVETA and UNN UNEVOC Centre, IVETA and Ese Odo Local Government Council, and Linkages with TVET Equipment Manufacturers in Europe, Asia, and America such as Delorenzo Italy, Labtech International, Tesca India, Lucas-Nülle Germany, Lexsolar Germany, and Edibon Spain.

He has featured as Keynote Speaker in several TVET and Youth Development Workshops and Conferences, his recent outing was his participation as Moderator for   ‘Socio Professional Integration in TVET’ at the 2022 WorldSkills Africa Conference held at Swakopmund Namibia organised by the Namibia Training Authority, Keynote Speaker at the 2022 IVETA Las Vegas Conference, the US Africa Institute side event of the 2023 US Africa Leaders’ Summit Washington DC, Official Observer at Worldskills Lyon.

He is expected to rule over  the affairs of IVETA for the next 12 months.

 

During his inaugural speech he promised to enhance global TVET systems by promoting collaboration, sharing best practices, and addressing diverse needs to create impactful, sustainable outcomes. While he also highlighted his strategic priorities for IVETA in the next one year, such as Global Partnerships: Strengthening collaborations with governments, institutions, industries, and global organizations like UNESCO, ILO, and World Bank to drive TVET advancements worldwide, Quality Improvement: Enhancing TVET programs to prepare graduates for the global workforce, focusing on teacher training, student outcomes, and institutional excellence.

  1. Advocacy and Awareness: Promoting positive perceptions of TVET through targeted campaigns, workshops, and community engagement across all regions.
  2. Resource Mobilization: Securing grants and funding to support initiatives that benefit diverse member regions.
  3. Governance and Representation: Ensuring balanced regional representation, strong governance, and efficient resource management to align with IVETA’s mission.

 

IVETA is a network of vocational educators. Its  network includes vocational skills training organisations, business and industrial firms, and individuals and groups interested or involved in vocational education and training worldwide.

It is dedicated to the advancement and improvement of high-quality vocational education and training throughout the world.

 

Continue Reading

Business

Dr. Babatunde Onadeko Appointed as Chairman of AERMP Public Sector Committee

Published

on

By

 

 

The Association of Enterprise Risk Management Professionals (AERMP), Nigeria’s leading body for risk management practice, has announced the appointment of Dr. Babatunde Onadeko as the new Chairman of its Public Sector Committee.

Dr. Onadeko, who also serves as the Chief of Staff to Distinguished Senator His Excellency Otunba Engr. Gbenga Daniel, was inaugurated during the AERMP’s 2024 Year-End Conference and Induction of new members held on Saturday, 14th December, at Victoria Island, Lagos.

The ceremony was graced by notable figures in the industry, including AERMP President Mrs. S. Taiwo Ige, Director-General Olayinka Odutola, and several past and present leaders from related professional bodies like CIBN and the Chartered Institute of Directors.

Notable attendees included Prof. Deji Olanrewaju, Alh. Tijanni Borodo, Dr. Uche Messiah Olowu, Prof. Segun Ajibola, and Dr. Uju Ogubunka.

The event also saw Dr. Ayotunde Coker, CEO of Open Access Data Centres, delivering a keynote address, while Mrs. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, was inaugurated to lead the Women in Risk Management initiative.

In his acceptance speech, Dr. Onadeko, a distinguished fellow of the AERMP, expressed his commitment to leveraging his extensive experience to meet the committee’s objectives, aiming to enhance public sector risk management practices across Nigeria.

43 / 100
Continue Reading

Business

From Business Maverick to Seasoned Politician: The Enduring Legacy of Otunba Gbenga Daniel

Published

on

By

 

In the archives of The Guardian newspaper, a publication dated February 29, 1988, reveals a fascinating story of a young and ambitious businessman, Mr. Gbenga Daniel. At the time, Daniel was the General Manager of H.F-Schroeder (W.A) Limited, a company that distributed Express and Sabiem lifts, Demag cranes, and Hoists.

The article highlights Daniel’s business acumen and strategic vision as he embarked on a European tour to explore new business opportunities. His itinerary included meetings with officials from Express Lift Company Limited in Northampton, Morganite International Limited in London, and Onan International in Peterborough.

Little did anyone know that this young businessman would go on to achieve greatness in multiple fields. After leaving Schroeder, Daniel established his own company, Kresta Laurel Ltd which became the first indigenous lift company in Nigeria. This bold move marked the beginning of an illustrious career that would take him to the pinnacle of success.

Today, Mr. Gbenga Daniel is known as Otunba Gbenga Daniel (OGD), a renowned politician who has made an indelible mark on Nigeria’s political landscape. A two-time governor of Ogun State, OGD has consistently demonstrated his commitment to public service and his ability to drive positive change.

Currently, OGD serves as a senator of the Federal Republic of Nigeria, representing the good people of Ogun East Senatorial District in the National Assembly. His dedication to his constituents and his passion for nation-building have earned him a reputation as a respected and effective leader.

As we reflect on OGD’s remarkable journey, we are reminded that success is often the result of hard work, determination, and a willingness to take calculated risks. From his humble beginnings as a young businessman to his current status as a respected politician, Otunba Gbenga Daniel’s story is a testament to the power of vision, perseverance, and leadership

44 / 100
Continue Reading

Trending News