Business
Host Community Monarchs Laud Dangote Plant Director’s Leadership
Prominent Traditional rulers from Dangote Cement Ibese host communities have commended the leadership ingenuity of the outgoing Plant Director, Azad Nawabuddin saying his pleasant personality has boosted the cordial relationship between the cement company and the host communities.
It was a moment of accolades for Mr. Nawabuddin, during a send forth ceremony organized for him by the Ibese Plant to bid him farewell to Obajana where he has been transferred, as the monarchs one after the other took turn to shower encomiums on him.
The Aboro of Ibeseland, Oba Rotimi Mulero described the erstwhile Plant Director as a bridge builder whose leadership and administrative style has influenced better collaborations between the host communities and the Dangote Cement in so many areas.
He said the communities witnessed good projects and enjoyed employment enhancing empowerment programmes during the time of Nawabuddin as the Plant Director and would have wished he stayed longer. “Nevertheless, we are happy that the company management recognized his worth and has decided to second him to a bigger plant after all, the reward for hard work is more work.”
In his own remark, the Olu of Aga Olowo, Oba Kayode Adio Kusoro, said the relationship between the host communities and the Dangote Cement, Ibese has never been more cordial than during the tenure of Mr. Nawabuddin as the Plant Director and that his disposition to the community issues has been very commendable.
“The Plant Director is a good man. He listens to us. He is always concerned whenever we have issues to sort out. And that is why he has also enjoyed our cooperations, the communities, the youths, the women and the royal fathers.”, Olu of Aga Olowo stated.
Amidst applause form the staff and the invited guests, the Head, Social Performance, Ibese Plant, Mr. Ade Ojolowo as part of gestures to eulogize the former Ibese Plant Director and described his administration as very eventful while reeling out some milestones that characterized the stay of Mr. Nawabuddin as the head of the cement plant.
Said he: permit me to share with this gathering, some of the key indicators of the outstanding performance of Mr. Nawabuddin Azad in the course of his leadership of this Plant. His time marked an Increase in Ibese Plant Kilns’ Mean Time Before Failure(MTBF) and reduction in production downtime: Ibese Plant’s Year End average Kilns MTBF was between 181 to 200 minutes until Mr. Azad became the Plant Director. He introduced the use of Asonic Horns and ID fans tipping in all the four Lines to get to the current level of between 580 to 600 minutes. This is over 90% above the budgeted figure of 300 minutes, and has led to significant reduction in production downtime.
“Production volume and dispatch increase: The Plant also witnessed increase in cement production volume from about 6.7 million tons in 2018 to about 7.9 million tons and increase in Cement Dispatch to about 8.0 million tons under the leadership of Mr. Azad.
“In-house refurbishment of Rollers and attendant Forex Savings: DCP used to procure Raw Mills & Cement Mills Roller assemblies for replacement from overseas before Mr. Azad joined Ibese as PD. Procurement of these roller assemblies was stopped through his ingenuity, and in-house refurbishment of the old rollers commenced. This has been successfully implemented till date, with savings of over 500,000 Euros so far.
“Championing of Alternative Fuels Project: Ibese Plant is at the forefront of the DCP’s vision to get into International carbon trading after benchmarking its carbon footprint. Thanks to the introduction of the Alternative Fuels Project, which also has led to the stoppage of importation of expensive & high CO2 emission factor, coal. Agro-waste usage and substitution of coal saved the company 2.77 million USD and 17.3 million USD in the year 2022 and 2023 respectively, and the saving is expected to go higher in 2024 due to the just completed AF projects in all the four lines.
“As a friend of the community, Mr. Azad’s passion for the local communities as critical stakeholders to the Plant is outstanding. Our modest achievements in Social Performance in the last couple of years has been through his personal values and commitment, which has yielded unhindered support and collaboration. We have been able to record some firsts in our intervention programmes, including the Annual community day event; Women empowerment programme; Care for the elders, and Support for the vulnerable during festive periods etc. It is also to his adulation that we have recorded improved social investment delivery, improved relationship with key government functionaries, and overall local content development.”
. . . Tinubu Lauds NNPC Ltd, Partners Over Three Commissioned Gas Projects
In line with its renewed hope agenda, the Federal Government has reiterated determination to utilize Nigeria’s abundant gas resources towards revamping her industrial growth and kick-starting economic prosperity.
Biztellers reports that President Bola Ahmed Tinubu made the assertion while commissioning three critical gas infrastructure projects executed by the NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States, on Wednesday.
The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.
He said, “It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy.”
The President pointed out that from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.
While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.
President Tinubu described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.
He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.
“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas fueled prosperity in our country.
“Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.
Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.
Ekpo commended the President for his leadership and support towards the success of the three projects.
In his remarks, the GCEO NNPC, Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilization of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialization of Nigeria on the back of the enormous gas resources in the country.
Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.
The Nigerian Government has listed her April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited (NGX) platform.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”
Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.
The bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
The retail savings bond product was introduced by the DMO on behalf of the FGN in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.
Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March, according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report, released Wednesday, shows a 0.49 percentage point rise within a month.
Year-on-year, the inflation rate has surged by 11.47 percentage points, compared to 22.22% in April 2023, highlighting the ongoing economic challenges and rising costs for consumers.
The report reads “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%.
“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).
“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”
Prices of food and basic commodities have surged dramatically in recent weeks, as Nigerians grapple with a soaring cost of living and one of the nation’s most severe economic crises.
The crisis has been intensified by the government’s removal of petrol subsidies and the unification of forex windows.
The naira, which had appreciated against the dollar in April, has since plummeted from about N1,100/$1 to roughly N1,500/$1.
Following the latest inflation report from the National Bureau of Statistics (NBS), the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country’s interest rate, currently set at 24.75%.
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