Business
NCDMB, NNPC, Brass Fertilizer sign Shareholders Agreements on Methanol Project
Precious ADELOLA
ABUJA-THE Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation (NNPC), Brass Fertilizer and Petrochemical Company Limited and DSV Engineering on Tuesday signed two key agreements for the construction of 10,000 tonnes per day methanol plant and the 500 million standard cubic feet per day gas processing plant in Odeama, Brass, Bayelsa State.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote signed for the Board, while the Chief Operating Officer, Gas & Power, NNPC, Mr. Usman Yusuf and the Managing Director of BFPCL, Chief Ben Okoye signed for their companies respectively at the ceremony held at the Board’s liaison office in Abuja on Tuesday.
The first agreement was the Accession Agreement between BFPCL, DSV Engineering, NNPC and the NCDMB Capacity Development Intervention Company Limited by Guarantee. It confirms that NCDMB has subscribed to the terms and conditions contained in the company’s Share Subscription Agreement.
The second agreement was the Share Subscription Agreement between BFPCL, DSV Engineering and the NCDMB Capacity Development Intervention Company Limited by Guarantee. This agreement confirmed the allotment of 18 percent of the authorised share capital of the Brass Fertilizer and Petrochemical Company Limited to NCDMB.
In his remarks, the Executive Secretary of NCDMB highlighted the need for indigenous institutions and companies to initiate projects that would create in-country value and employment opportunities for young Nigerians. He insisted that the Nigerian oil and gas industry cannot continue to wait for only international operating oil and gas companies to introduce projects.
He maintained that creating job opportunities for young Nigerians was the best strategy to curtail restiveness and insecurity in the polity.
He hinted that the methanol project provides opportunities to add value in-country and further diversify the utilization of the nation’s gas resources.
He said the 10,000tonnes/day methanol plant will upon completion bring Nigeria onto the world map as one of the top-10 producers of methanol.
“The opportunities provided by this project in jobs creation, gas utilization, and local availability of methanol for primary and secondary users, are massive and we are excited to serve as a catalyst for the realization of the project,” he added.
Wabote also said that the project would create 15,000 jobs during the construction stage and additional 5000 jobs during the operations phase.
He indicated that Methanol can be used for different purpose and can also serve as a key chemical agent in pharmaceutical and agro-chemical industries.
The Executive Secretary commended the NNPC for its role in getting the project to the current stage, expressing hope that the partnership would help to drive the methanol plant to completion.
The Chief Operating Officer, Gas & Power, NNPC, Mr. Usman Yusuf expressed delight that the project was in sync with the President Muhammadu Buhari’s recent declaration of a Decade of Gas and would help to correct the current anomaly whereby 100 percent of the nation’s methanol needs are currently imported. He maintained that that gas was becoming increasingly important to Nigeria’s sustainability and would also play a key role in energy transition. He added that gas is key to food processing and can lead the nation to food sufficiency, industrialization, increase in Gross Domestic Product and power sufficiency.
He added that the two Methanol projects would help Nigeria save foreign exchange and significantly enhancing local production.
The NNPC chieftain congratulated the NCDMB for supporting the methanol projects, which would create a gas hub, petrochemical industry fertilizer plants and condensate refinery.
He also expressed delight that the funding for the critical project was being sourced in-country.
The Managing Director of BFPCL, Chief Ben Okoye stated that methanol can be used to produce 67 items that are used in households everyday. He stated that the company had acquired 600 hectares of land and aspires to attract other entities to the Brass Free Zone. He said the project would become the biggest methanol plant in sub-Saharan Africa.
The NCDMB, NNPC and DSV Engineering on Friday had in January 2021 signed the Final Investment Decision (FID) for the construction of 10,000 tonnes/day methanol production plant by the Brass Fertiliser and Petrochemical Company Ltd (BFPCL), committing equity investment of US$670m.
Business
Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
Business
NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
Business
Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.