Page 13 - DMEA Week 48 2021

DMEA NEWS IN BRIEF DMEA

COMPANIES solutions. Refinery are hereby given notice to pull out of
“We’re proud to support Lamaa’s founding the partnership should the company refuse to
Aramco and Raed invest in team as they continue to break new grounds recognize Eket and Esit Eket local government
areas as landlords,” the release stated.
in the local fintech space.”
fintech startup ARAB NEWS not to allow any parts of Eket and Esit Eket
It called on the Akwa Ibom Governor
Riyadh-based fintech startup Lamaa has territory to be ceded to any other people as
secured a $5.5m investment from Saudi REFINING rumoured during the ongoing remapping of
Aramco’s entrepreneurship arm Wa’ed and Akwa Ibom state.
Raed Ventures. Akwa Ibom community “We hereby call on His Excellency,
The deal represents one of the largest seed governor of Akwa Ibom, that if the rumours
funding rounds in Saudi Arabia. issues quit notice to BUA are true, no part of Eket and Esit Eket territory
Lamaa provides financing solutions, must be ceded to any other people as this will
such as supply chain finance and Buy Now The proposed BUA Refinery with a barrel per never stand.
Pay Later schemes, for small and medium day (BPD) capacity of 200,000 located at I Eno “We call on very strong terms that the state
enterprises. local government area of Akwa Ibom state surveyor General and Attorney general of the
Wa’ed and Raed’s investment will assist was reportedly sacked. state and all relevant authorities, obey court
Lamaa in developing its Trade Receivables In a press release by Itid Afigh Ekid Union, decision and orders on this land,” the release
Discounting System platform, which will signed by Obong Samuel Atang, former said.
enable factoring across thousands of suppliers Chairman of Eket Local Government Area It is on record that the BUA Group
at the same time. and Manfred Ekpe Esq, legal Adviser among entered an agreement with Akwa Ibom
Lamaa was established in early 2021 by others, the people of Ekid and Esit Eket local state government on August 22, 2021, to
Sumeet Khutale, who relocated from London government areas and made available to established a 200,000-bpd capacity refinery
to Riyadh after working with global firms such THEWILL, it was averred that the proposed in the state due to the huge availability of
as Barclays Capital and JP Morgan. land for the refinery belongs to Ekid nation. raw materials and its proximity to regional
“Since our initial launch in March 2021, The release further stated that BUA Group, countries for exports.
Lamaa has grown dramatically, with over owners of the proposed refinery, signed a THE WILL
100 corporate clients in the pipeline and a Memorandum of Understanding with Ibeno
projection of over $1 billion dollars’ worth community on Aug. 22 with the consent STAR refinery tests
of invoices to be soon launched in its of the Ekid nation, a situation which had
marketplace,” said Khutale. provoke restiveness within Ekid and Ibeno numerous types of crude oil
He added: “In addition to supply chain communities.
finance, we will soon start offering B2B Buy “We are now ready to chase away any The STAR refinery of the State Oil Company
Now Pay Later plans, which would be the first investors till justice is done, this is a notice to of Azerbaijan has tested 28 different types of
offering of its kind in the region. We also plan intending investors all over the World who crude oil, head of the SOCAR Turkey Refinery
to expand our company into Egypt, UAE and have interest in establishing on the Akwa and Petrochemicals Business Unit, director
Qatar in the next few months.” Ibom Atlantic Coast. general of Petkim petrochemical complex
Fahad Alidi, the managing director at “We hereby declare that any foreign and Anar Mammadov said at a press conference
Wa’ed, praised Lamaa’s “impressive growth” local investors who do not recognize Eket and for the Azerbaijani reporters, Trend reports.
since it was established, and said: “Lamaa Esit Eket local government areas as landlords Mammadov said that today the refinery
presents the type of entrepreneurial business to any industry proposed for the Stubb’s Creek buys oil mainly from Kazakhstan, Russia,
that not only empowers its own team and should pack and leave the area. Norway, as well as from Tunisia, Morocco,
start-up sector, but can also promote a “This is a quit notice to Bua group and we and the Mediterranean countries.
stronger foundation for other emerging local shall follow up this quit notice as appropriate. “There are some countries buying more
SMEs who use the platform for financing On the interim, the foreign partners of Bus Azerbaijani oil,” director general said. “From

Week 48 02•December•2021 www. NEWSBASE .com P13