Page 17 - AfrOil Week 27 2021

AfrOil NEWS IN BRIEF AfrOil

ensure the companies retain their personnel NDEP holds 26th AGM,
in employment. The Working Capital Scheme
is one of the newly introduced products in the approves dividend
Nigerian Content Intervention Fund (NCI
Fund) approved by the NCDMB Governing of NGN7 per share
Council under the leadership of the Minister of
State for Petroleum Resources, Chief Timipre Foremost Independent Integrated Energy Com-
Sylva. pany, Niger Delta Exploration & Production
Target beneficiaries include members of the (NDEP) Plc held its 26th Annual General Meet-
Petroleum Technology Association of Nigeria ing on Tuesday, June 29, 2021, in Lagos, at which
(PETAN) and Oil and Gas Trainers Association its shareholders approved a dividend per share of
of Nigeria (OGTAN), which are commercially NGN7.00, the Company’s 15th year of consistent
viable with a business relationship with either dividend payment.
an International Oil Company (IOC) or major For the second time, the AGM was held vir-
Nigerian Oil Company. tually because of the COVID-19 pandemic and
In statements on Monday, Mulla asserted that Giving details of the Fund, the Executive was held in compliance with Health & Safety
Apache’s interest to expand its activities in the Secretary of NCDMB, Simbi Kesiye Wabote protocols as well as the relevant regulatory
field of research, exploration and production stated that the roll-out date is July 1, 2021, and guidelines.
indicates that the West Desert still has promis- NEXIM would provide matching funds of the The Chairman of NDEP, Ladi Jadesimi, in his
ing oil potentials especially in light of advanced same amount in Naira. He said: “The scheme statement, said though the dividend of NGN7.00
technologies used in the processes. would cover loans for working capital support was significantly lower than its record NGN17
Mulla said that Egypt is committed to imple- and capacity building, invoice discounting and per share for the preceding year, it was a prudent
menting goals of international initiatives meant capacity building, including acquisition of low- approach based on the effects of the COVID-19
to protect the environment and decrease green- end equipment to service short-term contracts/ Pandemic and reflected NDEP’s solid funda-
house gas emissions. service obligations.” mentals and commitment to its growth strategy
The Ministry of Petroleum pays great atten- The Executive Secretary also explained that and cash preservation.
tion to applying environmental conditions, as the maximum amount that can be borrowed by He said that despite the effect of the Pandemic
well as occupational health and safety measures, a single obligor is $1mn or its Naira equivalent, on business operations in 2020, NDEP “demon-
in all aspects of petroleum work, he said. while the tenor of the loan would be up to 12 strated its resilience by meeting all its obligations,
The minister pointed out to implementing months for Working Capital loans and up to 3 attaining new milestones and ended the year in
training programmes for human cadres working years for Capacity-Building loans with morato- profit albeit modestly with staff strength intact.”
in the field of occupational health and safety as rium of up to 12 months. “We rose to the challenges posed by COVID-
part of a project to upgrade the petroleum sector. “The applicable interest rate shall be 5% per 19 and the prolonged lockdown” he said. “The
Meanwhile, Christmann said that the com- annum all-in for Dollar-denominated loans and Board and Management carefully monitored
pany plans to pump more investments during 8% all-in per annum for Naira-denominated industry developments and took steps to reposi-
the coming period to intensify exploration activ- loans and the rate shall be fixed throughout the tion NDEP and its subsidiaries while sustaining
ities and work on increasing production. tenor of the loan. Maximum processing time efficiency and ensuring company survival”. With
Christmann lauded efforts exerted by the shall be 21 working days from the date the appli- a Profit After Tax of NGN1.6bn for the Com-
ministry to protect the environment and abide cant has provided all required documentation,” pany and NGN16.8bn for the Group, he added
by the environmental conditions. he added. that NDEP entered 2021 “on a solid financial
Egypt State Information Service, July 5 2021 He also confirmed that “all applications for foundation.”
the fund shall be through the web and NEXIM He announced the appointments of Gbite
shall develop and avail a dedicated portal to facil- Falade and Adegbola Adesina as the Group
FINANCE itate the process, with access given to designated Managing Director/Chief Executive and Chief
NCDMB staff for monitoring and necessary Financial Officer of the Company, respectively
NCDMB, NEXIM Bank sign functions.” and thanked the pioneer Managing Director/
Transactions that are eligible for funding CEO, Layi Fatona, for coming out of retirement
deal on $30m working support include those connected with oil ser- to hold fort until Falade’s appointment. Both
vice contracts, projects or contracts that boost appointments were ratified by the Shareholders
capital fund for oil firms the operations and viability of a qualifying ser- at the AGM.
Among the highlights of the Company’s
vice providers and transactions for the supply
The Nigerian Content Development and Mon- of low-end assets or other equipment for the operations for the Review year, according to the
itoring Board (NCDMB) and NEXIM (the execution of an oil service contracts from IOCs/ Chairman, was the 15th Anniversary of first oil
Nigerian Export-Import Bank) on Wednesday major NOCs. production from its Ogbele Marginal Oil field,
in Abuja signed a memorandum of understand- Wabote clarified that the Board’s Fund which had produced 20mn barrels of oil, 95bn
ing (MoU) on the administration of $30mn arrangement with the Bank of Industry would cubic feet (2.69bn cubic metres) of Gas and over
Working Capital Fund for oil and gas service continue. He said: Our intervention with the 160mn litres of Diesel as at 2020 year-end.
companies. Bank of Industry is very successful. We audit He also announced DPR’s approval for the
The Fund was conceived by the NCDMB to the process periodically and we have 98% introduction of Hydrocarbon to the Train of its
support the operations of local oil companies compliance in terms of pay back of the loan by Ogbele Refinery, which he said would make the
against the adverse effects of COVID-19 Pan- creditors.” full-fledged refinery “the first of such privately
demic, loss of contracts due to low oil price and NCDMB, June 30 2021 owned and operated in Nigeria.”

Week 27 07•July•2021 www. NEWSBASE .com P17