Tag Archives: Forum

24 Apr

Ghana to subsidise fertiliser for cocoa farmers and halt free supplies

ACCRA (Reuters) – Ghana’s cocoa industry regulator will stop supplying free fertiliser to the country’s cocoa farmers and instead subsidise the products in an effort to create a fairer market, a spokesman for Cocobod said on Friday.

The policy change is one of a series the New Patriotic Party government that won power at an election in December could implement in an effort to liberalise the sector and boost production.

Ghana, the world’s second-largest exporter of cocoa behind neighbouring Ivory Coast, is on track to exceed its 800,000 tonne target for the 2016/17 season.

For years farmers said the distribution of free fertiliser was unreliable, unfair and products went disproportionately to supporters of the previous National Democratic Congress government, a charge Cocobod denied.

At the same time, cocoa experts said the reliance on free products distorted the market by encouraging farmers to wait for government supply rather than budgeting to buy their own.

“The farmers complained that not all of them were getting the quantities that they needed when it was free,” Cocobod spokesman Noah Kwasi Amenyah told Reuters.

The price will be 80 cedis ($19) per 50kg bag, rather than the regular price of 151 cedis, he said, giving no further details.

Cocoa experts including non-governmental organisations say that Cocobod’s new executive is receptive to a policy document they have submitted that aims to stimulate an industry that is one of Ghana’s top earners of foreign exchange and accounts for about 7 percent of gross domestic product.

Read more: Reuters Africa

 

03 Apr

50 Kenyan companies listed in London Stock Exchange Group’s inaugural ‘Companies to Inspire Africa’ report

NAIROBI, Kenya, March 31, 2017

  • Landmark report identifies fastest-growing and most dynamic private businesses across Africa
  • Report shows breadth and diversity of African business, with 42 countries across 7 major sectors represented
  • Highlights strong company performances and the potential for these firms to become the next corporate champions powering Africa’s future economic and social  development
  • UK Secretary of State for International Development, the Rt. Hon. Priti Patel MP joins company CEOs to open trading in London
  • Companies included in the report will be celebrated at an event in Nairobi on 12 May
  • Almost half of the Kenyan companies operate in innovative industries, with 14 companies in the renewable energy space and 11 in technology and telecoms

50 companies operating in Kenya are named today in London Stock Exchange’s inaugural ‘Companies to Inspire Africa’ report. Collectively, Kenyan companies make up 14 per cent of the total number of companies in the report, one of the highest concentrations of high growth companies in Africa. 28 per cent of Kenyan companies operate in the renewable energy space, reflecting the country’s preeminent role in exploring alternative energy production on the continent.

Amongst those from the country are:

  • Cellulant – a mobile commerce company operating a payments ecosystem which connects financial sector customers, Mobile Network Operators and businesses to their consumers
  • D.light – a solar energy company delivering affordable solar home and power solutions for people without access to reliable energy
  • Eaton Towers – owns and manages a network of telecommunications towers in Africa
  • Shop Soko – an ethical fashion brand and mobile technology-enabled supply chain platform

The report in numbers:

  • The report identifies 343 companies from 42 African countries as the continent’s most exciting and dynamic small businesses
  • Companies delivered impressive average compound annual growth rate (revenue) of 16 per cent over a 3 year period 2013-2015
  • Fast-growing companies appear in all regions of Africa. Highest concentration of companies from West Africa with 31 per cent of companies, closely followed by East Africa with 26 per cent and Southern Africa with 22 per cent
  • South Africa, Kenya and Nigeria are the countries with the most companies in the publication, each represented by over 50 companies
  • Fast-growing companies are present across a wide range of sectors
  • There is strong representation from innovative industries, with 22 companies in renewable energy and 40 in technology & telecoms
  • Industry, which covers areas such as oil and gas, construction, manufacturing and chemicals, is the biggest sector , with 23 per cent of companies in the report, followed by Financial Services which includes mobile banking, micro-credit, disruptive technology and Fintech, with 16 per cent, indicating that the continent has great promise for both traditional and more recent economic success stories
  • The 47 consumer services companies corroborate the trend of burgeoning consumer demand and growth of the middle-class across the entire continent
  • Report highlights the important role of female entrepreneurship;12 per cent of the companies in the report are led by female CEOs, three times the average for companies across Africa

Today, company CEOs featured in the report were welcomed to London Stock Exchange Group by the Rt. Hon. Priti Patel MP and Xavier Rolet, CEO, London Stock Exchange Group at a special launch event to celebrate African companies’ success, ambition and uniquely African entrepreneurial spirit. They were also joined by a broad range of Africa-focused investors, as well as senior representatives of African Development Bank Group, CDC Group and PwC, all partners on the report.

International Development Secretary, Priti Patel said: “London Stock Exchange’s first-ever ‘Companies to Inspire Africa’ report is proof of the dynamism and vision of the City of London in supporting Africa’s growing economies.

“Now is the time for UK businesses to seize the opportunities offered by Africa, and the UK Government is supporting the City of London to become the global financial centre for the developing world.

“This will help Africa industrialise faster, trade more and create millions of jobs, driving the continent forward to a future of prosperity, and helping some of the world’s poorest countries stand on their own two feet.”[…]

Read the full story here: APO

 

29 Mar

Japan donates US $906,000 to Mine Action in South Sudan

Last year alone, Japanese-funded teams cleared a total of 1,799,211 sqm, and closed 450 spot tasks including emergency operations by UNMAS Quick Response Teams to survey and clear civilian locations in Juba in the immediate aftermath of conflict in July 2016

JUBA, South Sudan, March 28, 2017

The Government of Japan has contributed USD 906,000 for the mine action project “Humanitarian Mine Action in Support of Conflict Affected Communities in South Sudan.” Over the past five years, Japan has contribution over USD 13 million to mine action operations in South Sudan. Last year alone, Japanese-funded teams cleared a total of 1,799,211 sqm, and closed 450 spot tasks including emergency operations by UNMAS Quick Response Teams to survey and clear civilian locations in Juba in the immediate aftermath of conflict in July 2016.

An estimated 7.5 million people have been directly affected by the conflict in South Sudan since it began in December 2013. Over the past year, the affected population has grown by more than one million. On 8 July 2016, the optimism for peace and socioeconomic development resulting from the Agreement on the Resolution of the Conflict in South Sudan was interrupted by an outbreak of conflict in Juba and several locations in South Sudan. The use of explosive weapons such as rockets, grenades, and mortars has further increased the proliferation of explosive hazards with accident levels in 2015 and 2016 being the highest in the last five years. It is clear that the explosive legacy of war will continue to inhibit social and economic recovery long after the guns have been silenced.

Continued funding from the people of Japan will support a Multi-task Team (MTT) to reduce the impact of explosive hazards, through survey and clearance as well as the provision of Risk Education, for conflict affected communities in Greater Equatoria.  In South Sudan, where 92,840,000 sqm of contamination is known and hundreds of new hazards discovered every month, Mine Action is a critical enabler of humanitarian aid and a key driver of socio-economic development.

The Ambassador of Japan to South Sudan, Mr. Kiya Masahiko stated, “We feel a sense of mission as a peace-loving nation to support mine action in South Sudan as it lays the ground work for the people of this country to cancel out the negative past and to collectively embark on humanitarian and development efforts. Ahead of the International Mine Awareness Day, I wish to answer the global call for mine action with a USD 0.9 million contribution and to invite others to this indispensable mine action led by our long-standing partner, UNMAS.”

Mr. Tim Lardner, UNMAS South Sudan Programme Manager, emphasized the importance of the support from Japan. “Japan has been a reliable and encouraging partner in mine action to South Sudan and to UNMAS.They have always worked closely with us to support the goals of risk reduction to the population through the clearance of explosive remnants of war, but also maintain an important role in working closely with the government of South Sudan, through the National Mine Action Authority. It is great to have such a steady and reliable partner.”

UNMAS currently supports mine action programmes in Abyei (Sudan/South Sudan), Afghanistan, Central African Republic, Colombia, Côte d’Ivoire, Darfur (Sudan), Democratic Republic of the Congo, Iraq, Lebanon, Libya, Mali, State of Palestine, Somalia, Sudan, Syria and the territory of Western Sahara (MINURSO).

Distributed by APO on behalf of United Nations Mine Action Service (UNMAS).

24 Mar

South Africa Committed to Work with Nigeria for a Better Africa in a Better World

South Africa is committed to work with Nigeria for a better Africa in a better world. This was said by the South African High Commissioner to Nigeria Mr Lulu Louis Mnguni. Mnguni was speaking at a welcoming session for the South African business delegation which arrived in Nigeria on Wednesday, 22 March 2017.

The delegation is in Nigeria to attend the trade and investment mission to that country. The mission started on Monday, 20 March 2017 in Ghana and will kick-off its second leg in Lagos, Nigeria today. The mission is organised by the Department of Trade and Industry (the dti).

According to Mnguni, the two countries do not only focus on servicing the interests of their own citizens, but also to consolidate the African Development Agenda.

He added that both South Africa and Nigeria were the leading forces in Africa and as they move towards the regeneration of the African continent they both could play an important role as the two major countries with leading economies.

Mnguni told the delegates that South Africa with its vast wealth of expertise had an advantage of assisting other African countries to diversify their economies.

“To this end our Department of Mineral Resources has been hard at work, working with Nigeria,” he said.

The mission forms part of the dti’s objective to identify and create export markets for South African value-added products, and services. It will also serve to promote South African products, and service offerings, whilst creating business partnerships between business communities of the respective countries.

Sectors targeted for the mission are agro-processing, electro-technical, infrastructure, mining, services and capital equipment. The programme for the mission will include trade and investment seminars, site visits and business-to-business meetings.

Distributed by APO on behalf of The Department of Trade and Industry, South Africa.

20 Mar

Nigerian Government commends Dangote Cement self-sufficiency feat

The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity

The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement (www.Dangote.com) which spare headed the backward integration policy introduced by the government.

Minister for Solid Minerals Development, Dr. Kayode Fayemi who leads a team of the federal government to the Dangote Cement plants in Ibese, Ogun State at the weekend said the government was happy with the leadership roles played by Dangote Cement in executing the backward integration policy in the cement industry.

It would be recalled that the Group Managing Director of Dangote Cement, Onne Van der Weijde had last month whole presenting the financial results of the company for 2016, declared that the Company had commenced exportation of Cement to Nigeria’s neighbouring countries.

He said: “We exported nearly 0.4Mt into neighbouring countries and in doing so, we achieved a great milestone by transforming Nigeria into a net exporter of cement.
“This is a remarkable achievement, given that only five years ago, in 2011, Nigeria was one of the world’s largest importers, buying 5.1Mt of foreign cement at huge expense to our balance of payments. We will increase our exports substantially in 2017.”

Meanwhile, the Minister said it is a success story that Nigeria which few years ago imported over 60 per cent of her cement needs now can produce to meet local demands and still export to other nations, this is highly commendable.

The Minister stated: “As you all know, as the Federal government moves to diversify the economy away from oil, two areas the government is focusing on are agriculture and solid minerals, this is why we are embarking on tour of mining operations across the country to know the challenges they face and what could be done to tackle those challenges.
“What Dangote is doing is marvelous. We need to commend them. The way they led the backward integration policy to turn around our fortunes in the cement industry. I am delighted to see the development here bigger that what I saw the last time. And we are looking at how we can replicate the successes in the cement industry in other non-oil sectors of our economy.”

Dr. Fayemi said besides the mining operations, government was also trying to see how the big plants are being in an environmentally friendly manner as observed in Dangote Cement.

“We need to collaborate and partner in these areas at this time that government is trying to reduce the dependence on oil. We need to tun around our mineral resources just as what obtained in cement sector. When you look at the our solid mineral industry, there is a wide gap between what we can produce and what is consumed, importation in these sector is huge.”

Earlier while welcoming the Minister and his delegation, the Honourary Adviser to the President of Dangote Group, Engr. Joseph Makoju explained that Dangote Cement operates the largest cement mining operations across the country.

He explained that Dangote Dangote cement also operates the largest coal mining to generate power as alternative to gas since the supply of gas has been plagued with incessant disruptions. He added that over 50 per cent of power need of the cement plants are generated from coal.

The Ibese Plant Director, Amando Martines then made a presentation on the Ibese plants, how it was expanded from two lines of 6 million metric tons per annum to four lines and can now produce 12 million metric tons per annum.

Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa, a fully integrated quarry-to-customer producer with production capacity of 29.25Mta in Nigeria.

Its Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines.

The Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta. The Gboko plant in Benue state has 4Mta. The company plans to build new factories in Ogun State (3-6Mta) and Edo State (6.0Mta).

In addition, it has invested several billion dollars to build manufacturing plants and import/grinding terminals across Africa. Our operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (3.3Mta), Tanzania (3.0Mta), and Zambia (1.5Mta).

Distributed by APO on behalf of Dangote Group.

17 Mar

Orange launches its brand in Burkina Faso and strengthens its positions in West Africa

Orange will pursue its development in mobile financial services and 3.75G mobile Internet, where it was the first operator to launch and is today the uncontested leader in Burkina Faso

Orange (www.Orange.com), one of the world’s leading telecommunications operators, announces today the launch of its brand in Burkina Faso. Less than one year after the closing of the Group’s acquisition of Airtel, together with Orange Côte d’Ivoire, this announcement clearly demonstrates Orange’s ambitions for the West African market.

Orange will pursue its development in mobile financial services and 3.75G mobile Internet, where it was the first operator to launch and is today the uncontested leader in Burkina Faso. Its Orange Money solution for international transfers will be further expanded in the West African Economic and Monetary Union (UEMOA). The expansion of its optical fibre network will contribute to increasing its brand awareness as the leading provider of Internet access and connectivity to enterprises. Thanks to an ambitious network modernization plan and the strength of its parent company’s innovation capability, Orange Burkina Faso will bring an incomparable customer experience to its 6.3 million subscribers.

Bruno Mettling, Deputy Chief Executive Officer of the Orange group and Chairman and CEO of Orange MEA (Middle East and Africa), commented: “It is a great honour for the Orange group to inaugurate its presence in Burkina Faso at a time when the country is resolutely engaged in a vast economic development programme. The arrival of the Orange brand testifies to our commitment to providing the benefits of the digital ecosystem to the entire population of Burkina Faso.”

Ben Cheick Haidara, CEO of Orange in Burkina Faso, added: “Today, customers in Burkina Faso are more demanding and the way they use digital services has evolved; we are at a decisive turning point in the development of the telecoms market. Our ambition is to continue the work accomplished in recent years in the mobile money and mobile Internet fields to make Orange the leading partner for Burkina Faso’s digital transformation.”

The launch of the Orange brand in these countries is also an opportunity to welcome the men and women of Orange Burkina Faso and underline their accomplishments in their daily work to offer an incomparable customer experience.

Orange is present in 21 countries in Africa and the Middle East, where it has more than 120 million customers. With 5.2 billion euros in revenues in 2016 (12% of the total), this region is a strategic priority for the Group. Orange Money, its flagship offer for money transfers and mobile financial services is currently available in 17 countries and has more than 30 million customers.

Distributed by APO on behalf of Orange.

17 Mar

Infomineo reveals rising global interest in the Middle East Africa region from Fortune 500 companies

Overall, there was a 17% increase in the number of companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa

The Middle East Africa (MEA) region has become increasingly important for the majority of global Fortune 500 countries, according to a new report released by Infomineo (www.Infomineo.com), a global business research company specialising in Africa and the Middle East.

The report focuses on multinationals looking at entering, or already present, in the Middle East and Africa region. Overall, there was a 17% increase in the number of companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa.

The Infomineo analysis includes the regional footprint of multinationals in the MEA region, the most commonly chosen cities, and the factors which influence the selection of the region, country and city – each element revealing the dynamic growth patterns within the region and a clear trend of Fortune 500 companies establishing some kind of presence in MEA.

In 2016, 196 Fortune 500 companies had established a dedicated regional headquarters in the MEA region. In the Middle-East, Dubai is the most popular choice with 138 companies establishing a dedicated entity in the city. There has also been a marked uptick in companies deciding to cover MEA from outside of the region – 38 companies up from 22 have established a regional headquarters in areas such as London, Brussels and Paris. The leading destinations on the Fortune 500 list include Dubai, Johannesburg, Casablanca, Nairobi, Lagos, and Cairo. Egypt remains behind the leaders due to political instability, however, it has seen a 250% increase in Fortune 500 investment since 2015. Germany and France are leading in terms of coverage rate while China has the lowest presence in the region.

Industry type plays a pivotal role in the selection of city and country. Financial services are more likely to base MEA coverage from London, while technology companies are more inclined towards Casablanca or Lagos. The latter city is also the premier location for organisations looking to manage their operations across Western Africa with 12 Fortune 500 companies already established in the region. Automotive and Healthcare tend to have a presence in both Africa and the Middle East, while Technology is more inclined to having a presence from the outside.

Nairobi, in Kenya, is the leading destination for the FMCG companies and tends to be the top choice for organisations looking to service Eastern Africa. Dubai and Johannesburg are the most popular hubs overall, but both Casablanca and Nairobi are rapidly gaining traction and international awareness. Casablanca has the highest growth rate overall, while Dubai has the highest count. The same can be said for London, which has tripled its number of regional HQs in the region, acting as an MEA hub. Given the geographical proximity and the talent pool present in the city, it could be that London is playing the role of a first step into the MEA region, especially for Japanese and North American companies.

There are numerous factors which impact on the organisation’s selection of a specific city. These include the local market potential, maturity of the industry, existing competitors, political stability and the quality of the employment market, among others. Determining the attractiveness of a location along these clear lines assures the Fortune 500 companies of a stable and profitable investment and significantly mitigates risk. The most attractive cities are Dubai, Johannesburg, Casablanca and Nairobi, and at the lower end of the spectrum, Cairo, Paris, Algiers and Cape Town.

Through this analysis, organisations gain a thorough understanding of markets and factors which ensure a steady base of operations from which organisations can expand into the growing MEA market, and establish brand and identity within the growing middle classes. Infomineo has undertaken in-depth analysis and research on the MEA region, revealing the various factors inhibiting or inspiring Fortune 500 uptake. Further data on the analysis can be found here.

Distributed by APO on behalf of Infomineo.

14 Mar

Johnson & Johnson Names Winners of First Africa Innovation Challenge

Competition Part of Company’s Eighty-Five Year Commitment to Supporting Entrepreneurs, Science Education Opportunities, and Health Systems across the Continent

CAPE TOWN, South Africa, March 14, 2017/APO/ —

Johnson & Johnson  today named the winners of the first Africa Innovation Challenge at the Global Entrepreneurship Congress. The initiative, which received nearly 500 submissions from innovators and entrepreneurs across the continent, sought the best ideas for new, sustainable health solutions that will benefit African communities. The Johnson & Johnson Family of Companies comprises the world’s largest healthcare business and its presence in Africa dates back to 1930, including business operations, public health programs and corporate citizenship. The Africa Innovation Challenge is part of the company’s comprehensive approach to collaborate with and support Africa’s vibrant innovation, education and health systems institutions.

In addition to the Africa Innovation Challenge winners, the company also announced today that it is a major partner of Women in Innovation and the Alliance for Accelerating Excellence in Science in Africa, programs that seek to substantially increase the number of women on the continent working in the sciences. These announcements follow the prior week’s opening of two new Johnson & Johnson regional offices in Ghana and Kenya, which along with our South Africa-based global public health headquarters, will support health system strengthening and public health programs.

“Africa is one of the fastest growing regions of the world, and Johnson & Johnson is proud to support this growth through strong collaborations that encourage innovation and accelerate advancements in the continent’s health systems,” said Paul Stoffels, M.D., Chief Scientific Officer, Johnson & Johnson. “We are seeing a surge of activity among entrepreneurs and health system leaders to develop important solutions that overcome longstanding health and societal challenges. By working together, we hope to bring meaningful solutions to patients and consumers more rapidly, to help cultivate the next generation of scientists, and to support Africa’s entrepreneurial base.”

Africa innovation challenge

The Africa Innovation Challenge, launched in November 2016, solicited novel ideas with a focus on three critical health areas: promoting early child development and maternal health; empowering young women; and improving family well-being. The three winning concepts embraced these themes as well as the goal of creating ongoing, sustainable businesses:

  • Project Agateka (Burundi) – The development of a sustainable solution to support girls who are unable to afford menstrual pads and underwear is an important need for young women. Project Agateka will provide a direct health solution as well as the opportunity for women and girls to generate income in Burundi. With the inclusion of health information, the initiative also provides health education to support improved sexual and reproductive health.
  • Project Kernel Fresh (Liberia) – Project Kernel Fresh sources natural palm kernels from smallholder women farmers, increasing their income. The entrepreneur cold presses the palm kernel oil to be used in organic cosmetics. The project will also create jobs for young women by training them to sell the products throughout Liberia.
  • Project Pedal Tap (Uganda) – Seeking to prevent disease transmission, and a reduction of water use, Project Pedal Tap will develop hands-free solutions for hand water taps in Uganda. The entrepreneurs will create manufacturing capabilities, using mostly recycled materials, which will lead to an ongoing business.

“This was an extremely difficult competition to judge as there were many terrific ideas,” said Josh Ghaim, Chief Technology Officer, Johnson & Johnson Consumer Inc. “The three winning projects demonstrated a strong benefit to local communities and the ability to empower young women, and they also have the potential to deliver ongoing economic support. We look forward to working with these entrepreneurs over the course of the next year to help them build sustainable operations.”

Each of the three winning recipients will receive funding as well as mentorship from scientists, engineers, and operations members from the Johnson & Johnson Consumer Research & Development organization and other areas of the company. […]

Read the full article here: APO

 

13 Mar

GE’s Fuel-Flexible Power Plant Brings Vital Energy Boost to Ghana

Once operational, the 200 MW plant will be one of the most efficient power plants in the country and will generate the equivalent power needed to supply more than one million Ghanaian homes

ACCRA, Ghana, March 13, 2017/APO/ —

  • GE to Provide 200MW Turnkey Power Plant with Consortium Partner to Amandi Energy Limited in Aboadze, Ghana;
  • Tri-Fuel 9E.04 Gas Turbines From GE to Add Equivalent Power Needed to Supply More Than 1 Million Ghanaian Homes;
  • New Plant Will Help Ghana Tackle Energy Deficit.

GE, (NYSE: GE) the world’s premier digital industrial company, today announced the order of a 200MW combined-cycle power plant to be operated by Amandi Energy Ltd in Aboadze, Ghana. The plant will help to add reliable and efficient capacity to the grid to tackle Ghana’s increasing demand for power. The plant’s construction will be overseen by Metka, a leading international engineering contractor.

This turnkey plant will be powered by GE’s 9E.04 gas turbine  with tri-fuel capabilities. Initially fueled by light crude oil, the switch will be made to indigenous gas from Ghana’s offshore Sankofa natural gas field once available.

“GE’s fuel capabilities are unmatched. Having a turbine that is able to switch between fuels can provide increased plant operability allowing for power generation months before the indigenous gas supply would otherwise be available,” said Boaz Lavi, GM for Amandi Energy Ltd, Ghana. “This is crucial in helping Ghana meet its growing power needs.”

GE will also provide the steam turbine, heat recovery steam generator (HRSG), associated balance of plant, and 7-year CSA. Once operational, the 200 MW plant will be one of the most efficient power plants in the country and will generate the equivalent power needed to supply more than one million Ghanaian homes.

“Our customers have complex fuel needs, and this project illustrates the breadth of solutions we are able to deliver to meet their expectations,” said Leslie Nelson, GM Gas Power Systems at GE Power in Sub-Saharan Africa, “We are pleased that our strong regional presence allows us to get power to our customers, like Amandi Energy, quickly and efficiently.”

The rugged 9E can burn more than 50 types of fuels and can switch between natural gas, distillate and heavy fuel oil while operating under full load. GE’s 9E.04 has multiple features that help reduce fuel costs and increase revenue, such as a 145 MW output and 37 percent efficiency in simple-cycle. GE has more than 3,000 E-class turbines installed throughout the world with 143 million combined operating hours.

GE works with the government, corporate customers and other stakeholders in Ghana to support economic growth through infrastructure development in the power, healthcare and transport sectors. In 2014, GE opened a 200-capacity permanent office in Accra, and now has over 80 employees – 95% of which are Ghanaians.

Distributed by APO on behalf of GE.

10 Mar

Aiteo emerges Nigeria’s leading oil & gas company with record 90kpod output in 1 year

The company is confident that its significant gas resources at OML 29 will transform the country’s oil rich Niger Delta region into a power generation hub of repute before long

LAGOS, Nigeria, March 10, 2017/APO/ —

Integrated energy group Aiteo has announced a peak production of 90kpod just one year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29.

Aiteo acquired OML 29 in September, 2015 when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was 23Kbpod. But Aiteo, one of the frontline sponsors of the justconcluded 16th Oil and Gas (NOG) Conference held in the country’s capital Abuja, says it has tripled this figure leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate.

Its CEO and Vice Chairman Benedict Peters said the company grew production from 23kbbl/d upon takeover of operations to a peak of 90Kbbl/d in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150 kbopd and 200mmscf/d. He said: “Our outlook is bright with 3 producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium-to-long term, including full 3D coverage and 2P NNS reserves at 1.6bn bbl. Put simply, we have a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale.”

Aiteo’s ambitious five-year objectives include tackling the power challenges in Nigeria head-on through its legacy investments in the gas-to-power value chain. “This is a testament to our commitment to the transformation of the entire oil & gas value chain into a world-class landscape,” Peters added.

The company’s main subsidiary Aiteo Eastern E&P is also a major infrastructure provider for Nigeria’s oil industry as the operator of the 97km Nembe Creek Trunk Line, an industry-wide evacuation pipeline for produced fluids covering much of the country’s Eastern Delta region.

Aiteo’s Group Managing Director Mr. Chike Onyejekwe said: “Our growth drivers remain strong leadership, high commitment and motivation, technical and commercial excellence and superior asset base. In the next five years, our operations will continue to be guided by these qualities as we leverage our capabilities comparable to oil majors elsewhere in the world. Indeed, the future is Aiteo.”

In the interim, Aiteo says it is developing a pipeline of power generation projects across Nigeria. The company is confident that its significant gas resources at OML 29 will transform the country’s oil rich Niger Delta region into a power generation hub of repute before long.

Distributed by APO on behalf of Aiteo Group.