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Edo Assembly members tour 6000bpd Edo Modular Refinery

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Speaker of the Edo State House of Assembly (EDHA), Rt. Hon. Francis Okiye, has said the Edo Modular Refinery being developed by Edo Refinery and Petrochemical Limited with support from the state government would reset the economic base of the state and demonstrate the government’s readiness to deploy innovative means to attract big-ticket investments into the state.
Okiye, who said this when he led the legislative house on an inspection tour of the refinery as part of their oversight function, said, “We are here as part of our oversight function. Edo State Government, as part of its stimulus package to attract investment, appropriated about N700 million to stimulate business activities in the state, for the purpose of encouraging investment which will lead to job creation.
He continued, “When this government came into office, it took this step as part of the stimulus package to create jobs and wealth for the state. The governor briefed us that investing N700 million into the refinery project was not an attempt to take full ownership of the investment but to guarantee that the government was serious when they entered into the Memorandum of Understanding (MoU) with the partners on the project. Inspecting this project, it shows that both parties have lived up to expectations.
Noting that due process was observed in allocating the money for the project, he said, “This is good news as we have seen the outcome of the money appropriated to the executive towards the execution of this project on behalf of Edo people.”
Okiye said the return on investment is direct and indirect employment followed by a chain of benefits accruing to the state as a result of the investment.
Commissioner for Wealth Creation and Cooperatives, Hon. Felix Akhabue, said the refinery has created jobs for Edo people, noting, “A lot of our people have been engaged here as this is the agreement reached with the investors that 90 per cent of those engaged here would be persons from Edo State. The state government also insisted that the materials used for the construction must be sourced from the state”.
Head, Health, Safety, Security, Environment and Community Relations of ERPC, Mr Segun Okeni, said the Edo Modular Refinery is 99 per cent ready and will be completed before the end of September 2020.
Conducting the leadership of the EDHA round the premises of the Edo Refinery, Okeni said when completed, the project will boost the economy of the local community, the state and the country at large.
“It will also help to boost foreign exchange as some of the products will be exported. Our vision is to be able to take care of 80 per cent of diesel demand in the next five years.”
“This is a modular refinery, as we will have four straight products. These are diesel, which makes up 55 per cent of the products; fuel oil, 38 per cent; naphtha, which would amount to less than 10 per cent while the rest would be gas, which will be used to power the process equipment.”
He said the company is working with government, regulatory agencies and the host community to ensure that everyone benefits from the project, noting that part of its corporate social responsibility is the rehabilitation of the Warri-Benin Expressway at the Ologbo axis.

 

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BUSINESS

FIRSTBANK’S CEO, ADESOLA ADEDUNTAN, BAGS FORBES BEST OF AFRICA AWARD

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Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced that its Chief Executive Officer, Dr.  Adesola Adeduntan, has been honoured with the Forbes Best of Africa Award. The award presentation was held on Friday, 11 September 2020 at a virtual event by Forbes in conjunction with the Foreign Investment Network (FIN).

 

The online roundtable discussion themed “Harnessing the financial resources and social capital of philanthropy to making a lasting impact” was supported by the World Philanthropy Network and featured a keynote address by former Nigerian President, Chief Olusegun Obasanjo (GCFR). The opening remarks was presented by Mrs. Olayinka Fayomi, Chairman, Foreign Investment Network (FIN).

 

Other award honourees were Captain (Dr.) Idahosa Wells Okunbo, CEO of Ocean Marine Security Ltd; Mahmood Ahmadu (OON), Founder and Executive Chairman of Online Integrated Solutions Ltd. Her Excellency Badria Al Mulla, Chairman, International Emirates Business Group (IEBG) was honoured with the FIN Award.

 

The discussions at the event were by Baroness Osamor Martha, Incumbent Member of Parliament, UK; H. E. Prince Dapo Abiodun, Executive Governor of Ogun State, Nigeria; Sir. Chief Kessington Adebutu, Chairman, Premier Lotto and H.E Zulfiquar Ghadiyali, Director at the Royal Office of Sheikh Tahnoon Al Nayhan Abu Dhabi; Mrs. Onikepo Akande, former Minister of Trade and Industry, Nigeria, amongst many others. The closing remarks was by Mr. Nick Kochan, Managing Partner Foreign Investment Network (FIN).

 

Appreciating his award, Dr. Adeduntan said, “I am truly humbled to receive the Forbes Best of Africa Award and I am grateful to the Forbes team for this coveted recognition and award. I owe profound gratitude to our customers; and to the Board, Management and Staff of First Bank of Nigeria Limited and all our Subsidiaries, for their cooperation in delivering the best to our esteemed customers and shareholders, and ensuring that we give back to the society in which we have sustained our business for over 126 years.”

 

“This Forbes Best of Africa award is an incentive to do more in Corporate Responsibility and Sustainability as Africa’s bank of first choice. Therefore, I dedicate this award to my colleagues at FirstBank and its Subsidiaries who are fully committed to our quest to remain truly beyond comparison – a haven of resilience, trust, safety, security, excellent corporate governance, entrepreneurship, professionalism, innovation and customer-centricity,“ he enthused.

 

According to a statement by Forbes “Adesola Adeduntan believes strongly in the importance of doing well by doing good. In March 2020 he spoke at the Edinburgh School of Business about financial institutions’ role as drivers of financial inclusion.”

“In his leadership role at First Bank of Nigeria Limited (FirstBank), Adeduntan is part of a 126-year legacy of sustained development-oriented services. FirstBank is the region’s foremost financial inclusion services provider.”

 

The Forbes Best of Africa Award is for business personalities with a record of creating and building great global businesses that have made far-reaching contributions to the development of Africa.

Only recently the FirstBank Chief was conferred with The Cranfield Alumnus 2020 Award by Cranfield School of Management Alumni and The African Banking Personality of the Year 2019 by African Leadership Magazine.

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OGUN PLANS BUSINESS-FRIENDLY POLICIES

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As part of efforts to ensure Ogun State maintains its lead as the largest industrial hub in Nigeria, the State government says it will continue to implement various business-friendly policies to improve the Ease of Doing Business in the State.
The State Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe made this known at a Fast-Moving Consumer Goods (FMCG) company, Rite Foods Limited, Ososa, Odogbolu Local Government Area of the State during an industrial tour.
Mrs. Longe, in statement signed by her Media Aide, Mr. Ismail Oladipo, noted that the Prince Dapo Abiodun Abiodun-led administration has through its various policies and implementation of different infrastructural projects been addressing the various challenges facing businesses in the State.
“The proactive and concerted efforts of the Prince Dapo Abiodun-led administration to address the challenges facing businesses and make them thrive have birthed different Agencies like the Ogun State Investment Promotion and Facilitation Agency (OGUNINVEST), Ogun State Public Works Agency (OGPWA), Ogun State Enterprise Development Agency as well as the inauguration of the Ogun State Business Environment Council (OGBEC) to thicken the State’s economic base,” she said.
She added that the efforts of these Agencies were already yielding positive results as there are multi-million dollar investments that are about to be commissioned while many more investors  have shown serious interest in setting up factories in the State.
The Commissioner assured that the government was already working on providing relief to industries in the State to help cushion the effect of the COVID-19 pandemic on businesses adding that the 50 percent discount on 2020 Land Use Charge paid before the end of September, 2020 is one of the efforts of government in helping businesses at this time.
The Permanent Secretary, Ministry of Industry, Trade and Investment, Mr. Olu. Ola. Aikulola called on manufacturers in the State to link up with the Ministry on challenges their organization would require intervention and mediation especially if it has to do with other State Agencies.
The Managing Director, Rite Foods Limited who also doubles as the State Chairman, Manufacturers Association of Nigeria (MAN), Mr. Seleem Adegunwa lauded the Ministry for “doing a fantastic job in addressing the challenges faced by manufacturers in the State” adding that the success of the last Ogun State MAN quarterly meeting has also been commended by various manufacturers in the State.
He added that the company sources for 90 percent of its raw materials locally while the proportion of expatriates is only one percent in line with its focus as a truly Nigerian company.
 The Executive Secretary, MAN Ogun State branch, Ms. Motunrayo Elegberun also  lauded the Ministry for the success of the MAN quarterly meeting and appealed to the Ministry to help facilitate meetings with other Agencies of government towards addressing challenges facing businesses in the State.
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BUSINESS

FBN INSURANCE BROKERS HOSTS WEBINAR TO SENSITISE SMES ON RISK MANAGEMENT AND CYBER SECURITY

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FBN Insurance Brokers Limited, a subsidiary of Nigeria’s leading financial services group, FBN Holdings Plc, has announced a webinar to sensitise SMEs on risk management and cyber security. Spearheading discussions at the webinar are seasoned experts on insurance brokerage, cyber security and risk management.

 

The event is themed Risk Management and Business Continuity amidst COVID19 and scheduled for 10:00am on Thursday, 17 September, 2020.  To participate in the event, click here to register.

 

Olumide Ibidapo, MD/CEO FBN Insurance Brokers will speak on Risk Management; Harrison Nnaji, Chief Information Security Officer (CISO), FirstBank will drive conversation on Cyber security and Jamie Eaton, Regional Director, Financial Lines and Client Management, Howden One Insurance Brokers will focus on Cyber Insurance as a risk transfer option for cyber risks.

 

Speaking on the event, Olumide Ibidapo, MD/CEO FBN Insurance Brokers said; “SMEs remain the engine of growth of any economy, especially developing ones like ours and we recognise the indelible roles they play at creating jobs and meeting the economic and social needs of individuals.

 

We are excited with this webinar and implore every business owner to participate, as they will be exposed to very vital information to keep their business afloat and overcome various risks as well as operational challenges, including cyber security threats that have been heightened by the COVID-19 pandemic.”

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