Business
NNPC shops for private firms to operate Port Harcourt refinery
NNPC shops for private firms to operate Port Harcourt refinery
The Nigerian National Petroleum Company (NNPC) Limited is seeking credible companies to operate and maintain the Port Harcourt Refining Company.
This is coming three weeks after the NNPC announced the completion of the turnaround maintenance phase one at the refinery.
In a statement on its X page on Monday, the national oil company said outsourcing the maintenance of the refinery is to ensure sustainability towards meeting the country’s fuel supply and energy security needs.
According to the NNPC, the operations and maintenance contract scope of work includes refinery business processes; long-term and short-term production/operations planning; production and operations execution; monitoring, reporting and optimisation of operations; maintenance planning (short term); maintenance execution; health and safety; and environmental management.
Others, the NNPC said, are reliability and inspection; process and controls engineering; quality control, quality assurance and laboratory; specialist engineering; environmental management; minor projects; non-hydrocarbon procurement; sub-contractor management; inventory and warehouse management; and turnaround maintenance planning and execution.
The NNPC said applicants must present audited accounts for the past four years (2019, 2020, 2021, and 2022) that include income statement, balance sheet and cash flow statement.
“Provide evidence of your company’s latest credit ratings and the name of the rating agency,” the oil company said.
“Demonstration of a minimum average annual Turnover of at least $2 billion USD for the financial years ending: 2019, 2020, 2021 and 2022 respectively.”
Provide evidence of your company’s latest credit ratings and the name of the rating agency,” the oil company said.
“Demonstration of a minimum average annual Turnover of at least $2 billion USD for the financial years ending: 2019, 2020, 2021 and 2022 respectively.”
The oil company said it is important for applicants to register “your company for participation in this EOI process in the NNPC Ltd /Nipex Tender process portal”.
“All interested bidders who do not provide as requested in Section 5.1 (a- e) above as at 12:00 Midnight, Monday 29th January 2024 will no longer have access to submit the mandatory details,” NNPC said.
“Individual bidders would be duly notified on th the NNPC Ltd /Nipex Tender Portal.
“Thereafter, the bidder would have access to make their submissions on the NNPC Ltd/Nipex Tender Portal.
“All submitted EOIs should be titled “EOI for the Provision of Operations and Maintenance (0O&M) Services for NNPC Limited Port-Harcourt Refining Company (PHRC).”
The firm said all documents should be submitted online through the electronic NNPC Ltd /NipeX tender portal on or before 12:00pm on February 26, 2024.
“The EOI shall be opened virtually, following the deadline for EOIs submission at 12:00 Noon on Monday 26th February 2024, using the NNPC Microsoft Teams. Bidders who have submitted their EOls and external observers shall be invited to attend the virtual live stream bid opening session,” NNPC said.
Business
Naira gains marginally at parallel market as FG plans for diaspora fund
Naira gains marginally at parallel market as FG plans for diaspora fund
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.
On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.
The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.
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The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.
Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.
Naira gains marginally at parallel market as FG plans for diaspora fund
Aviation
Safety: NCAA to audit all domestic airlines, says Aviation minister
Safety: NCAA to audit all domestic airlines, says Aviation minister
Minister of Aviation and Aerospace Development, Festus Keyamo, has said the Nigerian Civil Aviation Authority (NCAA) will carry out a comprehensive audit on all local airlines over safety concerns.
This is coming after a runway incursion incident in which Dana Air’s plane carrying 83 passengers with six crew members skidded the runway at the Lagos airport leading to diversion of flights
The operations of Dana Air were immediately suspended and NCAA directed to commence a comprehensive audit on the airline.
Keyamo spoke on the general audit of all domestic airlines on Thursday when he appeared on Channels TV Politics Today programme.
He said beyond the suspension of Dana Airlines and the ongoing audit of the airline, all other carriers in the country would be audited to guarantee the safety of passengers and the health of the civil aviation industry.
The directive to suspend the operations of the Dana Air was contained in a letter issued and endorsed by the NCAA Acting Director General, Chris Najomo, in Abuja.
It is the second time within two years that the NCAA would suspend the airline’s operational licence over safety violations.
It said the latest action was based on “elevated safety concerns” posed by the airline.
“As a precautionary step, and in accordance with Sec 31 (7) of the Civil Aviation Act 2022, the Authority has imposed a suspension on your Air Operator Certificate (AOC) with effect from 24″ April, 2024 at 23:59 to allow for a thorough safety and economic audit,” the letter partly read.
The NCAA also stated, “The safety audit will entail a re-inspection of your organisation, procedures, personnel, and aircraft as specified by Part 1.3.3.3 of the Nigeria Civil Aviation Regulations, while the economic audit will critically examine the financial health of your airline to guarantee its capability to sustain safe flight operations.”
Business
Anxiety as dollar exchanges for N1,420/$ on parallel market
Anxiety as dollar exchanges for N1,420/$ on parallel market
There are fears prices of essential goods including food items in Nigeria may begin to rise again as naira witnessed a major slide against the United States dollar at the foreign exchange market on Thursday.
The naira fell to N1,309/$ on the official market and N1,420 on the parallel market, according to multiple sources.
This indicates a fall of N90 or 6.8 per cent from N1,330 recorded on Wednesday.
The latest downward trend in naira rate after recording appreciable gain for some weeks followed high demand for dollars.
A report by The Punch quoted currency traders at the popular Wuse Zone 4 market in Abuja as buying the greenback note at N1,340 and selling at N1,420, leaving a profit margin of N80.
In Lagos, a trader Ibrahim Garba told Newstrends that the naira-dollar rate changes almost hourly.
“It was selling at N1,380/$ at 11am today (on Thursday) and by 2pm, it had moved to N1,400/$,” he said.
The naira has this lost 26.2 per cent in two weeks when compared to N1,125/$ on April 12, 2023 on the parallel market.
The Central Bank of Nigeria on Monday approved the allocation of $15.83 million to 1,583 BDC operators.
This was aimed at enhancing liquidity in the unofficial market.
The CBN in a letter to BDCs announced the allocation of $10,000 to operators across the country.
The allocation came at N1,021)$, aimed at stabilsing the foreign exchange market and ensuring accessibility of foreign currency to eligible end users.
Last weekend, the CBN Governor, Yemi Cardoso, said the Naira was declared the best-performing currency globally as of April 2024.
The naira was about the worst currency in March when it fell to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market
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