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FG Moves to Complete Multi-billion Dollar Brass LNG Project

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The Federal Government has pledged its commitment to the completion of the stalled Brass Liquefied Natural Gas (BLNG) project as it seeks for new investors to revive the project.

This was made known by the Minister of State for Petroleum Resources, Chief Timipre Sylva, during an inspection of the project site in Twon Brass, Bayelsa State on Saturday, according to a statement by his Senior Adviser (Media and Communications), Horatius Egua.

According to NAN, Sylva was on inspection of the project with the management of the Greenville LNG, an interested investor, in the BLNG.

Project stalled due to Final Investment Decision

Sylva said that the Federal Government was eager to complete the project which was stalled 17 years ago due to some Final Investment Decision (FID) reasons, adding that it would be completed because of the manifold economic benefits it would bring to the nation.

The Brass LNG with an annual projected capacity of 8.4 million metric tonnes, was initiated in 2005 with the groundbreaking ceremony performed by former President, Olusegun Obasanjo on May 14, 2007.

Federal Government to prioritize project and take investment decision

The minister, who was joined on the project assessment by the Chairman and Managing Director of Greenville LNG, Mr Eddy Broeke and Ritu Sahajwalla, said the government would give the project top priority because of its present policy trust in gas exploration.

He said, “You know the direction of the government as far as gas is concerned. We want to use gas as transition fuel and also to use it to diversify our economy.
“You know that with gas you can get so many things and I have said that we can truly diversify our economy through gas.’’
Sylva who acknowledged the challenges faced in successfully executing the project in the past noted that the government would do everything possible to encourage Greenville LNG investment in the multi-billion dollar Brass LNG.
He said, “We want this project to pull through this time and we will do everything possible to ensure that the Final Investment Decision is taken as soon as possible.
“Greenville LNG is a major player in this sector and we know that they are committed to ensuring that the take-off of this project is achieved. We will continue to discuss and offer the necessary incentives to get this project off the ground.’’

What you should know

The $20 billion Brass LNG project in Bayelsa State was expected to create thousands of new jobs, spur domestic gas demand, generate electricity, create an opportunity to diversify revenue of the Federal government, strengthen the country’s revenue base and turn the country into a dominant geopolitical player in Africa.
The project which was initiated under the administration of President Olusegun Obasanjo, was also projected to help the country monetise part of its vast natural gas reserves and meet the growing worldwide demand for clean energy.
However, the project has been stalled by lack of Final Investment Decision (FID) as well as delays caused by unnecessary bickering, lack of political will.

The post FG moves to complete multi-billion dollar Brass LNG project appeared first on Nairametrics.

Source Here: nairametrics.com

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Harlem Resi Project Heads to Contentious Council Vote

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A controversial proposal for residential towers in Harlem is now in the hands of the City Council. The City Planning Commission on Monday voted in favor of One45, a two-tower project that could bring more than 900 apartments to West 145th Street and Lenox Avenue, of which more than 200 units would be affordable. Ahead of the vote, City Planning Chair Dan Garodnick said the project was an opportunity to “put a dent” in the

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Dollar Jumps Amidst Global Stocks Turmoil, but Dow Jones Closes Higher

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NEW YORK, New York – U.S. stocks finished higher in choppy trading on Monday, buoyed by a rally in tech names.

Earlier in the day shares in China plunged with the Shanghai Composite losing 5.13 percent. Hong Kong’s Hang Seng shed 3.73 percent. Falls were also prominent in London and the UK while the U.S. dollar rallied sharply.

Despite the turmoil elsewhere, in the U.S., the Dow Jones Industrial Average ros

Original Article: bignewsnetwork.com

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Seplat Energy Plc Appoints Odunewu, 2 Others As Non-Executibe Directors

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Seplat Energy Plc has announced the appointment of Mrs. Bashirat Odunewu as an Independent Non-Executive Director of the company, Mr. Kazeem Raimi & Mr. Ernest Ebi as Non- Executive Directors, respectively.

This was disclosed through a notice by the company which was filed with the Exchange and signed by the Director Legal/Company’s secretary, Mrs. Edith Onwuchekwa.

The appointment of the Non-Executive Directors, according to the disclosure, will be effective from 18th May, 2022.

About the appointees

Mrs. Bashirat Odunewu –  Independent Non- Executive Director

Mrs. Bashirat Odunewu is a Banking and financial expert with about 30 years’ experience in the Finance and Banking Industry. Up till June 2021, she served as C-Suite executive, corporate banking (Energy, Natural Resources & Infrastructure), at First Bank Nigeria Ltd, prior to which she was the line executive for their international banking group where she supervised CEOs of the subsidiaries of First Bank in 6 African countries as well as the Bank’s Representative office in China and served as a board member for several of them.

She currently serves as an INED on the board of Leadway Holdings and Non-Executive Director (NED) on the Boards of some African Subsidiary Banks of First Bank Nigeria. She is an Independent NED on the Board of Neimeth International Pharmaceuticals Plc (an NGX quoted company) and is also a member of the Board of Directors for the Franco-Nigeria Chamber of Commerce and Industry where she serves as the Treasurer.

Mrs. Odunewu has experience spanning audit/accounting, corporate & commercial banking, Investment banking and treasury in various financial institutions. She has specialized in Oil and Gas financing projects and led notable successful syndications for acquisitions and development. She has been the recipient of several Merit Awards in the organizations she has worked in recognition of her stellar performance

Mr. Kazeem Raimi – Non-Executive Director

Mr. Kazeem Raimi is a nominee of Platform Petroleum Limited replacing Mr. Austin Avuru who stepped down from the Board of Seplat Energy on 1st March 2022. Mr. Raimi is presently the Executive Director, Commercial for Platform Petroleum Limited. Previously with Seplat Energy as General Manager, Commercial, Mr. Raimi was charged with the responsibility for driving commercial, economics, valuation, planning and treasury activities across the entire organisation. He also served previously as Manager, Corporate Planning and Economics at Seplat Energy.

Mr. Raimi has extensive experience in project economics and risk analysis having been Lead Petroleum Economics and Commercial Advisor at Addax Petroleum Nigeria where he also served in different capacities. Prior to this, Mr. Raimi served as Treasury Manager at Cadbury Nigeria Plc and Finance Analyst at Citibank Nigeria Limited. He had significant involvement in commercial and economic evaluations of new ventures, farm-in and company acquisition opportunities with a thorough appreciation of tax, fiscal issues and project economics especially as they relate to Nigeria, Gabon, Iraq and Cameroon.

In addition to his role at Platform Petroleum Limited, Mr. Raimi also serves as a Non – Executive Director at PNG Gas Limited and Ase River Transport Company Limited.

Mr. Ernest Ebi – Non-Executive Director

Mr. Ernest Ebi is a nominee of Shebah Petroleum Development Company Limited (BVI) replacing Dr. A.B.C Orjiako who will step down from the Board of Seplat Energy on 18th May 2022 after the Annual General Meeting. Mr. Ebi is an executive whose vast experience in the banking and finance industry spans over four (4) decades. From June 1999 to June 2009, he was appointed as a Deputy Governor at the Central Bank of Nigeria, Nigeria’s apex bank, where he covered policy and corporate services portfolios. Prior to this, Mr. Ebi held several executive positions in the banking industry in Nigeria and the United States of America. He was the Deputy Managing Director in Diamond Bank Ltd where he led the bank’s financial services marketing strategy & initiatives for new business development amongst others.

Mr. Ebi served as the Board Chairman of Fidelity Bank Plc (2016 – 2020) and AIICO Pension Managers (2010-2021) and currently serves as an Independent Director on the Board of Dangote Cement Plc., Julius Berger Nigeria Plc., Coronation Capital Ltd, and Coronation Asset Management Ltd.

Mr. Ebi is also a Fellow, Chartered Institute of Bankers, FCIB and Fellow, Institute of Directors Nigeria (F.IOD). Mr. Ebi has a very distinguished career within the Banking and financial services industry and has undertaken several leadership courses in Harvard Business School and Oxford Said Business School.

 

The post Seplat Energy Plc appoints Odunewu, 2 others as Non-Executibe Directors appeared first on Nairametrics.

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