NNPC/Aiteo joint venture launches Nembe crude oil grade - ITREALMS

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The NNPC/ Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new oil grade into the international crude oil market.

A press statement available to ITREALMS by the Chief Corporate Communications Officer, NNPC Ltd. Olufemi O. Soneye, disclosed that the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was revealed at the ongoing Argus European Crude Conference in London, on Tuesday.

VP Osinbajo denies approving NNPC contract, insisting on joint venture financing

ITRealms:

The Vice President, Prof. Yemi Osinbajo, SAN has denied approving the controversial NNPC contract, insisting that what was approved at a time was the financing arrangement, reports ITRealms.

Speaking to correspondent in Bonny, Rivers State, Osinbajo, SAN, explained specifically that the approvals he granted to the NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.

“These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away. The law actually provides for those authorisations. So I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts,” he said.

Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Mr. Laolu Akande, noted that earlier Thursday, he had tweeted on the same matter thus:

“In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures. This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector,” he Akande asserted.

Uboshe Uboshe/GEE

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Nigeria’s 1st Venture Capital Summit gets new date

The maiden Venture Capital Advocacy Summit slated for the Eko Hotel, Victoria Island, Lagos, Nigeria, now has a new date in August, reports ITRealms.

The organisers, Alfe City Company Limited, confirmed this to ITRealms saying that the scheduled for 2nd- 4th August, 2016 will bring together all the critical elements that could facilitate the entrenchment of the venture capital culture in the country.

The company also noted that the change of date from the initial 28th and 30th June, 2016 was to allow all stakeholders adequate time to fulfill their obligations and preparation for a successful event.

“All other elements of the Venture Capital Advocacy Summit remain as previously stated,” the statement said.

The Summit with the theme: ‘Venture Capital and Capacity Development of a New Nigeria Economy’ has the support of the Senate Committee on Trade & Investment and the House Committee on Commerce, which will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors in what would be the first of its kind gathering in Nigeria.

According to Mr Soji Adeleye, Chief Executive Officer, Alfe City Company Limited, the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.

Senator Fatimat Raji Rasaki, Chairman Senate Committee on Trade and Investment said, “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country.

“We hereby convey our commitment to work with you and other stakeholders for the success of the summit and subsequently perform our legislative responsibility to ensure a successful entrenchment of venture capitalism culture in Nigeria.”

Similarly, the Chairman, House of Representatives Committee on Commerce, Rt Hon Sylvester Ogbaga said the committee considered the summit's objectives as very laudable.

"I wish to therefore convey the decision of the committee to collaborate with Alfe City Company Limited in that regard," he said.

The summit objectives include to; Advocate and spearhead the culture of venture capitalism in Nigeria; Open an avenue for translating Nigerians' legendry creativity and entrepreneurship to vital economic power; Bring all stakeholders together to highlight how venture capital could be the missing link in Nigeria's struggle to build a diverse and sustainable economy; Establish a Register for practicing and prospective venture capital operators in Nigeria; Create the machinery for an annual venture capital event as a vehicle for entrenching the culture of venture capitalism in Nigeria.

Nenye Dom/GEE

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