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OAU, Others To Benefit From Duport Midstream Internship

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By Joseph Kanjo, Benin

Obafemi Awolowo University, OAU, Ile-Ife and five other top Nigerian universities are to benefit from internship of Duport Midstream Company Limited (DMCL), an energy park, as soon as the company kicks start operation.

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Dr. Akintoye Akindele, the Chief Executive Officer of the company who made the disclosure during an inspection tour of the facility alongside other partners in Egbokor, Orhionmwon Local Government Area of Edo State, said 100 students drawn from Engineering departments, OAU, would be taken for internship as soon as the company kicks off operation, April, 2022.

According to him, second phase of the internship would accommodate six hundred students of Engineering departments from six top Nigerian universities, adding that they would be renumerated based on the nation’s minimum wage.

L-R: Kunle Soriyan, CEO, Africa House; Dr Benedicta Oyiana, Partner, Platform Capital; Lerato Molebasti, board bember, Platform Capital South, Africa; Tosin Odunsanya, Director, Duport Midstream; Kenny Nwosu, CEO Norsad Capital; Teshome Nkrumah, Deputy High Commissioner, Canadian High Commission; Dr Akintoye Akindele CEO, Duport Midstream, Oteng Sebonego, Investment Director, Norsad Capital; Gregory Georges, CEO, West Indies Oil Company, Antigua; ,Adeola Ajibade, Partner,  Platform Capital South Africa; Prof. Eyitope Ogunbodede, Vice-Chancellor OAU; Prishani Satyapal, Partner, Platform Capital; Shakti Satyapal, Director, Sustainability Truthing; Dr. A. S. Osunleke, Lecturer, OAU; Oludare Odejobi Ag. HoD. ,OAU; Tomi Amosun, CEO, Summit Oil; Samantha Petersen, board member, Platform Capital South Africa; Oje Ologun, Sector Head, Oil & Gas Access Bank Plc, and Dr Ogho Okiti, Managing Director, BusinessDay newspaper

The CEO who took partners of the company during the tour to various units of the company, said the first phase of the facility, which has a modular refinery operations, gas processing facility, data centre and power plant, would commence operation by April 2022.

“We are proud to announce to give 100 students internship every year to experience this project. For a start, we will offer internship programme to 100 students from Obafemi Awolowo University, Ile-Ife and their emoluments will be based on minimum wage and will be housed in the staff’s quarters. (Sic)

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“Afterwards, it will be extended to top six universities across the country, amounting to 600 students per annum,” Akindele said.

Akintoye Akindele, CEO, Duport Midstream (Left) and Prof. Eyitope Ogunbodede, Vice-Chancellor, OAU, during the inspection.

He added that the project has over 70 percent local content with 95 percent total workforce being Nigerians.

“This is an energy park from a point of view of all the sources such as gas, power, oil and then added data centre technology. 

“We have fused old industry of energy and new of technology to create a carbon-accretive, modern day business that not only impart environment positively, create jobs and also boost confidence of local engineers. (Sic)

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“Hundreds of millions of dollars have gone into this project and this is 99 percent locally funded by government through the Nigerian Content Development Board (NCDMB), by bankers through the First City Monument Bank (FCMB), Union Bank, Zenith Bank and Polaris bank.  percent of that funding has been local shareholders.”

Prof. Eyitope Ogunbodede, Vice-Chancellor of Obafemi Awowolo University, while expressing gratitude to Duport, said the institution is ready to work with the firm.

READ ALSO: OAU Postgraduate Student’s Murder: Hotel Owner Made Audio Before His Arrest — Osun Police

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“I am here as the Vice-Chancellor to represent the management, staff and students to say thank you to the partners of this project. We believe there are mutual benefit we can drive from this partnership.

“We are looking forward to a time when our students will be here to enjoy the good things happening to Nigerian students. We are not only talking of our students, our staff will also want to be here to see how they can work with the company,” Ogunbodede said.

Partners present during the inspection are: Tomi Amosun, Chief Executive Officer, Summit, South Africa; Teshome Nkrumah, Deputy High Commissioner, Canadian High Commission; Prishani Satyapal, board member, Platform Capital, South Africa; Matthew Pratt, Norsad Capital, South Africa;

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Dr. Akintoye Akindele (right) explaining operation of the company to some of the partners.

Others are: Lerato Molebasti, member, Platform Capital, South Africa; Samantha Petersen, Platform Capital, South Africa; Adeola Ajibade, Partner, Healthcare and South Africa, Platform Capital and Shakti Satyapal, Director, Sustainability Truthing, South Africa.

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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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Naira Appreciates Against Dollar At Foreign Exchange Market

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The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

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According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

READ ALSO:Naira Depreciates In Parallel Market

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The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

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However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market

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Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

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The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.

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