Business

OAU, Others To Benefit From Duport Midstream Internship

Published

4 years ago

February 25, 2022

25DNL data centre

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.

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)

“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)

“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.

“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;

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.

Related Topics:OAU Prog. Eyitope Ogunbodede

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Business

NNPCL Raises Fuel Price

Published

1 week ago

October 13, 2025

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The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

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The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.