Pg. 18
Monday 18 June 2018
COMPANIES & MARKETS
Company news analysis and insight
BUSINESS DAY 17
Google to open Africa’ s first Artificial Intelligence centre in Ghana
Pg. 18
Mojec gets NERC approval as meter asset provider
KELECHI EWUZIE
Mojec International Limited, Nigeria’ s leading indigenous prepaid meter manufacturing company, has been granted an approval of‘ No Objection’ license or certificate by the National Electricity Regulatory Commission, NERC, as an approved asset provider under the new Meter Asset Provider( MAP) Policy.
This was stated in a confirmation letter from NERC to the company dated June 7, 2018 and signed by Dafe Akpeneye, commissioner, Legal, Licensing and Compliance of the agency.
The letter stated that the National Electricity Regulatory Agency has granted license to Mojec International Limited after conducting its due diligence investigations in line with the new policy and regulations of the Meter Asset Provider Scheme.
This is against the backdrop of some false information and mischievous communication being circulated in the public domain that MOJEC was not part of the Approved MAP list.
The letter reads“ The Commission has conducted a due diligence on the supporting documents to your application for a‘ No Objection’ in accordance with Section 8 of the Meter Assets Provider Regulations Act 2018.”
“ The initial due diligence did not reveal any adverse findings with the document submitted in support of your application for a‘ No objection’ and Mojec International is hereby granted a‘ No Objection’ to participate in the procurement process for MAPS in accordance
GEEP-MarketMoni: Vice President Yemi Osinbajo and governor Godwin Obaseki flanked by elated GEEP-MarketMoni beneficiaries at the Edo State MSME Clinic in Edo State yesterday.
with Section 8( 4) of the Meter Assets Provider Regulations 2018”
Chantelle Abdul, managing director, Mojec International Limited in her reaction to the letter of certification, commended the regulatory agency for the confidence reposed in Mojec International Limited as one of the companies to drive the MAP Scheme.
Abdul stated that“ the company being a proudly Nigerian manufacturer of world class standard meters, remains committed to the Nigerian vision and ever determined to deliver top quality products and services to its customers across the country.”
“ MOJEC not only remains a major stakeholder in the Metering arm of the Nigerian power sector but intends to continue to serve Nigerians and the electricity distribution companies by participating in the MAP program & ensuring that all Nigerians reserve the much desired meters,” she said.
Yinson Holdings agrees to supply FPSO to Nigerian oil firms
DIPO OLADEHINDE
Malaysia’ s based Yinson Holdings Bhd has announced plans to supply a Floating Production Storage and Offloading( FPSO) unit to Nigeria’ s based First Exploration & Petroleum Development Company Ltd( FIRST E & P) to process hydrocarbons offshore in Nigeria.
Yinson Holdings said its indirect unit had entered into a Heads of Terms( HOT) with its associate Yinson Operations & Production West Africa Ltd and FIRST E & P to negotiate the potential supply and charter of the FPSO for the processing of hydrocarbons from the Anyala & Madu fields under Oil Mining Leases 83 and 85.
Luqman Agboola head of energy and infrastructure at Sofidam Capitals Limited said what FIRST E & P is doing is not new to theglobal oil and gas sector, although Nigeria is not yet familiar with it yet.
The HOT is intended to create a mutually exclusive relationship between the Parties and to facilitat e exclusive negotiations between the Parties for the provision and operation of a FPSO in the Fields.
“ They are firming out there activities in a way that doesn’ t cost you capital outlay at the initial stage which will saves them a lot of money for investment and help them manage their operational and CAPEX cash flow,” Agboola said.
Yinson said although subject to negotiationsit would supply an FPSO for the initial term of the bareboat charter of seven years. FIRST E & P would have an option to extend the term for another eight years.
The negotiations will be on the terms of a Bareboat Charter as well as an Operations and Maintenance agreement as Yinson expects to seal the deal by June 30, or at a later date mutually agreed by the parties.
In June last year, FIRST E & P announced it had reached an agreement with the world largest oilfield services company, Schlumberger Limited for the development of the same OML 83 and OML 85.
Under the agreement, Schlumberger was supposed to provide over $ 700 million development cost of the Anyala and Madu fields which would generate 193 million barrels of crude oil into the current reserves of 37.2billion barrels and an additional 800 billion cubic feet of gas into the nation’ s proven gas reserves.
All efforts by BusinessDay to inquiry from FIRST E & P about the present status of its agreement with Schlumberger Limited proved abortive as the company failed to give more information and alsofailed to confirm if it will affect its new deal with Yinson Holdings.
In terms of daily production, the fields will yield 50, 000 barrels of crude oil per day and 120 million standard cubic feet of gas per day by early 2019.
FIRST E & P, established in 2011, owns 40percent of the rights to the fields with the remaining 60 percent being held by Nigerian National Petroleum Corporation( NNPC) which were acquired from Chevron Nigeria Limited( CNL)
OML 83 covers an aerial extent of 125 sq. km, with Anyala field as the only discovery within the acreage while Madu field which is the main discovery within OML 85, has an aerial extent of 521 sq. km. Anyala field is located at a water depth of 55m, about 45 km off the coast of Bayelsa State.
Other assets of FIRST E & P are a 45 percent working interest in OML 34 and OML 75 which were divested from Shell Production Development Commission Joint Venture in 2012 and 2015 respectively. FIRST E & P also has a 10 percent interest in a joint venture with Dangote Industries Limited to build the East West Offshore Gas Gathering System pipeline.
The propose FIRST E & P FSPO project is not the first this year; in January 2018 Nigeria itched towards the realisation of the $ 16billion Egina project as its FPSO, the largest in the country and indeed in Africa arrived Lagos Deep Offshore Logistics Base( LADOL).
Branch disburses over N1bn loan to Nigerian SMEs
IFEOMA OKEKE
Branch International, one of the fastest growing digital financial platforms, said it has disbursed over one billion naira loans to small and medium scale enterprises in Nigeria since its one year of operating in the country.
Despite the proliferation of Fintech industries in Nigeria, Branch has successfully distinguished themselves as providers of world class financial services.
Through their innovative approach to lending, Branch has provided world class financial services to the underserved and unlocked financial access to customers around the country. The company provides fast, fair and flexible loans without late fees, hidden charges, rollover fees or restrictions on money expenditures.
At the stakeholders meeting held on the 14th of June, 2018, Matthew Flannery, the CEO said,“ I couldn’ t be more thrilled to be working in Nigeria with Branch. The startup community is incredibly dynamic, and the country is poised for a FinTech explosion. The early response from our customers shows that there is a massive need for a product like Branch. We hope to play a significant role in increasing access to modern financial services in Nigeria over the next decade.”
Branch offers a unique proposition to the average Nigerian, providing users with access to instant loans on their mobile devices. Android smartphone users can receive loans between N3, 000 to N150, 000 requiring no face-to-face meetings, lengthy application processes, collateral or paperwork.
As Branch customers repay their loan, they unlock access to larger loan amounts and more flexible terms. More than 75 percent of customers use Branch loans to help start or grow their business or meet financial obligations. Notwithstanding, Branch has no restrictions on the usage of the loans; customers are given the independence to make their own financial decisions.
Unlike traditional financial institutions, Branch provides customers with the opportunity to build their credit regardless of their banking history by assessing their loan eligibility based on the data procured from customer’ s smartphones.
With the customers’ consent, Branch’ s algorithm processes thousands of data points to create customized loan options. These data are protected using world class security and encryption techniques to ensure the safety of customers’ private information.
In Nigeria, Branch has disbursed over N1 billion and over 100,000 loans. The company’ s growth continues to accelerate; in the first quarter of 2018, Branch grew 50 percent month on month in Nigeria.
“ The growth that we have seen indicates that our product is providing a valuable service and solving a meaningful need for Nigerians around the country. The rapid user adoption is a clear sign of a strong need for fast, accessible world class financial services,” Maria Rotilu, the country manager said.
This year, Branch plans to disburse more than N4 billion and generate over half a million loans.