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BUA Group, French company announce progress in 200,000 bpd refinery project



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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

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He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.


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CIBN Seeks NDIC’s Cooperation On Proposed Act Amendment, Others




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President, Chartered Institute of Bankers of Nigeria (CIBN), Dr Bayo Olugbemi has called on the Nigeria Deposit Insurance Corporation ( NDIC) to partner with the Institute to drive advocacy and consumers education.

Olugbemi made the call during a courtesy visit to the managing director/CEO of NDIC in Abuja. He also solicited support of the NDIC on the proposed amendment of the CIBN Act of 2007, to enhance the power of the disciplinary tribunal to discipline erring bankers, among others. According to him, the corporation has come up with some laudable initiatives that require partnerships.


“So, we call on the Nigeria Deposit Insurance Corporation to partner with us to drive advocacy and consumers education on some of the laudable initiatives of the Corporation,” Olugbemi said in a statement.

The statement was issued by CIBN Head, Corporate Communications and External Relations, Mr Nelson Olagundoye, on Wednesday in Lagos. Olugbemi commended the corporation for its consistent support for the institute toward the realisation of its mandate of determining the standards of knowledge and skills to be attained by persons seeking to become part of the banking profession.

The CIBN President also requested that the NDIC support the Institute by donating artifacts and other relevant materials to the newly established Banking Museum of the Institute. He lauded the enormous support extended to the institute by the NDIC on strategic inputs and contributions as member(s) of the CIBN Governing Council and various Committees.
Olugbemi, while congratulating Mr Haruna Bello on his recent appointment as the Managing Director of the Corporation, said it was a reflection of his doggedness, wealth of experience and management acumen

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Meet Mr. Anthony Adejoh Okpanachi




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Mr. Anthony Adejoh Okpanachi




Tony Okpanachi was appointed Managing Director/CEO of Development Bank of Nigeria Plc (DBN) in January 2017.

He is a seasoned banker with over 30 years’ experience. Before his appointment as Managing Director/CEO of DBN, he was the Deputy Managing Director of Ecobank Nigeria Limited since April 2013. Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.

Earlier in his professional career, he managed various portfolios including Treasury Management, Retail Business Development, Corporate Finance, Corporate Services, Branch Management and Relationship Management.

He holds a Master degree in Business Administration (MBA) from Manchester Business School UK, a Master of Science degree in Economics from University of Lagos and a Bachelor of Science degree in Economics from Ahmadu Bello University, Zaria, Nigeria. He has attended several Executive Management Development Programmes on Leadership, Corporate Governance, Credit and Risk-Management in leading institutions.

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Ibukun Awosika Opens Up On Her Sack As First Bank Chairman




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Ibukun Awosika, who became the first female chairman of First Bank of Nigeria in 2016, has spoken on the sack of the board by the Central Bank of Nigeria and her tenure.

In an Instagram post titled: My FBN Group Journey, Ibukun said she always “acted in honour and integrity with the utmost interest of the institution.

She also said she and the sacked board had brought “First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.

Awosika’s board and the board of the bank’s holding company were all peremptorily sacked by the CBN on Thursday, to preserve the “the stability of the bank, so as to protect minority shareholders and depositors.”

The decisive action followed the announcement, on Wednesday, of the appointment of Gbenga Shobo as the bank’s CEO by Awosika, when Adeduntan still has eight months to the end of his tenure.

Godwin Emefiele, the CBN Governor, queried the boards for the appointment, without its regulatory approval.

The CBN also opened a can of worms about the bank, about insider loans, by board members that are not compliant with lending rules.

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Emefiele said:

The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructuring terms (e.g. non-perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders.

The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives.

Awosika did not pointedly address the issues raised by the CBN for ousting her board, but fed her over 200,000 fans on Instagram, with positives on her 11-year journey with First Bank and its affiliates.

Read her statement:

In October 2010, I was appointed to join the board of First bank of Nigeria.

A few months later, I was appointed to chair the board of its start up FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah.

Together with the rest of our team we built a company that became profitable in twenty four months and continues to be so.

In early 2013, I was moved from FBN Life Insurance Ltd, to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director.

We worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair. We eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as Chairman of First Bank of Nigeria on January 1st 2016.

For over five years , I have worked with a dedicated team of board and management , with the support of Central Bank of Nigeria to rebuild and restructure the institution for its future. This included cleaning up non performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system.

I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.

As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years.

Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the Nation.

Thank you.

Ibukun Awosika

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