₦airaland Forum

(CNN)They started out selling cups of lemonade at their college, but now two brothers have built a company in Nigeria which distributes its juice in over 650 locations in 18 states in Africa's second largest economy.

With just $5, Seun and Seyi Abolaji set up Wilson's Juice company in Lagos, Nigeria in 2010. They say their company is now worth millions.
Their company produces about 24,000 bottles of lemonade daily in a factory they built which employs 30


From college stands to a factory, 2 brothers have built a juice business in Nigeria
The brothers now produce 24,000 bottles of juice daily
Talk to everyone when trying to start, say the duo

(CNN)They started out selling cups of lemonade at their college, but now two brothers have built a company in Nigeria which distributes its juice in over 650 locations in 18 states in Africa's second largest economy.

With just $5, Seun and Seyi Abolaji set up Wilson's Juice company in Lagos, Nigeria in 2010. They say their company is now worth millions.
Their company produces about 24,000 bottles of lemonade daily in a factory they built which employs 30.
Talk to everyone
Since starting the company, the two have raised nearly $200,000 with the help of family and friends and their own savings.
"When we started thinking about Wilsons in Nigeria, there was nobody doing lemonade. We went around to anybody who would let us in their factory, and we just started asking questions," said Seun Abolaji.
The Abolaji brothers are hoping to build a juice empire in Nigeria first.
The Abolaji brothers are hoping to build a juice empire in Nigeria first.
They talked to yogurt and water companies, and big companies that were doing fizzy drinks, and thought: "Hey, why is there nobody doing juice in a bottle?"
The two seized the chance to tap into this new market. "We saw an opportunity with fresh juice and with lemons, it has so many health benefits," said Seun, who added it's a healthy alternative to what's on the market now.
"There are a lot of challenges...but could we have started this company in the United States? I doubt it. We would need $10 million. We started this whole company with 2,000 naira. That's $5 now. And that's the beauty of Nigeria, you can have a naira and a dream," said Seun.
Local first
The pair hope to create a brand that will become a household name, first focusing on making sure they saturate Lagos and Nigeria, but the duo don't see why they can't go further afield.
"We believe there's still a lot of work and a lot of value to add here. But from the very beginning we've seen ourselves as a global brand. We made a product, and we're making products, that can stand on the shelf anywhere in the world," said Seyi.
"At the end of the day, when life gives you lemons, what are you going to do?" added Seun.

MasterChen:
He wasn't alluding to the LFTZ or Lagos in particular. He was talking about Nigeria in general

Markfemi:
what are they manufacturing pls
Lords chosen is a dead church you don't even want to compare with Yoruba churches

honourhim:

If you see anyone that is fake then counter it with evidence not really attacking the poster. For me its not bad for Yoruba and Igbo to showcase their achievements. It is good and will motivate others to strive towards achieving excellent goals. Cheers.

prodigy24:
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Our
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CITYDIA Nigeria’s mission is to offer shoppers quality at best prices, to which end the company is inspired and abides by the following core business principles: efficiency, initiative, respect, teamwork and customer focus. CITYDIA Nigeria’s values provide the guidance for behaving responsibly at all times and taking decisions informed by business ethics in order to deliver our mission of enabling shoppers to buy quality products at best prices across our network of stores. Moreover, we provide our business ethics blueprint to all the people, organisations and institutions we work with so that they are familiar with what drives us.

Our
Values

EFFECTIVENESS: We are thorough and train our team to make decisions based on professional criteria. We look for return on our actions. We offer our customers top quality products and services at the best price.
INITIATIVE: We remain alert to any changes in the market in which we operate and anticipate future needs with creative and innovative solutions.
CUSTOMER FOCUS: Customer satisfaction is our number one goal.
RESPECT: We respect our commitments. We generate an environment of trust, and accept diversity and differences in opinion. It is in this way that we work in a climate of security, credibility and personal respect.
TEAMWORK: We work as part of a coordinated team with a shared goal. We promote positive relations to make the most of individual talent, allowing us to obtain better results.

laudate:
Kola Adewale actually has two outlets of The Place in different parts of Lekki. And the chap must be cleaning out in cash terms, big time. You need to see the crowd in both places, every evening and especially on weekends. The place is packed full!

[b]Olayinka had her primary education in the old Northern Region of Nigeria, secondary education in the South West and her tertiary education at the Chicago State University, USA, where she earned her honors degree in Business Administration and Finance in 1978. She applied to and was employed at Kentucky Fried Chicken, Chicago, USA between1978 – 1980 as a Store Manager. She worked briefly with Nigerian Breweries Limited; from where she joined the Federal Civil Service and served as an administrative officer with the Federal Ministry of Finance from 1981-1990. Her voluntary disengagement in 1990 was to pave the way for the realisation of her age-old dream which is to pioneer and revolutionise the modern eatery business which at that time was novel in Nigeria. Pamela decided to venture into the outdoor catering business, bringing into play the experience and expertise she acquired at Kentucky Fried Chicken and that birthed Tastee Fried Chicken (TFC). Olayinka Pamela Adedayo is the Managing Director/CEO of De Tastee Fried Chicken Limited.

Business growth

Pamela realised quickly that any education derived through persistence and hard work must show in quality of service. With the days of little beginnings at 61 Adeniran Ogunsanya Street, Surulere, Tastee Fried Chicken now has thirteen branches till date.

There is more to Pamela

Apart from being the Tastee Fried Chicken boss; she is the MD/CEO of Tastee Pot Limited (an outdoor catering outfit). She is the National President of Association of Fast Foods Confectioners of Nigeria (AFFCON), President, Olayinka Pamela Educational Foundation (NGO) and was a member of the technical committee that reviewed Standard Organisation of Nigeria (SON) code of hygiene practices for fast food organisations in Nigeria.[/b]

Pamela holds dear to heart, the philosophy of sharing and caring for the less privileged in the society and this has informed her philanthropic acts which reflects in regular donations of food, blankets, drugs and other items to orphanages, old people’s homes and other such bodies catering for the disadvantaged and less privileged in the Nigerian society apart from inviting them to her annual birthday parties.

Reward for sterling footprints

Pamela is a Fellow of the Lagos State Polytechnic; Fellow of the Certified Board of Administrators of Nigeria; Fellow, Institute of Brand Management; Outstanding Donor Award-2002, 2006 – Little Saints Orphanage; Membership Award-2006 – Nigeria American Chamber of Commerce; WEAN Awards-The most Outstanding Female Entrepreneur – 2007 (Financial Standard); Business Woman of the Year 2009, Fame Magazine; Yoruba Female Role-Model Award; Recognition Award – Association of Fast Food Confectioners of Nigeria; Achievers Award for Leadership Excellence – Women’s Wing of Christians of Nigeria; Episcopal Award for Excellence – Diocese of Lagos, Church of Nigeria (Anglican Communion); Most Industrious Woman Award by Effizzie Magazine 2010. Also, De Tastee Fried Chicken Limited has won awards such as: Fast Food of the Year 2007 – Lagos Enterprise Award; Humanity Service of the Year Award 2009 (Association of Fast Food and Confectioners of Nigeria); Award of Excellence in Commerce – Institute of Commerce in Nigeria; Best Poultry Products Marketer 2007 – Poultry Association of Nigeria; Jam Feast Award 2009 – Lagos State Ministry of Education; Quick Service Restaurant of the Year of the Year 2009, 2010 – City People Magazine; TimeNews Development in Nigeria Gold Award 2010 by TimeNews Magazine and an International Award for ‘The best quick service restaurant award’ in 2010. Pamela was also honoured with a national award of Member of the Order of Niger (MON).

Tastee Fried Chicken believes in touching the lives of the citizenry by giving back to the society and contributing their quota, through various products donation, financial donation, and embarking on series of communal projects aimed at supporting grassroot dwellers and this takes the form of donation of cash and food items to orphanages, award of scholarship to bright and deserving students in tertiary institutions through the Olayinka Pamela Adedayo Foundation, various donations to schools, donation to different religious bodies, donation to Government parastatals and donation to social clubs

Restructuring

The parent company, Tastee Pot Limited has been re-structured to deliver premium meals and great services that will provide an array of African and continental dishes at occasions. This they believe will serve the yearnings of their customers who want the best meals at the right price, delivered with the right service at their events.

Future Focus

It includes pioneering and strengthening new mechanism that will best deliver out meals to their customers wherever they are at any time so desired, utilising available opportunities to further increasing revenue from identified and yet to be identified potentials deploring the best available manpower and technology, engaging key strategic partners to help build a bigger network and aggressively grow their share of the market, improving relationship with suppliers to minimise stock outs, massive staff training and technology injection alongside refurbishment of exiting kitchens, reorganising aesthetics in their outlets to further improve the ambience that the brand has been known with and continuous emphasis on cost saving and cash management techniques

Meet Kola Adewale, founder of The Place, a string of hospitality and entertainment outlets that started out nine years ago in Ikeja, Lagos. Between then and now, he has established The Place Lekki and The Place Victoria Island, with an Alausa outlet in the works and more planned for the future. We bring you excerpts of an interview with this experienced business man as published by Thisday.

Kola-Adewale-the-place

Building different yet complimentary businesses wasn’t the plan in the beginning. The Place founder, Kola Adewale, admits as much. The first The Place opened for business nine years ago in Ikeja, originally as an eatery selling sumptuous meals that.

“That was what I could see making money, something I could start small and grow into,” Adewale explains. Later on though, the idea of blending the food with a lounge/ bar occurred to him. “It was later that the whole club idea evolved.”

In his mid-forties, Adewale is unassuming, soft-spoken, calm but witty. We are at his office at the Victoria Island outlet, the most recent of the three currently open. He doesn’t cut the picture of a club owner, especially if flamboyance is what you attach to a restauranteur cum hotelier. He looks like the cerebral type, a blue-chip company executive.

On why he left a lucrative daytime job for business, Adewale says:

I did 16 years with KPMG, an accounting firm that used to be Arthur Anderson in Nigeria,” he says. There was a year overlap between leaving his prestigious job and starting his own thing. “I started The Place in 2006 then left KPMG 2007.“ However, the conception of starting his own business was many more years before. He was gaining expeience helping others with their businesses.

“I started with the accounting practice and business advisory for small businesses from the early days, so my 16 years was primarily management consulting, which gave me broad exposure in the running and managing of businesses. It gave me confidence that I had the skills to run any business. I think the question was which one will be viable, which one I would be able to put my savings in as there was little or no support from the banks for a start-up,” he reveals.

“I felt the food business was doing well. The Mr Biggs, the Tantalizers, the Sweet Sensations, you could see growth, you could see expansion, the money was good.”

Three outlets already with a fourth in the pipeline is an indication of growth. Another The Place is soon to open at Alausa. “It’s going to be like Lekki,” says, indicating that this new outlet would have a restaurant, a club and rooms. Business must be good right? He chuckles. “Not overnight,” he counters, “but so far, so good. It is unlikely we would replicate this over four places now if it wasn’t.”
He explains why Alausa. “We’ve seen the market at the Ikeja Mall. There’s quite a bit of traffic.” The strategist in him sited The Place Alausa within a stone’s throw of the mall.

Adewale sheds some light on how it all started and the progression. The property in Ikeja was leased but Lekki was built from scratch, which explains the hotel on the top floor.

After graduating from the university of Lagos, Kehinde Kamson got a job as an accountant at an oil and gas servicing firm. During this time, she was already married to a man named Sir Yinka Olusoga Kamson, and so, decided to start a side business where she sourced fish amongst fish mongers in Lagos. Her little business was called “Fish Mongers”, and she ran it for 5 years before she eventually shut it down because it was bringing in little to no profits, and was entirely unsustainable.


Without a large capital to start Sweet Sensation, her new entrepreneurial passion, she decided to start up from a shed in her family house, in 1994. This shed was located in the backyard of the compound, and was their gateman’s house. In this shed, she started selling ice cream, Chinese food, chicken, and rice.

The quick success from this little shed led her to open up a new branch in Lagos, and so, she promptly setup one in the Victoria Island region.

To make her fast-food brand stand out from the rest, she got creative by improving the ambience and experience in her restaurants and introducing a very diverse menu.

By the fourth year of running the Sweet Sensation fast-food business, she was able to secure a loan of 5 million Naira from the bank, which she put back into the business repeatedly to continue its growth.

Sweet Sensation today has over 25 retail outlets around Nigeria, employs over 2,000 people, and serves a wide array of dishes spanning over 60 different types.

Tantalizers Nigeria, with her husband as CEO, shares her experience in starting her business in Nigeria. The first hurdle the couple had to scale to realize their dreams was the recurring decimal in the stories of all entrepreneurs.


That was 15 years ago. Today, Bose and Folu Ayeni have not only made Tantalizers one of the leading chains of fast food restaurants in the country, they have also listed it on the Nigerian Stock Market as a public limited liability company.

From just one shop eatery in Lagos, Tantalizers has spread across major Nigerian cities, rivalry the other known brands like Mr. Biggs, Tasty Fried Chicken, Sweet Sensation and a host of other not-so-popular ones.

In February 2010, Tantalizers forged a strategic partnership with The International Finance Corporation (IFC), an arm of the World Bank which granted it $7million in loan and took $1.5million equity in company to help take the fast food company to the next level and outwit competition posed by foreign eateries like Shoprite, KFC and Barceló’s in Nigeria.

Though Tantalizers has grown into a multimillion dollar company today, getting a loan from the bank was by no means the only mountain they had to climb to reach the Promised Land they now occupy. First, they had to deal with Shylock landlords.

Bose recollects that, “When we started we actually didn’t start with lack of location. Anyway, we were renting the premises that we were using. But along the way when we also saw that when you rent a property, our experience has shown that, for our kind of our business, you will have to completely redesign the premises to the level of the standard you want to set.

“And the landlord is watching you improve the state of his house and once your lease expires you can be sure that you will come tantalizers back to pay double. One, he is looking at the renewing the lease on the building; he is looking at how your business is doing well so that he could be a partaker of whatever profit that comes.

“Overtime we have had such experiences. The option they give you is that you can move out if you can’t pay and you would not want to move because you have already established your business in that location. After such experiences we also decided that maybe we should look at acquisition of buildings or land and build on our own rather than having problems of landlords.”

A strong will is certainly important for every entrepreneur, especially if you start business in Nigeria. No sooner had they decided to acquire their own properties and build than they had to contend with another challenge: land speculators!

“We faced problems with land speculators. You buy a piece of land and at the point you are about to build on it somebody would come to claim the land. And as we speak now, we have a similar case at a site.

“After paying, we sent for the soil engineer to start the soil test because of the kind of structure we want to build on it. It was an initial property but suddenly somebody came to say that they own the place. Unfortunate, it was the police. As we speak, we have not been able to resolve the issue and we are waiting for the authorities before any work could commence,” the Tantalizers boss recounts.

This prevalent problem of land speculators has not stopped the company from growing though. Even amidst growing competition from local and international fast food brands, Bose and her husband have been able to steer Tantalizers in the right direction of grow and expansion. Tantalizers currently has over 30 outlets in Lagos alone and a total of about 50 across the country. For some time now, the fast foods restaurant has been planning on taking its operations outside Nigeria to the US, UK and Europe.

However, Tantalizers’ growth has not been without fierce competition coming from other fast foods companies, indigenous and international. Competition and the challenge they pose to Tantalizers’ dominance is not an issue Bose loses sleep about; Tantalizers, according to her, is not resting on its oars in spite of its achievements and wants to continue to expand. Her words: “We have been in business for 15 years and we have seen different phases of competition.

“We started from where competition was largely local. We had a dominant or major player who was Mr. Biggs and all others. All others then were made of people like us, Tasty Fried Chicken, Sweet Sensation and we have lots of neighbourhood competitions.

“But overtime, we found out that a lot of neighbourhood operators were dwindling and some of them have shut down. Then all others are surviving. And in the last five years, we discovered that the competition moved from being local to international. We have had a couple of entries of international brands.

“We now have KFC, South African brands among others. The face of competition has changed, and demands made on local operators from consumers have also changed. It has changed expectations of average consumers.

Mr. Deji Akinyanju founded Food Concept and Entertainment Plc in 1999 and serves as its Chief Executive Officer and Managing Director. Mr. Akinyanju started his career with Accenture (formerly Andersen Consulting) in London. He has over 20 years experience in IT, trading and the hospitality business within the UK, South Africa, Rwanda, Ghana and Nigeria. He serves as a Director of Food Concept and Entertainment Plc. He also serves on the board of the Nigerian International Franchise Association. He served as Director of AIICO Insurance Plc. He holds a BA Information Systems (UK) and an MBA from Cardiff, Wales

laudate:
Don't worry, I trust Deomello. He wil fix it.

Akinwole Omoboriowo II (AOII) is a 1993 graduate of Economics from University of Jos, alumni of the London Business School, where he acquired specialist training in Electricity Pricing & Modeling course in 2006, and a 2011 Post-Graduate Diploma Alumni in Strategy & Innovation from the Prestigious Oxford University’s SAID Business School, U.K.

AOII has over 20 years of experience in the Oil & Gas and Power Sectors in Africa, and has been named amongst the much esteemed list of “Most Influential Figures in African Power” for 2014 and 2015.

AOII top management work-profile includes being the Chairman and CEO of Genesis Energy Group , Chairman and CEO of Genesis Electricity Limited, Chairman Board of Directors GEL Utility (Co- Sponsored by General Electric and Engro Corp), Member-Advisory Board of The Global Thinkers Forum (GTF), Member- Advisory Board African Utility & Clean Power Africa. He served as Chairman of Bissau Electricidade de Agua (Guinea Bissau), and Founding Managing Director of Besse-Oil & Services.

AOII is a Fellow of the Institute of Management Consultants (IMC) and invested with Honoris Causa Fellowship of the Certified Board of Administrators of Nigeria (CBAN).

Olayemi Cardoso - Chairman
Chairman - Citibank Nigeria
Former Board Member of Chevron Oil Nigeria Plc. (Downstream Company)
BSc Finance & Accounting - Aston University, UK
MSc Public Administration from Havard University

Erin Energy has named Femi Ayoade as CEO and new Director of the Corporation. He replaces Segun Omidele, who resigned effective February 22, 2017. Up until Mid-May 2017, when Ayoade took over, Jean-Michel Malek, Senior Vice President, General Counsel, and Secretary, served as Interim Chief Executive Officer, while the Board conducted a search for a permanent replacement.

Ayoade has more than 20 years of experience in the oil and gas industry and extensive experience on exploration and production operations offshore Nigeria. From 2008 to 2013, he was a Senior Technical Executive at CAMAC Petroleum Limited and Allied Energy Plc Nigeria and from 2006 to 2008, he was a Senior Drilling Engineer at Nigeria Agip Exploration (a subsidiary of ENI).

New non- executive directors and members of the board who joined the board in Mid-May 2017 are John Rudley, an American and Mahmud Yayale Ahmed, a Nigerian. Rudley served as the President of Texas Southern University from February 2008 to July 2016; Ahmed, meanwhile, “has an extensive history of government service on behalf of the Republic of Nigeria and has served as the Secretary to the Government of the Federation of Nigeria, a role that involved serving as Secretary to all Councils and bodies chaired by the President of the Republic, such as the Federal Executive Council and the Council of State. Mr. Ahmed served as the Minister of Defense and as the Head of Civil Service.

He has being in private business for about twenty three years, working substantially in the energy sector worldwide. He is also the Chairman of Bresson A.S Limited one of Nigeria's pioneer Independent Power Producers and Chairman of Bresson Energy UK, an Oil and Gas company that also specializes in Independent Power Production in emerging economies. Likewise, Mr. Olawepo is the President of Transnational Energy Corporation, TEC in the USA, which specializes in Oil and gas exploration and trading.

A graduate of the University of Lagos Nigeria, he holds a Masters' degree in Global, Affairs from the University of Buckingham, United Kingdom, where he won the prestigious Max Bellof Award for Best Student in Global Affairs in his cohort. Mr. Olawepo trained at the International Human Resource Corporation (IHRDC) in Boston Massachusetts where he completed a certificate in International Petroleum Management. Mr. Olawepo has been recognized nationally and internationally.

He was awarded the Kwame Nkrumah's Leadership Award by The Africa Students Union (AASU) and the Veteran Award in Caracas, Venezuela in 2005 by the World Federation of Democratic Youths.

Kola Karim is the Chairman of the Board of Directors of Shoreline Natural Resources Ltd. He has a proven ability to start companies from scratch and nurture them to success, an aptitude for spotting new business and creating new opportunities and is also adept at building and nurturing business partnerships with leading international companies. His current portfolio consists of businesses in the Construction, Commodity Trading, Oil and Gas, Engineering and Power sectors.

Kola Karim is also the current Chairman of the Board of Directors of Costain (West Africa) plc, Nigerian Ropes plc, and serves as director in seven other companies including Shoreline Power Company Ltd, Shoreline Energy International Ltd, Ecobank Nigeria plc, Schlumberger Testing & Production Services Nigeria Ltd, Trans Amadi Facilities Ltd, grange Education Ltd and African Eagles plc.

Kola Karim is a Young Global Leader 2008 Award Honoree.

As an E&P professional, Ademola has over 25 years of E&P professional experience in the Petroleum Industry. Prior to taking up the role of Managing Director and CEO of FIRST E&P, he had a 5 year stint with BG Group Plc, UK as President/Managing Director for BG Nigeria’s business interests.
He had previously spent some 20 years with Shell International, and before that had early working life with Ashland Oil Company. Over the years, Ademola has acquired deep knowledge and excellent understanding of various aspects of the oil and gas business in a variety of roles; Business Director of Shell’s Nigeria Joint Venture (SPDC JV) where he was responsible for the business growth and venture management functions of the company, VP New Business, Africa within Shell International E&P, responsible for portfolio growth in Africa as well as General & Asset Management and Chief Technical roles across a number of countries. He has a sound understanding of the Nigerian oil and gas business environment.

LAGOS, June 29, 2017— Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru, FIRST E&P Managing Director and CEO Ademola Adeyemi-Bero, and Schlumberger Executive Vice President Patrick Schorn, signed today a tripartite agreement for development of the Anyala and Madu fields under Oil Mining Leases (OMLs) 83 and 85, offshore Nigeria.

Under the agreement, Schlumberger will contribute the required services in kind and capital for the project development until first oil. The joint project team will leverage the technical expertise of Schlumberger and the extensive local knowledge of the partners.
The main hall of the Lagoon Restaurant on Ozumba Mbadiwe Avenue in Victoria Island, Lagos was the venue of the August edition of The Nigerian Association of Petroleum Explorationists (NAPE) monthly technical meeting sponsored by FIRST E&P. The Speaker for the event, Dr Saka Matemilola, Chief Petroleum Engineer at FIRST E&P presented a paper titled Petroleum Reserves and Resource Evaluation – Aligning the NNS with Global Standards. The presentation addressed the need to align Nigerian National Standards (NNS) with global standards.



















Dr. Enu received the Aret Adams award in recognition of his outstanding contributions to the field and practice of petroleum exploration and exploitation in Nigeria.
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FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) acquired 40% participating interests in Oil Mining Leases (OMLs) 83 and 85 from Chevron Nigeria Limited (CNL). Both of these leases are located in shallow waters offshore Bayelsa State, Nigeria. The acquisition transaction for the 40% interests in both OMLs was completed in February, 2015. The Nigerian National Petroleum Corporation (NNPC) holds 60% participating interest in both OML 83 and OML 85.

OML 83 covers an aerial extent of 125 sq. km, with Anyala field as the only discovery within the acreage. 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 and 23 km from Madu field. Full 3D seismic data have been acquired over both OML 83 and OML 85 acreages. Although both Anyala and Madu fields have been extensively appraised, production is yet to commence from.

An integrated oil and gas development plan will be carried out for the Anyala and Madu fields, with an estimated potential recoverable hydrocarbons volume of 340 million barrels of oil equivalent on a 100% interest basis. The produced hydrocarbons will be processed offshore in Anyala field within OML 83, with first oil production planned for Q3 2016. Oil production is estimated to reach a plateau of 50,000 bopd and the produced gas will be supplied to the Nigerian domestic supply market.

The work programme for the assets will also include maturation of infield deep prospects in Anyala field within OML 83, as well as near field exploration prospects in Ato North, Ato South and Songhai, within OML 85.

takenadoh:
The Educated one here is now celebrating ApC for apparent improvement in powers by the same uneducated Jonathan selling them off!! Well done sir

sunnyb0b0:


Lagos economy is based on Niger delta oil and South Easterners' commerce. Take this 2 things away and Lagos falls like a pack of cards. #Fact

Oga080666419419:
do you think it was generated with lazy yoouths crowding all betting centers in Oyo and Ogun States.

Lagos is a no man's land.

takenadoh:

Enjoying Electricity like it is new? Has any new power station or plant been added to the grid?


Electricity supply was very poor, thanks to the "Rain" and flood it has improved slightly, or is APC Govt now responsible for rainfall?
Which Lagos Ibadan expressway are we talking about? Isn't it same project that has been on going since?

plessis:
There.. .

Afonja has shifted the goal post....

One of the reasons why I founded Lekoil is my knowing that there were some benefits for indigenous companies –Not just in Nigeria, but in other parts of Africa as well. In Nigeria, it is quite explicit because of the local content policy. But, in other African countries, the local content policy is present as well, but is implicit.

In Nigeria, there are some fields that only indigenous companies can bid for. For example, the marginal fields that we are getting in are not part of the local content policy, but are results thereof.

He is the Chairman/CEO of the company. He is a fellow of the Institute of Chartered Accountant of Nigeria (ICAN), has a B.Sc Political Science from Nigeria’s premier university, University of Ibadan and M.Sc Banking and International Finance from the City University Business School, London.

He has about 40 years work experience covering diverse areas such as Finance, Management Consultancy, Accounting, Banking, and Oil & Gas. He is an entreprenuer of high repute and integrity.

In addition to heading the Swift Oil board, he is also a director in other local and Multi National Corporations (MNC)



A major downstream player in Nigeria’s oil and gas industry, Swift Oil Limited, has made inroads into the upstream sector through the acquisition of Chorus Energy Limited, a marginal field player.

Swift Oil Limited was registered with the Corporate Affairs Commission (CAC) in October 2002 with the main objective of carrying on the business of oil exploration, production, refining and sale of liquid and gaseous hydrocarbons.

It also registered with the Department of Petroleum Resources (DPR) and the Nigerian National Petroleum Company (NNPC) and commenced operations in April 2003.

The company’s operating license covers the operations of petroleum products storage and sales depot and bulk purchase arrangement with the Pipelines and Products Marketing Company (PPMC).

According to Africa Oil + Gas Report, the company has acquired Chorus Energy at a cost of between $10million and $15million.
The marginal field was awarded in 2011 to Green Energy, which was then linked to the Israeli firm Beny Steinmetz Group (BSG).

It was also reported that Swift Oil battled with Seplat Petroleum Development Company, Nigeria’s largest independent Exploration and Production (E & P) company, which was said to have offered between $7 million and $8million.

In 2003, Chorus won three marginal fields- Matsogo/Amoji/Igbolo fields, located in Oil Prospecting Lease (OPL) 283/C in Delta State, under the Federal Government marginal field programme.

Chorus Energy was incorporated in 2001 with the purpose of participating in this programme.

The Matsogo, Amoji and Igbolo fields are now located in OML 56, formerly OPL 283/C.

The company was initially short-listed for Amoji/Igbolo/Matsogo and Asuokpu/Umutu fields in 2002 but awarded Amoji/Igbolo/Matsogo in February 2003, while Platform Petroleum clinched Asuokpu/Umutu fields.
The Amoji/Igbolo/Matsog fields are estimated to have 160billion cubic feet of gas, proven and probable.

However, none of the gas reservoirs has been tested and the fields have only two dimensional (2D) seismic cover.

Seplat offered to acquire the fields to boost its ambitious gas programme.
With the success of Swift Oil, the company currently holds 60per cent interest in these fields, with Seven Energy holding 40per cent.

In a related development, Lekoil recently announced a 40per cent participating and economic interest in the Otakikpo Marginal Field in Oil Mining Lease (OML) 11, onshore eastern Niger Delta.

Founded by Nigerians, registered in the Cayman Islands and listed on the Alternative Investment Market (AIM) of the London Stock Exchange, Lekoil has also announced that it has raised $37.7million to fund the equity portion, anticipated to be approximately 20per cent of the $67million initial work programme.

Lekoil battled for the acquisition of Otakikpo with First E&P Nigeria and Vertex.

kn23h:
.

kn23h:
Trust Yorubas to do something productive with their anger



I built my payments company because PayPal ignored my emails — Olaoluwa Awojoodu, CashEnvoy Founder

The above quote should be the mantra of every serious entrepreneur. If there’s anyone living that mantra to the fullest, it’s Olaoluwa Awojoodu. He is the founder and CEO of Electronic Settlement Limited (ESL), the company behind and array of noteable payment solutions in Nigeria including CashEnvoy and mobile POS solution, PayPad.


The first point of call for everyone then was of course PayPal. So I wrote a long proposal to PayPal seeking for a partnership in Nigeria. They just ignored me like they did a lot of people. Eventually, I thought, “why not just build this thing yourself?” I enlisted the help of Segun Okin, a former course mate. Segun had helped with the development of another of my projects — Bottom Naira — which helped people shop abroad by proxy.


https://techpoint.ng/2016/07/25/olaoluwa-awojoodu-cashenvoy-founder/

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