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NNPC, Shell, 8 banks back contractors with $2.2bn credit

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Shell Companies in Nigeria (SCiN) and its Joint Venture (JV) Partner, Nigerian National Petroleum Corporation (NNPC) have signed a $2.2 billion contractor financing support with eight Nigerian banks.
The Memorandum of Understanding (MoU) floated under the refreshed Shell Contractors’ Support Fund, according to parties is aimed at improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.
The MoU involving; Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank, will see them set aside $2.2 billion for contract execution by Nigerian firms.
The scheme provides support for contractors to enable them finance projects executed for SCiN in line with the aspirations of the Nigerian Content Act.
To access these funds, the contractors must have a valid purchase order and meet the banks’ risk assessment criteria. The refreshed version, according to Shell is in response to market realities and will offer loans faster and at cheaper rates.
Managing Director of the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Country Chair, SCiN, Mr. Osagie Okunbor, explained at the Mou signing that supporting Small Medium Enterprises (SMEs) under the scheme is for the mutual benefit of all parties.
“While the scheme reduces the pressure from requests for advance payments from contractors on us, it also ensures optimum delivery by our contractors, leaving the banks with a de-risked client base in addition to the comfort of domiciliation of payments,” he said.
Shell’s Finance Manager, Nigeria and Gabon, Mr. Guy Janssens, added that funding is key to enable contractors deliver and grow while also urging the banks to make the scheme work.
Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo), Mr. Bayo Ojulari, advised the contractors to perform in order to build trust and grow their businesses.
The Group General Manager, NAPIMS, Mr. Dafe Sejebo, who was represented by Bunmi Lawson, implored the banks to make the loan facilities available to the vendors when they come for them.
In his remarks, the Chairman of the Petroleum Technology Association of Nigeria (PETAN) , Mazi Bank-Anthony Okoroafor, enjoined the banks to be realistic in their demands in order to engender easier access to the funds.
Responding, one of the Contractors, Moritz Abazie of Strides Energy and Maritime Limited, requested that the rates charged should be comparable to that of credit sourced overseas so that they could fairly compete with foreign firms in bidding for jobs.
The idea of a Contractor Funding Scheme started in 2011 with the Shell Kobo Fund, which gave rise to the Shell Contractor Support Fund in 2012.
The scheme has been redesigned to address the current economic exigencies and to align it with stakeholder needs by merging the two initial initiatives. To date, the six participating banks have disbursed a total of $1billion to over 220 vendors.
In 2015, 93 percent of all contracts awarded by SCiN were undertaken by Nigerian companies amounting to US$0.9billion

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Foreign

Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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