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THISDAY • WEDNESDAY, MAY 20, 2015<br />
BUSINESSWORLD<br />
33<br />
INSURANCE<br />
Honeywell’s<br />
VOP Process<br />
Technology<br />
to Run<br />
Dangote Oil<br />
Refinery<br />
UOP LLC, a Honeywell company,<br />
has said that its process<br />
technology, catalysts and<br />
proprietary equipment will form<br />
the basis for the largest refinery<br />
in Africa, reducing Nigeria’s<br />
dependence on imported fuels<br />
and petrochemicals.<br />
According to a release,<br />
Dangote Oil Refining Company<br />
selected UOP technology for a<br />
world-scale integrated refinery<br />
and petrochemical plant to be<br />
built in Lekki, near the capital of<br />
Lagos in southwestern Nigeria.<br />
Nigeria has the second-largest<br />
amount of proven oil reserves<br />
in Africa – an estimated 37.2<br />
billion barrels, according to Oil<br />
& Gas Journal.<br />
However, Nigeria currently<br />
imports most of its refined<br />
product requirements due<br />
to lack of domestic refining<br />
capacity.<br />
“UOP has been designing<br />
state-of-the-art refineries and<br />
petrochemical plants for more<br />
than a century, so we are<br />
well-equipped to help Nigeria<br />
develop a massive new installation<br />
to meet its domestic needs,”<br />
said Pete Piotrowski, senior vice<br />
president and general manager<br />
of UOP’s Process, Technology<br />
and Equipment business. “This<br />
project will enable Dangote to<br />
improve Nigeria’s oil refining<br />
capabilities, reduce the country’s<br />
dependence on imports, and<br />
work to revive and transform<br />
the Nigerian economy.”<br />
The Dangote Group is the<br />
largest industrial conglomerate<br />
in West Africa and one<br />
of the largest in Africa. The<br />
company has a number of<br />
interests, including cement,<br />
real estate, oil, natural gas,<br />
telecommunications, fertilizer<br />
and steel. The Group focuses<br />
on local, value-added products<br />
and services that meet the needs<br />
of the African population.<br />
In addition to processing<br />
crude oil to produce highquality<br />
gasoline, diesel and<br />
jet fuel that meet Euro V<br />
specifications for reduced<br />
emissions, the new facility will<br />
produce world-scale quantities<br />
of polypropylene, a key<br />
petrochemical used in plastics<br />
and packaging.<br />
UOP technologies at this<br />
facility will include: The UOP<br />
Resid Fluid Catalytic Cracking<br />
process to produce transportation<br />
fuels from crude oil. It will<br />
also supply propylene, which<br />
will be used as a feedstock for<br />
polypropylene; the CCR Platforming<br />
process to produce<br />
high-octane gasoline blending<br />
components; the Unicracking<br />
process to produce diesel; the<br />
Penex process to produce<br />
high-octane gasoline and the<br />
crude distillation unit (CDU)<br />
design, which will be provided<br />
by UOP’s alliance partner,<br />
Process Consulting Services.<br />
In addition to technology<br />
licensing and design services,<br />
the UOP organisation is working<br />
with Dangote Oil Refining<br />
Company to provide catalysts,<br />
adsorbents and proprietary<br />
equipment for the project.<br />
Premium Pension Records N1.77<br />
Billion Profit<br />
Ebere Nwoji<br />
Premium Pension Limited,<br />
one of the leading pension fund<br />
administrators in Nigeria, has<br />
announced a profit after tax<br />
of N1.77billion for the year<br />
ended December 31, 2014.<br />
This represents eight per cent<br />
increase from the previous year’s<br />
profit of N1.652 billion.<br />
Announcing this at the<br />
company’s 10th annual general<br />
meeting (AGM) held in Abuja,<br />
Chairman of the company,<br />
Aliyu Dikko said during the<br />
year under review, the turnover<br />
for the company grew from<br />
N4.226 billion to N5.252 billion<br />
representing a growth of 24.28<br />
per cent.<br />
He said the company’s profit<br />
before tax grew from N2.351<br />
billion to N2.609 billion, signifying<br />
a growth of 10.97 per cent ,<br />
while profit after tax grew from<br />
N1.625 billion to N1.766 billion.<br />
He said the above impressive<br />
performance is a reflection<br />
of the various strategies the<br />
company had adopted and<br />
the commitment of the board,<br />
management and staff in ensuring<br />
that new businesses were<br />
won and existing customers well<br />
served through the delivery of<br />
superior customer service.<br />
He said despite the declining<br />
employment opportunities<br />
that had negatively impacted<br />
on the company’s business<br />
generation drives, Premium<br />
Pension Pension has expanded<br />
its horizon in terms of funds<br />
under management and number<br />
of Retirement Savings Accounts.<br />
“As at December,2014 the<br />
company has several Funds<br />
Under Management (FUM),<br />
namely; Active RSA fund,<br />
Retiree RSA fund, CBN active<br />
and CBN Retiree fund, NNPC 1<br />
& 2 fund UBN fund, SEC fund<br />
and FBN fund. Other funds<br />
under our company’s management<br />
include Jigawa State fund,<br />
NDIC fund, Intercontinental<br />
fund, Lagos Chanel Mgt fund,<br />
Rivers State fund as well as<br />
Niger state Legacy fund.”<br />
He also said that the company<br />
had maintained robust relationship<br />
with existing institutional<br />
clients and is tirelessly working<br />
towards establishing new<br />
relationships. According to<br />
him, the assets and income<br />
for the company witnessed<br />
significant growth during the<br />
year despite stiff competition<br />
and macroeconomic instability.<br />
He disclosed that the number<br />
of RSAs registered by the<br />
company both in the public<br />
and private sector organisations<br />
increased from 613,449<br />
contributors as at December,<br />
2013 to 662,628 in 2014.<br />
According to the Premium<br />
Pension boss, out of the total<br />
RSAs, 514,446 were funded<br />
while 148,162 were still being<br />
persuaded for funding.<br />
He said the consolidated<br />
portfolio as at December 31,<br />
2014 had a net asset value of<br />
N367.768 billion as against<br />
N323.427 billion that had been<br />
reported in December, 2013.<br />
“This has resulted in a growth<br />
of 13.69 per cent. The RSA (active)<br />
fund which as at December<br />
31, 2013 had a net asset value<br />
of N219.288 billion closed the<br />
year 2014 with N268.198 billion<br />
signifying a growth of 22.30 per<br />
cent, “ he stated. Continuing on<br />
the performance of the company<br />
during the year under review,<br />
Dikko said.