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NESRC names Christopher L. Boone as New CFO

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National Energy Services Reunited Corp.(NESRC), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, today announced the appointment of Christopher “Chris” L. Boone as Chief Financial Officer, effective May 28, 2019.

Mr. Boone will lead all financial functions at NESR, including strategic and financial planning, accounting, treasury, tax, internal audit, investor relations, and compliance.

Mr. Boone will bring with him over 25 years of industry experience including advising private equity transactions.

Prior to his new appointment, Mr. Boone served as Chief Financial Officer at Tesco Corporation (TESO) until its acquisition by Nabors Industries Ltd. in 2017 and through the transition to Nabors until in early 2018.

Prior to that, Mr. Boone worked at Lufkin Industries (LUFK) in various financial and operational roles for nearly 20 years and was its Chief Financial Officer from 2008 until its acquisition by General Electric in 2013.

Mr. Boone replaces Ms. Melissa Cougle who has decided to step down to take another role in the industry due to family considerations.

We are extremely pleased to have Chris join the NESR leadership team

Sherif Foda, Chairman and Chief Executive Officer commented, “We are extremely pleased to have Chris join the NESR leadership team. Chris’s financial leadership and hands-on experience in working with innovative, high growth businesses with an international footprint in oilfield services makes him an excellent fit for NESR. I look forward to working with Chris in pursuit of becoming one of the best companies in oilfield services worldwide. I would also like to take this opportunity to thank Melissa for her valuable contribution and wish her continued success and the best of luck in her future endeavors.”

“I am thrilled to be joining Sherif and the leadership team at NESR,” said Mr. Boone. “It is rare to find oilfield services businesses with such a strong culture and compelling vision for the future. I have been an admirer of NESR’s vision and the agility at what has been done in just two years and look forward to contributing to our bright future.”

Mr. Boone holds a Bachelor of Science degree from Washington and Lee University in Virginia and has an MBA degree from Thunderbird School of Global Management.

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Tiamin Rice Disburses $13.4m to Boost Production Capacity

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As part of boosting the production capacity of rice in the economy, Tiamin Rice Mill Limited has invested a total of $13,370,500 to boost its production capacity from the current 320 tonnes to 1,520 tonnes per day.

The Managing Director of the company, Aminu Ahmed, disclosed this when he led the management of the company to pay a courtesy call on the Indian High Commissioner to Nigeria, Abhay Thakur, in his office in Abuja.

He said the policy of the present administration, especially the ban on smuggling and the interventions by the Central Bank of Nigeria have helped immensely in boosting local production of rice.

Ahmed revealed that the company was established in 2016 in Kano and started production of rice in 2018 with 320 tonnes per day.

He disclosed that the existing production line in Kano would be expanded from 320 tonnes to 920 tonnes next year, just as a new production line would start production of 600 tonnes per day in Bauchi by May 2020.

“We are now investing $13,370,500 to boost our production capacity to 1,520 tonnes per day. Already we have placed orders for all the machinery needed, and all arrangements are on top gear to meet the deadline we set.

“By next year, we plan to become the biggest rice producers not only in Kano but in the whole country.

“Our watch word is quality and affordability. We produce one of the finest brands in Nigeria that can compete with foreign rice brands in terms of quality,” Ahmed said.

Ahmed, therefore appreciated the relative quality and durability of Indian machines, which he said are the secret behind the quality of Tiamin Rice.

The Managing Director thanked the Indian High Commission for support and sought further cooperation in the areas of easing trade relations between his company and Indian partners.

The High Commissioner thanked Tiamin Rice for the courtesy call, expressing delight and appreciation for patronizing Indian machines.

Thakur, said the High Commission hopes that the policy of boosting local production would be sustained beyond the present administration so that local industries in the country would grow.

Briefing journalists after the visit, the Managing Director of the rice mill thanked the federal government for supporting local rice production and the state governments for giving them enabling environments.

“We thank the federal government for giving us all the needed support to operate and sustain our production. We thank Kano State and Bauchi State Governments for their support in the allocation of the area of land.

“In line with Kano State Government’s policy of allocating free land to genuine investors towards reviving the industrial glory of the state, Kano State governor has particularly allocated land to us for our expansion project.

“It is heart-warming that during the governor’s visit to our company on 23rd May, 2018, he expressed desire to support and woo local investors with allocations of land.

“We urge other state governments to follow suit in order to boost local production and provide employment opportunities for youth in their states,” Ahmed added.

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Nigeria-China Unveils Trade Value that Nails $8.6 Billion

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In its bid to invest in trade and boost its value, the Trade between Nigeria and China has reached $8.6 billion in the first half of 2019, which was disclosed by Chinese Consul-General, Chu Maoming in Lagos. He also said the ties between the two countries was waxing stronger daily.

Maoming, while speaking at the occasion of China Shandong Export Commodities Special Day at the just ended 33rd Lagos International Trade Fair, said Chinese companies were willing to invest in Nigeria as part of the recent bilateral agreements between the two countries. While, Shandong is one of 33 provinces in the People’s Republic of China.

The Consul- General said the Chinese private sector investors have concluded plans to increase the volume of trade with Lagos to the tune of billions of dollars, adding that the investment would result in job creation and knowledge transfer among other things.

He said with a contribution of 33 per cent to the world economy, China has become a strong actor in the global economy, and it was the outcome of commitment of the people and leadership of the People’s Republic of China.

President of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Paul Ruwase, who acknowledged the burgeoning relationship between Nigeria and China said the ties was beginning to yield positive results, which has been attested by the $3.9 billion contract the Federal Government signed in October , 2019 with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line.

Similar ongoing projects such as Mambilla Power Project, Lagos-Calabar coastal railway line and Zengeru Hydropower Plant are outcome of the growing bilateral corporation between Nigeria and the People’s Republic of China.

Ruwase also cited the recently sign $629 million facility by the Lagos State Government with China Development Bank (CDB) for the completion of Lekki Deep Seaport Project.

He said the China has become a key player in the global economy, adding that her contributions should not be taken lightly.

“Permit me to say that the Chinese economy has shown resilience and great potential amid the twist and turn of economic globalisation, ” he said, adding, with a population of about 1.4 million.” Ruwase added.

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Consolidated Hallmark Insurance Profit hit by 56% to N659m in Nine Months

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An efficient general business insurance company Consolidated Hallmark Insurance (CHI) Plc has announced an impressive recorded result for the nine months and is getting ready to raise additional N6.618 billion to further enhance its operations going forward.

According to the unaudited report for the nine months ended September 30, 2019, showed gross written premium of N6.687 billion, up by 23 per cent compared with N5.405 billion in the corresponding of 2018.Net premium income stood at N3.857 billion as against N3.369 billion, while net underwriting income ended at N4.306 billion, up from N3.656 billion.

Meanwhile, the Profit before tax jumped by 56 per cent from N422 million to N659 million, just as profit after tax (PAT) rose from N355 million to N519.6 million.

The shareholders of the CHI Plc will on November 21, authorise the board to raise about N1.117 billion through a rights issue. The shareholders will also approve that the board raise another N4.5 billion.

Particularly, the directors are asking that they be authorized to raise, whether by way of private/public, special offering, rights issue or a combination or any other method(s) they deem fit, additional capital of up to N4.5 billion or its equivalent whether locally or internationally or a combination of both, through the issuance of shares, long term debt, preference shares (redeemable or irredeemable), convertible and non-convertible securities or depository receipts or any other instrument(s), whether as a standalone transaction, or a combination.”

However, in order to accommodate the new shares to be issued, the company will also increase its authorised share capital from N7,500,000,000 divided into 15,000,000,000 Ordinary shares of 50 kobo each to N10,000,000,000 divided into 20,000,000,000 Ordinary shares of 50 kobo each with the creation of additional 5,000,000,000 Ordinary shares of 50 kobo each.

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