Connect with us

Business

NNPC Pledges to Promote Gas Development

Published

on

NNPC - Investors King

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has said the corporation will ensure the maximisation of the nation’s vast gas resources by incentivising all parts of the gas value chain.

He said the NNPC would support the Nigerian Gas Association to achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base.

The GMD was quoted in a statement to have stated this while receiving the NGA delegation led by its President, Mr. Bolaji Osunsanya, at the NNPC Towers, Abuja.

He said as the midwife of the nation’s premier gas association in 1999, the NNPC had a moral and strategic interest in ensuring the continuous existence and sustained growth of the association.

“The NGA is a reflection of the development of the gas industry in Nigeria and they have contributed to the government in terms of advocacy and advice,” said Baru.

He described the theme of the forthcoming NGA conference, ‘Nigerian gas roadmap: potential for domestic, regional and global influence’ as quite apt at this period, especially with the country’s interests in the West Africa Gas Pipeline, Nigerian LNG Limited and the challenges in the power sector in the country.

Baru thanked the NGA for its advocacy in ensuring a review of the Production Sharing Contracts gas terms, adding that the NNPC was working hard to ensure the maximisation of the nation’s vast gas resources by incentivising all parts of the gas value chain.

“What I need from the NGA is a lot of advocacy and advice on whatever the sector requires. We will look at it, evaluate and see how best to make good use of it and drive the gas sector forward,” he said.

Osunsanya said the purpose of the courtesy visit was to stimulate the much-needed conversation on a range of important and diverse perspectives regarding natural gas development and its economic benefits to Nigeria and the support of the NNPC for the conference.

“Nigeria is slowly turning to gas as a primary driver of the nation’s development. The NNPC, directly and in proxy, holds a significant position in the development of the sector, which is a further indication that the NNPC has a prominent role to play,” he said.

He called for increased dialogue and cooperation between the association and the state oil company, adding that by aligning with each other, Nigeria’s huge natural gas resources could be explored as the viable option to crude oil in the face of the present economic realities.

Osunsanya thanked the NNPC and Baru for the unflinching support for the association and pledged the readiness of its members to work with the corporation in this regard.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

Published

on

Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

Continue Reading

Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

Published

on

Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

Continue Reading

Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

Published

on

Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending