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Dangote Refinery To Help Nigeria Dominate Oil&Gas In West Africa – FG

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Dangote Refinery To Help Nigeria Dominate Oil&Gas In West Africa - FG
Mr. Sarki Auwalu, Director, Department of Petroleum Resources (DPR)

The Federal Government says it is targeting Nigeria’s dominance of the oil and gas market in the West African region with its ongoing Refinery Revolution and Decade of the Gas initiative.

Mr. Sarki Auwalu, Director, Department of Petroleum Resources (DPR), made this known on Wednesday in Lagos at the Second Quarter, 2021 Business Dinner of The Petroleum Club Lagos.

The topic of the session was: ‘A Discussion on the Future of the Nigerian Petroleum Industry.

READ ALSO: How Dangote Refinery Will Boost Lagos Economy -Sanwo-Olu

Auwalu said Nigeria must rewrite its history and reverse the resource curse syndrome which had plagued the country for decades by ensuring utilization of its vast oil and gas resources for national development.

He said that the country had the population and was geographically positioned to be a dominant player in the regional oil and gas market.

The DPR boss said the target of the government was to increase its oil reserves to 40 billion barrels and grow gas reserves to 220TCF by 2030.

He said the government also planned to increase production capacity to three million barrels per day.

“This is achievable with the ongoing rehabilitation of the nation’s refineries, the coming on stream of the Dangote Refinery, and other modular refineries that are under construction.

“None of the West African countries have a refinery producing Premium Motor Spirit and this presents a great opportunity for us.

“We can take over the market and it is a future we are looking forward to,” Auwalu said.

He said the focus on the development of the nation’s gas resources would help transform Nigeria into a gas-based economy that would create employment opportunities for the populace.

Auwalu said the passage of the Petroleum Industry Bill (PIB) was needed to drive these initiatives so as to provide clarity in a legal framework, institutional alignment, and improved investment climate.

He thanked the members of the Petroleum Club for their contribution to the industry in the past decades.

He added that government would continue to partner with the private sector to achieve its vision for the oil and gas industry.

Earlier in his remarks, Dr. Layi Fatona, President, Petroleum Club Lagos, said the association was a think-tank of persons who had played a key role in the petroleum industry and are desirous of improving its contribution to the economy.

Fatona said the COVID-19 pandemic and the global energy transition had made it imperative for Nigeria to make use of its vast petroleum resources within the shortest possible time for national development.

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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Victor Ikpeba Endorses Moores Energy

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Victor Ikpeba Endorses Moores Energy

Super Eagles legend, Victor Ikpeba has endorsed Moores Energy, as he encouraged residents of the Ikorodu area of Lagos State, and its environs to patronise the brand at its retailing station.

At a media launch where Ikpeba was unveiled as Moores Energy brand ambassador, the Nigerian football legend expressed confidence in the newly-established company floated by Bola Tom-Jones.

Referring to the Chief Executive Officer (CEO) of Moores Energy, Ikpeba stated: “I have no Bola now for over a decade and I have strong confidence in her offerings. She’s someone very passionate about people, especially as it relates to their well-being. With her establishing this energy company, I believe it’s her way of contributing to Nigeria’s green energy drive.

Victor Ikpeba Endorses Moores Energy
Victor Ikpeba joins Bola Tom-Jones to unveil the newly-purchased bobtail truck of Moores Energy

The gas retailing facility of Moores Energy is fully-automated, and it is a proven solution to reduce exposure to household air pollution and disease.”

On her part, Tom-Jones expressed gratitude to Ikpeba, saying she couldn’t think of any other celebrity that carries the dignity her brand represents.

Tom-Jones further explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.

What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.

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Fidelity Partners SMEDAN to Empower SMEs

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Fidelity Bank

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

At a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the partnership reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive. These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us”, commented Onyeali-Ikpe who was represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

“Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”, commented Fasanya.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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