Business
3rd SITEI Conference gathers steam as business leaders set to atten
Lagos-
Oil Rig
THERE are high indications that key stakeholders in the in the Nigerian Public and private sectors would be attending this year’s Sustainability in the Extractive Industries (SITEI) Conference holding at the Intercontinental Hotel, Victoria Island, Lagos.
This was contained in a statement issued by the organisers of the event in Lagos and made available to Biztellers. It reads in part that plans are in top gear for a successful hosting of the third, with endorsements and confirmation of attendance by keynote speakers, industry captains and heads of relevant government agencies, ministries and parastatals.
“Top on the list of endorsements and confirmed attendees are the Executive Governor, Cross River State, Senator Liyel Imoke and the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Ernest Nwapa.
Others include Raymond Wilcox, General Manager, Nigerian Content Development, Chevron; Lara Banjoko, Chief Executive Officer, Zone 4 Energy; Yomi Awobokun, Chief Executive Officer, Oando Downstream; Dayo Okusami, General Counsel and Executive Director, Atlantic Energy; Ladi Bada, Chief Executive Officer, Shoreline Natural Resources Limited;
Meka Olowola, Managing Partner, Zenera Consulting; Douglas Kativu, Head, Global Reporting Initiative Focal Point; Emeka Ene, Chairman, PETAN; Niyi Yusuf, Managing Director, Accenture Nigeria; Innocent Chukwuma, West Africa Representative, Ford Foundation; John Momoh, Chairman, Channels Television; Christine K, Director, Heinrich Boell Foundation Nigeria;
Jeffrey Corey, COO, Seven Energy; Prof. Wale Omole, Member, Board of Trustee, CSR-in-Action; Fidel Pepple, Immediate Past General Manager, NAPIMS; Olufemi Olarewaju, Director Sustainability School; Taofiq Tijani, Hon. Commissioner for Energy and Mineral Resources, Lagos State; Doyin Olutona, Co-Founder, U-turn Africa; Owanari Duke, Country Director, Empretech Foundation; Innocent Lagi, Attorney General, Nasarawa State; Samuel Ayinde, Director, International Organisation for Youth Advocacy and Development, among other dignitaries from relevant government parastatals, community advocators and companies in the mining and oil and gas sectors.
The theme for the SITEI conference, which is the third in the series, is “Local Content Participation, Accountability and Transparency.” The highly anticipated event will address the challenges of local entrepreneurs, job seekers, policies and critical issues surrounding the implementation of quality local content participation in the Extractive Industries and proffer practical solutions towards improving entrance, accountability and transparency in the sector. “
The conference holds on Friday, October 24, 2014, and is organised by CSR-in-Action, a non-profit organisation devoted to the advancement of social ethics, social responsibility and corporate governance in Africa.
According to CSR-in-Action’s Executive Director and Conference Convener, Bekeme Masade, the conference is a call to action for players, aspiring entrepreneurs and professionals in the sector to play more active roles towards better industry practices and a more rewarding experience for all.
“We are hoping the conference would encourage the youths in particular to explore the unique opportunities that abound in the sector in Africa and leverage on the current boom in investments in mining and associated infrastructure. We are also hoping that investors, lenders and bigger companies reduce the entry threshold for healthy competition and the empowerment of the average, focussed citizen,” she enthused.
Speaking further, she added that “We want to see more emphatic commitments by the big players to ensure merit-based increase in local content participation to drive Nigeria’s economic development into the future.”
Mr Esimaje Brikinn, Head, Social Performance and Planning, Chevron Nigeria, in explaining why they decided to support the conference echoed the sentiments of the other sponsors in the room, saying “the Conference theme closely relates to the DNA of Chevron’s activities around Nigerian Content Development”.
The theme of this year’s event is a natural sequel to the successful second SITEI conference, which had as keynote speaker, the former World Bank Vice President for Africa Region, Dr. Oby Ezekwesili. The second edition discussed the need for implementable policies in the sector and produced a convergence of important opinions and contributions on the topic from different stakeholders cutting across private sectors, government representatives and community leaders.
The SITEI event this year is, therefore, expected to address nagging issues that have threatened to stagnate the local content drive, like quality of local content players – vendors, contractors and business men – to play more active and dominant roles in the extractive industries.
The conference will feature workshop sessions with stimulating topics for discussion, with a potpourri of sustainable solutions expected to be provided to enforce the message and spirit of the conference, which is geared toward greater local content participation in the extractive industries.
To drive youth and mass participation in entrepreneurship, skills development and in the activities within the Extractive Industries, CSR-in-Action brings a new twist to this year’s SITEI Conference with the introduction of an Essay and Logo Design competition. This competition with the theme “Quality Local Content Participation in the Extractive Industries: Opportunities, Challenges and Solutions” is an opportunity for interested members of the public who have a burning desire to see increased local content in the extractive industries to provide a precise overview of the sector and proffer lasting panacea for all stakeholders. Visit www.csrinaction.org/SITEI2014 to participate and for more details.
To address any health fears with regard to the Ebola Virus Disease (EVD) currently ravaging some West Africa countries, Executive Director, Bekeme Masade assures conference participants that appropriate measures have been taken to ensure simple and necessary health practices are adhered to at the event to guarantee a hitch-free conference following a partnership with PathCare Nigeria.
Social media audiences will enjoy a live streaming of the key messages and proceedings. Media partners include Inspiration FM, Channels Television, Y Naija, Nigeria Info FM, CNBC, FRCN Radio one Sweet Crude Reports, and African Energy, and Technical partners are Pathcare Laboratories to address health fears and Swift Networks for exclusive Internet Connectivity at the conference.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
ALSO READ: NGX Invest Expands Primary Market Access with WhatsApp Subscription Channel
The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
READ ALSO: NIPCO Moots $3bn Gas Project with Local Construction
According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
NIPCO Group has announced plans to develop a Floating Liquefied Natural Gas (FLNG) project in Nigeria, with the proposed development estimated to require more than $3bn in investment.
This statement was made at a press conference on Thursday by the Managing Director of NIPCO Group, Nagendra Verma, who said the proposed project would have an envisaged LNG production capacity of approximately three million tonnes per annum, subject to the outcome of feasibility studies, regulatory approvals and a final investment decision.
READ ALSO: Dangote to Support Two Million Women with Refinery IPO Share Ownership
Verma said the project, which would mark NIPCO’s entry into the Liquefied Natural Gas (LNG) sector, was being considered for locations in the Escravos area of Delta State and the Akwa Ibom region.
“This proposed development is envisaged to comprise an FLNG facility along with associated marine and export infrastructure with the potential to serve both the international LNG market and growing domestic LNG demand in Nigeria. The proposed project is presently envisaged to produce LNG unified LNG of approximately 3 million L per annum, 3 million metric tons per annum. The proposed development is expected to represent a significant investment currently estimated in excess of $3bn.
“The final location shall be determined subsequent to the ongoing feasibility study. We are looking at strategic locations that will facilitate access to upstream gas resources, LNG processing, marine transportation and both international and domestic markets,” he said.
According to him, NIPCO had been evaluating the proposed FLNG project for the past six to nine months and was currently undertaking preliminary technical, commercial and feasibility assessments.
“We are considering various development concepts, technology solutions, financing structures and commercial options with a view to establishing a technically robust and commercially sustainable project,” Verma said.
He said the proposed development would comprise an FLNG facility alongside associated marine and export infrastructure, with the potential to serve international LNG markets as well as Nigeria’s growing domestic gas demand.
“The project is presently envisaged to have an LNG production capacity of approximately three million tonnes per annum.
“However, this remains subject to the outcome of the ongoing feasibility and technical studies, project economics, regulatory approvals and final investment decisions,” he said.
Verma said NIPCO was also evaluating the shipping and logistics infrastructure required to support both export and domestic LNG supply.
The Managing Director said the ongoing assessment covers upstream gas supply and reserves, FLNG technology and configuration, LNG production capacity, marine and export infrastructure, domestic LNG supply opportunities, shipping and logistics requirements, project economics and financing structure.
Chairman NSC Secures FIFA Committee Backing for Nigeria Football Reforms
Lagos Naming Ceremony Turns Tragic As Police Shoot 11-Year-Old Girl, Elderly Man
Rivers 2027: ADC Still United, No Member Has Joined APC — Pidomson
Electoral Act: Party Membership Cannot Disqualify Candidate — Lawyer
‘Peter Obi’s Govt Left 101 Road Projects With ₦127bn Liabilities’, Says Anambra Govt
₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
