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.
. . . Tinubu Lauds NNPC Ltd, Partners Over Three Commissioned Gas Projects
In line with its renewed hope agenda, the Federal Government has reiterated determination to utilize Nigeria’s abundant gas resources towards revamping her industrial growth and kick-starting economic prosperity.
Biztellers reports that President Bola Ahmed Tinubu made the assertion while commissioning three critical gas infrastructure projects executed by the NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States, on Wednesday.
The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.
He said, “It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy.”
The President pointed out that from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.
While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.
President Tinubu described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.
He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.
“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas fueled prosperity in our country.
“Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.
Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.
Ekpo commended the President for his leadership and support towards the success of the three projects.
In his remarks, the GCEO NNPC, Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilization of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialization of Nigeria on the back of the enormous gas resources in the country.
Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.
The Nigerian Government has listed her April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited (NGX) platform.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”
Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.
The bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
The retail savings bond product was introduced by the DMO on behalf of the FGN in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.
Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March, according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report, released Wednesday, shows a 0.49 percentage point rise within a month.
Year-on-year, the inflation rate has surged by 11.47 percentage points, compared to 22.22% in April 2023, highlighting the ongoing economic challenges and rising costs for consumers.
The report reads “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%.
“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).
“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”
Prices of food and basic commodities have surged dramatically in recent weeks, as Nigerians grapple with a soaring cost of living and one of the nation’s most severe economic crises.
The crisis has been intensified by the government’s removal of petrol subsidies and the unification of forex windows.
The naira, which had appreciated against the dollar in April, has since plummeted from about N1,100/$1 to roughly N1,500/$1.
Following the latest inflation report from the National Bureau of Statistics (NBS), the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country’s interest rate, currently set at 24.75%.
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