Business
CBN Takes eNaira Campaign To FUTA
The Central Bank of Nigeria (CBN) has its campaign for partnership on the eNiara to the Federal University of Technology, Akure, (FUTA), Ondo State.
The bankers bank, on Monday, urged the institution to adopt the newly introduced digital currency known as eNaira, for financial transactions for the university community.
Acting Controller, CBN’s Akure Branch, Samuel Giwa, who led a team of the apex bank’s officials on the visit to the FUTA harped on the need for Nigerians to embrace the new digital currency, going by lots of benefits attached to it.
According to Giwa, the eNaira has the potential to revolutionise the way “we transact and conduct business.”
On why the FUTA should adopt the eNaira system, Giwa explained that it was convenient, safe, efficient, and transparent.
In his words, “This digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.
“The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios.
“The eNaira operates on robust blockchain technology, ensuring a high level of security. This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.
“By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem.
“The eNaira plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services. This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experience the benefits of financial empowerment.
“Embracing the eNaira can significantly enhance the efficiency of our financial operations. The transparency and traceability of transactions facilitated by the digital currency allow for streamlined processes, reducing administrative burdens and improving overall operational efficiency.
“The eNaira serves as a catalyst for economic growth, as evidenced by other countries’ successful adoption of central bank digital currencies.
“China’s digital yuan and the Bahamas’ Sand Dollar have demonstrated how CBDCs can boost the efficiency of financial systems and stimulate economic development.
“By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment.”
Specifically, the acting controller urged the university to adopt the eNaira for the collection of fees, levies, and revenues on the campus of the institution.
On her part, Vice Chancellor, FUTA, Prof Adenike Oladiji lauded the apex bank for the digital currency initiative and counselled that the youths be carried along.
Represented by the Deputy Vice-Chancellor Academics, Prof. Taiwo Amos, the VC said the FUTA students were vibrant and would be ready to accept the new system.
“In FUTA here, we have vibrant crops of students, they are trailblazers. Two of them would soon be going to the United States for five weeks of training. On the issue of adopting the system (eNaira) to collect fees on the campus, we can’t decide that here, when we get to the bridge we cross,” the VC stated.
Savannah Energy has shared a trading update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.
According to the update, made available on Thursday in Lagos, its gross production in Nigeria averaged 23.1 Kboepd for FY 2024, broadly in line with the prior year’s 23.6 Kboepd, of which 88% was gas (FY 2023: 91%).
On the update, CEO of Savannah Energy, Andrew Knott, said, “I am pleased to provide a FY trading update which demonstrates the continued progress we have made in 2024, a year which saw the highest level of cash collections ever recorded by our Nigerian business. 2025 is expected to be an exciting year for our Company: we have a large planned operational programme in Nigeria which is anticipated to enhance both our oil and gas production levels and capacity; we intend to progress our R3 East oil development project in Niger; we continue to pursue key acquisitions in the upstream oil and gas space; and we continue to seek to build our power business.
“Fundamentally, Savannah remains unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND power sectors.”
The update It also shows that it generated a Total Income of US$393.6 million in 2024, compared to FY 2023’s US$289.8 million. This consists of Total Revenues of US$258.7 million and Other operating income of US$134.9 million.
The report also shows that Savannah’s FY 2024 Total Revenues were ahead of the previously issued financial guidance of greater than US$245 million, while FY 2024 financial guidance is reiterated for Operating expenses plus administrative expenses at ‘up to US$75 million’. The company expects its FY 2024 capital expenditure to come in lower than planned (previously guided at ‘up to US$50 million’) due to the phasing of spend.
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According to the update, Savannah’s cash collections in 2024 amounted to US$248.5 million, a slight increase from the US$206 million it received in 2023. The report further shows that its cash balances as at 31 December 2024 stood at US$32.6 million, compared to the 31 December 2023 figure of US$107.0 million.
The report shows that the company’s midstream subsidiary, Accugas Limited, had as at 31 December 2024 drawn down on its NGN332 billion of the NGN Transitional Facility, with the resulting funds being converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million.
The report also provided new updates on Accugas’ US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria, noting that its commissioning which will enable the expansion of gas production in the medium term is well underway.
The report highlighted the progress being made in the procurement process of long lead equipment in Nigeria for a potential two-well drilling campaign on the Uquo Field in H2 2025, with an additional gas development well expected to add up to 80 MMscfpd of supplemental production capacity and a potential exploration well targeting an Unrisked Gross gas initially in place (“GIIP”) of 154 Bscf (25.7 MMboe) of incremental gas resources.
The update shows that progress is also being made in the planned Savannah acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field (“Stubb Creek”), with regulatory approval and completion being targeted in Q1 2025. Following the completion of the acquisition, Savannah intends to commence an expansion programme which is anticipated to increase Stubb Creek gross production from an average of 2.7 Kbopd in 2024 to approximately 4.7 Kbopd.
In Niger, Savannah continues to seek to progress its 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger, while it continues to push for a potential alternative transaction structure to acquire a material stake in producing oil and gas assets in South Sudan as previously announced on 20 December 2024.
On the renewable energy front, the update shows that Savannah has up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. A firm believer in Africa’s transition to renewable energy, Savannah continues to target a portfolio of up to 2 GW+ of power projects in motion by the end of 2026.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
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