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Corporate Nigeria Pays Tribute To Ogunbanjo

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Lagos stood still last Friday when corporate Nigeria paid tribute to prominent corporate lawyer and philanthropist, Chief Christopher Ogunbanjo.

Biztellers reports that the event, tagged, an Afternoon of Tributes was put together by the Nigerian Exchange Group (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) in Victoria Island, Lagos to eulogise and honour the memory of Ogunbanjo.

Prominent among those who graced the event were the NGX, LCCI, the Central Bank of Nigeria (CBN), Dangote Group, BUA Group, Coronation Group, Zenith Bank, FCMB Group, etc.

Governor, CBN, Dr Olayemi Cardoso in his tribute eulogised the late Ogunbanjo not only for his strides in the corporate world but also his life as a father and grandfather.

Cardoso said, “Papa was a remarkable individual whose life and legacies transcend a myriad of fields. In particular, his contributions to the organised private sector in Nigeria was not only a life of achievements, it was also one that charted the way forward for multiple generations, inspiring them to elevate and aspire to be like him.

“Through his efforts, the foreign currency decree of 1985 was promulgated, laying the foundation for a more robust and internationally connected financial system.

“I recall quite vividly that Chief Ogunbanjo was part of a group of forward-looking businessmen who in the late 1960s championed local equity participation in foreign firms operating within Nigeria.”

On his part, Chairman, NGX Group, Dr Umaru Kwairanga, represented by Chief Executive Officer, NGX Group, Oscar Onyema, said, “As we reflect on his remarkable journey, we remember that he was a force behind the growth of many Nigerian companies. A true legal luminary, his influence reaches far beyond the boardroom.

Paying tribute to the late lawyer, President, Dangote Group, Alhaji Aliko Dangote described him as a champion of industrialisation in Nigeria which in his view explained the high turnout of corporate Nigeria at the event.

He said, “That is the reason most of us are here today. I have worked with him closely. I and Abimbola (Ogunbanjo’s son) worked tirelessly to ensure his vision for NGX is sustained. I completed my tenure as president and handed over to Aigboje Aig-Imoukhuede and he handed over to Abimbola. We are going to miss him.”

In his comments, billionaire businessman and Founder of BUA Group, Alhaji Abdul Samad Rabiu said, “He was an astute businessman and a philanthropist. He gave back to society, that was very important to him. I want to express my sincere condolences to the family and the business world.”

In the same vein, the incoming president of LCCI, Gabriel Idahosa, said that the late Ogunbanjo embodied dedication and service to country whilst the outgoing president, Dr Michael Olawale-Cole expressed confidence that Chief Ogunbanjo was resting in peace in the bosom of the Lord.

On his part, Chairman, Coronation Group, Aigboje Aig-Imoukhuede and former President of the National Council, Nigerian Stock Exchange said it was a privilege to pay tribute to the man whose name and signature are on the founding inaugural memo and articles of the exchange.

“He put food on the table for many stockbrokers, many bankers but most importantly, millions of investors who benefited from his work during the privatisation program.

“The privatisation program was very much stimulated by his efforts and is certainly, alongside with the establishment of the exchange, the defining moment in the building of the Nigerian capital market.

“He not only made those contributions, he went on to chair several companies, to be an active investor in several companies and therefore put his money where his mouth is,” Aig-Imokhuede added.

Former Chairman, NGX Group, Bamofin Abimbola Ogunbanjo, eulogising his father, said, “I would not be far from the truth to say that chief acquired his impressive credentials on the actual battleground of corporate law practice, in company boardrooms, and right here in the Lagos Chamber of Commerce where he stood out as a respected voice of the organised private sector.”

Other dignitaries in attendance were the Chairman, Zenith Bank, Jim Ovia, Group Chief Executive Officer, FCMB Group, Ladi Balogun, Chief Executive Officer, NGX, Mr Temi Popoola, former Presidents of the LCCI, representatives from the Nigerian Bar Association, as well as family members of the deceased

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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FHC Orders NUPRC to Comply with PIA

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Local Firms Lead Revival of Idle Oil Wells – SPE

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Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

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