Business
Empowerment: 30 Host Community Youths Graduate from Dangote’s Training Programme
… As Ibese Plant Donates Solar-powered Borehole
No fewer than 30 youths from communities around Ibese in Ogun State have graduated from a training programme put together by Dangote Cement Plc, Ibese Plant as a way of transforming society and providing employment opportunities for the youths.
The empowerment programme which afforded the youths the opportunity to be trained on domestic electrical installation, wiring and maintenance is aimed at accelerating social and economic development of host communities and in line with the United Nation Sustainable Development Goal.
In the same vein, the Cement plant commissioned a solar-powered Borehole in Abule Oke in Yewa North Local Government, Ogun State in fulfilment of its promises made to the communities during its Community Day celebration last December.
The youths were also presented with start-up tools for immediate commencement of their vocation after the training which was put in place by the Ibese Plant in partnership with Industrial Training Fund (ITF).
Addressing the beneficiaries at the closing ceremony of the programme, the Dangote Cement, Ibese Plant Director, Azad Nawabuddin, described the empowerment initiative as a demonstration of the Company’s commitment to the continued socio-economic development of the host communities in line with the Community Development Agreement signed in 2022.
According to him, the Company’s social development strategy “does not support giving people fish to eat but focuses on teaching people how to fish saying the Company was being proactive by engaging the communities members, especially the youths with so much energy and vigour. “Rather we empower them to be self-sufficient and self-reliant”.
Azad reeled out past empowerment initiatives of the Plant aimed at reducing unemployment gaps in the local communities and ultimately improving the standard of living, which include training in catering and event management, tailoring and fashion design and Acutherapy, from which 275 indigent youths have so far benefitted.
He commended the beneficiaries for their determination and zeal to learn new skills to better their lives, and urged them to apply the technical and entrepreneurial knowledge garnered during the training in building sustainable businesses, while committing to continued development of their skills and expertise in line with global trend.
Deputy Area Manager, Industrial Training Fund Abeokuta Area Office, Funmi Coker, commended Dangote Cement Plc Ibese Plant for devoting resources to develop the capacity of the Youths in relevant trade areas to make them useful for themselves and their immediate communities. She further appreciated the Company’s consistent collaboration to achieve the Nation’s training objectives, while charging other corporate bodies to follow suit.
Dayo Ogunyinka, Vice Chairman, Community Joint Consultative Committee also expressed delight for the Company’s annual empowerment initiative.
He enjoined the beneficiaries to see the gesture as a life changing opportunity with the capability to take them to the pinnacle of success and ensure that the starter packs received are used for the intended purpose.
One of the beneficiaries, Elegbede Ganiyat, from Iboro host community appreciated Dangote Cement for considering it worthy to invest in the development of the youths and described her experience during the training as enriching and everlasting. She assured that the beneficiaries have been well prepared to calve a niche for themselves in the electrical services market in their locality and beyond.
Meanwhile, the Cement Company has handed over a multi-million naira solar-powered bore hole to the people of Abule-Oke, a host community at a ceremony witnessed by the Olu of Imasayi, Oba Lukman Kuoye; the Baale of Abule Oke, Chief Ramoni Akinsanya other community leaders, youths, women and other indigenes.
Speaking during the hand-over, the Plant Director, Azad Nawabuddin emphasized the essentiality of water to the survival of humans and advised the community to make good use of the borehole facility and put up a framework to ensure its security, maintenance and sustenance as their equity contribution to the project.
The Olu of Imasayi commended the Management of Dangote Cement for “being the transformer illuminating the entire Yewaland’’, while acknowledging the commitment of the Company to improving the standard of living of people in its host communities. He charged the people of Abule Oke to ensure that the borehole facility is sustained such that coming generations can benefit from the project, as only the judicious use of the facility can encourage the Company to invest more in infrastructural developments in the community.
The people of Abule Oke were full of gratitude to the Company for the provision of the water facility, as expressed by the youth leader, Mr. Rafiu Akinola who declared that the intervention was timely and value adding, especially considering the fact that it is powered by Solar thus saving the community of the cost of fueling and maintenance of generator.
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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