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Mbah Ships Coal Camp Auto Parts Market To 9th Mile

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The Enugu State government has announced the construction of a new International Motor Spare Parts and Allied Trades Market, at 9th Mile for the use of traders currently at Coal Camp, Enugu.

This announcement was made by the Managing Director, Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo during a meeting with the expanded leadership of the Enugu Motor Spare Parts and Allied Trades Association, Coal Camp, Enugu.

It was gathered the traders have welcome the development, with some of them hailing Governor Peter Mbah over the move.

According to Ogbu-Nwobodo, the market was sited at 9th Mile, along the Enugu-Onitsha expressway in line with the electoral promises of Gov Mbah.

Gov Mbah had promised traders at Coal Camp that his administration would build a world-class market for them.

He further regretted that the present condition of the traders at Coal Camp was pathetic and prone to environmental hazards, stating that no business could thrive in such an unconducive environment.

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“The present condition of the traders at Coal Camp is nothing to write home about. During the last campaign period, they asked the state government to provide them with a more conducive environment that could accommodate all of them. Today, as we speak, work has commenced on the site. The governor is fulfilling the promises he made to the traders, and he is relentless in making sure that their businesses grow,” he said.

On the key facilities that would be in place, he Ogbu-Nwobodo, “It is going to be an ecosystem that supports modern businesses, commercial and light industrial activities. There will be facilities like modern shops and warehouses, police post, fire protection architecture, sufficient conveniences, banks, parks, school, health facility, union centre, recreational facilities, and other things that will enable business growth.”

Ogbu-Nwobodo added that the choice of 9th Mile was strategic because it is a major business hub in the state and the building of the market there would give more impetus for further development around the area, adding that it would create easy access for shoppers coming from the Northern States, Ebonyi and Cross River states, Central Africa, and other locations, saving dealers the stress of navigating through the city before offloading or exporting their goods.

“9th Mile is a major business hub in the state, and this will give more impetus for further development around the area. We should equally recall that there is already a free trade zone built by the state in the area. This site will accommodate all the traders and leave more room for expansion in the future,” Ogbu-Nwobodo said.

On his part, the President, Enugu Motor Spare Parts Dealers Association, Chief Mike Nomeh, said that Enugu had had numerous administrations which did not treat the welfare of traders at Coal Camp with the priority it deserved.

According to him, the relocation of the market was long overdue as they had written to past administrations to look into their welfare, appealing to the Gov Mbah to ensure the speedy delivery of the market as their present location at Coal Camp called for mercy.

“We have been praying for this since previous administrations, but thank God a visionary governor is fulfilling his promises to us. We are looking forward to finding ourselves in this promised land. All the traders at Coal Camp were very happy to receive this news because we have been suffering for a long time. We have suffered neglect in that Coal Camp, and I tell you that everyone is happy with this move by the governor to relocate us to a better place. We are so much grateful to His Excellency,” the president said.

On his part, Eze Benjamin, a sectional/line chairman at the Coal Camp, applauded the governor for the initiative.

He said he had spent over 30 years at Coal Camp and had been yearning for adequate accommodation for all the traders, adding that what was happening was like a dream.

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Savannah Energy Provides Unaudited FY 2024 Trading Updates 

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Savannah Energy Inks New Gas Sales Agreement with Notore

 

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.

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Nigeria Can Achieve 5.5% GDP Growth – NESG

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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………. 

 

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CBN Approves Release Of Nigerian FX Code

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CBN Prohibits Foreign Banks' Rep Offices From Banking Operations

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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