Business
NECA: Dangote Honoured With Second Lifetime Achievement Award
. . . As Dangote Cement Wins In Chemical & Non-Metallic Products Sector
For the second consecutive year, Aliko Dangote, Africa’s foremost entrepreneur and humanist, was honoured with a Lifetime Achievement Award and accorded special recognition by the Organised Private Sector (OPS) employers in the country, under the aegis of the Nigeria Employers Consultative Association (NECA).
In a night of honour and reward for deserving member organisations, Dangote Group, the Pan-African conglomerate emerged top carting away the award in the ‘Resilience and Sustainable Growth’ category, while its subsidiary, Dangote Cement PLC was named the “Best Company in the Chemical and Non-Metallic Products Sector” during the 2022 Employers Annual Excellence Award held at the Eko Hotel in Lagos.
The Dangote Group also got a special Plaque as one of the sponsors of the 3rd edition of the NECA 2022 Annual Employers’ Excellence Awards.
The Dangote Group had won an award as the best company in the Chemical and Non-Metallic Products sector in the 2021 edition.
Chief Olusegun Osunkeye, former Chairman of Nestle Nigeria Plc. was the second personality given special recognition and honoured with the Lifetime Achievement Award at the well-attended event.
The Lifetime Achievement Award was received on the Dangote Group President’s behalf by a top management team led by the Group Executive Director, Strategy, Portfolio Development & Capital Projects, Mr. Devakumar Edwin; the Group Chief Human Resources Officer, Nglan Niat, and Director, Human Assets Management, Dangote Projects, Mr. Fola Ali. The other awards were also received by Mr. Edwin and Mrs. Adeola Oyetan, Head, Talent Management of Dangote Cement Plc.
Speaking while presenting Aliko Dangote’s Lifetime Achievement Award to the Dangote team at the high-brow event, former President of NECA and industrialist, Mazi Sam Ohuabunwa said the citation of the business tycoon which was read out to the warm applause of the participants “was only to fulfil all righteousness, as the name of Dangote looms larger than life for his exemplary works.”
He added, “I am proud that a lot of employers are here tonight. This is a great opportunity to catch up and build new networks. We need a lot of investments that would create more jobs and reduce poverty.”
Ohuabunwa, who also presented the Award for ‘Resilience and Sustainable Production’ said, “If you sow sparingly, you will reap sparingly. But if you sow bountifully, you will reap bountifully. The last award (Lifetime Achievement) was to Aliko Dangote, but this one (Resilience & Sustainable Production Award) is to the Dangote Group that has shown resilience and sustainable growth for others to emulate. They are setting the trend in sustainable growth.”
In his remarks after receiving the awards, Mr. Edwin, described NECA as an organisation that promotes leadership, good governance, innovation, productivity and corporate performance, and “therefore Mr. Dangote cherishes the award coming from a quarter like NECA.”
According to him, “NECA continues to remain a partner in progress, rewarding deserving companies for their contribution to national development. The Dangote Group will continue to contribute its quota to nation building and promote responsible business all sectors we operate.”
Also speaking, NECA President, Mr. Taiwo Adeniyi, explained that this year’s edition of the NECA Annual Employers’ Excellence Award, the third in the series, was to reward organisations that have forged on despite the challenges in Nigeria’s business environment and the economy, which was reflected in the event theme ‘Against All Odds’.
Adeniyi said the Employers Excellence Awards were meant to reward and encourage best practices in Corporate Performance, People Management and Industrial Relations practices amongst employers in Nigeria. He said the 2022 NECA Annual Employers’ Excellence Awards are to celebrate persistence and resilience, and added that, “In the quest for enterprise competitiveness and sustainable production, we are all winners.”
Minister of Labour and Employment, Simon Lalong, who was represented by Mr. M. Yusuf, an official of the Labour Minstry, congratulated the employers’ body and its leadership for organising the event to recognise that have displayed resilience despite the challenges facing in the private sector.
Other winners in various categories include Nigeria Bottling Company in the Food & Beverages Non-Alcoholic Sector; MTN in the Telecommunications and Allied Services category; TGI Group in the Agro & Agro Allied Services category; Nestle in the Food and Beverages and Workplace Innovation and Peoplecentric Creativity categories; Julius Berger in the Construction and Construction Services sector; NLNG in the Petroleum and Natural Gas sector.
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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