Business
NGX Clamours For Harmonised Regulations, Infrastructure In WA
A call has been made for infrastructural upgrades, harmonised regulatory environment and smart infrastructure to boost the capital market across West Africa and to drive Africa’s competitiveness in the global market.
The Nigerian Exchange Limited (NGX) made the call on Tuesday, in Lagos, through its Chief Executive Officer, Temi Popoola at the two-day Capacity Building/Sensitisation program on the West African Capital Markets Integration (WACMI) Phase 2 Project.
Popoola, who was represented by the Divisional Head, Capital Markets, Jude Chiemeka, described the WACMI Phase 2 Project as another milestone for the West African Capital Market Integration Council (WACMIC), the West Africa Securities Regulatory Association (WASRA), and indeed, the West African Monetary Institute (WAMI) on their efforts to integrate the West African Capital Markets through innovative technology.
While appreciating the African Development Bank (AfDB) for sponsoring the regional integration program in order to establish a harmonized regulatory environment for the issuance and trading of financial securities across the region, Popoola said this would help address the infrastructure deficit that severely impedes Africa’s competitiveness in the global market.
He maintained that the phase II project will facilitate and stimulate cross-border securities trading, enable free flow of trading information among participants and support the creation of products and securities on the linked exchanges and drive innovation in investment services.
With the raft of evolutionary changes driven by technology, the NGX boss stressed on the need to build capacity for Phase 2 in line with current realities and ensure market policies and guiding frameworks for the development of infrastructure and regional integration evolve and adapt to the fourth industrial revolution to ensure that Africa earns its rightful place.
He said, “In this regard, we have to develop the complementary skills that will drive the smart infrastructure that Africa urgently requires.”
Earlier in an opening remark, the Director General, West African Monetary Institute (WAMI), Olorunsola Olowofeso stated that the harmonisation of market rules and the capacity building and sensitization programme across the stock exchanges in ECOWAS, other activities under component I include the development and hosting of a centralized database/ website for the West African Market region.
He assured that WAMI as implementing agency of the project will continue to collaborate with all the stakeholders, particularly WASRA and WACMIC to ensure that the project is completed within the stipulated time (June 2024).
This project, he said, will help to boost investors’ confidence by providing them with robust statistical data.
In a keynote address, Director General of the Securities and Exchange Commission (SEC) Lamido Yuguda, stated that the initiative aims to establish a common and integrated platform for listing, trading, and settling securities transactions within West Africa.
Represented by the Executive Commissioner Operations at the SEC, Dayo Obisan, Yuguda stated that capital markets play the crucial role of channeling capital from the place of surplus to that of deficit, helping make production and in turn, development possible. He explained that for development to happen, a strong capital market is a requisite necessity.
“There is need to expand the markets in the sub-region, and one of the ways to do it is to encourage cross-border capital market activity. This increases the opportunity set for people in our sub-region, helps diversification of investments, and encourages transfer of skills and best practices” he stated.
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
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.
Business
FHC Orders NUPRC to Comply with PIA
Business
Local Firms Lead Revival of Idle Oil Wells – SPE
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.”





