Business
NGX Group, Female Leaders Call For Investment, Deeper Inclusion Of Women
The Nigerian Exchange Group (NGX) joined the world on Friday, March 8, 2024, to commemorate the International Women’s Day (IWD) by leveraging its Closing Gong Ceremony to “Ring the Bell for Gender Equality”.
With the theme, “Invest in Women: Accelerate Progress”, the event focused on individual actions, conversations, behaviours and mindsets that will accelerate progress and impact on the advancement of women across all spheres of life.
The event, organized in partnership with the International Finance Corporation (IFC), UN Women, the United Nations Global Compact Network Nigeria (GCNN), Chartered Institute of Stockbrokers (CIS), Central Securities Clearing System (CSCS), the SterlingOne Foundation and Association of Securities Dealing Houses of Nigeria (ASHON) brought together prominent female leaders within the ecosystem.
In her opening remarks, Dr Irene Robinson-Ayanwale, Divisional Head, Business Support Services Division, NGX welcomed all to the 10th Ring the Bell for Gender Equality.
She said, “When I learnt of this year’s theme, “Invest in Women: Accelerate Progress”, it resonates deeply with us. It serves as a powerful reminder of the need to establish equal opportunities for everyone while fostering an enabling environment for women across all sectors.
“This initiative represents a significant step forward in our efforts to promote gender equality and support women’s economic empowerment. Through innovative financial instruments such as gender bonds, we can mobilise capital towards projects that benefit women and advance gender equality across various sectors of the economy”.
Dahlia Khalifa, Regional Director, Central Africa and Anglophone West Africa, IFC, who was represented by Alexandra Celestin, Regional Industry Manager, Financial Institutions Group, Anglophone West Africa and Central Africa, said “This Ring the Bell for Gender Equality event highlights the importance of gender equality for economic development and growth. Economies that reduce barriers to women as leaders, employees, and entrepreneurs promote inclusive societies and pave the way for sustainable development. Collective, coordinated, and bold action by private sector leaders will be instrumental in accelerating progress towards gender parity and igniting greater resilience. IFC continues to collaborate with partners and stock exchanges like the Nigerian Exchange Group to improve diversity, equity, and inclusion in the private sector.”
On her part, Mrs Elizabeth Ebi, Group Chief Executive Officer, Futureview Group said, “The implications of a truly equal and balanced world; a world where men and women make equal contributions to the society, enjoy equal opportunities, and even enjoy the same rewards and benefits. Going by the growing body of evidence out there, it is safe to conclude that the multiplier effect on families, businesses, communities, economies and ultimately, nations would be indeed phenomenal.”
The event served to raise awareness about the importance of investing in women, to inspire inclusive leadership and to advocate for gender responsive policies. By championing these principles, stakeholders can create empowering environments where every individual can thrive and contribute to collective success.
Bolanle Austen-Peters, Founder, Terra Academy for the Arts said, “We use art to change the narrative about women. Our story telling in the past has mostly been done by foreigners which heavily skews the image of Nigerians and Nigerian women. Our focus is to tell the stories of female heroes, champions in history like Funmilayo Ransome-Kuti. These are the kind of women we celebrate today.”
During the Closing Gong Ceremony, Mrs. Yemisi Ayeni, Chairperson, NASCON Allied Industries called for increased female representation in corporate organisations, equitable inclusion in workplace and more participation in the society, in line with the sustainable development goals.
Present at the closing gong included Hafsat Rufair, Director, Securities and Exchange Commission, Ms. Fiona Ahimie, Director, NGX RelCo and 2nd Vice President, Chartered Institute of Stockbrokers; Amina Mohammed, Director, NGX RegCo; Onome Komolafe, Divisional Head, Business Services and Client Experience, Central Securities and Clearing System; Peju Ibekwe, CEO, Sterling One Foundation; Tomilayo Aluko, Head, Marketing & Corporate Communications, CSCS and Lillian Olubi, Director, NGX.
The event also featured notable personalities like Adejoke Silva a Nigerian actress – philanthropist and a strong supporter of women’s emancipation and empowerment, contributing to their education, training and progress.
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.
ALSO READ: CSR: Dangote Awards Scholarships To 473 Students
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.
READ MORE: Davido Is Richer Than His Billionaire Father – Ibrahim Chatta Claims
“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.
READ MORE: Dangote Denies Culpability In Pumping Up Petrol Price
“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.
Tinubu To Attend Africa Heads of State Energy Summit In Tanzania
Italy Collaborates With Edo To Combat Irregular Migration
Terrorism: Police Neutralises ESN Kingpins, Destroys Camps In Imo
JUST IN: Security Beefed Up As Obasa’s Supporters Occupy Speaker’s Lodge
9mobile Commends NCC For 50% Tariff Adjustment To Boost Telecom Sector
Kano Police Warn Residents Of Imminent Terror Attack Threats
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
Oando opens ultra-modern petrol station in Lagos
