Business
NNPC Foundation Trains Corps Members on Financial Literacy
…Over 200,000 Graduates Targeted for the Scheme
As part of efforts aimed at building the capacity of the youth with a view to transforming them into employers of labour, the NNPC Foundation, in partnership with Kudimata Nigeria Limited, a financial education outfit, have trained the Batch C members of the National Youth Service Corps (NYSC) in basic financial literacy skills.
This was revealed in a statement issued in Abuja on Friday by Chief Corporate Communications Officer, NNPC Limited, Femi Soneye.
He explained that the training, aligned with the objectives of Skills Acquisition and Entrepreneurship Development (SAED) scheme of NYSC had its maiden edition featuring Batch B stream in the past months.
Biztellers reports that so far over 118,000 youth corps members have been trained in financial literacy, while about 70,000 are being trained across the 37 NYSC orientation camps in the country.
Managing Director, NNPC Foundation, Emmanuella Arukwe described financial literacy as not only the bedrock of all successes in the ever-competitive labour market, but a journey towards attaining self-actualization, thereby heralding the trajectory to sustainable prosperity of the nation.
Arukwe, who implored the corps members to leverage on the knowledge garnered from the training to avert white collar job syndrome, added that the NNPC Foundation was committed to transforming the youth corps members to become employers of labour.
She said, “We are partnering with both NYSC and Kudimata to bring financial literacy to the corps members, as this will help them make better-informed decisions.
“We are very passionate about young people and NYSC is a veritable ground as it cuts across 20 to 30 years old youth, thus, making it the right demography.”
On the reach of the initiative, she revealed that, “This programme cuts across the 36 states of the country including the Federal Capital Territory (FCT).
“This is the first step towards a series of programmes that will culminate in instilling entrepreneurship in the Corps members. After this training, those who pass the examination by 70 percent will move to the next stage.
“The next stage will keep them better informed on how to run businesses to ensure success in their businesses. Thereafter, we will do a pitching where those who are properly trained will be selected and be given start-up kits to go ahead and be on their own,” the MD added.
Addressing unemployment as the greatest problem of young graduates, she pointed out, “We are aware of unemployment as a challenge plaguing young graduates and we recognize the need to empower the youths through capacity building of this magnitude for them to empower the whole nation.
“This training will help reduce unemployment and underemployment in Nigeria, thereby making the corps members employers of labour.”
On her part, the FCT Coordinator, NYSC, Shokpeka Winifred expressed profound gratitude to both the NNPC Foundation and Kudimata Nigeria Ltd for their unwavering support to empower the corps members to enable them to become self-reliant individuals and wealth creators.
In her opinion, the training is a platform for young people to learn the best ways of managing their finances, while also grooming them to become good managers of resources.
“Going forward, I’m confident that they will put what they have learnt to use by utilizing their funds well as they are now aware of how to earn, maintain and multiply their finances.
“We are striving to see them becoming business owners tomorrow through further mentorship,” the Coordinator concluded.
One of the corps members at the NYSC orientation camp in Abuja, Prudence Enema said, “I’m thrilled that the NNPC Foundation took their time to train us on financial literacy, we are aware that financial literacy is very important, and we have learnt a lot on how to multiply our money in order not to suffer in the future.”
Another corps member, Okeke Ugochukwu asserted that the training was worthwhile as the importance of saving and categorization of finances were taught effectively.
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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