Business
Online publishers charged to stir Nigeria into seeking global financial inclusion
. . . As GOCOP President charges new members on ridding the media space of fake news
Nigeria must key into global financial inclusion and the Guild of Corporate Online Publishers (GOCOP) must lead in the awareness that may help Nigeria achieve this.
The charge was handed down to GOCOP by Yusuf Mamman, Nigeria’s former ambassador to Spain, chairman of the 2024 Annual General Conference of GOCOP holding at Reverton Hotel in Lokoja, Kogi State capital.
This is as Maureen Chigbo, GOCOP President, has charged new members to join in the task of ridding the online media space of fake news.
The 8th annual conference has the theme, “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy.” The keynote speaker is His excellency Liyel Imoke, former governor of Cross River State, while Gov Ahmed Usman Ododo of Kogi State is chief host.
In his opening remarks, the former ambassador said Nigeria cards rarely get recognized abroad, regretting that this has led to many hardships.
Mamman said the global financial system has gone cashless and Nigeria must be integrated, saying failure to get integrated could lead to what he called cyber balkanization.
He admitted that Nigerian youths spend huge sums on data, but wondered if this huge spending ever goes to seeking knowledge. “There is knowledge out there in the internet where people can learn most things to improve themselves, but we must be sure that is where the huge data being poured into the internet by Nigerian youths is going to.
“There is what I regard as the biggest university in the world; ‘University of Youtube’. This has caused huge transition in every aspect of life” He noted that many technologies including the Post and Telecommunication (P&T) system and photography have since transited to new techs.
The former ambassador noted that IT has caused quantum leap which he said has also brought threats in the form of misinformation. His worry thus is how Nigeria can safeguard morality and reduce sensationalism.
To GOCOP, the former Ambassador pointed to availability of multiple platforms. He urged GOCOP to find a way to embrace them to be relevant in the industry. He said GOCOP must find how to transit from online journalism to a kind of media convergence system where Youtube, he said, is king.
He urged Nigerians not to wish online space away, saying; “If you don’t want to get wet, don’t get into the water.”
He said the digital media world is now about ‘like, comment, and share’.
He commended the GOCOP members for sustaining the journey for eight years now, and recalled the early days of GOCOP. He said the new media is opening new frontiers and this is opening new opportunities and challenges. He said IT is an evolutionary process but as deep and wide as an ocean.
In her welcome remarks, the GOCOP President who commended the host government, past presidents of the Guild, said the fight against fake news has persuaded GOCOP to enthrone strict membership screening as well as the ombudsman system. GOCOP, she added, has also joined national media industry ombudsman system to escalate cases that may be beyond the GOCOP.
Some GOCOP partners delivered goodwill messages. The Nigerian Content Development and Monitoring Board (NCDMB) was represented by the Corporate Communications Division through Teleola Oyeleke, who commended GOCOP for sustaining the Guild, saying it was evidence of seriousness of the members.
He said: “We regard you as one of NCDMB’s critical stakeholders. That is why the board has been partnering this organization. We are glad to partner you people both as a group and as individual publsihers.”
He called on GOCOP to continue to support local content development, saying Nigeria is leading the drive in Africa.
The Nigerian Communications Commission (NCC) was represented by Dr Omoniyi Ibietan, Head of Media Relations, who said the Executive Vice Chairman (EVC) of the Commission, Dr Aminu Maida, held GOCOP in high esteem.
He said the digital space and role of online publishing were critical and now a reality. “You are important, not just for popularizing the NCC but for opening the democratic space. We are improving investment and productivity of the nation. That is why constructive ideas are always welcome to the NCC.”
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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