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PMB Hails CACOVID for Donating 350 Security Vehicles

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FULL TEXT: President Buhari Delivers Last New Year Message To Nigerians

…says Coalition made him proud over Covid-19 response

As the private sector-led Coalition Against Covid-19 (CACOVID) winds down, President Muhammadu Buhari has commended the initiative of private sector operators, saying the contributions he has received from the Coalition so far has elevated his status among other Presidents of the world.

 

The President, who spoke in Abuja yesterday while receiving a parting donation of N12 billion security equipment for the Military and the Nigeria Police from the leadership of CACOVID said his government had received so much support from the private sector in addressing social ills in the country.

 

Items handed over to the President by the Coalition members included 100 Tata 14 ton Troop carriers, 100 Tata 12 ton Troop carriers, 86 Toyota pick-up trucks, 64 Nissan Navara pick-up trucks with their spare parts, 13,000 helmets as well as 13,000 bullet proof vests.

 

It would be recalled that the World Health Organisation (WHO) had also rated CACOVID as the third largest contributor in the world to the fight against Covid-19 virus, the outbreak of which in 2020 brought the world to its knees.

 

An excited President Buhari while thanking the CACOVID on behalf of the Military and the Police said: “Today is indeed a very happy day for all Nigerians, and I can happily say that I am the envy of many Presidents in the world. I am exceedingly honoured to be the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, at this time.

 

“I am gratified to have the honour of leading a country whose private sector willingly galvanises itself to raise funds to enthusiastically support government in resolving social ills. I am proud to say that there is nowhere in the entire world, except in Nigeria, where the private sector has voluntarily come together to assist government efforts.

 

“Thank you for supporting our Administration’s efforts to strengthen the Police and Military as we face the security challenges that all modern nations face”, Buhari added, noting that such a patriotic gesture was proof that nationalistic determination is still alive in Nigeria, in the face of enormous challenges pervading the world and the country.

 

Speaking while handing over the items, Chairman of the Aliko Dangote Foundation (ADF), Aliko Dangote, a foremost industrialist who initiated the Coalition with the Group Managing Director of Access Bank Plc, Herbert Wigwe, explained that the Coalition was winding down with the latest donation.

 

He listed other business leaders brought together under CACOVID to include Mrs. Folorunsho Alakija, Tony Elumelu, Jim Ovia, Segun Agbaje, Abdulsamad Rabiu, Femi Otedola, Adesola Adedotun, Karl Toriola, Haresh Aswani, Raj Gupta, and John Coumantaros, all of who contributed several billions of Naira each and supported the CACOVID effort with advocacy. In all, according to him, over 100 organisations and private individuals contributed to CACOVID.

 

Mr. Dangote gave reason for the donation saying that as the worst of the Covid crisis waned in Nigeria, the security situation deteriorated, partly due to economic disruptions caused by the shutdown of the global and national economy.

 

Therefore, to provide additional response support to the Government, the ADF Chairman said CACOVID embarked on another fundraising effort, which enabled it to purchase the items for the Police and the Military.

 

Recalling the birth of CACOVID, Dangote explained that the Coalition as a timely response to the outbreak of the deadly covid-19 virus was borne out of the previous experience with Ebola elsewhere in West Africa, which made him to recognise the fact that the potential crisis looming was very serious

 

“And so together with Herbert Wigwe, we set up CACOVID and drafted our peers in the private sector to join our efforts. The CBN Governor joined our efforts very early and chaired the group. We knew straight away that we had a responsibility to act and support the efforts of Government as quickly as possible to avert disaster”, Dangote noted.

 

Dangote continued; “In addition to the leadership team, we set up a technical committee to guide our purchasing decisions, which was critical, given the prevailing confusion around testing and treatment options, and the lack of successful models anywhere in the world. Members of that committee included leading Nigerian scientists and public health professionals, the DG of NCDC, DG of the Presidential Task force on Covid-19, representatives of WHO, BMGF and the UN.

 

“In addition, a core team of select staff members from our organisations manned the initiative’s operations Centre 7 days a week for several months planning, coordinating, and delivering on the various activities of the coalition.”

 

While enumerating all the supports the Coalition has offered the nation in the last two years, Dangote disclosed that the group mobilised its members and raised N62 billion to provide 39 fully kitted isolation centers in all 36 States and FCT; Testing Supplies for almost 1 million tests; Food for 10 million vulnerable individuals across the country; Oxygen and tanks to the most affected states; Support for vaccines delivery and distribution across the Nation; Support to re-open the economy (Travel Portal, IT, airport scanners/PPE and other support) with communications and advocacy campaigns around prevention and against disinformation.

 

According to Dangote, the donation marks the end of the CACOVID initiative “as we wind down what has been deemed an example of patriotism, solidarity and efficiency in terms of partnership between the public and private sectors. This is a lesson in the power of collaboration for a worthy cause.

 

“Thank you to my partners on this CACOVID journey. I would like to especially thank the Presidential Covid-19 team led by SGF Mr. Boss Mustapha for their excellent collaboration. My gratitude goes to Mr. President for your unwavering support and that of your entire Government.”

 

Also speaking on the activities of CACOVID, Mr. Godwin Emefiele, Central Bank Governor, who led the CACOVID Committee told the President he was proud to be part of the Coalition that supported government in its fight against insecurity.

 

“I am immensely gratified by what CACOVID has achieved in its few years of existence. The nationalist and patriotic drive of my colleagues therein is unmatched anywhere in the world and must be applauded. The Coalition is a good example of what Nigeria must become: a nation of patriotic solidarity of individuals and corporations, and effective collaboration of the public and private sectors,” he said.

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Savannah Energy Provides Unaudited FY 2024 Trading Updates 

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Savannah Energy Inks New Gas Sales Agreement with Notore

 

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.

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Nigeria Can Achieve 5.5% GDP Growth – NESG

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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………. 

 

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CBN Approves Release Of Nigerian FX Code

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CBN Prohibits Foreign Banks' Rep Offices From Banking Operations

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.

 

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