Business
Shareholders of BUA Cement get N2.60k DPS
By Edozie Obasi-Eze
BUA Cement Plc has declared a total of dividend of N88.047 billion for its financial year ended December 31, 2021. This amounts to N2:60k per ordinary share of 50k each held by shareholders in the accounting period.
Shareholders resolved in approval of the Board’s proposal at the company’s 6th Annual General Meeting held in Abuja.
The company’s financial statements for the period under review indicate that revenue growth by 22.9 per cent from N209.4 billion in 2020 to N257.3 billion in 2021. In the same vein, profits after Tax also grew by 24.5 per cent to N90.1billion during the same period.
During the Annual General Meeting, Chairman, Board of Directors, BUA Cement Plc, Abdul Samad Rabiu, said, “Our performance in 2021 gives credence to our sound business model, value proposition and the excellent team who responded to the challenges and opportunities they were confronted in the year under review.
“In the meantime, the BUA Cement brand continues to grow stronger in the marketplace.
“Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians.”
He assured that the management would remain focused, while making more strategic investments, that would help achieve stronger growth in the years ahead.
The Chairman divulged that the company’s ongoing projects would be completed in 2023 with a view to boosting the installed capacity to 17 million metric tonnes per annum.
In his contribution,
For his part, Managing Director, BUA Cement Plc, Yusuf Binji, reassured shareholders of the company’s commitment to excellence and sustainability in its operations.
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He pointed out that when the installed capacity of the company increases to 17 MT by 2023, it would “be better positioned to increase existing export volumes and in the process, take advantage of some of the benefits of the African Continental Free Trade Area”.
The managing director added that as part of the company’s sustainability initiatives, BUA Cement would remain operationally conscious, socially engaged, and economically involved.
It was gathered that during the year under review, BUA Cement made significant progress on cleaner energy mix through its transition from Heavy Fuel Oils to Liquefied Natural Gas in its Sokoto plants.
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.
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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
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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.”
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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.”





