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Shell emerges best CSR innovation company at 2015 SERA’s

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By Yemie ADEOYE

LAGOS-SHELL companies in Nigeria have emerged the best in Corporate Social Responsibility Innovation, and also the best in Sustainabl

L-R: Vice President Human Resources of Shell in Nigeria and sub-saharan Africa, Mr. Olukayode Ogunleye;Development Manager, Offshore Assets, Mrs. Beatrice Spaine; General Manager External Relations, Mr. Igo Weli; Managing Director, Shell Nigeria Exploration and Production Company, Mr. Bayo Ojulari, at the Social Enterprise Report and Awards ceremony in Lagos... on Saturday.

L-R: Vice President Human Resources of Shell in Nigeria and sub-saharan Africa, Mr. Olukayode Ogunleye;Development Manager, Offshore Assets, Mrs. Beatrice Spaine; General Manager External Relations, Mr. Igo Weli; Managing Director, Shell Nigeria Exploration and Production Company, Mr. Bayo Ojulari, at the Social Enterprise Report and Awards ceremony in Lagos recently

e Stakeholder Engagement at the 2015 edition of the Social Enterprise Report and Awards (SERAs) held in Lagos on Friday. In addition, Dr. Uwem Ite, of The Shell Petroleum Development Company of Nigeria Ltd (SPDC), was named Nigeria’s Corporate Social Responsibility (CSR) Practitioner of the year. The awards aim to recognise corporate bodies who invest in society through CSR programmes.  

Reacting to the awards, Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, said, “While the SERAs and other awards encourage us and our Partners on our CSR programmes, the real encouragement for us are the lives that have been transformed through these initiatives, which is why we will continue to implement the programmes as part of our business in Nigeria.” 

Shell companies in Nigeria were among 62 corporate bodies assessed by a panel of experts drawn from the United Kingdom, the United States and Nigeria. The panel based their assessment on the outcome of field visits and verification of data. For the CSR Innovation award, Shell (along with its Joint Venture partners, NNPC, Total and Agip) was lauded for the support of students of Ahmadu Bello University, Zaria, University of Benin and University of Lagos to build energy-efficient cars for the Shell Eco-marathon competition in Rotterdam, The Netherlands. The support also enabled the University of Benin students to race at a similar competition in South Africa in 2014 where their car, TukeTuke, won the best designed car award. 

Shell won the Sustainable Stakeholder Engagement award mainly for the introduction of the Global Memorandum of Understanding (GMoU) model in 2006. Agreements for 40 GMoU clusters covering 387 communities in the Niger Delta had been signed as at the end of 2014. In naming Dr. Ite as CSR Practitioner of the year, the panelists recognised his pioneering contributions to corporate social responsibility. Shell was nominated in a total of nine categories – Poverty Reduction, Community Involvement, Health Intervention, Partnership for Development, Labour Practices, and Sustainability Reporting.  

Bayo Ojulari, Managing Director, Shell Nigeria Exploration and Production Company, who received the awards said: “The recognition through the SERAs represents a vote of confidence in our efforts to help improve lives in the Niger Delta and Nigeria. Shell has been operating in Nigeria for more 50 years and began their CSR intervention in Nigeria with a scholarship programme well before Nigeria attained independence in 1960. The awards are a challenge for more innovation which Shell and its partners will continue to strive to meet.” 

Shell has won the SERAs in many categories since they were instituted in 2006. Every year, Shell Companies in Nigeria undertake various social investment projects, focusing on community and enterprise development, education and health. Much of this is done in partnership with the Niger Delta Development Commission (NDDC). In 2014 alone, Shell-operated ventures contributed $202 million to the NDDC as required by law. Some $112 million was directly invested by the SPDC JV and SNEPCo in social investment projects. Collectively, this makes Nigeria the largest concentration of social investment spending in the Shell Group

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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.

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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………. 

 

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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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