Business
Stanbic IBTC Injects Fresh Blood Into Boards Of HoldCo, Subsidiaries
In a move generally perceived as reinvigorating by injecting new blood, Stanbic IBTC Holdings PLC, a member of Standard Bank Group has announced various Board appointments across the Group.
Biztellers reports that the appointments appear to be a reflection of the Group’s commitment to strengthening its leadership teams with a view to driving continued growth and innovation.
With the development, a highly accomplished businesswoman and social entrepreneur, Ndidi Nwuneli, was appointed Independent Non-Executive Director of Stanbic IBTC Holdings PLC.
She comes with an extensive experience, deep understanding of business development and sustainability, strengths expected to see her contribute invaluable insights to the Board’s strategic decision-making processes.
Another person appointed to the Board of the Holding Company as a Non-Executive Director, is Yinka Sanni.
He brings to the position, a wealth of experience in the financial services industry, backd by a strong track record of leadership.
It is expected that his robust industry experience and strategic insight will be instrumental in shaping the company’s growth trajectory.
In addition to this role, Yinka will serve as a Non-Executive Director of Stanbic IBTC Bank.
Another new appointee to the Non-Executive Director of Stanbic IBTC Bank PLC is Funeka Montjane was.
Her appointment was informed by her rich expertise in banking and financial services across Africa and beyond, strengths expected to be instrumental in achieving the Bank’s strategic objectives and ensuring its continued success.
Another aspect strengthened is the Board of Stanbic IBTC Asset Management, where Efe Omoduemuke joined as an Executive Director.
Omoduemuke boasts broad knowledge in investment management and risk management, expected to see him play a pivotal role in driving the next growth phase and development of the asset management business.
Another board appointment happened at Stanbic IBTC Insurance Brokers, where Joyce Dimpka joined as a Non-Executive Director.
Biztellers gathered that her vast background across the financial services industry at Senior Management and Board levels would see her weigh in with valuable insights and guidance to the company’s operations.
In the same vein, Stanbic IBTC Insurance Brokers Limited, welcomed Temitope Popoola as an Executive Director.
Temitope’s wealth of experience, which traverses Finance, Operations, Customer Service, Internal Audit, and Human Capital will be instrumental in achieving the Company’s strategic objectives in delivering excellent service and innovative insurance solutions to clients.
Another arm of the business bolstered at board level is Stanbic IBTC Capital Limited, where Oladele Sotubo was appointed as Executive Director.
With his expertise and experience in the capital markets, Oladele will bring valuable insights and contribute to the growth and success of Stanbic IBTC Capital Limited, Biztellers reports.
On its part, Stanbic IBTC Ventures welcomed Titi Ogungbesan as the Chief Executive.
With her demonstrated leadership skills and deep understanding of the Nigerian business landscape, Ogungbesan will lead the company in identifying and maximizing investment opportunities, driving its growth, and expanding the company’s portfolio.
On the appointments, Chief Executive, Stanbic IBTC Holdings, Dr. Demola Sogunle, said, “These appointments represent a significant milestone in the flight plan of Stanbic IBTC as we continue to position ourselves as a leader in the Nigerian financial services industry.”
He added that the new appointees come with a wealth of multi-dimensional experience, diverse perspectives, and a deep commitment to driving excellence and innovation.
“We are delighted to welcome these esteemed professionals to our Board of Directors. As we navigate the evolving financial landscape and continue to deliver exceptional value to our shareholders, clients, and communities, we recognise that people are the driving force behind any company’s growth. Hence, we prioritise people over profits at Stanbic IBTC,” Demola said.
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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