Business
Sustainability: DIL Renews Commitment With Natural, Renewable Resources
The Pan-African Conglomerate, Dangote Industries Limited (DIL) has reiterated its commitment to sustainable environment in all the communities where its business units operate by prioritizing the use of natural and renewable resources.
This was revealed in a statement from the corporate communications department of the group on Monday, in Lagos.
According to the statement, the Company assured that as a leading business, it would be educating the Small and Medium Enterprises (SMEs) on driving positive change with a view to fostering more ways of sustainable production and consumption.
Group Managing Director, Dangote Cement Plc, Arvind Pathak made these remarks while speaking during Sustainable Living Fair, a discussion and exhibition programme, in Lagos, as part of activities marking this year’s Sustainability Week themed “Sustainable Production and Consumption – The Dangote Way”.
He pointed out that the Dangote Cement’s Sustainability Week is a yearly tradition of positively impacting our host communities, through employee volunteering, across our Nigerian and Pan African plants, as well as all Dangote business units.
Pathak explained that “the journey to sustainability at Dangote Cement officially commenced in 2017 with the adoption of a Dangote Group wide seven Sustainability Pillars; cultural, economic, operational, social, environmental, financial and institutional, in every aspect of our business operations.”
According to him, since the inauguration of the Dangote Cement Sustainability Week in 2018, employee volunteers have increased by 73 per cent, a testament to our vibrant Sustainability culture. This year, one of the activities earmarked for the commemoration of our sustainability week this year is the flagship Dangote Sustainable Living Fair which is aimed at showcasing the various components of a sustainable lifestyle.
“At the fair, members of our host communities, visitors as well and employees can learn to prioritize the use of natural and renewable resources. Exhibitors are provided with an avenue to exhibit their goods, educate, and proffer, alternatives to consumers thereby creating a win-win situation,” he added.
The Dangote Cement boss also commended the administration of Gov Babajide Sanwo-Olu of Lagos State for its commitment to good governance, which has been demonstrated by the various environmental initiatives embarked upon by the State’s Ministry of Environment and Water Resources.
He urged all stakeholders present to partake in the various educative sessions and activities, patronise the exhibitors, network with other sustainability enthusiasts and transfer the knowledge gained back to your various organisations and homes for implementation.
In his own remark, Head, Learning & Development, Dangote Cement, Nurudeen Yusuf stated that “in a world faced with pressing environmental challenges, it is imperative that we come together to address the urgent need for sustainable production and consumption.”
He said “today, we have a unique opportunity to witness the innovative solutions, groundbreaking technologies, and inspiring initiatives that are paving the way towards a more sustainable and equitable world.
“This exhibition serves as a powerful platform for knowledge exchange, collaboration, and inspiration. Here, we have the privilege of engaging with passionate individuals, organizations, and businesses that are leading the way in sustainable practices.
Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, represented by Deputy Director, Climate Change and Environmental Planning in the ministry Bankole Michael urged the public to be self-discipline in waste disposal, saying that “if we do not dispose our waste properly, it will find its way back into the environment and cause havoc on habitants.”
He pointed out that “if we live in a sustainable manner, we do not have to clear the drainage. Drainage is not a waste receptacle. There are PSP operators as far back as 2003 in Lagos state, whereby the PSP goes to houses to pick the waste but yet some people still dispose their waste in improper places.”
He noted that government spend so much money on cleaning the environment due to the unwholesome practices by some people and that such resources could have been spent on health and education, if the environment is not debased while emphasizing that “all we need to do is to make sure that we all live responsibly and sustainably.”
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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