Global Oil, Gas Contracts Stifled In Q1 2022 -Report

Global oil and gas industry contract activity was stifled at the beginning of the first quarter of the year due to the Russia-Ukraine conflict,a report said.

But , in the second half of the quarter a minor increase in the number of contracts was reported. Unfortunately, the industry was unable to maintain its position in terms of contract value compared to the previous quarter, according to GlobalData, a leading data and analytics company.

Pritam Kad, Oil & Gas Analyst at GlobalData, comments: “Contracts in the oil and gas industry could only float due to the sheer uncertainties surrounding it, including the ongoing Russia-Ukraine crisis, rising prices, and project cost escalation. However, Saudi Aramco was able to keep the momentum going with Zuluf oil field expansion contracts during the quarter.”

GlobalData’s latest report, ‘Q1 2022 Global Oil & Gas Industry Contracts Review’, discloses that the number of contracts saw a minor increase from 1,452 in Q4 2021 to 1,546 in Q1 2022. However, overall contract value decreased significantly from $61.16 billion in Q4 2021 to $36.93 billion in Q1 2022.

In terms of single scopes, operation and maintenance (O&M) represented 56% of the total contracts in Q4 2021, followed by procurement with 16%, and contracts with multiple scopes, such as construction, design and engineering, installation, procurement, and O&M accounted for 14%.

A notable contract during the quarter was Saudi Aramco’s award of multiple contracts for the expansion of the Zuluf oil field in Saudi Arabia, including EPC work to JGC Holdings ranging between $2 and $2.5 billion for two sets of oil and gas separation units, gas compression units, and onshore processing facilities such as crude oil processing units, as well as EPC for injection water pumps, water-oil separation units, thermal oil systems, electrical and non-electrical facilities.

It said another notable contract would be those awarded to the National Petroleum Construction Company (NPCC) for construction work associated with the fourth and fifth Zuluf packages, where the fourth package CRPO 82 includes at least 12 oil-handling wellhead topsides, two oil tie-in platforms, and one electrical distribution platform, and the fifth package CRPO 83 includes up to 12 additional oil-handling wellhead topsides, two oil tie-in platforms, as well as infield pipelines and cables.

Soyinka Cedes Ijegba Forestage To FUNAAB

Nobel Laureate, Professor Wole Soyinka has signed a Memorandum of Understanding (MoU) ceding the custody of the popular Ijegba Forestage to the Federal University of Agriculture, Abeokuta (FUNAAB).

The Forestage, comprising several hectares of land areas, housing residence, library, and writers’ retreat residency is to be managed by the University to promote academic, cultural, ecological, and recreational studies leading to the deepening of multicultural studies that can strengthen the integration of science and humanities.

Speaking at signing ceremony held at the Ijegba Forestage, Professor Wole Soyinka,expressed his views on how the entire space should be put into proper use now and even after his exit.

He emphasized the need to run the place as an autonomous body that is dedicated to the promotion of knowledge of science and humanities and bringing together researchers all over the world to use the facilities in their natural form, irrespective of discipline.

In his remarks,the Vice-Chancellor, Professor Felix Kolawole Salako expressed appreciation to the Nobel Laureate assuring that the University will make the best use of the gesture of the donor using his ideals as a guide.

He noted that despite the separation of disciplines for the award of degrees, all of them have a point where they merge for the benefit of mankind.

Nigerians Must Retrace Their History, Cultural Heritage -LASU VC

The need for Lagos residents and Nigerians to go back to their history and cultural heritage was reemphasized as it would enable the younger generation to know the history of their states and country.

Prof. Ibiyemi Ibilola Olatunji-Bello, Vice Chancellor, Lagos State University (LASU), Ojo, Lagos, among other personalities, gave the charge in Lagos during an event to mark the International Museum Day.

Speaking at the event, tagged: “Future of Museums: Imagination, Innovation and Recovery of Lagos Cultural Heritage,” organised by LASU, under the auspices of LASU Museum, Prof. Olatunji-Bello said the event was to remind Lagosians and Nigerians to embrace their roots, history and cultural heritage, as that reminds them of their dignity and pride as a people.

“The significance of the day is that we must not forget our roots. Wherever we are now, we should always remember that there has been a past, there is a history. Once there is a history, there must be a culture.

“We need to propagate the culture to the younger ones and even to the visitors. There are some visitors that want to come to the state and they want to know what Lagos is all about, they want to know the history of Lagos. So, we decided to use this opportunity to showcase the glory of Lagos, its history and culture.”

At the event, the immediate past President of the National Industrial Court of Nigeria, Abuja, Justice Babatunde Adeniran Adejumo, who was the guest speaker, called for the training and retraining of the museum’s curator to enable them provide accurate information on the people’s history and cultural heritage.

Justice Adejumo emphasized the need for the provision of facilities for the museums, its staff members and the need to expand the museums, adding that “LASU needs to do this in collaboration with the state government.”

He stated that the Lagos Museum “is intended to be a modern architectural attraction, which hopefully, if the managers of the museum apply modern innovative ideas to it, will redefine the concept of the museums in the average mind in the country and attract multitudes of younger generation called the Millennials, to embrace and appreciate the Lagos cultural heritage within global futuristic lens.”

He said that museums must develop innovative ways to stay afloat and attract more visitors and generate more income to boost the economy.

Justice Adejumo advocated the need for a modern museum, which should have enough office spaces for the curators and members of staff.

He added: “There should be a restaurant that both members of staff, as well as tourists visiting the museum could stay in and eat and relax. Also, there should be a mini-mart or sales point where souvenirs made of antiquities may be demonstrated for those tourists who may wish to buy articles.

“There should be a gallery hall where various paintings and artifacts of historical backgrounds should be on display. There should also be more domestic and harmless animals in an enclosed environment, such as tortoises (both land and sea). All this may draw the attention of the younger ones.”

Justice Adejumo said that museums of the future must be designed to promote tourism and give visitors an experience of a lifetime such that they want to keep coming back and in fact, bring others from the country and from around the world along with them.

In order for this to happen, he said that museum managers must deploy applied imagination and practical innovation as essential ingredients that must interplay to adapt to an ever-changing world where digital transformation, as well as a hunger for new ways of doing things, has become the norm.

Indeed, museums have become innovation play grounds where new technologies can be developed and applied to everyday life, he added.

Saying that all other institutions may have their own museums, Prof. Olatunji-Bello added: “But LASU is peculiar because it is a great university. Lagos is also peculiar. Even when they have other things, there are some things that are here, some artifacts that are over 100-years-old. We also have our curators who can also bring up artifacts, which will look original. With that we are still propagating the culture of the state.”

She stated that “it is very important that school children are carried along today because they need to know the history of their state, they also need to know the culture.They will get the history of Lagos State and that of the country, and also the culture of the state.”

The LASU VC promised that in years to come, Lagosians should expect the museums to have more artifacts, as they “are planning to get the place enlarged by next year.”

She advised tourists to the LASU Museum “to relax, enjoy and ensure they take something home.”

Prof. Olatunji-Bello said the “LASU Museum is one of the research units of the university established to collect cultural artifacts for preservation, conservation, display, research and documentation.”

The VC said that LASU is “more than focused on achieving one of the objectives of the university, which is to serve as a curative custodian, promoter, and propagator of Lagos social and cultural heritage and other resorts.

“To this end, we have commenced the renovation and construction of the new Museum Gallery, which will facilitate effective, efficient museum operations in the state.”

She assured stakeholders that at the completion of the project, “they will all smile, and enjoy professional services from the museum.”

Stanbic IBTC Sponsors Varsity Education Of 100 Students

No fewer than 100 students will receive funding support for their university education in Nigeria from Stanbic IBTC Holdings Plc, a member of Standard Bank Group.

The bank said each of the undergraduates in 33 universities across the 36 states of the federation and the FCT, will receive scholarships valued at N400,000, which would be disbursed in tranches of N100,000 across four academic years.

The beneficiaries were chosen through the scholarship scheme of the financial institution designed to provide financial aid needed to fulfil their educational needs and pursue their dreams.

The 100 Nigerian youths selected this year excelled in the University Tertiary Matriculation Examination (UTME) organised by the Joint Admissions and Matriculation Board (JAMB).

Asides from the first tranche of disbursement, subsequent disbursements would be subject to beneficiaries maintaining their enrolment in their respective universities and degree programs they were admitted into, adhering to the academic and administrative policies of the university, and the provision of a letter of good conduct issued by their respective departments.

Besides, beneficiaries would be required to maintain a Cumulative Grade Point Average (CGPA) of at least a second class upper range, amongst other requirements.

Speaking on the initiative, the chief executive officer of Stanbic IBTC Holdings, Mr Demola Sogunle, stated that it was borne out of the need to empower hardworking and diligent young Nigerian undergraduates, who aspired to pursue their tertiary education in any state or federal university in Nigeria.

He added:“We believe that everyone deserves a chance to access quality education and we believe in rewarding students who have shown remarkable academic excellence.This initiative will go a long way in easing the financial burdens of these undergraduates who participated in the UTME and gained admission into various Nigerian state and federal universities for the 2021-2022 academic session.

“We are pleased to announce the 100 winners of this year’s scholarship scheme for undergraduates in 33 universities across the 36 states and the FCT. We wish them great success in their academic journey.”

He added  that education remains one of the keys to facilitating a nation’s prosperity, hence the introduction of the scholarship initiative.

Certifications Will Strengthen Our Service -MESL

Mainstream Energy Solutions Limited (MESL), operator of Kainji and Jebba hydropower plants, says the three global operational certifications it clinch recently would add value to its operations.

Speaking at the award ceremony,its Managing Director of MESL, Engr Lamu Audu, said his company had consistently maintained the objective of generating electricity in a safe and reliable manner.

According to him, the ISO certifications, obtained in line with international best practices, would further boost the company’s quest for excellent service,while promoting health and safety.

Also commenting,Chairman of the MESL board, Col Sani Bello (Rtd), said Mainstream, since inception, had not recorded a loss time due to injury.

He added: “We will continue to contribute to power generation to the national grid. Congratulations to the board and to the management.”

The Secretary to the State Government of Niger State, Ahmed Matani, lauded the company for the feat, noting that, “Since the creation of Niger State there was no one corporate entity that had impacted on our communities like Mainstream.”

Mohammed Imam, who represented the Nigerian Electricity Regulatory Commission, commended Mainstream for operating the plants according to NERC-approved technical requirements.

The Head, Health and Safety, MESL, Prisca Iwunze, echoing a slogan, “Zero harm to man and nature”, said the processes began in April, 2021, with stage one audit in December, 2021, and stage 2 audit in March, 2022.

She said:“We celebrated our five-million man-hour without loss time incident in June, 2020, and till date the chain has not been broken.”

Agunu Kingsley, who represented the Federal Ministry of Environment, urged the firm to sustain zero harm to man and nature as he pledged the ministry’s support.

The Executive Director, Mainstream Foundation, Siraj Abdullahi, commended the board’s support for the certification process, while acknowledging the Niger State Government for being a good host to the company.

PremiumNews reports that the certifications issued by the International Organisation for Standardisation (ISO) are ISO 9001-2015 on Quality Management Service, ISO 14001:2015 on Environmental Management System and ISO 45001:2018 for Occupational Health and Safety Management System.

Omiyi Is Seplat’s New Non-Executive  Chairman

Seplat Energy Plc, has appointed Mr. Basil Omiyi, as its new Independent non-executive chairman.

The appointment,which took effect immediately follows a thorough assessment of internal and external candidates and was approved after a unanimous vote by all Directors of Seplat Energy, in compliance with the Companies and Allied Matters Act in Nigeria (“CAMA”),a statement from the company said.

Besides, Dr. Charles Okeahalam succeeds Mr. Omiyi as the Senior Independent Non- Executive Director.

Mr. Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from 1 February 2021. During this period, he sat on the company’s remuneration, nominations and governance, energy transition, and risk management & HSSE committees.

According to the statement,his experience in the energy industry is extensive, with more than 40 years at Royal Dutch Shell, during which time he held senior roles in Nigeria and Europe, including becoming Managing Director of Shell Petroleum Development Company of Nigeria in 2004 and in addition, Country Chairman of Shell Companies, Nigeria, until his retirement in 2009.

He has held several leadership positions in the Nigerian oil and gas industry, including: Chairman, Upstream Industry Group (Oil Producers Trade Section, Lagos Chambers of Commerce & Industry) from 2007-2010; Chairman of the Energy Sector of NEPAD Business Group, Nigeria, and Board Member NEPAD Business Group, Nigeria from 2005-2010; Chairman, of the Oil & Gas Commission of the Nigerian Economic Summit Group from 2005-2010; and Board Member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007-2010.

Mr. Omiyi is also the Independent Non-Executive Chairman of Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.

In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.

Dr. Charles Okeahalam joined the Board in March 2013 as an Independent Non-Executive Director, and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.

Dr. Okeahalam has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry. He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries. Prior to co-founding AGH Capital Group in 2002, he was a Professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg.

His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations. He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.

Roger Brown, Chief Executive Officer of Seplat Energy, said:”As the founders of Seplat Energy Dr. ABC Orjiako and Mr. Austin Avuru step off the board and the Company moves into the next chapter of its development, Seplat has once again demonstrated its commitment to strong corporate governance in delivering on its promise of appointing an Independent Non-Executive Chairman.

Mr. Basil Omiyi has been a leading figure in the Nigerian oil and gas sector and also with Seplat Energy, having joined its Board in 2013 and helped it to achieve a dual listing in April 2014. The vast depth of experience and his detailed knowledge of Seplat Energy will be invaluable as we continue to evolve and mature the company. He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.

We will also benefit from the considerable expertise of Dr. Charles Okeahalam as Senior Independent Non-Executive Director, especially his experience and knowledge of Africa’s economies and its financial markets.

Under their guidance we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”

LASG Gives Occupants Of Alabama Rago Market Eviction Notice

 

Lagos state government has given the occupants of Alaba Rago a 14-day ultimatum to vacate the market.

The announcement came after several months of negotiation between Lagos State Government and representatives of the occupiers of Alaba Rago over the modernisation of the market

The joint team of Rapid Response Squad and Lagos Taskforce,served the eviction notice on the occupiers of the market on Thursday.

The joint team, which was led by Commander, Rapid Response Squad (RRS), CSP Olayinka Egbeyemi and Chairman, Lagos State Environment and Special Offences Unit (Taskforce), CSP Sola Jejeloye met the occupants of the market in clusters to inform them of the 14-day vacation order.

Egbeyemi said that emerging security reports from the area have shown that Alaba Rago has become a den of criminals, adding that the state government has concluded plans to modernize the place in the shortest possible time in the best interest of the residents.

According to him,last week’s recovery of several guns in Alaba Rago by Ojo Police Division and the revelation by drug dealers that they regularly funnel drugs through the area to several parts of the State are the more reasons government need to move swiftly to modernise the area for there to be orderliness.

He noted that the demolition of the area is in conformity with Government’s T.H.E.M.E.S agenda on Environment and Security, adding that Government is bothered by the shanties and the filthy conditions of the area, hence modernising it would be in the best interest of the occupiers.

Egbeyemi implored the occupiers not to read ethnic and religious motives into the exercise, noting that Lagos State is a convergence point for all Nigerian, irrespective of religion, ethnicity or tribes.

CSP Shola Jejeloye noted that many meetings have been held with all the major stakeholders in the past and that the demolition should have taken place during the Ramadan. He added that Government was sensitive to delay it in order for those who travelled for the Ramadan to be around.

He stated that after the 14-day ultimatum for the residents to temporarily relocate for the cleaning up and modernisation, the team would not listen to further excuses from the occupiers.

Rising Food Prices To Push Nigeria’s Diasporan Remittances To $29bn in 2022

The World Bank says Nigeria’s Diaspora remittance inflow is set to increase to $29bn in 2022 due to higher food prices and the continued adoption of official bank channels.

The bank said migrants from the country are likely to send more money home to help with the hike in the prices of staples,according to its report titled, ‘Migration and Development Brief (May 2022): A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows,’ report.

According to the report, remittance flows to low and middle-income countries are expected to increase by 4.2 per cent to $630bn in 2022.

It added: “With risks weighted to the downside, there are several factors that support a view for continued—though more moderate—7.1 per cent gain inflows to Sub-Saharan Africa in 2022.

“Momentum for the use of official channels in Nigeria should sustain an uptrend in the year, within flows reaching $21bn. Though economic activity is likely to ease in the United States and Europe, fundamentals remain positive for continued gains in remittance flows to the remainder of Africa, as the influence of ‘altruistic’ motivations that were demonstrated in Africa and South Asia during the peak pandemic years will likely carry over to the period of sharp increases in staple food prices.”

The global bank said remittance inflow to Sub-Saharan Africa was $49bn in 2021, with Nigerian contributing $19.2bn to the total inflow.

It added that the use of informal channels to transfer money to the region caused a 28 per cent reduction in inflows in 2020.

It said:“In 2022, remittance inflows are projected to grow by 7.1 per cent driven by continued shift to the use of official channels in Nigeria and higher food prices – migrants will likely send more money to home countries that are now suffering extraordinary increases in prices of staples.”

The bank said that the Naira-4-Dollar policy, which was an attempt to return remittance to formal channels, of the Central Bank of Nigeria helped boost inflows by 11.2 per cent in 2021.

It added that the stabilisation of the naira against the dollar within a range of 410-415 per dollar over the last year also contributed to the pickup in recorded inflows.

The bank said that the increased stability of the Naira and increased use of the e-Naira would help boost the nation’s chances of achieving $21bn in remittance for 2022.