All Posts in "Day: March 29, 2024"

Easter: IBEDC Tells Nigerians To Embrace Love

Mohammed Shosanya

The Ibadan Electricity Distribution Company (IBEDC) Plc extends warm greetings to Christians and all Nigerians in commemoration of. the Easter season.

In a statement issued by the Managing Director, Engr. Kingsley Achife emphasized the significance of Easter, highlighting its essence of love, renewal, and sacrifice, which are fundamental principles for societal harmony and progress.

He urged all citizens, particularly Christians, to embody the spirit of love and compassion, fostering unity and collective prosperity.

He reaffirmed IBEDC’s commitment to providing good service delivery throughout the Easter festivities.

He assured customers that the technical team will be on standby to promptly address any electrical faults that may arise during this period. “To ensure seamless assistance, our customer care line, 07001239999, will remain operational to address inquiries and reports promptly.”

He cautioned against the engagement of unqualified individuals to handle electrical issues within communities, emphasizing the importance of adhering to safety protocols and proper earthing of premises.

He underscored the dangers of tampering with electrical installations, stressing that such actions are not only illegal but also pose serious risks to electrical accidents.

Engr. Achife also urged motorists to exercise caution on the roads, avoiding driving under the influence and adhering to traffic regulations to prevent accidents involving electrical infrastructure.

Besides,the Managing Director encourages customers to utilize IBEDC’s hassle-free payment platforms to settle their bills and purchase electricity units conveniently, thereby avoiding service disruptions.

Among these platforms is the newly launched IBEDCPAY app, accessible to both Android and iOS users. Other payment options include Irecharge, Quickteller, Payarena, Jumia, Watu, Buypower, and ATM.

admin by — March 29, 2024 in Power 0
Nigerian Troops Kill 212 Terrorists,Rescue 244 Victims In One Week

Mohammed Shosanya

The Director, Defence Media Operations (DMO), Major General Edward Buba has disclosed that troops in the last one week killed 212 terrorists, arrested 252 and rescued 244 victims.

He also stated that troops have denied the oil theft of the estimated sum of N1,050,715,260.00 only in the South South (SS) geo-polotical region.

He said this on Thursday, at the Defence Headquarters (DHQ), during the defence media briefing on troops operational successes across the country.

According to him, “During the week under review, toops neutralized 212 and arrested 252 persons.

“Troops also arrested 29 perpetrators of oil theft and rescued 244 kidnapped hostages.In the SS, troops denied the oil theft of the estimated sum of N1,050,715,260.00 only.

Besides,the troops recovered 223 assorted weapons and 2,756 assorted ammunition.”

The breakdown, according to General Buba is as follows, “3 M56 rifles, 115 AK47 rifles, 3 PKT gun, 24 locally fabricated gun, 36 dane guns, 7 locally fabricated pistols, one pfabricated revolver pistol, 3 locally made single barrel guns, 2 hand grenades and one locally made explosive.”

Others include;1,716 rounds of 7.62mm special ammo, 494 rounds of 7.62mm NATO, 60 rounds of 7.62 x 25mm ammo, 290 rounds of 7.62 x 54mm ammo, 81 rounds of 9mm ammo, 2 live cartridges, 16 magazines, 3 M56 rifles magazines, one HH radio, 5 vehicles, 14 motorcycles, 15 mobile phones and the sum of N857,960.00 amongst other items.

“Troops in the Niger Delta area discovered and destroyed 102 dugout pits, 41 boats, 36 storage tanks and 8 vehicles. Other items recovered incl 39 cooking ovens, 6 pumping machines and 61 illegal refining sites. Troops recovered 944,700 litres of stolen crude oil, 171,060 litres of illegally refined AGO and 1,500 litres of DPK.

“The foregoing indicates that troops are weathering the storm through offensive posture and improved understanding of modus operandi of the adversary. Accordingly, we are doing our best to rescue other hostages in terrorist captivity.”

The armed force,he said,is bent on sustaining the winning ways of our operational engagements as demonstrated with the recent rescue of 16 and 137 hostages in Sokoto and Kaduna States, respectively.

“The rescue of these hostages is indicative of a better understanding of the dynamics of what we are dealing with ,and to address the issue in a much safer manner.

“The rescue operations was based on collaboration between the military working with local authorities and government agencies across the country, in a coordinated approach.

“The success demonstrates the unwavering commitment of the armed forces to secure and protect the citizens against harm and acts of terror.

“And the pressure of military operations created a significant level of distress both for the terrorist and the children. Given the situation, troops line of interest was the children.

“The level of distressed created by the children was sufficient enough for troops to exploit in their rescue. Additionally, cursory operations in the general areas by troops culminated in the neutralization of several terrorist leaders and commanders in OP HADARIN DAJI theatre of operation.

The Director also assured that troops would also continue to eliminate threats posed by these terrorist and their cohorts.

However, he called on citizens to always remember that they are the first line of intelligence.

admin by — March 29, 2024 in News 0
CBN Unveils N500bn, N200bn Minimum Capital Base For Banks

Mohammed Shosanya

The Central Bank of Nigeria (CBN) on Thursday,unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.

Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali,who confirmed this,said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.

She also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.

The apex bank urged banks to consider injecting fresh equity capital through private placements, rights issues and/or offers for subscription; mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

The circular further disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

The CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.

The CBN would monitor and ensure compliance with the new requirements within the specified timeline.

admin by — March 29, 2024 in Banking&Finance 0
Eko DisCo Board Faults Egeregor’s Publication

Mohammed Shosanya

The Chairman of Eko Electricity Distribution Company (Eko DisCo), Mr. Dere Otubu has issued a disclaimer on a publication made by a board member, Babor Egeregor.

He expressed this in a press statement on Thursday.

He said:“The attention of the Board of Directors has been drawn to the recent statements online and print media from Mr. Babor Egeregor, supposedly acting on behalf of the Board.

“This is to state that the Board of Eko Electricity Distribution Plc (“EKEDP”) did not and has not authorized Mr. Babor Egeregor to issue any statement or press release on its behalf. We therefore urge the general public to regard all communications from him as his personal views and does not represent the position of the Board of “EKEDP”. The Board of “EKEDP” hereby reaffirms that only communications and press releases signed by the Chairman, acting on behalf of the Board is authentic and represents the position of the company on any matter.

“We kindly urge the media houses to be wary about publishing statements from unconfirmed sources or unauthorised persons which may be aimed at misleading the public. Please be guided accordingly.”

The Chairman of the Board, Mr. Dere Otubu, had earlier on Thursday reacted to media reports insinuating that former CEO, Dr. Tinuade Sanda was still in charge.

His reaction, contained in a letter to Mrs. Momoh and the entire staff, on Thursday, March 28, follows a statement by the Director/Chairman, Legal and Regulatory Committee of EKEDC, Babor Egeregor, that removal of Sanda as MD/CEO and replacement with Momoh was not in sync with the directive of the Nigeria Electricity Regulatory Commission (NERC).

Egeregor said the directive by NERC only covered those that were fingered in the allegations of fraud and negligence

But,in his letter to members of staff on Wednesday, entitled “Recent Management Changes at Eko DisCo, the Board Chairman, stated: “Following my earlier message to you in respect of the above, it has become necessary to send out this message in view of the misinformation being disseminated to the public.

“Kindly note that nothing has changed since the last message to you. No staff of WPG has been returned to Eko Disco. NERC has not nullified any of the actions taken by the Board of Eko Disco.

“All staff in acting roles following the withdrawal of WPG secondees including our Acting CEO Mrs Rekhiat Momoh are to continue doing their work.

“For greater clarity, the reason for the withdrawal of the WPG seconded staff is to allow for the process of employment of any qualified staff directly in Eko Disco. The decision of the board is that all staff members of Eko Disco will have the same conditions of service and be under the same payroll structure.

“There’ll therefore be the harmonisation of the salary structure so that there will be no further earnings dichotomy. This process is still ongoing and you will be informed when it is completed.

“Kindly continue to do your work without any concern or hindrance as what is being planted in the papers is only intended to cause mischief.

“The Board of Directors of Eko Disco remains the highest organ of governance of the Disco. Therefore, only statements from the Chairman acting on behalf of the Board should be countenanced.

“We have great confidence in all of you to perform your roles effectively and take the company to greater heights.We therefore urge everyone to keep doing their duties diligently.”

admin by — March 29, 2024 in Power 0
Access Holdings’ Profit Hits N729bn

Mohammed Shosanya

Access Holdings Plc (“The Group”) has announced its audited Consolidated and Separate Financial Statements for the year ended December 31, 2023.

In the year under review, the Group recorded a robust growth in its Profits Before Tax, posting a healthy N729 billion, representing 335% year-on-year (YoY) increase from 2022.

Its earnings also surged by 87% YoY to N2.59 trillion, up from N1.38 trillion in 2022. The growth was primarily driven by a 100% increase in interest income and a 67.9% growth in non-interest income.

The Group’s Net Interest Income also recorded strong performance, soaring by 93.5% YoY to N695.4 billion, compared to N359.6 billion in the previous year. The yield on earning assets also rose remarkably from 9.2% in 2022 to 12.8%.

Access Holdings’ Loans & Advances expanded by 60.5% YoY to N8.9 trillion, accompanied by an improvement in the Non-Performing Loan Ratio, which decreased to 2.8% from 3.2% in 2022. The Group closed the year with N2.18 trillion in Shareholders’ Funds, marking a significant 77.5% growth from N1.23 trillion in FY 2022.

Speaking on the performance, Bolaji Agbede, Acting Group Chief Executive Officer, Access Holdings Plc, said the Group’s strong performance in 2023 reflects our commitment to delivering value to our shareholders and stakeholders amidst challenging operating environments.

He added:”The significant growth in our earnings is a testament to the resilience, strategic focus, and efficiency of our team, and reflects the diversity of our offering across banking, pension, insurance, and payments driven by robust risk management, best-in-class corporate governance, and cutting-edge technology. As we look ahead, we remain committed to driving sustainable growth, consolidating our footprint, and accelerating the attainment of our 2027 strategic objectives.”

Its regulatory ratios strengthened in 2023 as Capital Adequacy Ratios for the Group, and its flagship subsidiary, Access Bank, stood at 19.01% and 21.09%, respectively. The Liquidity Ratio remained robust at 51.8%, well above the regulatory threshold.

Roosevelt Ogbonna, Managing Director/CEO, Access Bank commented: “As we reflect on the results of 2023, characterised by robust growth, strategic acquisitions, and expansion into key trade hubs, I am excited about the prospects for Access Bank. Our relentless focus on customer-centricity, digital innovation, and operational excellence has positioned us strongly to capitalise on emerging opportunities. As we enter the consolidation and efficiency phase of our Africa and international expansion strategy, we remain committed to driving sustainable growth, enhancing shareholder value, and delivering exceptional banking experiences to our customers across Africa and beyond.”

Access Holdings’ other subsidiaries also posted strong results, as Access Pensions Limited recorded a 75% growth in gross revenues, amounting to N12.3 billion, while Hydrogen Payment services posted an operating income of N2.1 billion and a PBT of N161 million.

Access Holdings Plc acquired Megatech Insurance Brokers Ltd. (now known as Access Insurance Brokers Ltd.) and successfully completed a US$300million capital injection into Access Banking Group, which acquired several entities including Finibanco Angola S.A., and select Standard Chartered Bank operations in Africa.

Its UK subsidiary also opened a branch in Paris and received regulatory approval to commence operations in Hong Kong.

The Group has proposed a final dividend of N1.80 kobo per share for the 2023 financial year, bringing the total dividend payment to N2.10 kobo per share with a total value of N74.6 billion.

Aigboje Aig-Imoukhuede, Chairman, Access Holdings, said: “As we navigate this transformative period, we remain confident in the leadership of the Group to continue this upward trend and set the standard for financial service groups in the continent. Access Holdings has a rich history of excellence, and we will continue to deliver unparalleled value to our stakeholders.”

admin by — March 29, 2024 in Banking&Finance 0
TotalEnergies Marks 100th Anniversary,Reveals Ambitious Plans

Mohammed Shosanya

TotalEnergies,Thursday,marked the 100th anniversary of the company’s creation.

TotalEnergies’ 100-year history tells the story of the world and energy, from the 1920s to the present day,a statement said,adding that a bold and visionary decision On March 28, 1924, Compagnie Française des Pétroles was founded in France, a country without any oil.

It said:”This bold and visionary move marked the start of a century-long saga. To secure France’s energy supply, our company would travel to the four corners of the globe, adapting and growing throughout the century and its many technological and geopolitical upheavals. Pioneers for 100 years Unlike its rivals of the day, we did not have access to local resources.

“This is why the company built its competitive advantage on international expansion and technical prowess. These two factors have shaped our pioneer spirit and our journey to this day.

“Over the years, the company has continuously pushed back the boundaries – both technical and geographical – while also adapting to changing needs and customer expectations. This is how we accompanied the remarkable progress and development that took place in modern society during the 20th century”.

According to the company,TotalEnergies also acquired additional expertise and experience by teaming up with Petrofina and Elf-Aquitaine, and more recently with Maersk Oil, Saft or Direct Energie.

It said,becoming a multi-energy company,while oil was the energy of the 20th century, natural gas and decarbonized power are central to the energy system of tomorrow. Natural gas is necessary to the energy transition, as a support for the rise of intermittent renewables and as a substitute for coal, which emits twice as much CO2 in power generation.

It added:”TotalEnergies is currently the world’s third-largest player in liquefied natural gas (LNG). And in electricity, we are one of the most dynamic solar and wind power developers in the world. Electricity is the energy at the heart of decarbonization and the 21st century will clearly be electric. Driving the energy transition Since 2020, we have been resolutely implementing a transition strategy anchored around two pillars: hydrocarbons (including LNG) and electricity.

“The company’s ambition is to successfully achieve our transition and support our customers with theirs. The challenge is to supply the world with the affordable energy required for its development while also reducing emissions. That is the “just, orderly and equitable” transition called for by COP28. Drawing on the pioneer spirit that guides us, we will continue to adjust and adapt as needed to be part of the story of energy for another 100 years”!

admin by — March 29, 2024 in Oil&Gas 0
PTDF Boss: How To Accelerate Growth In Oil,Gas Sector

Mohammed Shosanya

Mr. Ahmed Galadima Aminu, the Executive Secretary, Petroleum Technology Development Fund (PTDF), on Thursday disclosed measures required to achieve the desired development in the oil and gas sector.

He stated this in a welcome address he delivered at the 10th edition of the Annual Oloibiri Lecture Series and Energy Forum (OLEF), which held in Abuja, with the theme;: ‘Stability in the Nigerian Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security’

He said addressing the issues require concerted efforts and comprehensive interventions across various domains with urgent consideration for the following;

“Investment in Infrastructure: Developing robust infrastructure is fundamental for the efficiency functioning of the energy sector. Consequently, there 1s need to prioritize investments in building and maintaining petroleum and energy infrastructure to ensure a reliable energy supply in the country.

“Improving Trans portation Networks: Investing in road, rail and water transportation infrastructure is required to facilitate the transportation of energy resources, equipment and personnel within the industry.

” Enhancing Security Measures: There is need for the adoption of integrated security measures that encompass preventive measures, surveillance technologies and collaboration with security agencies to safeguard critical energy Infrastructure.

He described the theme as apt adding that it aims to provide a comprehensive analysis of the interconnected dynamics shaping Nigeria’s oil and gas sector, with a focus on infrastructure, transportation, and security.

Chairperson of the Society of Petroleum Engineers (SPE) Nigeria Council, Engr. Salahuddeen Tahir who stressed the importance of technology in improving infrastructure, transportation, and security efforts in the energy sector,.maintained that stability in the energy sector would drive economic growth, national security, and environmental sustainability.

Tahir,who doubles as Head of Asset and Investments Management (NGPIS),said there was need to develop a diversified and sustainable energy transportation system as a measure for mitigating climate change and enhancing energy security.

He emphasized the critical role of energy in modern society saying, “It’s a trigger for essential services such as transportation, heating, electricity generation, medical services, security, banking services, and communication.

He added:”Integrated strategies that address infrastructure, transportation, and security are essential for achieving national stability. While progress has been made in expanding energy infrastructure and enhancing production capacities, significant challenges persist, particularly in areas such as transportation and security.

“The theft and vandalism of pipelines, coupled with inadequate infrastructure, continue to impede the efficient transportation of energy resources, undermining the sector’s stability. Technology, undoubtedly, will play a pivotal role in improving infrastructure, transportation, and security within Nigeria’s energy sector.

“Through the strategic deployment of IoT sensors, data analytics, and digital platforms, operations can by far be optimized, security enhanced, and sustainability promoted.Moreover, fostering public-private partnerships and investing in workforce training will be crucial in ensuring the effective implementation of these technological solutions.”

admin by — March 29, 2024 in Oil&Gas 0
Kyari Says Bridging Energy Access Gap Vital for Nigeria’s Economic Growth

Mohammed Shosanya

The Nigerian National Petroleum Company Limited (NNPC Ltd) has emphasized the critical import of bridging the energy access gap to the creation of economic prosperity of the country.

The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, made this submission in a keynote address on industry operations with the theme, “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security,” at the 2024 edition of Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, on Thursday.

To bridge the energy access gap in Nigeria, Kyari was quoted in a statement as saying that,the NNPC Ltd was working on developing the right infrastructure to deliver oil and gas to drive prosperity for Nigerians.

“We are committed to developing gas infrastructure across the country,” Kyari stated, stressing that the company’s commitment was not just a statutory requirement of the Petroleum Industry Act, but a pledge to ensure energy security beyond fuel supply.

“We are dedicated to investing in critical infrastructure to enhance economic prosperity by supplying gas to the domestic market, targeting at least 8 billion cubic meters,” Kyari added.

He listed some of the infrastructural projects being undertaken by the NNPC Ltd to help bridge the energy access gap in Nigeria to include the Obiafu/Obrikom/Oben (OB3) and Ajaokuta-Kaduna-Kano (AKK) pipelines, adding that they are designed to enhance the nation’s gas supply network.

Speaking on the global front, Kyari said NNPC Ltd was working on expanding gas supply to the international market primarily through the NLNG Train 7 project while efforts were also being made to kick off Train 8 as well as the various floating LNG initiatives.

Kyari advocated the need for support in leveraging Nigeria’s abundant gas resources for economic prosperity, emphasizing the need to bridge access gaps in electricity and clean cooking fuel.

He assured stakeholders and investors of the support of President Bola Ahmed Tinubu, whom he said is committed to the gas revolution.

Also speaking at the event, Chairperson of the Society of Petroleum Engineers (SPE) Nigeria Council and Head of Asset and Investments Management, NGPIS, Engr. Salahuddeen Tahir, emphasized the critical role of energy in modern society, stating: “It’s a trigger for essential services such as transportation, heating, electricity generation, medical services, security, banking services, and communication.”

Tahir said there was need to develop a diversified and sustainable energy transportation system as a measure for mitigating climate change and enhancing energy security.

admin by — March 29, 2024 in Oil&Gas 0