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Zenith Bank Appoints Adaora Umeoji as GMD/CEO

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Umeoji

Zenith Bank Plc has announced the appointment of Adaora Umeoji, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria, CBN. She takes over from  Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Prior to this appointment, Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years cognate banking experience of which 26 years has been with Zenith Bank.

She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program, AMP, and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration, MBA, from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA. She also attended the executive program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business School, USA.

She is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.

In 2022, the Federal Government of Nigeria honored  Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation building. She is a Peace Advocate of the United Nations (UN-POLAC).

She has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation that educates, caters for Cancer patients and indigent children education especially the Girl-Child. Her contribution to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.

As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Adaora Umeoji, founded the Catholic Bankers Association of Nigeria, CBAN, a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International, KSJI, and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

Transparency, Research, Innovation Driving NNPC Ltd Transformation- EVP Gas, Power & New Energy

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Executive Vice President, Gas, Power & New Energy, NNPC Ltd, Olalekan Ogunleye speaks during a Panel Session themed “Africa’s Energy Future: Access, Investment & Sustainability” at the ongoing 2024 CERAWeek Conference in Houston, the United States on Wednesday.

 

 The Executive Vice President, Gas, Power and New Energy, Nigerian National Petroleum Company Ltd, Olalekan Ogunleye has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company.

Ogunleye disclosed this while speaking during a Panel Session hosted by the NNPC Ltd at the ongoing 2024 CERAWeek Conference in Houston, the United States, on Wednesday.

Ogunleye, whose session addressed the theme, “Africa’s Energy Future: Access, Investment & Sustainability” said under the current leadership of Mele Kyari, the Company has institutionalized the use of modern technology to drive its operations, a development that has created tremendous value for the company in its quest to compete with its global peers.

He said with the coming of the Petroleum Industry Act (PIA) in 2021, NNPC Ltd has today transformed into an integrated commercial entity that is focused on transparency and accountability, two core values that are vital towards the Company’s quest to float an Initial Public Offer (IPO) at the stock exchange.

“Over the last five years, the NNPC Ltd has been pushing the agenda of transparency, accountability and performance excellence. I am glad to say that we are setting very high standards, and this is a journey that we are all committed to going forward,” Ogunleye added.

He further observed that transparency and accountability have a commercial component to them, because they can make any organisation attractive to its partners and potential investors.

He said currently, the NNPC Ltd is working assiduously to become IPO-ready, stressing that once that is done, the IPO will be phenomenal and successful.

Ogunleye, who described the future as exciting for the NNPC Ltd, said as the biggest energy company in Africa with the biggest resources and largest market, the Company remains committed to delivering value to its shareholders by relentlessly improving its processes in line with global best standards.

He said gas will continue to be an important resource for Africa because it is the surest tool for economic development and for delivering better living standards for the teeming population on the continent.

He called on all gas players to sustain the advocacy for gas as a major energy source that will be utilized to develop the economic and industrial fortunes of the continent.

He said gas is a top priority for NNPC Ltd because the Company is at the forefront of Nigeria’s gas commercialization efforts and flare elimination.

“Gas has come to stay. It is going to be part of the energy mix for us in the long term. We shall continue to be at the forefront of accelerating gas development and commercialization in Nigeria,” he added.

Other energy experts on Ogunleye’s panel are Daniel Berkove, Senior Advisor, S&P Global; Emmanuel Mugagga, Chief Financial Officer, Uganda National Oil Company and Benjamin Kweku Acolatse, Deputy Chief Executive Officer (Finance and Administration), Ghana National Petroleum Corporation.

NNPC Ltd will use Gas to trigger Nigeria’s Industrialisation, Economic Development says Eyesan

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The Executive Vice President, Upstream, NNPC Ltd,  Oritsemeyiwa Eyesan speaks during a Panel Session titled “What are the Choices for Upstream Strategies? at the ongoing 2024 CERAWeek Conference in Houston, the United States on Tuesday.

 

The Nigerian National Petroleum Company, NNPC, Ltd has reiterated its commitment towards utilizing Nigeria’s abundant gas resources to trigger Nigeria’s industrialisation and economic development.

NNPC Ltd’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan disclosed this during a Panel Session at the ongoing 2024 CERAWeek Conference in Houston, the United States on Tuesday.

Eyesan, whose session addressed the theme, “What are the Choices for Upstream Strategies?” said Nigeria is a predominantly gas-rich country which boasts of over 200TCF of gas that can be leveraged for the country’s industrialisation and economic development.

She noted that NNPC Ltd plans to deepen gas utilization domestically for industrialization and ensuring that the entire country feels and optimizes the use of the resource.

She said the Company is vigorously opening avenues for infrastructural gas development through various gas projects spread across the country.

“Our focus is how do we move from predominantly oil player to gas player and not just for gas for the sake of gas but gas for power generation, and for industrialization, “she stated.

Eyesan observed that the NNPC Ltd is also focused on emission reduction and gas flare-out. “We want to capture all gas flared, utilize it and for domestic use and and ultimately, increase our energy transition footprints,” she said.

“NNPC is keying into the government agenda of using gas as a transition fuel and for us, we want to ensure not only the domestic gas market, but we also expand that to the region and internationally,” she said.

While calling on African countries to collaborate with one another in order to ensure even distribution of energy resources, Eyesan said collaboration is key as not all countries within the sub-region are endowed with equal with equal proportion of energy resources.

“For us to ensure that we continue to subsist within the sub-region, we must be willing to work collaboratively and ensure that there is even distribution of energy resources we have across the sub-region.”

On energy transition, Eyesan stated that the subject has evolved over the years, adding that for Sub-Saharan Africa, the narrative has been on how to address the energy poverty issue while for Nigeria, the NNPC Ltd. will continue to look at areas where it has competitive advantage to define the strategy.

Other energy experts on the panel are the Chief Upstream Strategist, Energy, S&P Global Commodity Insights, Bob Fryklund; President of Pathways Alliance, Kendall Dilling and the Executive Vice President, Exploration and Production International, Equinor, Philippe Mathieu.

Wabote Joins the AEC Advisory Board

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Wabote

The African Energy Chamber, AEC, has appointed three energy industry leaders to join its Advisory Board to facilitate growth and sustainable development within Africa’s energy sector.

Simbi Wabote, Benoit de la Fouchadiere, and John Ngunjiri have joined the committee and will offer their expertise to the Advisory Board by serving on the committees aligned with their respective fields.

Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, joins the Local Content Committee, leveraging his renowned expertise to enhance its effectiveness. The Local Content Committee provides the AEC with expertise and guidance to steer public and private stakeholders toward African energy projects, prioritising indigenous businesses and local talents. The committee also facilitates closer engagement with African nations’ local content initiatives, driving economic growth for both local and global players.

As such, Wabote’s presence on the committee is particularly significant given his knowledge of local content development, particularly in relation to financing local players and initiatives. He will contribute to advancing the committee’s current objectives and introduce innovative ideas.

Meanwhile, Fouchadiere, Group General Manager of independent producer, Perenco, joins the Exploration and Upstream Committee, bringing extensive leadership experience. Fouchadiere’s addition strengthens its capabilities, enhancing its ability to identify and capitalise on exploration opportunities. His instrumental role at Perenco in stabilising and expanding the African oil market underscores his valuable contribution to the committee.

As a member, he will provide the AEC with expertise in exploration and upstream sectors, advising on projects to prioritise and where to focus investments, both offshore and onshore. With new African projects coming online, this committee stands ready to seize emerging opportunities and steer strategic investments for maximum impact in the exploration and upstream sectors.

Ngunjiri’s addition to the Legal and Regulatory/Policy Affairs Committee strengthens its capabilities, given his extensive experience in international project management. This committee plays a vital role within the AEC, providing advice on Africa’s energy sector regulatory framework and policy landscape. The experts navigate complex legal and regulatory frameworks, promote transparent and efficient projects, advocate for a competitive energy market, facilitate public-private dialogue, address regulatory bottlenecks, and drive sustainable growth and investment.

Ngunjiri’s expertise in contract negotiation, engineering management, and legal proficiency aligns seamlessly with the committee’s objectives. He will provide valuable advice to the AEC on all legal and regulatory matters related to the African energy sector.

NJ Ayuk, Executive Chairman of the AEC said: “As Africa continues to navigate the complexities of its energy landscape, leadership and expertise become key in crafting sustainable solutions to combat energy poverty. The appointment of Wabote, Fouchadiere, and Ngunjiri to the Advisory Board marks a significant step forward. With their expertise and commitment, they will drive inclusive growth and facilitate investment opportunities, guiding Africa towards a brighter energy future.”

NCDMB Conducts NLNG Train 7 Monitoring Visits in South Korea

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The Nigerian Content Development and Monitoring Board, NCDMB, is currently carrying out an onsite out-of-country monitoring visit to South Korea to inspect facilities fabricating pressure vessels, columns, heat exchangers, and filters for the Nigeria Liquefied Natural Gas, NLNG, Train 7 project being handled by a consortium of Saipem, Chiyoda and Daewoo, known as the SCD joint venture, JV. The visit is from the 18 – 22 March 2024.

The monitoring visit is being led by the Executive Secretary, NCDMB, Felix Omatsola Ogbe, and the Director of Monitoring and Evaluation, NCDMB, Abdulmalik Halilu. The Nigeria LNG Ltd team is led by the Managing Director, Philip Mshelbila, and the General Manager, External Relations, and Sustainable Development, NLNG, Andy Odeh.

The NLNG Train 7 project is important to the Federal Government of Nigeria as it seeks to increase NLNG’s production capacity by 35% from 22 Million Tons Per Annum, MTPA, to 30 Million Tons Per Annum, MTPA, thereby enhancing Nigeria’s position as a leading LNG exporter.

The visit would assess capabilities in out-of-country yards, plan for in-country capacity development, in readiness for future LNG train projects, obtain relevant data on project status for fabrication of Pressure Vessels, Heat Exchangers, Columns, and Filters and ensure strict compliance of the project with commitments contained in the Nigerian Content Compliance Certificate signed by both parties.

In the project update meeting, the Executive Secretary of NCDMB thanked the contractors for their resilience and the impressive quality of the job done so far. He admonished them to build more capacities in Nigeria so that future projects of this nature can leverage capacities built in Nigeria. He also emphasised the continuous collaboration with NLNG Ltd to ensure the project’s success while also maximising its positive impact on Nigeria’s economy and global LNG industry.

At a recent review engagement between senior officials of the NCDMB and NLNG Ltd in November 2023, it was revealed that the ongoing construction of the Train-7 project at the firm’s base at Finima, Bonny Island, Rivers State had reached 52 percent and engages 8,300 Nigerians of diverse skill sets.

According to the Nigerian Content Plan signed in March 2019, the Train-7 scope will deliver 100 percent in-country fabrication of the Condensate Stabilisation Unit, pipe-racks, flare system, and non-cryogenic vessels. Site civil works on roads, piling, jetties and will also keep local businesses occupied.

NCDMB officials had confirmed that the project will also provide great opportunities for the utilisation of local goods and services in addition to enhancing and developing new capacities and capabilities for the local supply chain.

There will also be 100 percent local procurement of all LV cables and HV cables, all non-cryogenic valves, protective coatings, and all sacrifice anodes. 70 percent of all non-cryogenic pumps and control valves will be assembled in-country.

Other spin-off opportunities would include logistics, equipment leasing, insurance, hotels, office supplies, aviation and haulage.

Senior personnel of the NCDMB had also affirmed that the increased number of NLNG Trains would also provide huge business opportunities for local businesses to build capabilities in the maintenance of LNG plants, especially in the area of cryogenics. The project would also catalyse other upstream gas supply projects required to keep the LNG train busy and make stranded gas fields in the shallow and deep offshore in the area economical.

 Sweetcrude

‘NGA confident Nigeria’s Gas investment policies set to ignite sustainable Energy Future’

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The Nigerian Gas Association, NGA, extends its profound commendation to the Federal Government for the recent Gazetting of three pivotal policy directives, heralding a monumental leap towards unlocking investments in the oil and gas sector. These directives encompass multifaceted strategies, including introducing fiscal incentives for non-associated gas, midstream, and deepwater developments, streamlining the contracting process to compress the contracting cycle to six months, and applying local content requirements without hindering investments or cost competitiveness.

 

The President of the Nigerian Gas Association, Aka Nwokedi, lauded these directives as transformative milestones poised to revolutionise Nigeria’s oil and gas sector energy landscape, with gas as a critical enabler. He emphasised that the strategic introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments is poised to attract substantial investments, bolster security measures, escalate production rates activities, amplify domestic gas utilisation, and refine the ease of doing business within the sector.

 

“Furthermore, streamlining the contracting process to expedite the current 36-month contracting cycle to just six months is hailed as a game-changer. This would significantly reduce bureaucratic bottlenecks and enhance operational efficiency across the sector. This streamlined approach will catalyse project execution, optimise resource allocation, and foster a conducive environment for local and international investors”, he said.

 

“Moreover, applying local content requirements without compromising investments or cost competitiveness underscores the government’s commitment to fostering sustainable development and empowering local stakeholders. These directives could pave the way for inclusive growth, knowledge transfer, and skill development within the Nigerian workforce by balancing local content obligations and investment incentives”, he added.

 

“We commend the Federal Government for its unwavering commitment to driving positive change and fostering a conducive environment for investment in the oil and gas sector,” stated  Nwokedi. “These progressive policy directives mark a significant leap forward in our collective journey towards a sustainable energy future and bolstering security across Nigeria.”

 

He reiterated the NGA’s steadfast commitment to collaborating with the Federal Government to actualise the nation’s strategic energy objectives, focusing on leveraging gas as a pivotal enabler of economic prosperity and national development.

 

“The Nigerian Gas Association reaffirms its dedication to fostering collaboration with all stakeholders, including government agencies, industry players, and civil society organisations, to propel progress and prosperity in the oil and gas sector”, maintained the President.

Energy Transition: Kyari Joins Global Energy Leaders at CERAWeek 2024

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The NNPC Ltd will be at the 2024 CERAWeek Conference scheduled to hold in Houston, United States from 18th to 22nd March 2024.

GCEO, NNPC Ltd, Mele Kyari will headline the Plenary Session titled “Leadership Dialogue” today Tuesday, March 19th, 2024, at the annual strategic conference.

So also NNPC Ltd’s Executive Vice President, Upstream,  Oritsemeyiwa Eyesan will also headline a Plenary Session titled “What are the Choices for Upstream Strategies?

On Wednesday, March 20th, 2024, it will be the turn of the Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, who will be a Panelist on a Strategic Dialogue Session titled “Africa’s Energy Future: Access, Investment & Sustainability”.

CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to Houston, United States, for a week-long conversation on the future of energy.

Organised by S&P Global, the conference has grown in recent years to accommodate new energy technologies and climate issues. The 2024 conference is expected to have participants from 90 countries and will feature 1,400 speakers.

Under the theme “Multidimensional Energy Transition: Markets, Climate, Technology and Geopolitics” the CERAWeek 2024 will explore “strategies for a multidimensional, multispeed and multifuel energy transition,” as the global energy industry tries to respond to, and offer insight into roadmap towards, growing demand for emissions reductions and moving towards cleaner forms of energy.

 

 

Osagie Okunbor meets Ghana’s Minister of Energy, Matthew Opoku Prempeh at the 7th Nigeria International Energy Summit in Abuja

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Photo News

 

The Managing Director, The Shell Petroleum Development Company of Nigeria Limited, SPDC, and Country Chair, Shell Companies in Nigeria, Osagie Okunbor receiving his award of participation from Ghana’s Minister of Energy, Matthew Opoku Prempeh, at the 7th Nigeria International Energy Summit in Abuja.

SNEPCo MD Elohor Aiboni receives Ministers and other dignitaries at the Shell booth during the 7th Nigeria International Energy Summit in Abuja

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Photo News

 

L-R: Minister of State for Gas Resources, Ekperikpe Ekpo ;  Minister of State for Petroleum Resources , Heineken Lokpobiri ;  Managing Director, Shell Nigeria Exploration and Production Company Limited, SNEPCo, Elohor Aiboni; Permanent Secretary, Ministry of Petroleum Resources, Nicholas Agbo Ella; Special Project Manager, Shell, Ed Ubong and Tony Attah, former Managing Director of Nigeria Liquefied Natural Gas Limited, NLNG,…visit the Shell exhibition stand at the 7th Nigeria International Energy Summit in Abuja.

 

 

 

 

NCDMB Lauds Tinubu Oil Sector’s Executive Orders for Reinforcing NOGICD Act, SLA

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The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Felix Omatsola Ogbe las week Monday applauded President Bola Ahmed Tinubu, for announcing three Presidential Executive Orders directed at incentivizing the Nigerian oil and gas industry, encouraging new investments in the sector, reducing contracting costs and timelines, and promoting cost efficiency in local content requirements.

The Executive Orders are the Oil and Gas Companies (Tax Incentives, Exemption, Remission, ETC) Order 2024; Presidential Directive on Local Content Compliance Requirements, 2024 (EO 41); and Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42).

Speaking at the Nigerian Content Tower in Yenagoa, Bayelsa State, the Executive Secretary stated that the policy directives had reinforced the implementation of the Nigerian Oil and Gas Industry Content Development, NOGICD, Act and codified the Service Level Agreements, SLA, which the NCDMB first introduced in May 2017 to fast-track approvals for the Nigeria LNG Limited Train 7 project, before expanding it to the entire industry after signing a Memorandum of Understanding, MoU, with the Nigerian National Petroleum Company Limited, NNPC Ltd, and five international oil-producing companies in September 2023.

Ogbe clarified that the Presidential Executive Orders did not whittle down the powers of the NCDMB or abrogate the schedule of the NOGICD Act. Instead, according to him, the Executive Order 41 mandates the Board to ensure the patronage of local companies with domiciled proven capacities and capabilities to achieve cost competitiveness and project delivery within schedule.

He equally pointed out that Executive Order 42 reemphasized NCDMB’s obligation to fast-track approval processes as required by the SLA and section 23 of the NOGICD Act, which mandates the Board to review projects’ documentation within 10 days and advise the concerned operating company.

He assured that the Board would comply with the terms of the Presidential Executive Orders, insisting that the Board had always been pragmatic with its implementation of the NOGICD Act and mindful of the cost competitiveness of projects and schedules.

He maintained that the objectives of the Executive Orders and the SLAs were directed to shorten the oil industry’s contracting cycle to six months or less, engender speedy development of new projects, contribute to increased oil production, and improve the national economy, expressing delight that President Tinubu had put his stamp of authority on the noble objectives of the SLAs.

He commended Mr. President for acknowledging the giant strides recorded in Nigerian Content development, particularly the impressive capacities built by local oil and gas service companies in key areas of the industry and the substantial benefits that had accrued to the Nigerian economy and her citizens through local content implementation.

The NCDMB boss assured that the agency would continue to serve as a business enabler and maintain the recognition conferred by the Presidential Enabling Business Environment Council, PEBEC, which awarded the Board the most efficient agency amongst all Federal Government’s MDAs in 2022 and the PLATINUM rating by the Bureau for Public Service Reforms in recognition of the self-imposed reforms of Board’s processes.

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