The Managing Partner, ACIOE, Ekenem Isichei, says the demand for digital investment and resources to drive project and solution accuracy has accelerated the need for specialised insights provision.
Isichei said this in a statement on Wednesday in Lagos.
He said the firm ACIOE would continue to distinguish itself in ensuring the Ease of Doing Business in Nigeria and across Africa.
Isichei said the process of ensuring that one’s business thrives amidst existing and emerging environmental factors and events required invaluable and professional solutions from analysts who understudy those factors.
He said to the ACIOE Associates was created to fill the gap of the peculiar need for valuable and expert business advisory and solutions professionals that guarantees good profit margins.
Isichei stated that across various sectors, the firm leverages real-time insights, vast industry expertise, established government relations rapport, and proven solutions to identify possible growth areas for clients.
“ACIOE achieves this through six key touchpoints – Public-Private Partnerships, Sustainable Development, Public Health, Agribusiness, ICT for Development, and Gender and Climate Change.
“The firm through Public-Private Partnerships allows for accurate needs identification and promotion, stakeholder strategy and engagement, legal and regulatory assessments, opportunities conception, planning, and implementation.
“For instance, emerging data from various industries’ key experts’ highlights infrastructure investment including digital infrastructure growth as would be key propellers of a post-COVID economy.
“We strategically assesses the needs of clients and establishes relevant collaborations and partnerships that would ensure that projects are sustainable.
“In the area of public health, the firm affords clients solutions and services on stakeholder strategy & engagement, project/programme coordination, procurement and supply chain, capacity building, and project monitoring/ evaluation.
“Each effort is driven by real-time data and information on stakeholders’ needs, preferences, challenges, and obtainable/available resources in making inferences as required,” he said.
Isichei reiterated the firm’s commitment to proactively and systemically drive strategic advisory solutions for businesses across various sectors such as government relations, economic development, and investment strategy in Africa. (NAN)(www.nannews.ng)
Mrs Oludolapo Adigun, Group Head, Retail Banking, South, FirstBank, has advised Small and Medium-sized Enterprises (SMEs) to see opportunity in adversity and make good use of it to stay strong in business.
Adigun gave the advice at a SMEConnect webinar, organised by the FirstBank for individuals and business owners in Nigeria, on Tuesday in Lagos.
The News Agency of Nigeria (NAN) reports that the webinar had the theme: “The Power of Resilience: Building a Strong Business in Times of Uncertainty’’.
SMEConnect webinar is one of the ways through which FirstBank delivers its capacity-building pillar of its value propositions to SMEs.
The initiative focuses on impacting SMEs in areas that affect their business growth and development.
Adigun said: “Nigeria is a blessed land. We have the potential, we have over 200 million people, we are said to be the most populous and in population, we have the market and it’s a growing large consumer base.
“So, there is immense opportunity for SMEs; and with the growing middle class and increasing opportunity, we need to tap into it as an SME.’’
Adigun named some of the challenges SMEs faced to include infrastructure, regulatory environment, informal economy like those that are not exposed to education, rising inflation, petrol subsidy removal, currency devaluation, Foreign exchange rate, among others.
She said these challenges, like uncertainties, would always happen in business as they are norms in the business world and in everyday life.
According to her, how ready SME operators are to handle them are essential.
She said: “So, the strategies for businesses to adapt to economic condition and seize market opportunities, they need to navigate through regulatory framework to address infrastructural challenges and harness the entrepreneurial skill.’’
Adigun urged businesses to plan and maintain a long term loan, financial management, prioritise strategic partnership, strengthen customer relationship, adjust business model and enhance operational efficiency, among others.
She also said that most of the challenges and uncertainties that businesses in Nigeria go through, Firstbank had gone through it and yet still standing.
She said that the bank had carried out a dynamic adjustment of its operations, structure and system, adding that it was still reviewing its process.
She said, “FirstBank is SME’s focused bank with over 1,000 MSMEs in its book.
“And what do we do with them? We know your challenges and what you are going through and because of that we know your pain point.
“We have products that have been suited for you; we have assets, products, liability products, and others, all about you and for your sustenance and growth and we also have the seven pillars,’’ Adigun said.
She urged individuals who aspire to own a business and business owners to register on the SMEconnect@firstbanknigeria.com as there were a lot in there for them to gain.
She also introduced to the participants the firstbank business diagnostic tool which the bank uses to analyse businesses and give advice on areas of strength and improvement.
Earlier, Mr Damilola Aransiola, Chief Growth Officer, WhoGohost, urged the participants to find unique ways to solve the challenges that the hard times had thrown on their businesses.
According to him, this is what WhoGohost did to stay resilient in business.
“Resilience is the capacity to withstand or to recover quickly from difficulties and toughness.
“For us (WhoGohost) to be stable, we built a product that will allow us to earn in dollars and that was what we did with Muzu.co, a website builder, that allows people to create websites quickly for themselves,’’ he said.
He, therefore, urged business owners to build resilience by innovating and pivoting.
He advised that if a particular business strategy was not working, they could look for other ways to create products that would allow them to earn quick money as revenue was the lifeline of every business.
He said, “ revenue is the lifeline of your business, you don’t want to lose that, so you have to think of creative ways to make money.
“And don’t have the mindset that Nigerians don’t have money, though there are some people that might not be able to afford your product but don’t have that mentality that you cannot earn money
He also urged them to creatively partner with others and use that to grow. (NAN)(www.nannews.ng)
The Corporate Affairs Commission (CAC) says it will soon commence the striking off of companies that fail to comply with the Beneficial Ownership Register (BOR) implementation.
The CAC Registrar-General, Alhaji Garba Abubakar, disclosed this to newsmen on Wednesday in Abuja on the sidelines of its training workshop for stakeholders on the use of BOR.
The News Agency of Nigeria (NAN) reports that BOR is a public register of the true ownership and control of Companies and Limited Liability Partnerships (LLPs) in Nigeria.
With the Register, any person can easily ascertain who owns what in Nigerian Companies and LLPs.
This is crucial in combating corruption, illicit financial flows and other forms of criminality under the cover of Companies and LLPs. It also promotes transparency in the conduct of business in Nigeria.
Abubakar said: ”Well, they have to comply because the commission will have zero tolerance for non compliance.
”Apart from the penalty, we are compiling a list of companies that are not up to date in an audit and very soon we are going to strike them off from the register.
”And the consequence of striking-off from the register is, any asset or any property you hold in the name of that company will be vested with the government.
”This is because it is like a lost property until you go to court to ask for the name to be reinstated.
”For as long as that company remains struck off, you will not be able to access your funds in the bank, you will not be able to do any contract, you will not be able to enter into any business relationship.”
Abubakar said that the commission would soon remove the first 100,000 companies and after one month the next 100,000 would follow.
”And these are companies that are not up to date that have not filed annual returns in the last ten years.
”Also, because of the requirements that you must give notice to these companies before striking them-off, this will be done between now and the end of July,” he said.
Abubakar said that the implementation of the register would also help in attracting investments into the country.
”So, it will go a long way in promoting investment because it will ensure transparency and support the anti-corruption initiative of the government,” he added. (NAN)(www.nannews.ng)
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Edited by Mark Longyen/Bashir Rabe Mani
The Money Lenders Association (MLA) in Nigeria, has extolled efforts by Federal Government to sanitise the digital lending space via its move to delist any loan application that harassed Nigerians.
Mr Gbemi Adelekan, President, MLA, made this known while speaking with the News Agency of Nigeria (NAN) on the development in Lagos on Friday.
NAN recalls that the Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) said it would ask Google to permanently delete such loan apps from its app store.
Chief Executive Officer, FCCPC, Mr Babatunde Irukera, said the commission was ready to permanently shut down the activities of these apps in response to the continued harassment of Nigerians by digital lenders.
The MLA president said the association condemned in its entirety, the unprofessional act of harassment perpetrated by some unscrupulous lending organisations which were not MLA members.
He lauded the intervention of FCCPC in streamlining and sanitising the digital lending space to reduce and eliminate activities of some lenders operating in an unethical manner.
“We are proud of the efforts of the FCCPC in this regard which has indeed attracted global recognition.
“The association actively collaborates with regulators and the state government to foster a better understanding of the money lending industry and address the practical challenges faced by our members in their daily operations.
“As part of our commitment to ethical practices, all members of our association adhere to a comprehensive code of practice which facilitates self-monitoring of activities to ensure compliance with state regulations to promote trust and confidence in our operations.
“In addition, we have been actively involved in educating the public about the precautions ought to be taken when applying for loans online.
“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs,” he said.
NAN also reports that MLA is a non-profit organisation duly incorporated under the Laws of the Federal Republic of Nigeria to unite all credit companies operating under the Money Lenders Licence.
The association works toward the advancement of the money lending industry, safeguarding the interests of the public and customers involved in the money lending business. (NAN)(www.nannews.ng)
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Edited by Edith Bolokor/Chioma Ugboma
The Debt Management Office (DMO), on Thursday urged investors to take advantage of the FGN savings bond offered at a minimum of N5,000.
The DMO made the call during the Federal Government of Nigeria (FGN) Securities Awareness Programme held in Lagos.
The News Agency of Nigeria (NAN) reports that the awareness programme was organised in collaboration with CSL Stockbrokers Limited, the stockbroking firm for the Federal Government.
NAN reports that the awareness programme, which started in Lagos in March, 2022, had also been taken to Enugu, Ibadan, Kano, Yola, Umuahuia, Gombe, Osogbo, Port Harcourt and Benin.
Patience Oniha, Director-General of the DMO, said that the FGN Savings Bond was structured to satisfy retail investors, who can invest as little as N5,000.
Oniha, who was represented by Mr Oladele Afolabi, Director, Portfolio Management, DMO, said that the saving bonds was risk-free and fully backed by the Federal Government.
She said that there was the need to invest in instruments with good earning returns and high standing safety as a means to contribute to the development of the country.
She added that the event presented a platform to better understand investment instruments and provide guidance on how to invest.
According to the Director-General, investment in FGN Savings Bonds is not just for merchant banks and stockbrokers, but also for individuals.
“It is very important to consider the advantages of saving and I use this medium to advise against investing in Ponzi schemes that are with huge risks and lacked backings.
“While there are other saving instruments the Federal Government provides, this particular one affords the opportunity to retail or small investors to take advantage of.
“This also means government is standing strongly behind the instruments irrespective of the minimum amount of 5,000, and is as strong as other bonds running into billions.
“The FGN Savings Bonds can also be used as a collateral to access credit facilities in other banks,” she said.
Mr Richard Akinmoladun, Head, Property Trading, CSL Stockbrokers Limited, said the event was to create awareness for retail investors on the special quality of bonds.
Akinmoladun said that the programme would also help sensitise prospective investors on investment in securities.
He said that investment in these bonds would provide funding support for the Federal Government, needed to drive some infrastructural development in the country.
According to him, the purpose of FGN Securities is to raise capital to finance deficits in the FGN’s budget.
“It also helps to raise funds to execute critical infrastructural projects, and contribute to the development of the domestic financial markets.
“It also enhances the savings and investment opportunities of the populace, thereby promoting financial inclusion and attracting foreign investors into the domestic financial markets,” he said.
He listed the benefits of these investments to include safety, visible collateral, diversification of investment portfolio, steady income, and liquidity.
“The FGN Savings Bond is a fixed income security that is targeted at retail investors with guaranteed quarterly interest payments.
“A large chunk of assets in the portfolio of pension asset managers where is invested in FGN bonds due to the safety that the instruments provides.
“It is important to state that the interest rates, rental income and principal repayments on FGN Securities would be received in full and on time” he said.
Mrs Ifeoma Ukunna, Head, Retail Business, CSL, urged investors to diversify their asset classes to guide against risks attached to investment portfolios.
She stated that the advantage of the FGN Savings Bonds was its stable and fantastic yield with very low risks.
She added that the bond has a specific objective to guide against Nigerians falling into investing in Ponzi schemes.
“The FGN saving bonds yields a fantastic return with very low risk, but the returns outweighs some of the instruments in the asset classes.
“If your rented property and other investment instruments is not yielding good incomes, the FGN savings bond is a good way to keep afloat.
“Individuals looking to invest should note that all banks are investment agents for the FGN Savings Bonds and they can also take advantage of brokers online platforms to begin the process,” she said.(NAN)(www.nannews.ng)
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Edited by Kadiri Abdulrahman/Sadiya Hamza
The Corporate Affairs Commission (CAC), has embarked on training of some stakeholders in Abuja on the effective use of the Beneficial Ownership Register (BOR).
The CAC Registrar-General, Alhaji Garba Abubakar, on Wednesday expressed the hope that participants would after the training be able to query the data base to access information.
“The workshop is meant to train stakeholders on how to access information in the register.
“You can see that we have representatives from the EFCC, the Nigerian Financial Intelligent Unit (NFIU), Code of Conduct Bureau, the ICPC, the National Insurance Commission, and all other key stakeholders and the media.
“To learn how the register operates to access information, and how to query the data base.
“Either by the use of the name of the beneficial owner, the entity or the entity number as well as the format for applying to register as a user for the organisation,” Abubakar said.
He said if an organisation required an Application Programming Interface (API) integration of the CAC, there was a link it could use to enter the details of the officer.
“The commission will seamlessly create access for them to access information in real time.
“So this is why we are here and you can hear from the feedback. People are already using the register since its inauguration in May.
“We are hoping that it will assist them in their work because this register is not just for our benefit. It is for the benefit of Nigeria,” he said.
According to Abubakar, the essence of the register is to actually support the work of our investigation, law enforcement agencies, media and the civil societies.
On penalties, he said: “what the law says is, if you are a beneficial owner of any company, or a limited liability partnership, you must disclose the information to the company within 30 days of qualifying as a beneficial owner.
“And the company has to file this information with the CAC within seven days.
“Default in making this filing with the CAC attracts a daily default penalty which depends on the nature of the company and the penalty will run until the filing is made.
“So, if you are in default for one year, you will have a default penalty which is about N10,000 for every day for as long as the default lasts.
“So, this is what we are explaining that it helps to actually comply, don’t wait to accumulate penalty for yourself because the penalty cannot be waved,” Abubarka added.
The News Agency of Nigeria (NAN) reports that the BOR is an anti-corruption initiative of the commission.
Aside the penalty, the CAC has vowed to strike out companies that refused to comply with implementation of the initiative soon. (NAN)(www.nannews.com)
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Edited by Ifeyinwa Okonkwo/Ese E. Eniola Williams
The National Automotive Design and Development Council (NADDC), has begun training of the first auto technicians in its newly equipped Automotive Training Centre in Ekiti state.
The NADDC Director-General, Mr Jelani Aliyu, in a statement on Wednesday said the training was being done in collaboration with Lanre Shittu Motors for youths in Ekiti State.
The News Agency of Nigeria (NAN) reports that the five -day training aims at equipping participants with skills of international standards.
Aliyu said NADDC conceived the establishment of Automotive Training Centres (ATCs) across the six geo-political zones to ensure skill development and international best practices in the automotive sector of the country.
The director-general, represented by the Director, Industrial Infrastructure Department of the Council, Dr Nua Omisanya, said the training was aimed at redefining the nation’s auto industry.
According to Aliyu, the training will also provide jobs while strengthening the skills among technicians.
“This will in turn ensure prompt and efficient repairs and maintenance of vehicles while ensuring the safety of the mechanics, vehicles and environment,” he said.
He urged the auto technicians to make adequate use of the opportunity provided by the state-of-the art equipment installed by the Original Equipment Manufacturer (OEM).
He also called on the participants to ensure they acquired the modern technical skills required in the automotive sector.
“Over 30,000 youths have so far been trained in these programmes which are usually conducted periodically.
“Therefore, today marks another milestone in the Nigerian automotive industry because this specialised training is aimed at skills upgrade and capacity building for the selected auto technicians/youths in Ekiti State.
“The training will enable them to cope with the task of repairs and maintenance in the ever-dynamic automotive industry,” he said.
The director-general expressed the council’s gratitude to Ekiti State government and Lanre Shittu Motors for the partnership.
He enjoined other relevant stakeholders to collaborate with the council to drive the local auto industry to its well-deserved place globally.
The Ekiti State government, represented by the Special Adviser, Investment, Trade and Industry, Omotayo Adeola and the Workshop Manager, Lanre Shittu Motors, Akinyemi Akanni, commended the efforts of NADDC.
They assured of continuous support for more developmental strides in the industry.
NAN recalls that the NADDC state-of-the art Automotive Training Centre in Ado-Ekiti was officially commissioned in May and is presently functional for the benefit of Ekiti youths. (NAN)(www.nannews.ng)
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Edited by Hajara Leman/Ese E. Eniola Williams
The Controller General of Nigerian Correctional Service, Haliru Nababa, has expressed satisfaction with the quality of granulated organic fertilisers produced at the biofertiliser factory in the Maximum Security Custodial Centre, Port-Harcourt, Rivers.
The commendation comes after construction of the factory within six months of signing the Memorandum of Understanding (MOU), with Biofil Technology Nigeria Ltd.
Nababa gave the commendation during a working visit to the Biofertiliser factory at the Maximum Security Custodial Centre, Port-Harcourt, a statement by SC Juliet Ofoni , Command Public Relation Officer,Rivers, said on Wednesday.
The visit was to inspect and evaluate the biofertiliser factory and to collect samples for test in as many Correctional Farm Centres as possible.
It was also to procure same as off-takers for use in farms such as Elele Correction Farm Centre, Port-Harcourt.
The Controller General of Corrections (CGC) was represented by Deputy Controller General of Corrections, in the Inmates Training and Productivity (ITP) Directorate, Sylvester Nwakuche.
Port Harcourt custodial centre begins production of organic fertiliser
He expressed satisfaction with the quality of granulated organic fertiliser produced after construction of the factory within 6 months of signing the Memorandum of Understanding (MOU), with Biofil Technology Nigeria Ltd.
He called on investors to exploit the Public Private Partnership (PPP) window to maximise profit margins by investing on agro – allied ventures in the Nigerian Correctional Service.
He further urged the Biofil Technology to ensure that the best was utilised of the five-year test run tenure given in the MOU, noting that the packaging should carry the NCoS symbol to amplify the essence of partnership involved.
Earlier, the Controller of Corrections, in charge of Rivers State Command, Felix Lawrence, welcomed the CGC and his entourage to the state.
He appreciated the CGC for approving the construction of the renewable energy system in the centre.
According to him, the area was messed with rodents and waste litters, but is now a clean and safe working environment because of the value-added processing of biogas and biofertiliser from inmates’ humongous waste matters.
He also congratulated the untiring supervising officers and men of the state command assigned to the factory for avoiding ineptitude and redundancy leading to the marked success of the production in the factory.
The Controller General of Nigerian Correctional Service, Haliru Nababa, visits Biofertilizer Factory in the Maximum Security Custodial Centre, Port-Harcourt, Rivers State.
Contributing, CC Raymond Jatau, stated that similar projects were being approved by the CGC across the country for improvement of sanitation, hygiene and enhancement of inmates training and rehabilitation
According to him, the sustainability of the project is the main purpose of the visit of the CGC through the high-power delegation to the site.
He stated that the Nigerian Correctional Officers Wives Association (NICOWA) would be involved in the distribution of the product once the Service procure the quantity its budget could accommodate.
In his brief, the Director of Biofil Technology Nigeria Ltd., Mr Ibikun Taiwo, appreciated the visit and stated that the MoU ab initio indicated that NCoS would be the sole off-taker.
He said they would buy the produce at a reduced price to preserve land from further degradation suffered due to use of inorganic fertilisers.
He promised that for now, 20 inmates would be trained on how to produce biofertilisers within six, to prepare them for re-integration.
On the benefits of the biofertiliser, he said: “ The bio-fertiliser option for NCoS has enormous advantages.
“They include the treatment of waste matter generated in custodial centres and the involvement of retirees in the business of biofertiliser sales.
“The bio fertilisers are purely organic and are safe to be used in all types of farms across the country for production of Organic Foods for healthy living.’’
According to him, the sewage is the main raw material for the adoption of a climate smart agricultural practice in the Correctional Service.
In an interview with the fact finding committee, an inmate in the production line confirmed that production capacity was about 500 bags of 50kg per day using a staff strength of 20 with 15 Inmates and five instructors working for less than six hours daily.
He said that higher production volume would have been achieved if three shifts were possible on site.
The site supervisor, SC O Clifford said: “Inmates undergo formal training daily by working in the factory to enable them re- integrate properly into the society after they regain their freedom.
“ MoU is designed to enable inmates earn daily, which would be a source for support for their families and dependents outside the Custodial Centres.
“Efforts are on top gear to certificate qualified inmates to work with BTNL fertiliser firms when they eventually get discharged out of custody.
“Furthermore, records show that the Nigerian Correctional Service commissioned the public – private partnership in Biogas and Liquefied Petroleum Gas operated kitchen at the Maximum Security Custodial Centre, Port-Harcourt in November 2020.
“And today it has graduated to the level of production of Bio- Fertilizers and gas for renewable energy option of the smart agric technology.
The statement said that those who were present at inspection visit included Assistant Controller General CN Ogwude, incharge of Agriculture and Controller of Corrections, DA Kupan incharge of Planning, Research and Statistics.
Also, the Controller of Corrections, RY Jatau from Works and Logistics and Deputy Controller of Corrections, KN Abubakar from Procurement unit.
The Incharge Maximum Security Custodial Centre, Port-Harcourt, Deputy Controller of Corrections, EO Etim gave the vote of thanks and wished the committee safe trip back to Abuja. (NAN) www.nannews.ng
United Capital Asset Management Ltd., a subsidiary of United Capital Plc, has unveiled the ‘ThisGirlInvests’ campaign to promote financial independence and security for women.
Mrs Odiri Oginni, the Managing Director of United Capital Asset Management Ltd., said this in a statement on Wednesday in Lagos.
Oginni said the campaign sought to encourage women to develop a healthy investing culture, increase their participation in Nigeria’s capital markets, and create a sustainable financial plan for retirement.
According to her, the campaign is borne out of a need to address the abnormally wide gender gap in financial inclusion in Nigeria.
Oginni said with a digital video advertisement that had quickly gone viral on social media platforms, the campaign highlighted the realities of women’s attitude toward investing.
She added that the campaign highlighted the negative consequences of delayed investing on women’s finances and general welfare during retirement.
Oginni said the interview-style video which profiles three women in their 20s, 30s, and 40s revealed that although women had grand plans for their retirement, many did not have concrete financial plans to fund them.
She said that the video ended with a call-to-action for women to make a conscious effort toward their finances by investing in the United Capital Wealth for Women Fund.
Oginni said, “we are excited to launch the #ThisGirlInvests campaign and help close the gender gap in financial inclusion in Nigeria.
“Studies have shown that women have savings culture but not an investing culture which is a problem because investing is the key to growing wealth over time.
“We believe that every woman deserves the opportunity to achieve financial independence and security especially during retirement, and with the Wealth for Women Fund, we are providing them with the resources and tools they need to do so.
“The fund offers a diversified portfolio of investments that are designed to help women grow their wealth over time.”
Oginni said that the Wealth For Women Fund would provide varying benefits including tax-exempt dividend payments, diversified portfolio, professional fund management, and a relatively low subscription fee that would start from as low as N10,000.
She said that the campaign would feature a series of educational activities and events designed to help women learn more about investing.
Oginni said the campaign was a testament to United Capital Plc’s commitment to helping women achieve financial freedom in accordance with the United Nation’s Sustainable Development Goal of achieving gender equality and empowering all women and girls.
The United Capital Wealth for Women Fund was recently repositioned as a retirement planning investment fund for women offering them competitive returns by investing high-yielding fixed income assets and selected quoted stocks from the Nigerian Exchange.
It was initially launched in 2017. (NAN)(www.nannews.ng)
The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated plans to issue its Initial Public Offer(IPO) to investors very soon.
The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibtion on Tuesday in Abuja.
The News Agency of Nigeria (NAN)reports that the theme of the conference is , “Powering Nigeria’s Sustainable Energy Future”
Kyari while speaking on ”Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future’’ said the decision was based on the law.
”As a Company that it is guided under the regulations of the Companies and Allied Matters Act, the NNPC Ltd.will declare its shares to the public for acquisition very soon.
“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders which many of you are.
”We are in business and business means competition. We are a private sector, forget about the fact that we are own by the government 100 per cent.
“ You are also aware, we are going Initial Public Offer very soon, we will sell a part of our equity.
” It is in the law, and once that happens, we will not be any different for any of you and it will be a very different business environment,”he said.
On subsidy removal, kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.
“Are we positioned to facilitate business? Yes, but our partnership produced over 80 per cent of the oil and gas in the country either directly or through our off stream company or through our partnership.
“I am in a position to facilitate business. On the PSC today, we are just agents of the state, trying to make sure we deliver value to them and then they will pay.
“I am sure you appreciate this new relationship. The PSCs are not on the balance sheet on the NNPCL.
”We make sure you do your work because when you do, we are compensated 40 per cent of your profit oil, so it is important for us as well as business for us,”he said.
On energy poverty, the NNPCL boss said the focus was now to ensure that more people had access to energy.
Kyari said, “Over 30 per cent do not have access to electricity. So, is energy available or is it the problem of affordability.
”Or it is that we have an unsustainable situation or is it combination of all of them? I think we are dealing with the combination of all.”
According to him, energy is not available, it is not affordable in definite sense.
He said this was due to many structures and issues that made affordability a matter of concern for everybody.
“We supply gas, we do not get payment for it; We supply power and we do not get payment for it.
”So, you cannot run any business this way. You cannot be sustainable. You cannot create affordable energy and it will not be available.”
According to him, affordability, accessibility and sustainability are the drivers of Nigeria’s energy future.
He said that key initiatives on the horizon for NNPCL would include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe.
He further said expansion of liquefaction capacity of NLNG and enabling availability of LPG as a cooking fuel and CNG as alternative fuel for automobiles were paramount.
Kyari then reiterated the need to bridge the skilled manpower gap, ensure asset security, and invest in infrastructure to transform challenges into opportunities.
NAN reports that the NOG Energy Week is Nigeria’s foremost international energy conference aimed at discussing policy implementation, vital energy agenda and investments, among others.
The ongoing event was attended by policymakers, regulators, leaders, stakeholders and partners of the industry.(NAN)(www.nannes.ng)
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edited by Sadiya Hamza
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