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NNPC Weekly: 24-hour Operation in Petrol Filling Stations in Abuja

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) started its week with the introduction of 24-hour operation for over 40 ppl filling stations in Abuja as part of efforts to ensure the disappearance of fuel queues.

The development which ensured round-the-clock operations of these selected filling stations in the Federal Capital Territory (FCT) saw the officials of the NNPC Ltd embark on several unannounced visits.

In one of such unannounced visits in the wee hours, within the week, officials of the company, led by the Group General Manager, Group Public Affairs Division, Malam Garba Muhammad noticed a much-improved situation, with much of the queues vanished.

At the Airport Road branch of the A. A. Rano Filling Station which has over 60 pumps, only two motorists were found filling their car tanks while majority of the fuel attendants in other filling stations were waiting for customers.

A motorist who identified himself as Jika Wakili said the efforts by the NNPC authorities to restore normalcy to the fuel situation were highly commendable.

Wakili urged the management of the company to sustain the tempo and ensure the situation gets even better across other locations in the country.

“The situation is easing now and we are happy with the efforts of the NNPC Management.

“This shows that the leadership of the organisation is working very hard to resolve this issue.

“They should not rest on their oars please,” Wakili added.

Other motorists spoke on the improved fuel situation.

Also in the week, the Minister of State for Petroleum Resources, Chief Timipre Sylva called on the United States (U.S.) Government to provide funding support for Nigeria to develop its natural gas resources to serve as alternative source of energy for Europe.

Speaking at a meeting with the U.S. Secretary of Energy, Jennifer Granholm, on the side-line of the just concluded CERA Week in Houston Texas, Sylva said the collaboration between the U.S. and Nigeria in this area would be of immense benefits to both countries as well as the entire globe.

According to Sylva “It is in the interests of the global community that there is alternative supply of gas to Europe.

“The challenge for us to achieve this feat has been lack of infrastructure and we need funding to develop infrastructure for our gas and we believe that the U.S. can provide that funding”.

He told Granholm that Nigeria had abundance of natural gas resources that can meet European gas demands, noting that the problem has been access to funding.

He said as part of efforts to boost gas supplies across the African continent, the country had embarked on the construction of 600 kilometers of the Ajaokuta- Kaduna- Kano (AKK) gas pipeline designed to take gas to Europe via North Africa.

The minister therefore called on the U.S. to provide the needed funding for infrastructure for the exploitation of the huge natural gas in Nigeria.

Speaking on the burning issue of global energy transition, Sylva said for the energy transition programme to be meaningful, the peculiar problems of Africa must be factored into the entire energy transition arrangement.

In her remarks, Granholm expressed the readiness of the U.S. to cooperate with Nigeria to develop her renewable energy sector noting that her government was not against the development of gas or other sources of energy.

She said the U.S. government would be willing to support Nigeria in developing her renewable energy sources and therefore called for a coordinated strategy to pin down specific areas of focus where funding and other supports would be required.

“Investors are interested in funding renewable energy in Nigeria but they are interested in knowing possible areas of focus. We have to work out a structured way to access the fund,” Granholm said.

Sylva who was in an earlier meeting with the U.S. Assistant Secretary of State, Harry Karman, expressed Nigeria’s willingness to develop the different sources of renewable energy such as wind, solar and hydrogen.

In a related development, the Federal Government said its inability to meet the oil production quota allocated to Nigeria by the Organisation of Petroleum Exporting Countries (OPEC) was due to the lack of investments in the oil and gas sector of the economy.

It said the lack of investments was due to the recent spate of exits by International Oil Companies (IOCs) such as Shell and ExxonMobil from Nigeria’s oil and gas sector.

Speaking at the just concluded CERA Week in Houston, Texas, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the speed with which IOCs were withdrawing investments in hydrocarbon exploitation had contributed significantly to Nigeria’s inability to meet its OPEC target.

Nigeria’s OPEC quota is pegged at about 1.8 million barrels per day but the country produces between 1.3 and 1.4 million barrels per day.

“Lack of investments in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us.”

Sylva also cited security challenges as another major factor that contributed to the lack of significant growth of the sector, adding that the drive towards renewable energy by climate enthusiasts had discouraged funding for the industry.

The minister, however, called for a change of attitude stressing that in decades to come hydrocarbon would continue to play a central role in meeting the energy needs of the world.

He told delegates at the event that though Nigeria was in full support of energy transition, the country and the African continent should be allowed to develop at its own pace.

This, he said would enable African countries meet the energy needs of the over 600 million people who had no access to any form of power in Africa.

OPEC Building
OPEC Building

In keeping with its philosophy of touching the lives of citizens in positive ways, the Nigerian National Petroleum Company Limited (NNPC Ltd) has donated state-of-the-art building complexes to the Ahmadu Bello University (ABU) and Bayero University Kano (BUK) to serve as Centre for Inland Basin Studies and Civil Engineering Department respectively at both institutions.

The projects which were inaugurated and handed over to the management of both schools recently are part of the Company’s Corporate Social Responsibility programme.

The Centre for Inland Basin Studies is a storey building equipped with modern lecture halls, library and seminar rooms, and an equipment section and laboratories, including a dedicated section for automation. It is domiciled at the Geology Department of the ABU and will serve as the hub for research on hydrocarbon resources in the inland basin.

Speaking at the event, the Group Executive Director, Corporate Services, Hajiya Aisha Katagum, who represented the Group Managing Director/Chief Executive Officer of NNPC Ltd, said such support to institutions of higher learning were critical to the sustained growth of the Nigerian petroleum industry.

“As a technology driven energy company, NNPC believes that real progress can only be possible, when corporate organisations support and strengthen educational institutions, with new knowledge and better ways of delivering services to humanity.

“As global energy transition continues to gain traction, NNPC as National Oil Company, the economic backbone, will continue to collaborate with Nigerian universities to support meaningful research, technology development and innovation across different fields of our operations especially as NNPC transit to a fully commercial energy company of global excellence.”

The Chancellor of ABU, Alhaji Kabiru Bala, who commended NNPC for the timely intervention, spoke on the significance of the project.

Main gate of Bayero University, Kano
Main gate of Bayero University, Kano

Some students of the two beneficiary institutions also expressed delight at the intervention and how the projects would enhance their learning.

The Group Executive Director, Corporate Services, was accompanied by the Group General Manager, Engineering and Technology Division, General Manager, Chad Basin Operations, Coordinator, NNPC Intervention Projects and Manager, Corporate Social Responsibility, among others.

Also present at the event were the Deputy Vice Chancellor, Administration, Professor Ahmed Ibrahim, the Registrar, Bursar, Deans of Faculties, Heads of Departments, and the Chairman of Zaria Local Government Area.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) assured stakeholders in the aviation sector that there was no scarcity of Aviation Turbine Kerosene (ATK), also known as aviation fuel.

The Authority gave the assurance at an investigative hearing of the House of Representatives’ Adhoc Committee on High Cost of Aviation Fuel at the National Assembly Complex on Thursday, in Abuja.

NMDPRA Executive Director, Distribution Systems, Storage and Retailing Infrastructure, Mr Ogbugo Ukoha, who spoke at the hearing, dispelled insinuations that the rise in the price of the product was a result of short supply.

Ukoha  stressed that there was robust supply of ATK with enough stock to last for 34 days.

Putting the issue of ATK price hike and its effect on the safety of airline operations in perspective,

Also speaking, the Director General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu, stated that the steep rise in the price of ATK from N190 per litre barely a year ago to N670 per litre was a worrisome trend.

Nuhu said the development could sooner or later begin to affect the safety of operations.

Director General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu
Director General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu

He noted that under normal circumstances, fuel was supposed to be responsible for about 30 per cent of an airline’s cost of operation but was currently taking up about 50 per cent.

“For me, as the regulator of the industry, this is of significant concern for me, God forbid, I don’t want to come before this committee to explain why A or B happened”

The Chairman of Air Peace and Vice Chairman of the Airline Operators of Nigeria (AON), Mr Allen Onyema, said he was surprised at the report from the NMDPRA that there was 34-day sufficiency because airlines have had to cancel flights over the past few weeks owing to non-availability of ATK.

“We are subsidising what each and every one of you is using in flying. But we cannot continue, we cannot last for the next 72 hours doing that as we are indebted.

“We don’t want AMCON to come after us. I am surprised he said they have enough volumes of ATK to last for 34 days”

In his intervention, Group Managing Director/Chief Executive Officer of NNPC Ltd., Malam Mele Kyari, pledged to collaborate with the operators, regulators, marketers and other stakeholders in the aviation sector to ensure effective distribution of ATK.

The NNPC boss assured that it was the statutory responsibility of the national oil company to eliminate any gap in the supply chain of petroleum products and guarantee nation’s energy security.

Kyari corroborated the position of the NMDPRA that there was enough stock of ATK in the country.

He also advised operators of commercial airlines to develop proper commercial arrangements with ATK suppliers in order to hedge themselves from price fluctuations arising from market volatility.

On his part, the Deputy Speaker of the House of Representative and Chairman of the Adhoc Committee, Rep. Idris Wase, commended the GMD for his exceptional leadership qualities and appealed to all stakeholders to make the Petroleum Industry Act (PIA) work.

He said that the committee would get to the bottom of the issue as mandated by the House of Representatives.

“All we want is to make the PIA work and make Nigerians not to regret. More investigations will be done as to the reality of what is on ground.

“As a parliament we will carry out our investigation and ensure that Nigerians benefit from whatever resources God has made available to them”.

Still in the week under review, NNPC Ltd joined the rest of the world to mark the International Women’s Day (IWD) by reflecting on the importance of breaking the bias, which was the theme of the celebration.

IWD is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action from both men and women for accelerating gender parity.

The celebration was led by the Company’s Group Executive Director, Corporate Services, Mrs Aisha Farida Katagun.

Also present were the Group General Manager, Human Resources, Mr Yahaya Yunusa and other top management staff of the company to lend their support.(NAN) 

BUSINESS

My Vision to Simplify Payments in Nigeria with Innovative Solutions – Shema

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By Raphael Atuu,  Abuja
The Chief Executive Officer of  Wireless Pay,  Chonedu Shema Emmanuel has said  his vision is to simplify payments in Nigeria with innovative solutions through  his wireless banking platform.
Mr Sharma stated this during an interview with Daily Assets correspondent in his office in Abuja recently.


“I have launched one of Nigeria’s Leading payment platforms, ensuring seamless and efficient financial transactions online, the app is a subsidiary of Wired Banking Africa and collaborates with Asset Matrix MFB to deliver secure and efficient payment solutions.

“My company has  an app with key features like NFC tap-to-pay for softPOS, enabling merchants to effortlessly receive card payments, and an alternative USSD option for customers who prefer to pay with USSD codes.
Virtual accounts are also available for those who prefer transfers, and merchants can request physical cards for transactions with an impressive 99.9% uptime.”
Mr Shena added that his vision for the future of Wireless Pay includes sustained growth, expanded services, and becoming a trusted industry leader in payment processing, contributing to financial inclusion across different regions.
 While advising the public to take advantage of  wireless pay ‘s high  features, secure infrastructure, and global accessibility, to transact business, the company is set to capture the business market.
 The CEO maintained that the company is  registered as Wireless Pay Technologies Limited in Nigeria, the US, and the UK,  with a physical office in Abuja, and an entity under WOBILO Africa Limited, Wired Banking Africa, and Corporate Permit and Consultants Limited, further establishing its credibility and commitment to providing reliable payment solutions.
“It has  a collaboration with Asset Matrix MFB to ensure seamless integration and efficient services, the founder stressed that the platform offers transparent pricing, with card transactions capped at 0.5% up to 100 naira and USSD collections capped at 1.3% up to 1,300 naira. Withdrawals and bank transfers incur a flat fee ranging between 15-20 naira.”

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Afreximbank Closes $282m India-Focused Club Deal

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By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.
Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.


The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.

At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.
Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India.
It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”
Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.
Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”

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CBN Unveils New Minimum Capital Requirements For Banks

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Gives Them 24 months To Recapitalise

By Tony Obiechina, Abuja 

 Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.

 

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs.

Hakama Sidi Ali 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.
 

Mrs. Sidi Ali 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.   

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject 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.

Furthermore, the circular 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.

Meanwhile, 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 also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.  

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