The Greater Port Harcourt City 2024 Management Retreat, with the theme, “Transiting to New Smart Cities; The Beginning” which held from April 26 – 27, 2024 at the Swiss International Hotel, Mabisel, Port Harcourt brought together a diverse group of government officials, stakeholders, industry experts, and leaders of thought to deliberate on key issues related to the sustainable development and growth of Greater Port Harcourt City.

The retreat was flagged-off by the Governor of Rivers State,  Sir Siminilayi Fubara, ably represented by the Deputy Governor, Prof (Mrs) Ngozi Nma Odu who assured the Greater Port Harcourt City Development Authority (GPHCDA) management that the Governor has a keen interest in seeing that the vision of creating the Greater Port Harcourt City is fully realized during his tenure.

He emphasized his commitment to support the authority  towards the achievement of the vision for the good of the people of Rivers State and truly make Greater Port Harcourt City a model for other states to emulate, calling on the management to seize the moment and lay the ground work for a city that is prosperous, liveable and futuristic. 

In his address, the acting Sole Administrator TPL (Dr) Tonte Davies highlighted the road map and action plan, which the GPHCDA is undertaking towards achieving the vision of creating new smart cities and in the context of the outlined drive, the recent ground-breaking for the  ongoing 20,000  low income housing units is a recognised  cardinal move that points to the start of a major implementation activity which will enhance this focus.

He also listed achievements like the completed phase 1 storm water canal retention, the 500,000liters capacity water project, the installed 11kva switch-gear panel, and 3kva electricity power substation amongst other ongoing infrastructural projects. Dr Davies happily informed the meeting of the introduction of a digital solution to streamline physical planning regulations and documentation to facilitate business transactions and enhance express approvals, which promotes the ease of doing business in that regard.

The Executive Secretary, Nigerian Content Development Management Board, Engr. Omatsola Felix Ogbe, represented by Mr Olubisi Okunola, Manager Strategy, presented a paper on “Transformation and Reorganisation of a 21st Century Organisation; The NCDMB Experience.” He took the participants through the transformative journey of the board, which  placed them as one of the most productive public sector organisations in the country. He stated that the board has transformed the oil and gas sector with strategic partnerships, which has enhanced local participation in the industry to about 70% in the past few years.

Also an international investor from Gambia and CEO of RIV/TAF, Mustapha Njie, presented a paper on affordable housing Initiative and promised the timely completion of the ongoing TAF City 20,000 housing units project, a pet project of Gov Sim Fubara. He gave participants strategic insight on the keys to successful project implementation and project delivery and stated that the RIV-TAF project has recorded remarkable progress with *about* 400 housing units *at various stages of completion within three  months of its flagoff.* 

The lead paper presenter, renowned Town Planner Kazeem Sanusi tasked the management of the Greater Port Harcourt City Development Authority to stand out in their responsibilities emphasizing that the most beautiful aspect of planning is inclusiveness, utilizing the power of crucial discussions and team work. He stated that the GPHCDA stands on the threshold of history to transform the new city into a model smart city just like Dubai was transformed in the past few decades. 

He urged the participants to be committed to fostering partnerships and *collaborations* to drive sustainable development in Greater Port Harcourt City, including engaging with private sector stakeholders, civil society organizations, and international partners to implement the sustainable development practices and initiatives in the new city.

In his closing remarks the Administrator, Greater Port Harcourt City, TPL (Dr) Tonte Davies promised a commitment to the comprehensive action plan outlining key priorities, initiatives and timelines for implementing the ideas and recommendations generated during the retreat. He further declared that the just concluded Greater Port Harcourt City Management retreat has set the stage for a new chapter in the city’s development journey, noting that the vision, passion and commitment of Governor Sim Fubara and the enthusiasm and shared vision of all participants has laid a strong foundation for  the sustainable growth and prosperity of Greater Port Harcourt City and the state at large.

The Lead Consultant Mr Ono K. Akpe of Red Sapphire Ltd , Abuja, who led a team of seasoned facilitators engaged the participants for the two days at the retreat with cutting edge intellectual discourse to broaden knowledge in various aspects of management covering work ethics, organizational culture, entrepreneurship, team building, infrastructural development, innovation and mind-set change, re-branding and marketing smart cities.

The Nigerian Content Development and Monitoring Board (NCDMB) on Monday announced that it received an interim dividend of N450 million out the N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

This is contained in statement issued by Mr Daniel Kikile, General Manager in charge of Corporate Communications at NCDMB.

The company said that the payment represents NCDMB’s 30 per cent share in the company for the year ended 2023.

The NCDMB had in July 2018 invested $10m to acquire 30 per cent stake in the 5,000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Mr Felix Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). 

The company reported a total profit of N23.6bn as profit after tax for the same year. 

İğne said NCDMB expects to receive additional 30 per cent of the outstanding N3bn dividend after the AGM is convened later in the year.

He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. 

“The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he said.

He affirmed that the company is upgrading the refinery capacity from 5000 bpd to 10,000 bpd and the expansion project is 44 per cent completed and on time to be commissioned by early 2025.

NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry.

It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board. 

Reports says that two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa, where he was received by the Executive Secretary,  and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company.

The joint venture and culminated in the construction and commissioning of a 300 million standard cubit feet per day (mmscf/d) capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta, Niger Delta, Nigeria. (NAN)

Over the course of the week, investors on the Nigerian Exchange Ltd. (NGX) equities market lost a total of N784 billion, week-on-week.

Specifically, the market capitalisation, which opened the week at N56.296 trillion, shed N784 billion or 1.39 per cent to close the week at N55.512 trillion.

The All-Share Index also declined by 1.

Similarly, all other indices finished lower with the exception NGX Insurance, NGX MERI Growth, NGX MERI Value and NGX Industrial Goods which appreciated by 0.02, 1.13, 0.09, and 0.38 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

Profit-taking in MTN Nigeria, Zenith Bank, FBN Holdings, among other declined stocks outweighed buy interest in Guaranty Trust Holding (GTCO), United Bank of Africa (UBA), Fidelity Bank, among other declined stocks to drive the market to a negative terrain.

However, 27 equities appreciated in price during the week higher than 13 equities in the previous week.

43 equities depreciated in price lower than 62 in the previous week, while 84 equities remained unchanged, higher than 79 recorded in the previous week.

On the top gainers table, Sunu Assurances led by 25k to close at N1.25, CAP Plc followed by N4.85 to close at N28.85, Livestock Feeds Plc rose by 21k to close at N1.66 per share.

Japaul Gold and Venture Plc gained 24k to close at N1.91 and Unilever Nigeria advanced by N1.50 to close at N15.10 per share.

On the other side, Oando Plc led the losers table by N2.25 to close at N9.25, Sovereign Trust Insurance trailed by 8k to close at 36k and Thomas Wyatt Plc declined by 36k to close at N1.78 per share.

FBN Holdings shed N3.95 to close at N20.35 and Wema Bank dropped 90k to close at N6.25 per share.

Meanwhile, investors traded 1.839 billion shares worth N34.258 billion in 37,528 deals this
week on the floor of the Exchange.

This is in contrast to 1.597 billion shares valued at N32.313 that exchanged hands last week in 44,915 deals.

The financial services industry, measured by volume, led the activity chart with 1.129 billion shares valued at N22.290 billion traded in 22,008 deals.

Thus contributed 61.38 per cent and
65.06 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 194.179 million shares worth N2.822 billion in 1,923 deals.

The third place was the construction/real estate industry, with a turnover of 130.702 million shares worth N649.957 million in 556 deals.

Also, trading in the top three equities, namely UBA, Access Holdings Plc and Transnational Corporation Plc, measured by volume accounted for 582.024 million shares worth N10.571 billion in 8,849 deals.

This contributed 31.65 per cent and 30.86 per cent to the total equity turnover volume and value rrespectively. (NAN