Economy
Anxiety as 24th Africa Oil Week Draws Closer
By Dipo Olowookere
Stakeholders in the oil and gas industry in Africa are eagerly gearing up for the forthcoming 24th Africa Oil Week, which holds in Cape Town, South Africa, from 23-27 October.
At the moment, organisers of leading international oil and gas event have announced highlights of the internationally renowned programme.
The restrained business climate that has reigned over the industry for the past few years demanded that all operators review and adapt their business models and the way they operate. By the same token, the organisers of Africa Oil Week had to radically rethink the content for this year’s edition to meet the needs of delegates in search of solutions for tackling new challenges.
ITE’s Vice President for Africa, Sonika Greyvenstein, says, “We pride ourselves on being recognised as the world’s leading Africa-focused oil and gas event. To retain this title, we really had to think outside the box to design a programme that offers something over and above our renowned networking and deal-making opportunities – we want to give delegates access to revolutionary new ways of working, so they go away with knowledge, tools and methods to help them face a fast-evolving industry”.
The result is a programme strong on skills, solutions and strategies and infused with talks and debates of an ethical, political and motivational nature.
With the aim of providing the most current status of African and international policy, ITE has ramped up the presence of top ranking government officials. Rick Perry, US Energy Secretary, has been invited to speak as guest of honour at a session on global energy policy as well as during his department’s presentation of its LNG Handbook, designed to facilitate LNG projects in Sub-Saharan African nations.
In terms of African oil and gas ministers, participants will be able to engage directly with them on issues crucial to their investment plans and projects at the Ministerial Panel on African government strategies for “Attracting Operators and Investment”.
It includes presentations covering fiscal reforms and investment opportunities from the oil and gas ministers of Egypt, Angola, Equatorial Guinea, Ivory Coast, Republic of Congo and Namibia. South African Minister of Energy, Mmamoloko Kubayi, will open proceedings on Tuesday 24th October with a talk on the right energy mix for meeting environmental and development goals.
The Côte d’Ivoire Roadshow, presided over by Minister Thierry Tanoh, will promote the country’s hydrocarbons code and introduce its energy strategy 2020 along with available blocks coming up for licensing, thereby providing further opportunities for showcasing its investment environment as well as its petroleum code and legal and fiscal framework.
Mali, ranked one of the most dynamic countries in the region by the World Bank’s “Doing Business” report and winner of the AIM “Investment Award” for its incentive-strengthening reforms, is promoting its five oil-rich basins. Mr Hamed Ag Mohamed, Director-General of the Authority for the Promotion of Oil Research, will present the investment framework and its Public-Private Partnership policy.
A not-to-be-missed event is the debate “Phasing Out Fossil Fuels: The Moral Case”. Alex Epstein, Founder and President of the Center for Industrial Progress and author of the New York Times bestseller, “The Moral Case for Fossil Fuels” will pitch his pro-fossil fuels argument against that of renewable energy development and investment pioneer Charlotte Aubin-Kalaidjian, co-Founder and CEO of GreenWish Partners. Later in the day, Mr Epstein is the guest speaker at the invitation-only VIP & CEO Luncheon, to be held in the Exhibition Ballroom.
Contributing to the cutting edge content is the AAPG Science Seminar, comprising three half-day forums focusing on energising the growing world through knowledge and technology. This is especially important considering that the new wave of exploration is spearheaded by digital technology which, in turn, paves the way for new careers.
This digital aspect of the industry is of special interest to the students and graduates attending the Young Professional Roundtable discussions, during which they will be looking at the capabilities and skills that will secure their future in a constrained job market.
With the evolution of the industry requiring operators and stakeholders to be more resourceful and inventive, Africa Oil Week is bringing out some big guns in terms of analysis, inspiration and motivation. Daniel Silke, South African futurist and leading political economy analyst, kicks off the third day of the conference with a keynote on Africa’s resilience.
Mr Silke is renowned for his insights into issues surrounding global change, volatility and the future of the world. Then there’s Gilan Gork, renowned mentalist and master of influence. As a guest speaker at the SA Rugby Museum Cocktail Reception, Gilan will challenge delegates thinking while intelligently entertaining and motivating them.
Along with these exciting and innovative additions to this year’s Africa Oil Week programme, each session now includes an interactive Q&A, during which delegates can engage on a wide range of issues. In addition, there is an official Africa Oil Week App for IOS & Android devices to give delegates up-to-date information about the event, speakers, programme, networking sessions and venues and enabling them to post questions, participate in polls and contact other delegates.
Delegates who register by 30th September qualify for the £300 Early Bird Discount while companies registering three or more delegates benefit from an additional 10% discount.
All registration fees include access to the 17th Africa Independents Forum and the 24th Africa Upstream Conference and Exhibition but exclude the 80th PetroAfricanus Dinner and 9th Global Women Petroleum & Energy Club Luncheon, which must be booked separately. Companies registering three or more delegates benefit from an additional 10% discount.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
