By Modupe Gbadeyanka
Some experts in the oil and gas industry have been lined up for the Africa Oil Week (AOW) virtual conference taking place between October 7 and 8, 2020.
A statement from the organisers said Somalia’s Minister of Petroleum & Mineral Resources, Mr Abdirashid Mohamed Ahmed, is one of the speakers for the event.
He will be joined by the CEO of Somali Petroleum Authority, Ibrahim Ali Hussein; the Regional Director (Africa) of Castor Vali, Phil McDonald; the Senior Business Development Manager AME at TGS, Dr Alessio Checconi; the co-founder & Director Exploration of Ventura International Energy, Scot Fraser; and the Senior Associate Energy at IHS Markit, Daniel Berkove.
Among other industry leaders confirmed to speak in the online conference are: Tracey Henderson, Chief Exploration Officer, Kosmos Energy; Liv Hovem, CEO, DNV GL; Dr Alex Irune, COO, Oando Energy Resources; Christine Roche, Manager – AMME, PGS; Adam Pollard, Senior Research Analyst, Sub-Saharan Africa Upstream Oil & Gas, Wood Mackenzie; Chris Hindle, Director, Critical Resource with more speakers expected to be revealed in the lead up to the event.
For the past 26 years, the Africa Oil Week has been the meeting place of choice for the continent’s upstream oil and gas sector, bringing together governments, national and international oil companies, independents, investors, the G&G community and service providers.
The goal of this year’s programme is to reconnect the African upstream following a tumultuous year that has featured unprecedented supply and demand shocks in the sector.
Participants will look into the Somalia Licensing Round: De-risking Above Ground Factors session to get the first opportunity to hear directly from the senior members of the Somali government about licensing round details, following the official announcement made on August 4. Security and geophysical experts will also be on hand to provide insights and answer questions.
It was stated that by popular demand, the event will also be shining the spotlight on the West African region, from Côte D’Ivoire to Nigeria in the West Africa Regional Focus: New Ventures & Opportunities session and the Interactive debate: natural gas versus renewables session aimed to answer which is the most viable energy source for Africa as well as investment, infrastructure, technology and ESG required.
In addition, senior executives will deliver insights on which new ventures, projects and geographies they’re prioritising in the new post-pandemic landscape.
Nigeria’s Crude Oil Refining Capacity to Hit 1.2 million bpd in 5 Years—NCDMB
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has expressed optimism that in the next five years, crude oil refineries in the country would be able to refine not less than 1.2 million barrels per day.
The Executive Secretary of the organisation, Mr Simbi Wabote, while speaking at the maiden NCDMB Nigerian Content Midstream/Downstream Oil & Gas Summit in Lagos themed Towards Maximizing Potentials in the Midstream and Downstream Oil & Gas Sector – A Local Content Perspective, said, “About 400,000 barrels per day is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than ninety per cent of nameplate capacity.
“The Greenfield element of the roadmap covers the mechanically complete 650,000 barrels per day Dangote Refinery in Lagos and the 200,000 barrels per day BUA Refinery in Akwa Ibom state.”
He disclosed that the NCDMB has partnered with major operators in the industry such as NNPC, Waltersmith, Azikel, and Atlantic Refinery among other stakeholders to help grow domestic refining capacity.
Mr Wabote also said that Nigerian content is targeted to achieve 70 per cent in the Nigerian oil and gas industry by the year 2027.
“Based on our 10-year strategic roadmap to achieve 70 per cent Nigerian Content target in the Nigerian oil and gas industry by the year 2027, the midstream and downstream sectors of the industry represent key areas to derive and extract value to meet our set target,” he said.
According to Mr Wabote, there is an opportunity to maximize potential in the midstream and downstream sectors of the oil and gas industry, especially in the area of employment, entry barriers for businesses, and profit margin in the LPG value chain, energy security and social impact.
“It is important to highlight that this development goal goes beyond the oil and gas but has linkage to other sectors of the economy covering construction, ICT, agriculture, Research and Development, Education, and others.
“NCDMB is serving as a catalyst to enhance the realization of the refining roadmap,” the NCDMB boss stated.
He also emphasized the importance of the completion of projects undertaken by the board and partners, saying, “There is no doubt that these giant strides in the midstream and downstream sectors of the oil and gas industry are indeed the envy of many African countries. It is however important that we finish off the projects under development so that the associated values and opportunities could be realized.”
”The need to share investment and skills across the borders within Africa, indigenous research and development, funding structure for hydrocarbon projects, and others were key factors identified as focus areas to ensure our readiness to take our destiny in our hands.
“I am delighted that APPO has signed an MOU with Afrexim Bank to set the ball rolling in addressing the funding challenge,” he added.
Identity Management System Will Reduce Unclaimed Dividends—SEC
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has expressed confidence that the identity management system being developed for the Nigerian capital market will reduce the problems of unclaimed dividends.
The high unclaimed dividends in the system have been a source of worry for the regulator, prompting the introduction of the e-dividend mandate, which made it possible for shareholders to receive their cash rewards directly into their bank accounts.
One of the issues discovered to be fuelling the fallow dividends is the identity management crisis and to eliminate this, SEC is coming up with an initiative to allow investors to regularise their shares bought with different identities into a single account.
Over the weekend, the Director-General of SEC, Mr Lamido Yuguda, received members of the Committee on Identity Management for the capital market in Abuja and he described identity theft as a fraudulent practise of using another person’s name and personal information to obtain shares, credit and loans, among others.
He added that the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.
According to him, the problem of unclaimed dividends has to do with identity management, hence, the efforts to harmonize various databases of investors and facilitate data accuracy in the market as well as increase investors’ education to stem the trend.
Mr Yuguda, who expressed satisfaction with the work of the committee so far, added that stakeholder engagements would commence in earnest to ensure the success of the project.
While thanking the members of the panel for lending their support and resources to the project, he also expressed confidence in the success of the scheme that it would build a greater Nigeria and impact unborn generations.
In his remarks, the Chairman of the team, Mr Aigboje Aig-Imoukhuede, commended the agency on the recent release of Rules on Issuance, Offering Platforms and Custody of Digital Assets, saying that it was a step in the right direction.
Mr Aig-Imoukhuede said the committee’s work had exposed the need for standardization of systems within the Nigerian capital market that would support Open Finance which the SEC can drive, adding that the SEC could leverage on the committee to develop the framework for the Nigerian capital market.
According to him, “The committee had clearly defined the task ahead in a roadmap and also identified that the project would be carried out in stages supported by a consultant with recourse to the SEC on a regular basis.
“The committee is committed to ensuring that the customer journey for investors is such that would cause a revolution in the Nigerian capital market, thereby making our market attractive to the tech-savvy and younger generation.”
LBS, NowNow Unveil Financial Literacy Initiative
By Modupe Gbadeyanka
A financial literacy initiative designed to drive financial inclusion growth in Nigeria has been unveiled by the Lagos Business School (LBS) and NowNow, a leading African B2B and B2C fintech company.
The LBS is embarking on this project through its Sustainable Inclusive Digital Financial Services (SIDFS). The fintech will use this programme to ensure smart financial planning and reach its customers, especially those who do not have bank accounts.
“We strongly believe that financial inclusion should be complemented by financial education. In this regard, we are excited to partner with the SIDFS of the LBS to provide financial literacy directly to Nigerians.
“Our partnership with SIDFS is critical to moving the financial inclusion needle to ensure citizens have the necessary knowledge and skills to use financial services,” the Partnership Director of NowNow Digital Services, Mr Lekan Akinjide, stated.
The Programme Lead at SIDFS, Olayinka David-West, disclosed that; “Since 2016, LBS’ Sustainable and Inclusive Digital Financial Services has supported the financial services ecosystem with rich evidence-based insights, particularly about women, youths, and rural dwellers, who are the most excluded groups.
“Research shows that financial literacy is a driver of financial inclusion and providing financial education can produce outstanding results in the quest to integrate excluded people into the formal financial system.
“We are excited to work with NowNow to improve financial literacy among Nigeria’s most excluded demography and look forward to the impact and outcome of our collective efforts.”
The LBS, with the support from Bill and Melinda Gates Foundation, launched the Sustainable Digital Financial Services Project in Nigeria in 20152016.
The initiative engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services and understanding.
The SIDFS supports the development and promotion of sustainable solutions to Nigeria’s financial inclusion challenges and helps more Nigerians access financial services.
In partnership with SIDFS, NowNow will adapt the content into an easily digestible format for specific audiences. The fintech company aims to bridge the gap between the banking system and the unbanked population by providing educational content through different channels to raise awareness and establish financial inclusion.
NowNow’s mission is to deliver best in class financial services to SMEs, banking agents and consumers, and provide financial empowerment to Africans. The long-term partnership would be in phases with the initial offering focused on women before expanding to youths and then to other sub-categories.
The strategy to focus on women at the initial stage is informed by the statistics that they form a greater percentage of the financially excluded groups and are more excluded from the formal sector in comparison to the other groups.
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