Economy
Siemens Predicts Bright Future for Ugandan Oil & Gas Sector
By Dipo Olowookere
One of the leading firms in the world, Siemens, has said the Ugandan oil and gas industry has the tendency to boost its economy in the nearest future.
Recently, the International Monetary Fund (IMF) stated that the oil reserves in Uganda may account for around 4 percent of the country’s economy annually in the next few years if managed well and these sentiments were echoed by speakers and delegates attending the Uganda International Oil & Gas Summit in Kampala Uganda.
Addressing government officials and delegates, Patrice Laporte, Vice President of Siemens North American Oil & Gas Division, presented a keynote titled ‘Digitalization in the Oil and Gas Sector.’
“As more and more technology per barrel is required, oil and gas projects are becoming increasingly complex and the need for an integrated solution is important,” said Laporte. “The anticipated positive economic impact in Uganda from the oil and gas sector is indeed promising but the full effect of this will only benefit the country and its citizens through judicious planning and implementation of the proposed pipeline.”
Uganda is a new entrant into the oil and gas market. The proposed oil pipeline stretching from Uganda oil fields to the Tanzanian port of Tanga will be the world’s longest electrically heated crude oil pipeline.
It is estimated to be one of the most expensive projects to develop upstream, midstream and downstream infrastructure and the country is looking to capitalize on lessons learned in other developing oil & gas markets, as well as from established producers.
“With an estimated 6.5 billion barrels of oil and close to 500 billion cubic feet of gas, Uganda is a promising site for exploration. Siemens has a proven track record of delivering fit-for-purpose technical solutions on a large scale in remote locations. This expertise and knowledge can play a decisive role in ensuring the performance and on-time delivery of a key infrastructure project of this magnitude,” added Laporte.
Siemens is considered one of the technology leaders in the industry because of its full spectrum solutions, products and services. “For many years Siemens have been supplying industrial automation, power generation and power distribution strengths and experience to the oil and gas industry.”
“What makes this special is that our expertise and technology is not only of benefit at the inception of a project but along the full value chain and throughout the entire lifecycle of an investment. Our innovative technical solutions ensure the sustainability of projects with a key focus on reliability, performance and economic efficiency.”
Siemens involvement in the third Uganda International Oil & Gas Summit follows on the back of its participation at Future Energy Uganda earlier this month as well as the signing of the Memorandum of Understanding (MoU) in May this year at the World Economic Forum in South Africa.
The company is collaborating with Uganda on a number of fronts related to the country’s immediate and long-term energy and infrastructure ambitions as well as actively investigating the best option to establish a local presence based on business sustainability.
Sabine Dall’Omo, Siemens CEO for Southern and Eastern Africa recently commented while in Uganda, “Siemens is a company that invests for the long term and is optimistic about the long-term fundamentals of the Ugandan market.
“We want to support sustainable development – with solutions and projects in Africa, for Africa and are actively reviewing the requirements for the organization to open an office in Uganda taking into consideration business sustainability.”
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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