By Dipo Olowookere
Total and CNOOC Limited have confirmed their support for the 3rd Uganda International Oil & Gas Summit (UIOGS) 2017, partnering as lead sponsors and co-hosts to the event when it returns 27-28th September at the Hotel Serena, Kampala.
Hosted in 2016 by President Yoweri K Museveni alongside Hon. Minister of Energy and Minerals Development of Uganda – Irene Muloni, and Director for Petroleum, Ministry of Energy and Mineral Development, Uganda – Dr Ernest Rubondo, UIOGS 2017 is held under the auspices of the Ministry of Energy and Mineral Development, Uganda with the support of the Uganda National Oil Company and Petroleum Authority Uganda.
Building on the success of its 2nd edition in 2016 which saw over 350 attendees, UIOGS 2017 will again demonstrate the importance of Uganda’s exciting oil and gas industry, discussing and debating the future of exploration and production in the region.
It will feature presentations from industry leaders and experts in their fields from all across the world.
Further underlining its growing international significance, UIOGS 2017 now has supporting partners from all over the globe including Ponticelli Uganda, Emerson Automation Solutions, Civtec Africa, Frontier Services Group, Fluor, Honeywell, Ogas and Shawcor – joining a total of more than 100 companies from across 20 different countries attracted to Uganda, as it moves further towards commercial production.
Speaking ahead of UIOGS 2017 and its growing international attention, Hon. Minister Irene Muloni explained: “Following the undoubted success of the last two summits in attracting international investors from around the world, UIOGS has become a major business platform for oil and gas in Uganda where all the decision makers for the region are united for three days’ high level discussions and networking.”
She added: “We have much to look forward to in 2017, as Uganda continues with preparations towards commercial oil production involving development of the refinery and crude export pipeline. At the 3rd UIOGS there will be many important issues to address so we call on all our partners and investors to actively participate.”
With over 21 oil and/or gas discoveries made to date, 87 oil wells drilled and 21 fields in existence, Uganda’s long-awaited development phase is now certainly in full flow and the country is now unquestionably one of the hottest prospects and most promising areas for exploration ROI on offer.
Event Director, Global Event Partners, Dan Grogan added: “With the recent commencement of work on the pipeline, further wells for the Buliisa and Nwoya district now open, the recent Front-End Engineering Design (FEED) study in place and a raft of further activity throughout the Albertine Graben, 2017 is certainly set to be a year of action for development and contracts for this exciting region. UIOGS 2017 will see all of the key players in the industry once again converging, and calling together all elements of the value chain, to discuss and debate these crucial next steps in the road map to production.”
Buhari Tasks MOFI Board to Grow Assets to N100trn
By Modupe Gbadeyanka
The newly inaugurated board of the Ministry of Finance Incorporated (MOFI) has been given the mandate to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years.
A statement issued on Wednesday by Mr Femi Adesina, the Special Adviser to President Muhammadu Buhari on Media and Publicity, disclosed that the charge was given at the State House, Abuja, during the inauguration of the MOFI board shortly before the commencement of the Federal Executive Council (FEC) meeting today.
The President also tasked the new board to “be the clearinghouse for the management of federal government investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government.”
He also called on the new MOFI to “work with other MDAs to create a consolidated national asset register with a view to converting these assets into cashflow-generating entities to support the government’s revenue drive and; partner with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.”
To this effect, he directed the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, to commence the process of amending the MOFI Act and other legislations to institutionalise this reform further and ensure that MOFI is restructured and repositioned to become a trusted custodian and manager of Federal Government investments and assets.
President Buhari said the event was significant as the restructured MOFI will help identify “what we own” and how to get the best out of them.
According to him, the MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004 “explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government of Nigeria in its own name. As a result, MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years. To put this in context, MOFI was created even before Nigeria’s independence.”
Speaking further, the President said, “MOFI was not structured to be governed or resourced to deliver on the expected mandate. MOFI’s peers, on the other hand, that were deliberately set up with the institutional framework, governance structure, and execution capacity, have gone on to make major social and economic impacts in their respective nations. Many of these have become global brands for investing domestically and internationally.
“As part of the governance structure, there will be a Governing Council headed by me, a Board of Directors under the leadership of a former Minister of Finance and an Executive Management Team headed by Dr Armstrong Takang.”
President Buhari reminded members of the Governing Council as well as the Board of Directors that this administration expected much from them. Specifically, he tasked Ministers who are members to “create an enabling environment that will facilitate the creation of a National Asset Register that will be harnessed to strengthen our fiscal and economic realities and the optimization of our investments and assets that will be under the purview of MOFI.”
In her remarks, Mrs Ahmed thanked President Buhari for his support and approvals that have made the restructuring and repositioning of MOFI possible, assuring him that Council members and the Board will ensure that the new MOFI delivers on its mandates.
US Stocks May Give Back Ground Ahead Of Fed Announcement
The major US index futures are currently pointing to a lower open on Wednesday, with stocks likely to give back ground following the strong upward move seen in the previous session.
Traders may cash in on gains by US stocks yesterday ahead of the Federal Reserve’s monetary policy announcement this afternoon.
While the Fed is widely expected to raise interest rates by 25 basis points, traders will look to the accompanying statement for clues about the outlook for further rate hikes.
After a slightly cautious start, stocks climbed higher on Tuesday thanks to sustained buying across the board.
Investors picked up stocks right through the day’s session, digesting a slew of stronger-than-expected earnings updates and the latest batch of economic data.
Data showing a slowdown in the pace of growth in US labour costs helped raise expectations that the Federal Reserve will soften its aggressive approach to fighting inflation.
The major averages all ended with strong gains. The Dow ended with a gain of 368.95 points or 1.09 per cent at 34,086.04. The S&P 500 surged 58.83 points or 1.46 per cent to 4,076.60, while the Nasdaq climbed 190.74 points or 1.67 per cent to 11,584.55.
The Dow gained about 6.6 per cent in the month, while the S&P surged nearly 3 per cent, and the Nasdaq gained as much as 11.5 per cent.
Data showing a drop in labour costs has reinforced the view that the central bank will likely slow the pace of its monetary policy tightening and raise the interest rate by 25 basis points.
The central bank’s accompanying statement will be in focus for clues about further interest rate hikes.
On the economic front, data from the Labor Department showed employment cost index wages in the US increased by 1% on quarter in the fourth quarter of 2022, after rising 1.3 per cent in the previous quarter.
The S&P/Case-Shiller Home Price Index in the United States decreased 0.8% month-over-month in November of 2022, the same as in October and marking a fifth consecutive decline.
A report from the Institute for Supply Management (ISM) said the Chicago PMI in the United States fell back to 44.3 points in January of 2023 from 44.9 in December and compared to market forecasts of 45. The reading pointed to a fifth consecutive month of contraction in business activity in the Chicago region.
PDP Created Forex Crisis That Weakened Naira Exchange Rate—Onanuga
By Aduragbemi Omiyale
The Director of Media and Publicity of the All Progressives Congress (APC) Presidential Campaign Council (PCC), Mr Bayo Onanuga, has again said his principal, Mr Bola Tinubu, did not attack President Muhammadu Buhari on Tuesday in Cross River State when he said the Naira, under the present government, has lost its value since he assumed office in 2015.
Addressing party faithful and others at the campaign rally of the APC at the U.J Esuene Stadium, the former Governor of Lagos State said, “They (the government of Mr Buhari) moved the exchange rate from N200 to N800 (in the black market).
“If they had repaired it, if they have arrested this, we won’t be where we are today. We will have been greater.
“They don’t know the way, they don’t know how to think, they don’t know how to do [it].”
But in a statement on Wednesday, Mr Onanuga blamed the media for misinterpreting Mr Tinubu’s comments, saying he was only referring to the PDP.
According to him, the APC presidential candidate never blamed the current administration for weakening the Naira in the currency market, stating that PDP created the forex crisis the country was experiencing.
“The reference to exchange rate was not in any way an attack on the Muhammadu Buhari-led All Progressives Congress administration but an attempt to capture how the economic mismanagement of the PDP created forex crisis in the country since 2015.
“Anyone who followed the entire sequence and context of what Asiwaju said at the rally in Calabar will know he directed his missiles against PDP and Atiku. Let’s we forget, the PDP left the forex reserve at $28 billion by May 2015, when Buhari took over,” a part of the statement today by Mr Onanuga said.
“Asiwaju Tinubu could not have meant President Buhari does not know road, having celebrated numerous times the achievements of the Buhari administration. Tinubu had also said at the campaign fora he would build on the achievements when elected on 25 February.
”It is simply illogical that the same Asiwaju would attack the Buhari administration for not knowing the road,” he added.
“We want to state categorically that all the machinations of the opposition elements to put a wedge between President Muhammadu Buhari and Asiwaju Tinubu will fail.
“APC, its leadership and President Buhari are strongly united behind our presidential candidate,” the statement declared.
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