Job vacancy at Adetunji Mariam & Co (Chartered Accountants and Tax Consultants)
POSITION:
QUALIFICATION: ND, HND, BSC
METHOD OF APPLICATION: SEND CV TO (amacmade4@gmail.com)
Location: ABUJA
Note:
Cognate experience will be considered.
Thank you.
Midea, a global leader in home appliances, has partnered with Care Global Consumer Limited (CGCL), to drive innovative solution in Nigeria.
This is even as Midea has relaunched in Nigeria with a highly successful Dealers’ Conference themed “Powering Progress.” The event organized in partnership with CGCL in Lagos brought together over 70 dealers from across Nigeria, along with representatives from major media outlets and influencers, to showcase Midea’s latest innovations and reinforce its market presence.
The managing director of CGCL, Maneesh Nanda, highlighted the strategic partnership with Midea and provided a brief overview of CGCL’s extensive experience with other electronics and home appliance brands in Nigeria. He also spoke about CGCL’s journey, emphasising the vast potential of the Nigerian market and how Midea stands out among competitors in terms of pricing and quality. “We have built a robust network of dealers across Nigeria and also provide after-sales services to ensure customer satisfaction,” Maneesh noted.
Midea’s regional director for Africa, Bright Yao, then took the stage to provide an insightful overview of Midea’s values, capabilities, and technological expertise. “Nigerian people deserve better, quality, and affordable products. Today, we proudly announce the partnership between Midea Group and CGCL,” he said.
He further elaborated on Midea’s impressive achievements in revenue growth, employee expansion, net profit, and global awards, noting that Midea has a revenue of over $52 billion with a history spanning more than fifty years. He also discussed Midea’s advanced smart home automation solutions, which provide customers with a comprehensive home automation experience.
The conference showcased Midea’s innovative and energy-efficient product range, including refrigerators, air conditioners, washing machines, freezers, and kitchen appliances.
Midea HVAC Manager for Africa, Victson Cheng, introduced UNICOOL air conditioners, highlighting their energy efficiency, durability, and unique ability to reduce dust, all of which help customers manage their electricity bills more effectively.
UNICOOL’s advanced 5-Level GenGear function provides a more refined solution for handling unstable voltage and ensures a consistent cooling experience even during power outages by operating on generator power.
It’s wide-voltage protection ranging not only features built-in current protection, eliminating the need for additional AC Voltage Stabilizers but also reduces costs. It helps the unit withstand sudden current impacts, ensuring continuous operation and extending the product’s lifespan. Intelligent dusting rotation and advanced HYPER GRAPHINS technology provide superior dustproofing, sun protection, and anti-corrosion properties, contributing to the product’s durability and effectiveness in challenging environments.
Moreover, UNICOOL’s ONE-DRIVE-TWO mode offers flexible, time-shared cooling for two spaces with one external unit, adapting to varying needs by allowing additional internal units. Enhanced by the Midea Smart Home App, it provides intelligent Wi-Fi control and customisable settings for a superior user experience.
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The new managing director and chief executive officer of the Niger Delta Power Holding Company (NDPHC) Jennifer Adighije, yesterday, took over the reins, promising to fully deliver on the firm’s mandate of executing and managing the National Integrated Power Project assets optimally.
Adighije, took over from the erstwhile managing director, Chiedu Ugbo, whose second tenure of four years ended on Friday, August 23, 2024.
Adighije who spoke at the company’s head office in Abuja during a handover ceremony called for support and cooperation from the company’s staff and management.
In her inaugural address Adighije said her vision for the company is built around optimisation, anchored on three pillars.
According to her, “the mandate of NDPHC is crystal clear, our mandate is to execute and manage national IPP (independent power project) assets optimally.
“And so my vision will be built around optimisation, anchored on three pillars which are: Optimisation of the performance of our assets to ensure that we able to improve significantly our revenue earning potential for significant financial capacity;
“Optimising our processes to ensure that we are able to drive organisational and operational efficiency; and thirdly, how to leverage technology and human capital to drive positive change in our organisation and with our external stakeholders.
“While number three is very crucial to me because our human capital is our greatest asset. Our human capital is the powerhouse that will drive sustainable, positive change”, she added.
Speaking earlier, Ugbo, who was first appointed into the position On June 16th, 2016, thanked the staff of the company for their support all through his eight years in the company.
He said: “I would also like to thank each member of the senior management team and staff of NDPHC. Your unwavering support, dedication, and commitment have been instrumental in sustaining the company over the years.
Together, we have navigated challenges and fostered a culture of collaboration. I take pride in what we have achieved as a team.
“Reflecting on my time here, I am reminded of the incredible journey we have shared. From the early days filled with uncertainty to the milestones that defined our path, I have been fortunate to work alongside such passionate and talented individuals. Each of you has played a vital role in shaping NDPHC, and I am deeply thankful for your contributions”.
Engr. Adighije was named NDPHC CEO alongside six other executive directors: Engr. Abdullahi Kassim, executive director (Generation); Engr. Bello Babayo Bello, executive director (Networks); Emmmanuel Umeoji, executive director (Corporate Services); Omololu Agoro, executive director (Finance & Accounts); Omoregie Ogbeide-Ihama, executive director (Strategy & Commercial) and Steven Andzenge, executive director (Legal Services).
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has initiated shipments of Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis.
This move aligns with NNPC’s strategic vision to become a preferred global energy supplier. The agreements to this effect, emphasises Nigeria’s commitment to leveraging its vast natural gas resources for economic growth and energy security.
NNPC said this it achieved the milestone through the collaboration of two of its downstream subsidiaries – NNPC LNG Ltd and NNPC Shipping Ltd – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel Grazyna Gesicka at Futtsu, Japan, on 27th June, 2024.
Since then, it has expanded its footprint to China with the delivery of one LNG cargo on DES basis.
Spokesman of the national oil company, Olufemi Soneye, in a statement, explained that Delivered Ex-Ship (DES) is an international commercial term that requires the seller to deliver the products/goods at a specific port.
The seller, according to the statement, takes responsibility for the shipping and insurance for the products/goods until they get to the specified port of delivery. It requires expertise and a higher level of efficiency to execute than the Free on Board (FOB) system.
The press statement further states that NNPC Ltd has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It has since traded over 20 cargoes into the European and Asian markets on FOB basis.
Speaking on the development, the executive vice president, Downstream, Dapo Segun, said: “The DES system, apart from being more financially rewarding, allows NNPC Ltd inroads into the downstream segment of the LNG sector and positions it to capture more market shares while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd brand.”
The collaboration between NNPC LNG Ltd and NNPC Shipping Ltd in executing the LNG supplies on DES basis has strengthened the latter’s position as a world class shipping provider in the LNG sector.
“NNPC Shipping intends to build a shipping portfolio (including owned vessels) so that we can provide our sister company and other clients all the shipping flexibilities they need,” managing director of NNPC Shipping, Panos Gliatis, enthused.
NNPC LNG Ltd, in collaboration with NNPC Shipping Ltd, is scheduled to deliver at least two more LNG cargoes to the Asian market on DES basis by November. Many more orders are expected before the end of year.
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The Rural Electrification Agency, (REA), has disclosed that it spent a total of N28.7 billion for the implementation of capital projects in 2023.
The agency also said that over 1.4 million people benefited from its implementation of the 2023 capital projects through several solar energy programmes initiated by the federal government.
Managing director, REA, Abba Aliyu Abubakar, speaking on the implementation of the 2023 capital project of the agency, in Abuja, said the N28.7 billion was spent out of the N31.7 billion total allocation to it during the year.
“In total, out of the 2023 capital implementation we have completed projects of over N28.7 billion. Out of the N31.7 billion allocated to REA we still have about N3.3 billion projects that are ongoing, which we hope to complete in the next two months,” Abubakar said.
Giving a breakdown of the capital expenditure for the year, the MD said that N446 million was utilised in deploying mini-grids that would electrify electric vehicles across the six different geopolitical zones in the country which is a programmatic event that has been tested by REA and will be scaled up. Also N227 million was used for consultancy.
“Additionally, we have utilised N6.3 billion for grid extension. This will focus on extending the grid and deployment of transformers at the distribution level to connect communities within the country to the national grid.
“We have also spent about N131 billion for the deployment of solar home systems across the country. We have also spent N626 million for the deployment of different mini-grids across the country.
Continuing, Abubakar said that N499 million was spent for the deployment of solar street lights across the country, while N2.02 billion was spent for the deployment of solar pumping irrigation pumps across the country.
“These mini-grids specifically focus on enhancing electric vehicle deployment. Others focus on energising agricultural clusters across the country. These solar street lights were specifically deployed in areas that are facing security challenges. So we deployed these solar street lights to enhance security in those areas.
He explained that the pumps were deployed and given to over one thousand farmers across the country to enhance farming activities.
The REA boss also stressed that the distribution of the projects covered the entire six geopolitical zones as well as the 36 states and Abuja.
“It’s also interesting to note that the intervention of REA in 2023 covered the entire country. There’s no single state within the country that was not covered with our projects under the 2023 capital implementation,” Abubakar said.
The 2023 capital project implementation report showed that in all, the agency said it made 5,500 connections across the six geo-political zones of the country, bringing electricity to unserved and underserved communities and facilities.
The agency deployed 2,631 standalone solar home systems, 18,670 solar street lights, 15 solar mini-grids, and containerized mini-grids, 1,666 solar-powered irrigation pumps and 106 transformers with a capacity of 37,800KVA.
“All these are being equitably deployed across all the six geopolitical zones”, the MD added, pointing out that the “implementation of the 2023 capital projects has so far enabled the REA to exploit a range of energy access solutions targeted at delivering sustainable energy to the unserved and underserved, while alleviating energy poverty and its resultant effects on socio-economic growth.”
Speaking on funding, Abubakar explained that the agency has four different sources of funding including the yearly annual budgetary allocation from the federal government.
“The other three are from the DFI funding which is the bilateral agreement that the Federal Government of Nigeria enters with the World Bank and African Development Bank. And REA has a project management unit specifically for the implementation of this project.
“We are about to complete the implementation of $550 million Nigeria Electrification Project, and have secured additional funding of $750 million to start the implementation of the DARES (distributed assets renewable energy scale up). The DARES project is the biggest off-grid public sector funded project in the entire world.
“The target is to electrify 17.5 million Nigerians out of the 85 million that do not have access to electricity. We are very clear on how we are going to do that. Three million Nigerians will be electrified using the isolated mini-grid, 1.5 million Nigerians with inter-connected mini-grid and about 12.5 Nigerians will get main grid and solar home systems”, he stated.
The REA boss explained the agency also gets its funding from the electricity market through all fines imposed by the Nigerian Electricity Regulatory Commission, NERC, and a percentage of excess revenue accruing to NERC that is remitted to the Rural Electrification Fund.
“The fourth source of funding is the funding we get from the international development agencies through grants”, he added.
On her part, the executive director of the Rural Electrification Fund, Doris Udoh, explained that to ensure that the projects were sustainable, the beneficiaries would pay a small amount as tariff to maintain the assets.
Also speaking, the executive director, Technical Services, REA, Umar Abdullahi Umar said more people will be captured in the 2024 capital projects because its budget has quadrupled.
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Nigeria’s economy experienced a boost, with the Gross Domestic Product (GDP) growing by 3.19 per cent year-on-year in the second quarter of 2024.
This growth, reported by the National Bureau of Statistics (NBS), was primarily driven by the services sector, which expanded by 3.79 per cent and contributed nearly 59 per cent to the GDP.
In contrast, the agriculture sector saw a slight decline to 1.41 per cent, while the industry sector rebounded with a growth of 3.53 per cent from a previous decline.
Overall, the nominal GDP reached N60.93 trillion, marking a 16.94 per cent increase from the previous year.
The GDP grew by 3.19 per cent (year-on-year) in real terms in the second quarter of 2024. This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent.
In the quarter under review, aggregate GDP at basic price stood at N60.93 trillion in nominal terms. The performance is higher when compared to the second quarter of 2023 which recorded aggregate GDP of N52.103 trillion, indicating a year-on-year nominal growth of 16.94 percent, the National Bureau of Statistics (NBS) said in a new data that was released yesterday. If adjusted for inflation, the real GDP is N18.29 trillion in the second quarter.
The Nigerian economy has been classified broadly into the oil and non-oil sectors
The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP. The agriculture sector grew by 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023.
The growth of the industry sector was 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.
The real growth of the oil sector was 10.15 percent (year-on-year) in Q2 2024, indicating an increase of 23.58 per cent relative to the rate recorded in the corresponding quarter of 2023 (-13.43 per cent). Growth increased by 4.45 per cent points when compared to Q1 2024 which was 5.70 per cent.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of -10.51 per cent in Q2 2024. The oil sector contributed 5.70 percent to the total real GDP in Q2 2024, up from the figure recorded in the corresponding period of 2023 and down from the preceding quarter, where it contributed 5.34 per cent and 6.38 per cent respectively.
The non-oil sector grew by 2.80 per cent in real terms during the reference quarter (Q2 2024). The rate was lower by 0.78 percentage points compared to the rate recorded in the same quarter of 2023 which was 3.58 per cent and relatively same with the 2.80 per cent recorded in the first quarter of 2024.
This sector was driven in the second quarter of 2024 mainly by Financial and Insurance (Financial Institutions); information and communication (telecommunications); agriculture (crop production); trade; and Manufacturing (food, beverage, and tobacco), accounting for positive GDP growth.
The agricultural sector grew by 2.86 per cent year-on-year in nominal terms in Q2 2024, showing a decrease of 8.57 per cent points from the same quarter of 2023. Looking at the preceding quarter’s growth rate of 0.77 per cent, there was an increase of 2.09 per cent points.
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The depreciation of naira by the current administration of President Bola Tinubu to N1,560/$1 has incentivised cross-border smuggling of Premium Motor Spirit (PMS) to Nigeria’s neighbouring countries
LEADERSHIP investigations reveal that petrol smuggling is currently booming at border communities in the country.
It was gathered that despite the removal of fuel subsidy by the current administration, fuel smuggling is still going on unabated at border communities.
This is because due to devaluation of naira, CFA Franc now has higher value than the naira, hence, Nigeria fuel is cheaper to buy for them
To this end, fuel smugglers besiege filling stations at border routes, buy fuel between N580 to N630/litre and sell at N1,200 in the neighbouring countries
LEADERSHIP investigation showed that smugglers buy from filling stations mostly owned by major marketers along Sango-Idiroko, from where they sell to smugglers at a higher rate.
Though the Nigeria Customs Service (NCS), heavily clamped down on fuel smugglers, many are still involved in the business.
For instance, between January to July, 2024, the service intercepted 1,529,996 litres of Premium Motor Spirit (PMS), equivalent to 46 tankers on the verge of being smuggled out of Nigeria through the land borders.
The seizures are made in Nigerian states sharing land borders with the Republic of Benin and Niger Republic.
According to data exclusively made available to LEADERSHIP, the Customs Service said the PMS seized in the month under review worth N205.4 billion
According to the data, 955 seizures were made in the last seven months with 30,781 in January, 85,605 Litres in February; 1,012,852 litres in March; 64,758 litres in April; 86,967 litres in May; 48,654 litres in June and 200,379 litres in July, 2024.
The data explained that the the January seizure worth N13.53 million; February seizure worth N132 million; N88.5 billion in March; N46.7 million in April; N7.41 billion in May; N89.7 million in June and N7.54 billion in July, 2024.
Speaking to LEADERSHIP, a fuel smuggler, Akeem Liadi, said the federal government’s decision not to allow petroleum products to be discharged in any filling station within a radius of 20 kilometres to the border of Nigeria, has not affected their cross border trade.
According to him, Petro smuggling is still thriving because of the market that is available for it in neighbouring countries.
“I get my petrol from filling stations at Oju-ore -Atan expressway. Those filling stations sell between N580 to N630 and we sell at Idiroko between N1,200 to N1,300 on a daily basis.”
“My car can accommodate over 300 litres because we have specially built those vehicles to accommodate such.”
Liadi, however, explained that after buying, they turn the fuel into 30 litres Jerry cans and then smuggled to Benin Republic through their smuggling routes or water
“Mostly, we go through the Ijofin river and from there, we enter Cotonou where there are buyers. The market is bubbling and it will continue because Nigerian fuel is cheaper than theirs,” he stated.
Also speaking, another fuel smugglers, who craved anonymity, said firstly when government removed subsidy and the naira was stronger, it wasn’t lucrative to smuggle fuel out of the country but now that CFA Franc has higher value than the naira, it’s more lucrative to smuggle fuel to neighbouring Benin Republic.
He said, “over there, they sell a litre of fuel at 700CFA which is about N1,850 but we sell between N1200-N1,300 to the wholesalers who now sale between 600CFA that is N1,750 to Beninoise at black market.”
When asked how he beats security checks, he said, “we drive in through the bushes to get to our destination and in some cases, we make use of the creeks.”
Speaking on how they get the products, he disclosed that they buy from filling stations especially major marketers who sell at government approved rate.
“We don’t buy fuel from independent marketers because they are expensive; rather, we buy from major marketers. They know us when we come and they give us priority because we buy in thousands. We are the one buying off their fuel because at a go, we can buy N150,000 or N200,000 worth of fuel. Who among end users can buy such if not we? He asked rhetorically.
“From Agbara to Badagry to Atan to Obere, Obasanjo among others are where we buy our products from and transport to our buyers at Benin Republic,” he stated.
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Stakeholders at a pre-summit event ahead of the 30th Nigerian Economic Summit have said despite its potential to help the nation achieve development goals, the manufacturing sector is confronted by infrastructure deficit and lack of access to finance.
Organised by the Nigerian Economic Summit Group, the pre-summit event focused on the theme: “Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.” The event gathered key stakeholders to discuss solutions for halting the decline in Nigeria’s manufacturing industry and examining how current economic reforms impact the sector’s operations. The goal was to set the stage for actionable policy and non-policy measures to address both immediate and long-term challenges.
Dr. Muda Yusuf, the thematic lead of the manufacturing group, who represented Engr. Mansur Ahmed, private sector co-Chair of the manufacturing and mining policy commission steering committee, highlighted the significant role of the manufacturing sector in Nigeria’s development. He said despite its potential, the sector faces numerous challenges, such as inadequate infrastructure, fluctuating exchange rates, and poor access to finance.
Dr. Yusuf emphasised the importance of industrialisation in driving economic growth, as seen in Europe and North America, and stressed the need for a thriving manufacturing sector supported by innovation, infrastructure, and strong economic policies.
Vice president of Dangote Industries Limited and NESG board member, Olakunle Alake, said Nigeria’s manufacturing sector, which contributes only 8 percent to the GDP, faces stagnation due to issues like erratic power supply and inadequate infrastructure.
He stressed the need for collaboration between the public and private sectors to develop policies that stabilise and rejuvenate the sector.
Alake also noted that prioritising Sustainable Development Goal (SDG) 9, which focuses on building resilient infrastructure and fostering innovation, is crucial for achieving broader economic and social goals.
Facilitator of the manufacturing and mining policy commission, Lumun Amanda Feese Nigeria could learn from countries like Sweden, Finland, Australia, and the USA, which have successfully used their natural resources to drive industrialization through innovation and technology. She emphasised the need for robust public-private partnerships and collaboration among stakeholders to ensure the sector’s growth.
Director of corporate affairs and sustainability at Coca-Cola Hellenic Bottling Company Plc, Soromidayo George highlighted the sector’s potential to reduce poverty by creating jobs and promoting economic diversification. However, she stressed the urgency of implementing effective strategies and policies that align with Nigeria’s cultural context and are backed by data.
Partner & tax leader at PwC Nigeria Chijioke Uwaegbute
offered recommendations to stabilise the manufacturing industry. He advocated for a temporary freeze on increasing levies and tax rates for 1 to 2 years to help the sector recover. He also called for simplifying processes for accessing export expansion grants and other incentives, noting that some manufacturers currently face tax rates as high as 45 percent.
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The Chief of Staff to President Bola Ahmed Tinubu, Rt. Hon. Femi Gbajabiamila, has commended the National Agency for Science and Engineering Infrastructure (NASENI) for its technological advancements, product innovations and interventions in various sectors of the economy.
The Chief Staff stated this during a familiarisation visit to the Agency on Thursday August 22, 2024 alongside the deputy chief of Staff, Senator Ibrahim Hadeija; and the permanent secretary, State House, Engr. Olufunso Adebiyi.
A statement issued on Thursday by NASENI’s director of Information, Olusegun Ayeoyenikan, said Gbajabiamila took time to test drive NASENI’s electric vehicle pick-up van and visited NASENI Hatch Box, Innovation Hub, Solar Irrigation Pump, and was shown new products such as Home Solar, Prepaid Meter, Laptop, Smartphone, Battery among others.
The visit was part of the engagements with agencies of government under the supervision of the Presidency to understand their mandates, activities and challenges and how they are aligning with the present administration’s Renewed Hope Agenda.
Speaking after an inspection tour of NASENI Complex in Idu Industrial Area, and also witnessing first-hand the new projects and products embarked on by the Executive Vice Chairman/CEO of NASENI, Mr Khalil Suleiman Halilu since assuming office in September 2023, Gbajabiamila thanked the EVC and Management for their warm reception.
He said, “I am glad I embarked on this trip. I am glad we are all here to see for ourselves where NASENI is and what it is doing. The whole idea behind this trip was actually to come and hear first-hand, and to see onsite what you are doing, how you are doing it, what the challenges are and so on and so forth.
“That way we could get a grip of what needs to be done, whether there are lacunas here and there. I am glad you have demonstrated what you are doing and how you are doing it. I am even happier that there are no challenges from what you said. Quite honestly I am very impressed with what we have seen and heard,” he said.
The Chief of Staff to the President stated that the impacts of Mr. Halilu have translated into lots of products in a matter of 11 months speak volumes about his commitments, dedication and passion for what he is doing. “So, I commend you and the rest of the team,” he added.
Furthermore, he noted that we are in a technology-driven age and NASENI is one of the agencies of government that are key to President Tinubu’s Renewed Hope Agenda to put Nigeria among the comity of nations in terms of advancements in science and technology.
“I believe we have what it takes as a country, not just material resources but more importantly human resources”, adding that “people who are sharp, smart, young men and women in this country exist who can deliver in terms of advancement of our technology. I thank you very much for what you are doing”
Earlier, the EVC of NASENI took time to explain to the Chief of Staff the various innovations, interventions and partnerships which the Agency has embarked on in the last few months to advance technology transfer and align the NASENI’s mandate with the President’s Renewed Hope Agenda.
“Your Excellency, under your guidance and the leadership of His Excellency, President Tinubu, we have embarked on a transformative journey. This journey is characterised by an accelerated push towards technological independence and industrial growth. It is through your endless support and that of your team that we have been able to make significant strides in achieving these goals, Halilu added.
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Oando Plc said it has completed the acquisition of 100 per cent shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni, for a total consideration of $783 million including consideration for the asset and reimbursement.
Oando stated this in a statement signed by its chief compliance officer and company secretary, Ayotola Jagun, which was released on the Nigerian Exchange (NGX) Limited.
It stated that this acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.
Highlight of the transaction revealed that this will increase Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20 per cent to 40 per cent.
It stated that “the transaction will also increase Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture Assets and infrastructure which include forty discovered oil and gas fields, of which 24 are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.”
It added that based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe; and the transaction is immediately cash generative and will contribute significantly to the cash flows of the company
Speaking, group chief executive, Oando Plc, Wale Tinubu said, “today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio.
“It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution.”
According to Tinubu, with our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential, advancing production and contributing to our strategic objectives.
“This we will do while prioritising responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.
Looking to the future, Oando CEO assured “we will continue to pursue strategic diversification opportunities within the broader energy sector that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as energy infrastructure and mining.”
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