News

Tinubu drives gas revolution, approves 2.8m tonnes floating LNG facility

Published

2 months ago

September 7, 2024

The Federal Government on Friday issued a ‘Licence to Construct’ to UTM Offshore Limited for the development of a 2.8 million tonnes per annum Floating Liquefied Natural Gas facility.

This historic project, the first of its kind in Nigeria, aligns with the government’s ongoing efforts to boost gas production, distribution, and utilisation under the Decade of Gas Initiative.

At the official event, Minister of State for Petroleum Resources(Gas) Ekperikpe Ekpo, hailed the milestone as a reflection of President Bola Tinubu’s vision to transform the country’s gas industry.

“Today is a significant day in the life of the Ministry of Petroleum Resources, Gas,” Ekpo declared, emphasising the importance of the FLNG project to the nation’s energy future.

Bringing greetings from the President, who was returning from an official trip abroad, Ekpo stated, “I had to cut short my stay in China to come back for this very important event. I’m going to witness the handing over of licenses to UTM Energy to operate. It will take up to 2.8 million tonnes of energy. And from what the Authority Chief Executive has said, this is the first in Nigeria.”

The floating facility, to be constructed offshore, is seen as a critical component of Nigeria’s ambitious gas expansion plans.

Ekpo reiterated the administration’s commitment to ensuring that gas becomes a key driver of Nigeria’s economy by 2030.

“This is in line with the vision of the President of the Federal Republic of Nigeria to improve gas production, distribution, and utilisation. And in line with the Decade of Gas Initiative, we are looking at gas driving the economy of this nation come 2030,” he said.

He also praised the Nigerian Midstream and Downstream Petroleum Regulatory Authority for its diligence in granting the license and commended UTM leadership for spearheading the bold initiative.

“I salute NMDPRA for due diligence, and I salute my brother, the CEO of UTM, Julius Rone, for the bold step that he has taken with his team to bring to board what we are going to celebrate today,” he added.

Ekpo assured UTM of the Federal Government’s unwavering support to ensure the successful completion of the FLNG facility.

“The Federal Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, will give you all the necessary support, the conducive environment to operate, so that at the end of the day, the dream of the Decade of Gas, of increasing gas, is a project,” he said.

The Minister expressed confidence in UTM capacity to deliver the project successfully.

“I’ve seen the faces of those people that have been mentioned as a team of UTM, and I know there are people that can make things happen. So I celebrate you too,” Ekpo said, underscoring the importance of the project to Nigeria’s leadership in the African energy sector.

Ekpo emphasised Nigeria’s potential to regain its status as the leader of Africa’s gas sector, urging continued collaboration between the government and stakeholders.

“Other nations are developing their gas sector very well. So Nigeria, with the abundant gas resource, under the leadership of President Bola Tinubu, who has focused on gas, should be committed to the task of working with the President to attain the goal, the vision that he has for our country, Nigeria. And when we do this together, the sky is going to be our limit,” he said.

This project marks a significant step in Nigeria’s journey to becoming a global player in the gas industry. The UTM floating LNG facility is expected to enhance Nigeria’s capacity to export LNG, create jobs, and further solidify the country’s position as a key energy supplier.

Credit: PUNCH

News

AFCONQ 2025: Nigeria’s Super Eagles fail to beat Benin Republic in Abidjan

Published

2 hours ago

November 15, 2024

Kayode Sanni-Arewa

Nigeria’s Super Eagles on Thursday failed to beat Benin Republic in their 2025 Africa Cup of Nations, AFCON, qualifier as two West African neighbours settled for a 1-1 draw in Abidjan

With the results, Nigeria officially qualified for the TotalEnergies CAF AFCON, securing a top-two finish in Group D,

Benin opened the scoring in the 16th minute when Mohamed Tijani capitalized on a corner delivery from Junior Olaïtan, heading the ball into the center of the net.

The Super Eagles found themselves trailing despite creating opportunities, with Victor Osimhen and Moses Simon both testing Benin’s defence.

In the second half, Nigeria intensified their attack and were rewarded in the 81st minute when Osimhen met Simon’s cross with a precise header to level the score.

Benin fought hard to reclaim the lead, but Nigeria’s defence held firm, preserving the draw.

Nigeria’s qualification for TotalEnergies CAF AFCON marks a relief for fans and sets the stage for their preparations for the tournament. Benin, meanwhile, remains in contention but will need positive results in their final game to have any chance of progressing.

News

Wike suspends FCDA secretary indefinitely

Published

2 hours ago

November 15, 2024

Kayode Sanni-Arewa

The Minister of the Federal Capital Territory, Nyesom Wike, has suspended, with immediate effect, the Executive Secretary of the Federal Capital Development Agency, Shehu Hadi Ahmad, indefinitely.

This was made known in a statement by the Senior Special Adviser to the Minister of Public Communication and Social Media, Olalere Olayinka, on Thursday.

Circumstances leading to or surrounding the suspension of the secretary were, however, undisclosed as of the time of filing this report.

According to the statement, the suspended Executive Secretary has been consequently directed to hand over to the Director of Engineering Services in the FCDA.

News

UBA to raise N239bn via rights issue

Published

2 hours ago

November 15, 2024

Kayode Sanni-Arewa

United Bank for Africa Plc has issued 6,839,884,274 ordinary shares of 50 kobo each at N35 per share in a rights issue to raise N239.4bn in a bid to meet the fresh capital requirements of the Central Bank of Nigeria.

The rights issue which opened on Friday (today) allows existing shareholders to purchase one new ordinary share for every five existing ordinary shares held by shareholders as of November 05, 2024.

In late March, the CBN announced an upward review of the minimum capital requirement for banks in the country.

In a letter to the shareholders informing them of the rights issue, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400bn Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

“UBA’s Rights Issue aims to raise N239.4bn, through the issuance of new ordinary shares to our shareholders. The primary objective of this rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said in the letter.

On the use of proceeds, Elumelu noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, invest in digital infrastructure, support sustainable business practices, and expand the group’s African operations.

Elumelu also highlighted how UBA is driving economic growth across Africa, saying “Our historic partnership with the Africa Continental Free Trade Area Secretariat, where UBA pledged up to $6bn in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development.”

It was revealed that application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal, during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.

At the end of the third quarter, the gross earnings of UBA appreciated by 83.2 per cent year-on-year to N2.39tn from N1.31tn in the same period of 2023. Its profit before tax went up by 20.2 per cent to N603.48bn from N502.09bn in Q3 2023, while profit after tax also rose by 16.9 per cent to N525.31bn from N449.26bn recorded a year earlier.

The lender’s total assets rose to N31.80tn, representing a 54.0 per cent increase over the N20.65tn recorded at the end of December 2023.

In the 2023/2024 report year, UBA won ‘Bank of the Year’ awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.

UBA Plc offers banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries.