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Economy

Crude oil production by NPDC increases by 57,000bpd

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…As FG seeks fresh investments in savings bonds***

Crude oil production by the Nigerian Petroleum Development Company, the flagship subsidiary of the Nigerian National Petroleum Corporation, has increased by 57,000 barrels per day.

The NNPC, in its January 2019 news edition obtained in Abuja on Monday, said crude production by the NPDC increased from 108,000bpd in 2016 to 165,000bpd in 2017.

The 57,000bpd increase represents 52.7 per cent growth in crude production by the oil company.

The corporation’s Group Managing Director, Maikanti Baru, who disclosed this to employees of the oil firm in Abuja, stated that with the development, the NNPC was well on its way to meeting the 500,000bpd target by 2020.

He said the NPDC had been a key contributor to the consistent year-to-year national crude oil production growth, which had seen a steady rise from an average of 1.2 million barrels of oil per day in 2016 to 1.86mbpd in 2017 and 2.06mbpd in 2018.

Baru was quoted in the report as saying, “It is also worthy to note that NPDC’s equity production share closed at over 200,700bpd, representing about 10 per cent of the national daily production.

“Its (NPDC) last average weekly production of 332,000bpd makes the target of 500,000bpd for 2020 achievable.”

The NNPC boss also noted that with the NPDC’s supply of over 700 million standard cubic feet of gas per day to the Escravos-Lagos Pipeline System, the company had become the largest gas supplier to the domestic market.

Baru said the NPDC’s achievements were due to the introduction of some initiatives such as the Asset Management Team structure, strategic financing and autonomy.

Others include the security architecture framework review of the company, which promoted cooperation with joint venture partners and enhanced the decision-making process.

“We will continue to pursue the growth plan to transform the NPDC to the premier upstream company in Nigeria and entire sub-Saharan Africa,” Baru said.

On January 14 this year, The PUNCH exclusively reported that the NPDC was interfacing with third-party financiers to raise $3.15bn (N967.1bn at the official exchange rate of N307 to a dollar) to develop Nigeria’s crude reserves and increase oil and gas production from Oil Mining Lease 13.

The report revealed that the fund would enable the NPDC to develop 416 million barrels of oil reserves and increase production by 94,000 barrels of oil per day.

In the meantime, the Federal Government has commenced the auction of its savings bond for February this year.

A savings bond is targeted at low-income earners to encourage them to save and earn more income (interest) when compared with their savings account with banks.

Savings bonds are tax-free with competitive fixed interest rates to be paid every quarter, and are tradeable on the Nigerian Stock Exchange. They can be used as collateral for loans.

The FGN Savings Bond auction, according to the Debt Management Office, commenced on February 4 and will close on February 8.

The DMO said the two-year FGN Savings Bond was offered at 12.05 per cent per annum and would be due on February 13, 2021, while the three-year FGN Savings Bond was offered at 13.05 per cent per annum and would be due on February 13, 2022.

It said the bonds were offered at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50m.

The debt office said, “The bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption and pension funds, among other investors.

“Interested investors are advised to contact the stockbroking firms appointed as distribution agents by the DMO.”

Last week, the bonds market reversed its bearish trend following buying interest particularly by investors with lost bids at the bonds auction on Wednesday.

As a result, average yields declined by 23 basis points week-on-week to 14.9 per cent on Friday, crossing the 15 per cent psychological line.

“The short-end of the curve witnessed a rally as more investors positioned in the 22-Mar-19, 12-Apr-19 and 17-May-19 instruments attributable to an anticipated rise in yields ahead of the general elections and handover period,” Analysts at Afrinvest Securities Limited said.

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Economy

Unstable Economy: UK Firm Presents Solutions To Nigerian Business Leaders

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SOAN Inaugurates New Leadership, Boosting Hopes Of Crushable Inflation

Nigerian business leaders are to benefit from the programme of United Kingdom-based leadership development organisation TEXEM UK on how to win despite the exodus of staff, very high inflation and turbulent operating landscape.

TEXEM’s Director of Special Projects, Caroline Lucas, said on the organisation’s website, www.texem.co.uk, that the programme with the theme “Strategies for Sustainable Organisational Success” is slated for April 24 and April 25 in Lagos.

According to Lucas, in today’s volatile and disruptive business landscape, organisations face numerous strategic challenges.

“TEXEM’s programme, “Strategies for Sustainable Organisational Success,” offers tailored solutions to address these pressing issues.

“Senior leaders grappling with skyrocketing costs, high currency risks, and disruptive technologies require practical insights and tools to navigate uncertainty effectively.

“This programme provides actionable strategies for sustainable success amidst turbulent times,” she said.

Lucas asserts that exceptional crisis management skills are essential in the face of staff exodus and geopolitical disruptions.

“TEXEM equips participants with the necessary leadership capabilities to lead through crises, ensuring organisational excellence even amidst adversity.

“Innovation becomes imperative in turbulent waters.

“TEXEM’s programme fosters a culture of innovation and provides guidance on harnessing adversity as a catalyst for profitable growth,” she said.

According to her, participants will learn to turn challenges into opportunities, driving sustained profitability.

Lucas said resilience and effective risk management are crucial in today’s volatile landscape.

She said through interactive sessions and case studies, TEXEM helps senior leaders develop unshakable qualities, enabling them to navigate uncertainty and confidently mitigate risks.

“Optimizing resource utilisation is paramount amidst soaring costs.

“TEXEM offers insights on managing resources efficiently, ensuring optimal impact even amidst cost pressures. Decisive problem-solving is paramount.

“TEXEM enhances participants’ decision-making capabilities through peer learning and observation practice, empowering them to make better decisions that drive organisational success,” Lucas said.

She said that beyond the curriculum, networking opportunities with industry peers enrich the learning experience, abound.

“Professional exchange provides valuable insights into different approaches to overcoming challenges, enhancing overall learning and impact.

“TEXEM’s programme aims to develop leadership strategies for optimum performance in an era of uncertainty.

“By helping participants understand how to manage and deploy resources more efficiently, it equips them with the skills needed to thrive in turbulent times,” Lucas said.

Saying that adversity is the mother of innovation, she added that TEXEM empowers individuals and organisations to thrive in volatile times, fostering innovation and sustained profitability.

“At the end of the programme, participants can expect to develop leadership skills for better decision-making and possess survival skills to navigate crises effectively.

“Through its comprehensive approach and proven methodology, TEXEM ensures participants unlock their potential, foster innovation, and drive sustained profitability in today’s challenging environment,” Lucas said.

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Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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