Business
NNPC Ltd Expands Global Reach with LNG Shipments to Japan and China
The Nigerian National Petroleum Company Limited (NNPC Ltd) has successfully launched its Liquefied Natural Gas (LNG) shipments to Japan and China, marking a significant milestone in its global expansion strategy. This move is part of NNPC Ltd’s efforts to establish itself as a prominent global energy supplier.
The achievement came through the coordinated efforts of NNPC Ltd’s Downstream subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd. The first Delivered Ex-Ship (DES) LNG cargo was delivered by the 174,000m³ LNG vessel, *Grazyna Gesicka*, to the Futtsu terminal in Japan on June 27, 2024. Building on this success, NNPC Ltd has also extended its reach to China with a subsequent DES LNG delivery.
The DES trading system, which is more complex and demanding than the Free on Board (FOB) system, involves the seller assuming responsibility for shipping and insurance until the goods reach the destination port. This approach requires significant expertise and operational efficiency, highlighting NNPC Ltd’s growing capabilities in international energy logistics.
Since entering the LNG trading market in November 2021 with its first cargo sale, NNPC Ltd has traded over 20 cargoes primarily to European and Asian markets on an FOB basis. The shift to DES trading represents a strategic evolution, allowing NNPC Ltd to penetrate the downstream segment of the LNG market more effectively.
Mr. Dapo Segun, Executive President of Downstream at NNPC Ltd, underscored the importance of this development. “The DES system not only provides greater financial rewards but also allows NNPC Ltd to capture a larger market share while enhancing our in-house capabilities. This helps strengthen our global presence and brand recognition in the energy sector,” he said.
The collaboration between NNPC LNG Ltd and NNPC Shipping Ltd has bolstered NNPC Shipping’s reputation as a leading provider in the LNG sector. Panos Gliatis, Managing Director of NNPC Shipping, highlighted the company’s commitment to expanding its shipping portfolio, including the acquisition of new vessels to offer greater flexibility and service to clients.
Looking forward, NNPC LNG Ltd, in partnership with NNPC Shipping Ltd, plans to deliver at least two more LNG cargoes to the Asian market on a DES basis by November 2024. The company anticipates additional orders by the end of the year, demonstrating NNPC Ltd’s growing influence in the global LNG market and its dedication to innovation and excellence in energy supply and logistics.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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