Business
NNPC Seeks Investors to Revive Brass and Olokola LNG Projects
The Nigerian National Petroleum Company Limited (NNPCL) has initiated discussions with investors to revive the Brass and Olokola Liquefied Natural Gas (LNG) projects. This move was revealed by the company’s Chief Financial Officer, Umar Ajiya, during the 2024 Gas Technology Conference and Exhibition in Houston, USA.
According to a statement from NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, these efforts are part of a broader strategy to harness Nigeria’s extensive gas resources for economic growth and diversification. The Brass and Olokola LNG projects have significant potential for job creation, power generation, and revenue enhancement.
However, the projects faced delays in previous administrations due to unfavorable market conditions and slow decision-making. Ajiya explained that low gas prices and high capital costs had deterred investors in the past, but emphasized that NNPCL is now focused on efficient project development and leveraging available opportunities in the global gas market.
Ajiya also praised President Bola Tinubu for supporting new industry projects through executive orders on oil and gas reforms, and noted that the Petroleum Industry Act of 2021 has created an investor-friendly environment by offering fiscal incentives.
The Gastech conference, where Ajiya spoke, is an important platform for energy firms to explore new technologies and promote sustainable energy practices. It also provides an opportunity for NNPCL to showcase Nigeria’s LNG resources to the global market.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
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.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
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.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
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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