Business

FG Attract $10bn Investments To Oil, Gas Industry

Published

9 years ago

March 1, 2017

The Minister of State, Petroleum Resources, Dr Emmanuel Kachikwu, has said that the Federal Government will attract more than $10 billion investments to the oil and gas industry in the next five years.
Kachikwu said this yesterday in Abuja at the ongoing Nigerian Oil and Gas (NOG) Conference tagged: “ Reforming and Repositioning the Oil and Gas Industry in Nigeria’’.
He said that the investments would address challenges facing the oil and gas industry, covering pipelines, refineries, gas and power, facility refurbishment and upstream financing.
The minister of state said that the objective was to bridge the infrastructure funding gaps in the Nigerian oil and gas sector.
“Time has come to bring down the cost of crude oil production and have the right incentives.
“Three years ago, we have cost issues, technological issues but not issues of where the money would come from because of crude price regime.
“Between 2015 to 2016, we took drastic measures on how to moderate prices, while between July 2016 and now, there have been lots of stability in the downstream economy.
“There are still some challenges but work is in progress,’’ he said.
Kachikwu said that the major problem in upstream was 6 billion dollars Joint Venture (JV) funding debt and other litigations.
He said that an outstanding debt of $5.1 billion would be paid over five years through incremental oil production volumes.
According to him, we now have new cash call model that would free government resources and help production stability.
“There are still some governance issues to be addressed but once this is resolved, there is expected to be improvement in oil production.
“We are left with options of bringing in investors that will help address the over $45billion infrastructure deficit.
“Government wants to be bold enough to take steps that have not been taken before. We have to release our assets to private investors.
“Either gas pipeline, crude pipeline, the time has come to move from government ownership to private ownership for efficiency,’’ the minister of state said.
Kachikwu said that effort is ongoing in addressing the challenges in the Niger Delta region to boost oil production.
He said that government planned to grow oil production to three million barrels per day.
The minister of state said that government had commenced serious engagement with all stakeholders to achieve stability in the Niger Delta region.
He talked about the Niger Delta crisis and reduced investments by oil firms.
Kachikwu said the cost of production was key and the issue of militancy was also key.
“ We have set a target of zero militancy for 2017 and it is achievable due to lots of community based activities and motivation,’’ the mister of state said.
He said that the acting President had visited three states and was planning to visit Akwa Ibom State soon.
Kachikwu said that the oil sector could not wait for political sector to find political solutions to issues.
“We have to collaborate with the oil companies, state governments and see how we can capture some benefits that will come from this.
“We have been seeing engagement of youths and we expect more improvement day by day.
“The states must make their mini-economy agenda and they will work with security agencies.
In his remark, the Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, commended Nigeria for exiting the Joint Venture Cash Call debt (JVC).
Barkindo said that the cash calls “are the counterpart funding which the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC), annually pays as its 60 per cent equity shareholding in various oil and gas fields’’.
It is operated by international oil companies in the country for more than four decades and indigenous oil firms and Nigeria owe arrears of $6.8 billion.
Barkindo commended Kachikwu for securing the feat on behalf of the government.
“I must single out the frontal approach on the lingering issue of funding our exploration as well as production – the JVC.
“Many of my colleagues, here that we served together, will testify that government after government, regime after regime, we have battled with this issue continuously without solution.
“This is a confession: the day you overcome this issue that had beleaguered this industry as well as government, you made my day.
‘’Same for the day of all participants who knew what the government had battled to stay afloat on the issue of cash-call.
“The approach has been innovative, the solution is very practical,’’ the OPEC secretary-general said.

Business

NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

Published

4 days ago

March 16, 2026

The Tide

NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.

Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

Business

Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

Published

4 days ago

March 16, 2026

The Tide

Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.

Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.

Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.

The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.

Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.

Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.

On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.

Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.

Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.

Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.

This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.

Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.

Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.

They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.

Business

Wema Bank Admits 10 Startups into Hackaholics 2026

Published

4 days ago

March 16, 2026

The Tide

Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.

The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.

The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.

Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.

According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.

Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.

He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.

Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.

Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.

As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.

The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.

Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.

Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.