Business

Firm Unveils Techno Gas Cylinders At World Forum

Published

7 years ago

October 8, 2018

Nigeria’s oil and gas major, Techno Oil Ltd. has unveiled its TechnoGas LPG cylinders at the 31st World LPG Forum rounding off at Houston, Texas in the U.S.
The unveiling of the cylinders formally makes Nigeria to join the big league of nations manufacturing LPG cylinders for export.
No fewer than 1,500 participants drawn from 72 countries and 89 companies exhibited various products with Techno Oil being the only African company that exhibited its cylinder products.
A dispatch by Techno Oil to The Tide source yesterday, quoted Mr Gbite Adeniji, Senior Special Adviser to the Minister of State for Petroleum Resources as expressing his delight that Nigerian companies are steadily making appearances on the world stage.
“I’m pleased to have visited your lovely stand and I’m highly impressed with what I saw of your products,’’ Adeniji said at the Techno Oil exhibition pavilion.
He said: “The cylinders look high quality. I continue to be impressed with your entrepreneurial spirit and commitment to the oil and gas sector.’’
Similarly, the Managing Director of Ultimate Gas Ltd., Alhaji Auwalu Ilu, lauded the management of Techno Oil for flying Nigeria’s flag at the global event.
He said he was impressed with the quality of the cylinders and implored Techno oil to continue to make Nigeria at the world stage.
On his part, the Executive Director Commercial, Nigerian Products Marketing Company, Mr Billy Okoye, expressed his delight with Techno Oil and its remarkable achievement in manufacturing cylinders.
Also speaking, the Deputy Director, Head, Downstream of the Department of Petroleum Resources, Mrs Ijeoma Onyeri, said she lacked words to describe the strides being made by Techno Oil in manufacturing cylinders locally.
She told the company to sustain the quality of its products and to ensure safety in its manufacturing operations.
In a speech at a ceremony to unveil the cylinders, the Executive Vice-Chair of Techno Oil, Mrs Nkechi Obi, flanked by the Managing Director of the company, Mr Tony Onyeama, and other senior management staff, said she was excited that Nigeria could now export cylinders.
She said that it was a fulfilling moment for her to announce to the world that made in Nigeria LPG cylinders could now be exported, rather than for Nigerians to continue to import cylinders and deplete its foreign reserves.
“We’re using this forum to announce to the world that TechnoGas cylinders have hit the market and we’re ready to meet every demand, local and international.
She told the gathering that Nigeria had expended billions of dollars importing LPG cylinders from various countries, especially China, India and other Asian countries.
Obi, whose company recently completed the building of Nigeria’s largest LPG cylinder manufacturing plant, said that TechnoGas cylinders would help the Federal Government to save resources in importing cylinders and their accessories.
“The era of Nigerians depending on sub-standard cylinders imported from India, China and other countries is over for Nigerian and West African households.
She, however, lamented that the world was leaving Nigeria behind in LPG adoption, in spite of Nigeria’s top position in the league of gas-rich nations.
Obi noted that some industrialists had taken the initiative to promote LPG adoption in Nigeria, in a bid to not only to secure the environment and the future but to save scarce resources expanded by Nigeria annually to import kerosene and other cooking fuels.
She restated her concern on the worsening consequences of using solid gases such as firewood and charcoal in Nigerian homes.
According to the LPG adoption advocate, the World LPG Forum has again raised the stakes for the Nigerian government to realise that there is no better time than now for government to pay serious attention to discouraging Nigerians from using solid gases in cooking.
According to her, while the aim of using firewood, charcoal, animal dung etc. is to get food cooked, the Nigerian woman and her household are unknowingly exposed to inhalation of a myriad of harmful gases on daily basis.
“It doesn’t end there, these gases have far-reaching effects on the environment as they contribute to global warming and climate change.’’
The Techno Oil chief argued that global warming and climate change were directly responsible for increased global temperatures, flooding, food insecurity and desertification.
“A paradigm shift is required and there is no better time than now because up to 70 per cent of Nigerian women spend time cooking, using mostly solid fuels, instead of adopting LPG.
“More worrisome is the fact that Nigeria has one of the highest proven reserves of gas and is also one of the highest exporters of LPG in Africa,’’ the industrialist stated.
Obi said there was need for government to join forces with LPG stakeholders to make Nigerians to embrace LPG in their cooking urgently.
She expressed her optimism that the efforts of some companies and interest groups in LPG adoption had started yielding dividends in Nigeria, citing the building of an LPG cylinder manufacturing plant in Lagos by Techno Oil to boost the LPG value chain. (NAN)

Business

NCAA Certifies Elin Group Aircraft Maintenance

Published

1 day ago

September 29, 2025

The Tide

The Nigerian Civil Aviation Authority (NCAA) has certified Elin Group Limited to operate as an approved aircraft maintenance organization (AMO).

Elin Group Limited confirmed the certification in a Statement released at the Weekend.

The Executive Director, Elin Group Limited, Engr. Dr. Benedict Adeyileka, noted the significance of the certification, stating that it recognizes the company’s commitment to upholding high maintenance standards.

Adeyileka also stated that “the issuance of the AMO Certificates and OPSPEC by the NCAA is a landmark for both Elin Group and Nigeria’s aviation industry. This approval empowers us to maintain our fleet and extend services to other operators, thereby supporting the sector’s growth.

“It affirms the standards we have upheld over the years and places on us the responsibility to expand services that strengthen the aviation ecosystem. We thank the NCAA for their confidence in our capabilities.

“This recognition inspires us to keep striving for excellence and innovation in building a stronger, safer, and more sustainable aviation industry.”

The certification follows the company’s recent completion of a 7,800 landings maintenance check on its Bombardier Challenger 604 aircraft and Agusta A109E helicopter.

This type of inspection, similar to a D-check in commercial aviation, was conducted entirely in Nigeria for the first time.

With the NCAA approval, Elin Group is authorized to maintain its own fleet and provide maintenance services to other operators.

The certification is expected to contribute to the growth of local aviation maintenance capabilities.

“PenCom Raises Capital Requirement For PFAs To N20b

…Sets December 2026 Deadline

The National Pension Commission (PenCom) has announced a sweeping revision to the capital requirements for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), raising the minimum threshold for PFAs tenfold, from N2 billion to N20 billion.

The move, aimed at strengthening financial stability and operational resilience, marks one of the most significant regulatory shifts in Nigeria’s pension industry in over two decades.

In a circular titled “Revised Minimum Capital Requirements for Licensed Pension Fund Administrators and Pension Fund Custodians”, PenCom stated that PFAs with Assets Under Management (AUM) of N500b and above must now maintain a capital base of N20 billion plus 1% of the excess AUM beyond N500 billion.

The revised capital requirements for both PFAs and PFCs would take effect immediately for new licenses, while existing operators have until December 31, 2026, to comply.

PenCom would monitor compliance every two years based on audited financial statements, and any shortfall must be rectified within 90 days.

PenCom emphasized that the review is anchored in Sections 60(1)(b), 62(b), and 115(1) of the Pension Reform Act (PRA) 2014. It aims to support the long-term viability of pension operators, improve service delivery, and ensure the sustainability of the Contributory Pension Scheme (CPS), which has now been in operation for 21 years.

“PFAs are therefore required to maintain adequate capital to sustain the achievements of the CPS, support ongoing pension reform initiatives, and deploy adequate resources to effectively fund operations,” PenCom stated.

PFAs with AUM below N500b are also required to meet the new N20 billion minimum. Special Purpose PFAs, such as NPF Pensions Limited, must hold N30 billion, while the Nigerian University Pension Management Company Limited is required to maintain N20 billion.

“The capital requirement was reviewed in line with global best practice, which ensures that capital is proportionate to the risk exposure of the Pension Fund Operator. The new model aligned the capital requirement with the Pension Asset Under Management (AUM) and Assets Under Custody (AUC) of the PFAs and PFCs respectively”, the circular stated.

For Pension Fund Custodians (PFCs), the minimum capital requirement has been raised from N2 billion, unchanged since 2004, to N25 billion plus 0.1% of AUC.

The Commission cited the exponential growth in assets under custody and the increasing complexity of operations, including technology deployment, cybersecurity, and staff welfare, as key drivers of the revision.

“The operating landscape of PFC business has evolved significantly over 21 years,” the circular noted. “These developments underscore the need to reassess the adequacy of the existing capital threshold to ensure continued financial stability and effective risk management”, it stated.

The announcement signaled PenCom’s commitment to aligning Nigeria’s pension industry with global standards, ensuring that operators are well-capitalized to navigate macroeconomic pressures and deliver secure retirement benefits to millions of Nigerians.

Business

SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

Published

1 day ago

September 29, 2025

The Tide

The Corporate Affairs Commission (CAC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are deepening partnership to ease business registration for small business owners in the country.

The agreement would provide the framework for free registration of 250,000 Micro Small and Medium Enterprises (MSMEs) across the country.

The Registrar-General, CAC, Hussaini Magaji, revealed this during the signing of a Memorandum of Understanding (MoU) between both organisations, in Abuja, at the Weekend.

Magaji said that the framework provided under the Renewed Hope Agenda of President Bola Tinubu’s administration would eliminate cost barriers by waiving all statutory fees.

According to him, entrepreneurs would now be able to obtain certificates seamlessly, without delays or middlemen, through the CAC portal.

He said, “Formalising a business is more than obtaining a certificate.

“It provides entrepreneurs with a legal identity, improves access to finance and markets, enhances record keeping and strengthens compliance with tax or regulatory obligations.

“For the government, it expands the tax base, improves policy design and reflects the two sides and contribution of our MSME sector.

“By formalising an additional 250,000 enterprises under this initiative, we are helping to create jobs, foster innovation and build a more inclusive economy,” he said.

The registrar-general, while commending SMEDAN on the partnership, urged the MSMEs to take advantage of this opportunity to formalise their businesses, access new opportunities and become part of Nigeria’s growth story.

Magaji also appealed to the media to Partner in amplifying this message to ensuring that every deserving entrepreneur is carried along.

On his part, the Director-General of SMEDAN, Charles Odii, hailed the initiative as a milestone for small businesses, describing it as one of the “big wins” of the current administration.

Odii explained that SMEDAN would mobilise, profile and guide eligible businesses for registration through its dedicated online portal.

He insisted that the platform would eliminate the role of middlemen, who previously inflated registration costs, sometimes charging between N30,000 and N100,000 against the official CAC rate of about N11,000.

Odii said the initiative would complement the President’s N200 billion economic assistance programme, which provides N50 billion in grants for nano businesses, N75 billion in single-digit loans for SMEs and N75 billion for manufacturers.

He said that the interventions demonstrated the resolve of government to ease the cost of doing business and expand opportunities for entrepreneurs.

The director-general said that the MoU was timely, especially as CAC prepared to review its fees by October, reiterating that the initiative ensures 250,000 businesses will benefit from free registration before the review.

According to Odii, many businesses collapse within their first five years due to a lack of structure, noting that registration was the first step to building resilience.

The SMEDAN boss assured that beyond registration, SMEDAN would continue to support entrepreneurs through business clinics, advisory services and linkages.

He said this would be done in collaboration with other agencies such as the Standards Organisation of Nigeria (SON) and the Nigerian Export Promotion Council (NEPC).

Odii also commended the President’s move to raise the tax exemption threshold for small businesses with N25 million to N50 million annual turnover, saying it will reduce the burden on enterprises and encourage compliance.

He thanked the Registrar-General of CAC, the Federal Ministry of Industry, Trade and Investment and the Chief of Staff to the President for their support in bringing the initiative to fruition.

Business

Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Published

1 day ago

September 29, 2025

The Tide

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.

Coordinating Minister of the Ministry,
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.

The Permanent Secretary of the ministry, Olufemi Oloruntola, stressed that the funding gap must be closed to move from policy to practice.

“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.

He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.

Oloruntola argued that the sector’s potential goes beyond trade, pointing to the surge of diaspora spending every festive season. With the right coastal infrastructure, he said, the marine economy could capture a slice of those inflows as foreign exchange and revenue.

The Chief Executive, Nigerian Exchange (NGX), Jude Chiemeka, said blue bonds, which are loans raised through the capital market, but tied specifically to projects that protect or develop marine projects, could unlock huge sums of much-needed capital.

He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”

The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.

Seychelles, he pointed out, raised $15 million from a blue bond to support its fisheries industry, a scale Nigeria, with over 853 km of coastline and significant freshwater bodies, could surpass.

Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.

“Even the most innovative financial tools and private investments require a solid public funding base to thrive.

“We therefore call on the relevant authorities, most especially the National Assembly, to prioritise the marine and green economy sector.”

“Nigeria must match ambition with resources” and “strategy into execution”, he said

It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.