Ict/Telecom

FG Trains Schools’ Staff On Lab Equipment Repairs, Maintenance

Published

2 years ago

September 7, 2022

The Federal Science Equipment Centre (FSEC), Ijanikin, in Lagos State, under the Federal Ministry of Education, says it has commenced a two-day training for its staff on repairs and programme maintenance of science laboratory equipment.
Staff of the centre would be deployed to the 110 unity schools across the country after their training to also train the members of staff of the schools on how to repair and maintain science laboratory equipment in their various schools.
The Director of the Centre, Mr Yekini Ismaila, said this in his address at the opening of a two-day training programme organised for staff of the Centre at the Federal Polytechnic, Ede, Osun State recently.
Ismaila said the staff members from the centre would be expected to go round all the unity schools across the country to train the school officers on repairs and maintenance of their laboratory equipment.
He said the training had been approved by the Permanent Secretary in the Federal Ministry of Education, Mr Andrew Adejo, and it is termed ‘train the trainer’.
According to him, it is to help the Federal Government to maintain existing science laboratory equipment in its unity schools and cut cost in buying new ones.
According tohim, the centre is currently facing several challenges which had impeded it from reaching its optimal performance, saying that the Permanent Secretary had been briefed about the challenges.
“The FG created the FSEC, through the Federal Ministry of Education in collaboration with UNESCO and UNDP to enhance the development of science in post-primary institutions,” he said.
He stated that due to dwindling revenue, allocation to the centre had suffered some setbacks and this had affected the free services it used to render to unity schools under its purview.
“Most pressing issues in the world today are science based, and a well-managed science experiment centre has the capacity to not only transform a developing economy to a developed one, but also create endless opportunities to generate funds and be self-sufficient,” he said.
He continued that the centre would explore the production and fabrication of standard-science-school equipment, which it would sell at subsidised prices to other schools aside unity schools.
Meanwhile, he has hinted that the centre had also picked on the production of high quality chalk as a way of generating revenue in addition to commercialising its training courses which used to be free before now.

Ict/Telecom

Technology, Others Responsible For Nigeria’s Bonga Oil Operations

Published

7 months ago

May 15, 2024

The Tide

The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.

Ict/Telecom

Banks Cut Borrowing From CBN By 44%

Published

7 months ago

May 15, 2024

The Tide

Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.

Ict/Telecom

Expert Highlights Technology Impact On Fintech Industry Growth

Published

7 months ago

May 15, 2024

The Tide

A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.

Corlins Walter