Ict/Telecom

Nigeria, N’ Korea Sign Cooperation Agreement On ICT, Education

Published

11 years ago

May 9, 2014

Nigeria and North Korea
have signed Information Technology cooperation agreement to promote exchange of information using modern technology between public sectors of both countries.
This is contained in a joint communiqué issued at the end of the 4th Session of the Nigeria-Democratic People’s Republic of Korea (DPRK) in Abuja, on Tuesday.
The nine-point communiqué was jointly read by the Permanent Secretary, Ministry of Foreign Affairs, Dr Martin Uhomoihbi and Mr Rio Myong San, Vice Minister of Trade of DPRK.
It stated that both also agreed on an education cooperation agreement to promote exchange of visits between university lecturers and educationists from both countries.
Under the agreement, university professor and technicians from both countries could carry out joint research projects in each other’s higher institutions in the field of science and technology.
The agreement also encourages university professors to carry out joint research programmes in agriculture, geology, oil and gas, industrial technology, among others.
According to the communiqué, both countries agreed to create an implementation committee that would coordinate and advise the joint commission on identified issues of mutual interest.
It added that the 4th session of the joint commission also discussed draft agreements and MoUs in the other areas of common interest for both countries, including agriculture, trade and technical cooperation, irrigation and water management.
Later, Uhomoihbi told newsmen that as developing countries, Nigeria and North Korea faced teething development challenges.
He said the joint commission was a platform to “address and surmount’’ the challenges for the good of citizens of both countries.
“Relations between our countries date back to 38 years ago when diplomatic relations was established on May 25, 1976.
“One remarkable thing about our relations is that it has never been for once disrupted or frosty and this, indeed, is a testimony to very cordial and warm relations existing between both countries.’’
Also the leader of the delegation from the communist state said North Korea had been supportive of Nigeria at the multilateral level.
He cited his country’s support for Nigeria at the UN Security Council non-permanent seat election in 2013.
“We wish Nigeria becomes a permanent member of the UN Security Council and play a greater role in representing and protecting the interests of African people in the international arena,’’ San said.
San further said the agreements reached at the end of the 4th session of the joint commission would go a long way in strengthening economic ties between both countries.
The Nigeria Ambassador to the DPRK, Mr Alex Nwofe, told newsmen that at present “there is no form of trade between Nigeria and DPRK.’’
“Primarily the reason is because of the nature of their policies; it is a communist regime and every government and economic action is controlled by the state.

Ict/Telecom

Technology, Others Responsible For Nigeria’s Bonga Oil Operations

Published

8 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

8 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

8 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