Business
Oil Production Nosedives As Addax Workers Begin Strike
Nigeria’s oil production may have suffered further decline of not less than 22,000 barrel per day, as employees of Addax Petroleum Development Nigeria (APN), have downed tools over perceived anti-labour practices.
Addax, owned by China’s Sinopec Group, has four Oil Mining Licences, OML 123, 124, 126 and 137, operating the assets in Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) before its transformation to a limited liability company.
The company has about 324 Nigerian workers made up of 141 permanent staff and 183 contract employees.
Under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), the striking workers, said they began the industrial action, last Wednesday, after several efforts to engage Addax management on pending labour issues were rebuffed following the announcement of the revocation of its licences by the Federal Government.
The aggrieved workers are threatening to shut all the company’s operations including oil wells, valves crude lifting and export terminals operating by Addax if the company refuses to engage them.
It was gathered that sequel to the notification by the APN Management informing its employees on the withdrawal of operating licences by the NNPC in a town hall meeting, both parties met and reach a financial term of exit settlement for all the workers.
According sources, it was agreed that the financial exit settlement would be executed at the expiration of Addax Petroleum Nigeria’s PSC agreement for OML 123 and 124 by July 1, 2022.
One of the staff said “Addax Management has so far rebuffed our calls for the execution of the financial exit settlement and other employees ‘related issues.”
The striking workers claimed “that the Federal Government has done everything possible through the National Petroleum Investment Management Services, NAPIMS. All attempts to get the management to the negotiation table to ensure issues are settled amicably have been frustrated by APN.”
Confirming the development, PENGASSAN’s Senior Assistant General Secretary, Lagos Zone, Babatunde Oke said, “the strike was embarked upon by our members due to the management’s refusal to engage our association on the financial settlement earlier agreed on.
“The workers have waited patiently for the management “trying to understand its plights but it is like they are insensitive to our own problems. Many letters have been written asking for a meeting but the management refused to meet them.”
Recall that Addax suffered the revocation of licences by the then Department of Petroleum Resources (DPR), in March 2021.
The regulatory agency claimed that the licences were revoked due to refusal of Addax Petroleum to fully develop the affected assets, alleging that this action has robbed the government of revenue that could have been generated from assets.
DPR, now Nigeria Upstream Petroleum Regulatory Commission, claimed that the average reserve profile of the assets showed that oil reserves have remained essentially flat, as Addax never made efforts to grow the reserves, adding that crude oil in all three producing assets had been declining over the years due to inadequate investment by the company.
It stated that the entire OML 137 holds about five trillion cubic metres in two key reserves, but the company failed to develop this asset in line with the government’s gas revolution policy, describing this as “economic sabotage.”
The revocation was recently confirmed by the current Chief Executive Officer of NUPRC, Engineer Gbenga Komolafe, who reiterated that Addax refused to renew its licences and therefore those licences stand revoked.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter