Business
42 Coys Emerge Winners Of Gas Flare Commercialisation Licences
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that a total of 42 bidders have emerged successful in the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP) auction process.
Wile announcing the outcome of the bidding exercise on Wednesday, the Commission said it has commenced the process of issuance of letters of award to the 42 companies/entities declared successful.
In a statement, NUPRC management said the 42 successful bidders were awarded 49 Flare Sites put forward during the 2022 NGFCP Auction process.
Thirty-eight of the companies/entities, the Commission said, have been awarded 40 Flare Sites for standalone single flare site development, while four are awarded nine sites to be developed as clusters.
It, however, said “Reserve bidders” status has also been accorded some companies for the corresponding flare sites in case the preferred bidders fail to meet the terms and conditions stipulated in the RFP.
The Commission continued that award letters are already being transmitted to the respective successful entities through the appropriate channels.
The successful 42 winners emerged out of 300 companies/entities that indicated interest in either revalidating their prequalification status as existing participants, or submitting Statement of Qualification (SOQ) as new participants.
In furtherance of its mandate in Section 7 (e) and Section 105 (2) of the Petroleum Industry Act (PIA), 2021, the Commission, in the third quarter of 2022, restructured the NGFCP and re-launched the programme to align with the provisions of the PIA, as well as reflect prevailing economic and operational realities.
It noted that the significant success recorded in the NGFCP bid process was due to a series of focused engagements with relevant stakeholders including domestic investors, international development agencies, oil and gas producers, technology providers and financial institutions during the intervening months.
“The engagements by the Commission were to galvanise and sustain interest in the programme, attract investments and stimulate participation by local and foreign entities.
“In response to the Request for Qualification (RFQ) issued in the fourth quarter of 2022, 300 companies/entities indicated interest in either revalidating their prequalification status as existing participants or submitting Statement of Qualification (SOQ) as new participants.
“Following the evaluation of SOQs, a total of 139 applicants were deemed successful and awarded the Qualified Applicant status.
“Subsequently, in the first quarter of 2023, the Commission issued the Request for Proposal (RFP) to enable qualified applicants to put together their respective proposals for any of the 49 flare sites on offer”, the Commission explained.
It also noted that 88 entities, comprising individual companies and consortiums responded to the RFP and submitted a total of 137 proposals, each containing technical, commercial and financial documentation for one or more of the 49 flare sites for either standalone or cluster development.
The proposals were duly evaluated by the Commission and approval secured
to announce 38 companies/entities as successful bidders for 40 sites for standalone single flare site developments, and four companies/entities for nine sites to be developed as clusters.
Some companies were also awarded Reserve Bidders status for the corresponding flare sites in case the Preferred Bidders fail to meet the terms and conditions contained in the RFP.
At this stage, the Preferred Bidders would individually proceed to execute the Suite of Commercial Agreements with relevant parties and effect payment of the prescribed award fees to enable the grant of Permit to Access Flare Gas by the Commission.
KPMG, a global network of professional firms, has been approved to partner with the Commission in the implementation of the award to ensure successful outcome of the gas flare-out commercialisation process.
“The Management congratulates the successful bidders and enjoins them to follow through with the final stages of the programme towards becoming Permit Holders and executors of viable projects that would harness flare gas for value creation”, NUPRC said.
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
