Business
Afreximbank Gives TNOG $250m To Acquire 45% Stake In Shell’s OML 17
Afreximbank has disbursed $250 million as part of its support for Trans Niger Oil and Gas Ltd (TNOG) to acquire 45 per cent stake in Oil Mining Lease (OML) 17 onshore oilfield.
The NNPC holds 55 per cent equity in the lease, which covers Etche, Ikwerre, Obio/Akpor and Oyigbo local government areas of Rivers State.
Although the acquisition does not include assets in Shell’s Industrial Area (IA) where its corporate and operational offices are located and Residential Area (RA) where top management staff and other social facilities are domiciled.
The disbursement is about a quarter of the financing required to enable TNOG to buy stakes in the lease from Shell Petroleum Development Company, Total E&P Nigeria Ltd and ENI (AGIP).
The total support package from Afreximbank – Africa Export Import Bank – is $1.1billion, it said in a statement issued in Cairo on Thursday.
It noted that with the $250million Reserve Based Lending (RBL) facility, Afreximbank was the largest lender in the acquisition process.
Other participating lenders are Africa Finance Corporation, Union Bank, Shell, Hybrid Capital and Schlumberger, with United Capital Plc, advising TNOG.
“The five-year $1.1billion facility, which was signed in December, 2020, in spite of the economic headwinds caused by the COVID-19 pandemic, was led by Afreximbank as Mandated Lead Arrangers.
“Others are Standard Chartered Bank and Amalgamated Banks of South Africa.
“Following this acquisition, TNOG will now operate the OML 17 onshore oilfield on behalf of the NNPC,’’ it stated.
The Afreximbank President, Prof Benedict Oramah, said in the statement that: “the transaction further underscores the bank’s commitment to ensuring that indigenous African companies were able to play a more dominant role in the operations of specialised oil and gas assets in an industry dominated by international oil companies.
“TNOG as the Operator of OML 17 will invest in an accelerated production ramp up thereby boosting foreign exchange earnings and employing more Africans.
“This resonates with our mandate and we congratulate Heirs Holdings for keeping the African flag flying,’’ he said.
The statement quoted Chairman of Heirs Holdings, Tony Elumelu, to have said that the transaction was a testament to the opportunities that abound in Nigeria.
TNOG is a sister company of Heirs Holdings Ltd and Transnational Corporation of Nigeria Plc
Elumelu added that the acquisition of OML 17 significantly advanced Heirs Holdings’ strategic vision of creating Africa’s leading integrated energy company.
“We are building a business that will ensure that African natural resources drive African power networks and ensure that value creation occurs in Africa.
“I would like to take the opportunity to thank Afreximbank, and President Oramah for their strong support and shared vision of the transaction,’’ Elumelu was also quoted to have said.
The statement added that Afreximbank remained a key financier of the African oil and gas industry through RBLs and Pre-Export Finance structures in Nigeria, Egypt, Equatorial Guinea, Ghana, Senegal, Republic of Congo, Angola and South Sudan.
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