AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had received an interim dividend payment of N450 million out the
N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

This payment represents NCDMB’s 30% share in the company for the year ended 2023.

The NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30% of the outstanding N3bn dividend after the AGM is convened later this year.

He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated.
He affirmed that the company is upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project is 44% completed and on time to be commissioned by early 2025.

NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.

Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.

Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.

In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative. Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.
He is the author of “Africa Rise and Shine”, published by ForbesBooks.

The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa.

He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, has tasked participants at the Regional Forum Workshop on Seasonal Forecasts of Agro-hydro-climatic characteristics of the rainy season for the Sudanian and Sahelian zones of West Africa and the Sahel (PRESASS), to downscale outcome of the workshop to their local communities.

Left to Right: Director General of Nigeria Hydrological Services Agency (NIHSA), Engr. Clement Nze, Representative of AGRHYMET DG, Dr. Abdou Ali, Director General/Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, Dr. Rowland Abah, Representative WMO Rep. For North, Central and West African Regions, and ECOWAS Commission Representative,
Gbenga Erin, at the closing session of 2024 Regional Forum Workshop on Seasonal Forecasts of Agro-hydro-climatic characteristics of the rainy season for the Sudanian and Sahelian zones of West Africa and the Sahel (PRESASS), in Abuja on Friday, 26th April, 2024.

Mr Keyamo who spoke in Abuja during the closing ceremony of the workshop on Friday, 26th April 2024, said;
“The outcome of the Regional Climate Outlook Forum for West Africa and the Sahel is a great planning tool for governments and policymakers across the region. We are very aware of the great challenge of the 21st Century, climate change, extreme weather events and food security to mention a few. To combat these challenges, it has become imperative that weather and climate information are not only accurate but also produced and disseminated early. Thus, the need for Early Warnings. It is based on this that the Nigerian Government deemed it fit to provide all the necessary support through the Nigerian Meteorological Agency (NiMet), the Nigerian Hydrological Services Agency (NIHSA) and AGRHYMET Regional Centre to host this year’s forum here in Abuja”.

Continuing, Mr Keyamo said;
“The Government of the Federal Republic of Nigeria has taken seriously the issuance of Early Warnings for its citizenry to de-risk sectoral activities and avert losses. Earlier in the year, the Government through NiMet had a public presentation of the Seasonal Climate Prediction (SCP), an early warning tool that highlights vital Weather and Climate information that may affect socio-economic activities in air, land, and water transportation, agriculture, water resources, disaster management and mitigation, health, tourism, sports, power & energy etc. A similar event was recently held by NIHSA where the Annual Flood Outlook was released to Nigerians”.

“As we settle down to listen and discuss the details of the forecast produced for West Africa and the Sahel Region for the 2024 rainy season, my message is that as we return home to our various countries with the informationand forecast from this year’s forum, we should ensure that these products don’t end up inside the shiny offices in our capital cities. The real work of downscaling them to our local and rural communities just started. This is the only way the United Nations’ target of Early Warning for All (EW4ALL) by 2027 can be met”, Mr Keyamo concluded.

In his own remarks, the Director General/Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, commended AGRHYMET and ACMAD for sustaining the Regional Climate Outlook since 1998. He congratulated them and the local organising committee for putting together a successful forum.

Mr Rowland Abah who represented the World Meteorological Organisation (WMO) Representative for North, Central and West Africa, said; “The output of this workshop provides additional Early Warning information for the countries in West Africa and the Sahel to support localized forecast and effective planning to mitigate climate-related hazards envisaged in 2024”.

Concluding, Mr Abah remarked that; “Climate change poses existential threats, and this is why the United Nations Secretary General has urged all countries to ensure that Early Warning Systems cover all citizens by the year 2027”.

The Director General of Nigeria Hydrological Services Agency (NIHSA), Clement Nze, and other representatives of other related agencies were present at the closing ceremony.

This year’s PRESASS brought together participants from 16 countries from the West African region and lasted from 22nd to 26th April, 2024.

For more on NiMet, visit www.nimet.gov.ng