Business
Nigeria’s Dangote Refinery Will Transform our Downstream Sector, Says Ghana Petroleum Authority
AJAGBE ADEYEMI TESLIM
Sponsored by: H&H
Speaking at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times”, Abdul-Hamid said the completion of the Dangote Petroleum Refinery project would be a breakthrough for the West African region which has for a long time depended on importation of petroleum products.
According to him, Ghana is presently facing the challenge of continuous rise in the cost of petroleum products, adding that getting importers to turn their attention towards Nigeria, rather than going all the way to the Netherlands for petroleum products importation, would help his country stem the tide of a continuous increase in the price of fuel.
He stated: “The Dangote Petroleum Refinery will have a huge impact on Ghana’s downstream sector. Right now, Ghana’s downstream industry is completely deregulated. There is no petrol subsidy in Ghana. For a deregulated market where the importers recover their costs fully, importing from Nigeria will certainly be more cost-effective and cheaper than importing from Rotterdam in the Netherlands where we get the bulk of our fuel in Ghana.
“As we all know, the price builds up for a liter of fuel will include the cost of shipment, transportation, insurance, and others, but if we are importing from Nigeria into Ghana, this will bring down the cost of fuel in our country. Ghanaians are very excited about the prospect of the Dangote Petroleum Refinery.
Ghana had in the past built a good relationship where we get petroleum products from Nigeria at a reasonable and more affordable cost. I believe that the coming onstream of Dangote Petroleum Refinery will further strengthen the existing relationship between Nigeria and Ghana.”
Abdul-Hamid said the Ghanaian government was also developing a 60-billion-dollar petroleum hub project on 20,000 acres in the western part of the country for storage and marine facilities.
“All the above-mentioned projects will help accelerate the petroleum hub, consisting of refineries, and petrochemical development of the continent’s oil and gas resources, by connecting the downstream to the upstream.
It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon-emitting fossil fuel”, he added.
Speaking also at the event, Permanent Secretary, Ministry of Petroleum Resources, Nigeria, Gabriel Aduda said deregulation would increase transparency in the downstream sector of the petroleum industry. He said full deregulation would also create healthy competition among investors.
Aduda, who was represented by Mr. Augustine Okwudiafor, the Deputy Director, of Downstream Department, Federal Ministry of Petroleum Resources, noted that deregulation would give business guarantees to potential investors at the stage of conceptualisation.
According to him, deregulation would significantly reduce, if not eradicate completely, the diversion and smuggling of petroleum products across Nigerian borders.
“All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisation of the sector. It will also increase investment opportunities, create more jobs and promote a seamless energy transition.
All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.
He further said data was key in the Oil and Gas Industry, and that any reliable and accurate data would give investors a certain level of assurance.
“Hence, the government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations. The government, through the Ministry of Petroleum Resources, its agencies, and the Federal Ministry of Science and Technology, is considering enhanced technologies.
They include Machine Learning (ML) and Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.
Aduda emphasised that oil also had a place in the energy transition space in the sense that oil could be made cleaner through the development and use of appropriate technologies.
He said moving the downstream sector forward to that enviable position required collaborative efforts from all stakeholders. “I challenge you all to come along to move the downstream sector towards achieving the downstream we could all be proud of,” he added.
Business
Access Bank Group, Aig-Imoukhuede Foundation Pledge $300m to Transform Africa’s Economic Landscape
“We can’t wait to be saved; Africans need to solve Africa’s problems. This $300 million commitment reflects this reality’’ – Aig-Imoukhuede
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Aig-Imoukhuede Foundation and Access Bank Group have pledged $300 million in charitable commitments over the next 20 years. Access Bank has committed $200 million and Aig-Imoukhuede Foundation committed $100 million.
President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.
This will fund African government initiatives with a proven potential to transform national economic performance.
Speaking about the commitment, Aigboje Aig-Imoukhuede, Chairman, Access Holdings and Co-Founder, Aig-Imoukhuede Foundation, said, “We can’t wait to be saved, Africans need to solve Africa’s problems. This $300 million commitment reflects this reality.”
President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.
Appropriately, this announcement was made at the Africa CEO Forum 2024 in Kigali, Rwanda, where the theme of this year’s event is ‘At the table or on the menu?’. At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.
The fund will see the creation of an African-led Super NGO in partnership with academics, experts and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world. The NGO will work with African governments to provide the funding, governance and talent required to successfully execute game changing government reform programs, especially in the delivery of digital public infrastructure.
The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be short-sighted to “ignore” Africa. This landmark Africa-led initiative could not have been better timed.
Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC and Co-founder, Aig-Imoukhuede Foundation and Ofovwe Aig-Imoukhuede, Co-founder, Aig-Imoukhuede Foundation, on the sidelines of the Africa CEO Forum 2024 in Kigali…Thursday.
“We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity,” Aigboje Aig-Imoukhuede continued.
The availability of digital public infrastructure is a proven and cost-effective way for developing nations to break free of the status quo. It provides citizens with access to the same public goods and services available to citizens of advanced nations.
The India Stack has become a shining example of what can be achieved when visionary public and private sector leaders partner for development.
The Access Bank and Aig-Imoukhuede Foundation inspired NGO will make such partnerships a reality and delivering measurable improvements to the lives of Africans across the continent.
Notes to Editor:
For media inquiries, please contact:
communication@aigafrica.org or +234 808 5716 788
mediarelations@accessbankplc.com or +234 803 320 4315
ABOUT THE AIG-IMOUKHUEDE FOUNDATION
The Aig-Imoukhuede Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare. The Aig-Imoukhuede Foundation accomplishes its mission by supporting the reform initiatives of public sector entities, providing financing, technical support, and capacity-building programmes and resources for the public sector workforce. The Foundation also provides funding and strategic support to drive the work of affiliate organisations such as Africa Business Coalition for Health (ABC Health), the Private Sector Health Alliance of Nigeria (PSHAN), the Nigerian Solidarity Support Fund (NSSF) and others.
For more information, please visit www.aigimoukhuedefoundation.org.
Business
AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL
AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
At the esteemed Choose France Summit 2024, held on Monday, May 13, 2024, Aigboje Aig-Imoukhuede, the Chairman of Access Holdings PLC, was formally appointed as the President of the France Nigeria Business Council (FNBC) by the President of the French Republic, President Emmanuel Macron.
Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.
The France Nigeria Business Council (FNBC) stands as a pivotal coalition of Nigerian private sector business leaders, committed to enhancing bilateral relations between Nigeria and France. Its core objectives revolve around the facilitation of trade, investments, infrastructural development, job creation, and cultural integration between the two nations.
Since its establishment in June 2021 under the auspices of President Emmanuel Macron, the FNBC has diligently utilised its member network to champion investments across key business sectors, fostering cultural understanding and driving economic growth between Nigeria and France. Notably, it has catalysed Nigerian businesses’ ventures into investment opportunities within France.
Comprising 13 distinguished members, the Council boasts prominent figures including Aigboje Aig-Imoukhuede (President), Abdul Samad Rabiu, Gilbert Chagoury, Mike Adenuga, Aliko Dangote, Jim Ovia, Tony Elumelu, and John Coumantaros. Additionally, Kola Karim, Leo Stan Ekeh, Daisy Danjuma, Gbenga Agboola, and Jean Haas serve as integral members, with Jean Haas holding the position of Secretary.
Aig-Imoukhuede’s appointment follows the passing of Herbert Wigwe, the Council’s former President, in February 2024.
Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.
The Choose France Summit is an annual gathering that convenes business magnates, investors, and governmental dignitaries to explore investment prospects within France. The highlight of the Summit was the Presidential Dinner, characterised by high-level engagements and mutual commitments between participating parties.
Business
ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy.
These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.
Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.
The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.
Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.
“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”
Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.
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