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Lagos Socialite Engr. Omotosho Accuses TRAME Executives of Calumny and Blackmail

The feud between Lagos socialite Engr. Omotosho and The Residents Association Maplewood Estate (TRAME) Executives has escalated, with accusations flying back and forth in a battle of words and allegations.

In response to allegations from The Residents Association Maplewood Estate (TRAME) Executives, Lagos socialite Engr. Omotosho has fired back, dismissing the claims as a “campaign of calumny” and decrying the accusers as “blackmailers.”

Engr. Omotosho strongly refutes the accusations, labeling them as baseless attempts to tarnish his reputation. The TRAME Executives had levied criticism against him, but he is standing firm in his denial.

In a petition addressed to Governor Babajide Sanwoolu by the TRAME Executives, titled ‘Request for Urgent Intervention by Mr. Governor on the Threat to Peace, Livability, Stability, and Security at the Maplewood Estate Oko-Oba Agege, Lagos,’ the representatives expressed their concerns regarding the behavior of Mr. Omotosho, citing issues such as refusal to pay estate security dues and operating a school in disregard of the estate’s development plan.

Engr. Omotosho has vehemently denied the claims made against him by the TRAME Executives, labeling them as a “campaign of calumny” and accusing his accusers of being “blackmailers.” The TRAME Executives, on the other hand, have presented a petition to Governor Babajide Sanwoolu, detailing their grievances and requesting urgent intervention to address the threats to peace, livability, stability, and security at Maplewood Estate in Agege, Lagos.

According to the TRAME Executives, Engr. Omotosho has been a constant source of disruption within the estate, allegedly flouting rules and regulations set by the Residents Association. They claim that he has refused to pay estate security dues and electricity development levy, operated a school against the estate’s development plan, damaged security barriers, defied court judgments, and illegally occupied land designated for a recreation ground.

Meanwhile, Engr Omotosho has already filed a petition with the commissioner of police. The commissioner has ordered a police investigation into the matter. Part of his grievance is the flooding of the school premises and unauthorized incursions into his land. He also raised concerns about the re-channeling of the drainage system, among other issues.

The ongoing conflict has divided the community and raised concerns about the future of Maplewood Estate. Residents are left grappling with the implications of the accusations and counter-accusations between Engr. Omotosho and the TRAME Executives.

As the situation continues to unfold, residents are hopeful that a resolution can be reached to restore peace and harmony within the estate. The spotlight remains on Engr. Omotosho and the TRAME Executives as they navigate this contentious dispute in Maplewood Estate.

Gas Explosion: Lagos Lawmakers Demand Better Enforcement Of Safety Law

Following a recent gas explosion in the Ajeromi/Ifelodun area of Lagos that resulted in fatalities, the state House of Assembly has called on concerned ministries, departments and agencies of government to step up enforcement of safety laws to protect lives and property.

The House, at plenary presided over by Rt. Hon. Mudashiru Obasa on Monday, tasked two ministries – Physical Planning and Urban Development as well as Special Duties – to up their responsibilities to ensure that lives are protected against sales of combustible substances in residential areas.

The House frowned against the proliferation of gas shops across the state and asked the Lagos State Safety Agency not to compromise on enforcement of laws regulating the activities of such outlets, a statement by Eromosele Ebhomele, Chief Press Secretary to the Speaker, said.

A recent gas explosion had led to the death of 15 residents with at least 35 others sustaining injuries according to their representative at the Lagos Assembly, Hon. Sabur Oluwa (Ajeromi Ifelodun 2).

The House urged the government to support the victims in the form of relief materials.

Before the lawmakers observed a minute silence for the victims of the explosion, Speaker Obasa sympathised with the affected constituents and emphasised the need to address the issue.

He acknowledged that gas regulation falls under the ‘exclusive list’, but urged the state to find a way around it to prevent further tragedies.

“Having gas shops and outlets within the community without proper regulations must be looked into. It calls for concern and we must look for a way out,” Dr. Obasa said as he directed the Clerk, Barr. Olalekan Onafeko, to communicate the resolution of the House to the appropriate authorities.

Meanwhile, the Assembly has commended the Lagos State University Teaching Hospital (LASUTH) and the Gbagada General Hospital for their swift handling of emergency cases brought to the facilities.

Hon. Desmond Elliot (Surulere 1) said he witnessed how medical personnel at the two hospitals battled to save the lives of fire accident victims recently.

“Our health sector should be commended,” he said while acknowledging the collaboration between arms of government resulting in elevated healthcare standards in the state.

“The commitment and dedication I witnessed in the handling of fire victims at LASUTH and the Gbagada General Hospital are encouraging, reflecting a system where all hands were indeed on deck.

“When I got to the wards, I met over nine doctors and nurses attending to the victims at the LASUTH. I saw the same thing at the Gbagada General hospital,” he said.

Speaker Obasa, who emphasised the role of the legislative body in recognising and supporting such commendable endeavours, added: “This is exactly what the House is expected to do at all times.

“We will always commend the MDAs for a job well-done, and anywhere they falter, we will always point such out.”

He, thereafter, directed the Clerk to forward letters of commendation to the management of LASUTH, Gbagada General Hospital and the Commissioner of Health, Prof. Akin Abayomi.

ZENITH BANK ON TRACK TO SURPASS 2023 RESULTS WITH 189% GROWTH IN Q1 EARNINGS

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the 3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11% from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

State Police: Your Position Unacceptable, Lagos Assembly Tells IGP Egbetokun

Rt. Hon. Obasa, Speaker Lagos State House of Assembly

The Lagos State House of Assembly has kicked against the position of the Inspector-General of Police, IGP, Olukayode Egbetokun, that Nigeria is not ripe for the establishment of state police.

Speaker of the House, Rt. Hon. Mudashiru Obasa, directed the Clerk of the House, Barr. Olalekan Onafeko, to write the Inspector-General and the National Assembly stating that the state lawmakers reject Egbetokun’s position.

Recall that the IGP, represented at a recently held one-day dialogue on state policing, themed, ‘Pathways to Peace: Reimagining Policing in Nigeria’, opposed the establishment of state police, arguing that it would increase ethnic tension and cause divided loyalty in states of the federation.

The IGP also suggested that the Federal Road Safety Corps and the Nigeria Security and Civil Defence Corps be merged with the police force.

However, speaking at plenary on Monday, Dr. Obasa, who noted that the FRSC and the NSCDC have not been able to solve the problems of accidents on roads and pipeline vandalism respectively, wondered how effective they would be if they are merged with the police force.

“In Lagos State, we have the Security Trust Fund through which successive administrations starting from that of Asiwaju Bola Ahmed Tinubu have provided enormous support to the police command in Lagos State. Yet, crime of different dimensions has continued.

“This shows that no matter what Egbetokun has proffered as solution, such won’t solve our problem. The position of the IGP is unacceptable.

“We strongly believe that if we have state police, we would be able to solve the issues of crime in our nation or reduce it to the minimum.

“As we have seen in other climes, the United Kingdom has different levels of policing just like the United States of America. So why should ours be different?

“The lives of our people are very important and we must do everything possible to make sure we protect lives and property. We want to state categorically that we believe in state police and we want to urge the National Assembly to continue with its intendment to establish state police through the process of constitutional amendment,” Obasa said while praising President Tinubu for his resolve to end insecurity in the country.

Commending the Speaker for his stand on the issue of state police, the lawmaker representing Badagry Constituency 1, argued that with its current structure, it would be difficult for the Nigeria Police Force to effectively secure the country.

Also declaring his support for state police, another lawmaker, Hon. Sa’ad Olumoh (Ajeromi/Ifelodun 1), said each Nigerian state currently has a local security outfit in the semblance of state police.

“Today, which state does not have state police one way or the other? This is a cause that should be supported. For the IG to come out and say state police is not in the interest of Nigeria shows he is not considering the reality of insecurity on Nigerians,” he said.

ZENITH BANK, AfCFTA JOIN FORCES TO REVOLUTIONIZE AFRICAN TRADE

Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.

The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal, H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”

SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

About ZENPAY Ltd

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

UNVEILING THE MASTERY: BOMA FEMI JULIUS – A JOURNEY THROUGH SKILLS BY CHINEDU NSOFOR

UNVEILING THE MASTERY: BOMA FEMI JULIUS – A JOURNEY THROUGH SKILLS

BY
CHINEDU NSOFOR

Boma Femi Julius is one luminary whose name echoes through the corridors of the drilling fluids Industry. With an illustrious career spanning over 18 years, Boma has carved a niche for himself as a drilling fluids specialist par excellence, traversing the landscapes of both onshore and offshore rigs with unparalleled finesse.

Armed with a multifaceted arsenal of skills honed over years of diligent practice and unwavering dedication, Boma stands as a testament to the power of perseverance and the pursuit of excellence. His journey, adorned with myriad accomplishments and milestones, serves as an inspiration to aspiring professionals and seasoned veterans alike.

Master of the Trade

At the heart of Boma’s expertise lies a profound understanding of drilling engineering, cultivated through years of hands-on experience and academic rigor. Armed with a Master of Science in Drilling and Well Engineering from Robert Gordon University, coupled with a Bachelor’s degree in Polymer and Textile Engineering from the Federal University of Technology Owerri Nigeria, Boma embodies the perfect amalgamation of theoretical knowledge and practical acumen.

His educational odyssey, enriched by a Mini MBA in Business Administration and Management from Tekedia Institute, serves as a testament to his commitment to holistic growth and professional development. But beyond the confines of academia, it is Boma’s relentless pursuit of excellence that sets him apart in a sea of mediocrity.

Fluid Dynamics Virtuoso

As a drilling fluids specialist, Boma’s proficiency knows no bounds. From conducting physical and chemical analysis tests to crafting intricate mud programs tailored to each unique rig environment, his mastery of fluid systems is nothing short of extraordinary. Whether navigating the complexities of onshore drilling or braving the unforgiving tides of offshore rigs, Boma’s expertise remains unwavering, a beacon of reliability amidst the tempest of uncertainty.

His contributions to the field extend far beyond the confines of traditional expertise, as evidenced by his role in establishing a drilling fluids training school. Through this noble endeavor, Boma seeks to empower the next generation of industry trailblazers, imparting upon them the wisdom gleaned from years of firsthand experience.

A Linguistic Virtuoso

Fluent in both English and French, Boma epitomizes the essence of international professionalism. As a bilingual communicator, he effortlessly bridges cultural divides and fosters meaningful connections across linguistic barriers. His ability to seamlessly navigate diverse environments speaks volumes about his adaptability and cultural fluency, qualities that have undoubtedly served him well in his global endeavors.

Beyond the Rig: A Renaissance Man

Yet, Boma’s expertise transcends the confines of the drilling rig, as evidenced by his prowess as a karate coach, a Second Dan Black Belt graded by the Karate Union of Great Britain (KUBG). Through the ancient art of martial prowess, he imparts upon his students the virtues of discipline, focus, and resilience, echoing the same principles that have guided him on his professional journey.

In the annals of drilling fluids mastery, Boma Femi Julius stands as a towering figure, a paragon of excellence whose indelible mark on the industry shall endure for generations to come. With each passing day, he continues to inspire and innovate, embodying the very essence of what it means to be a true master of the craft.

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
Profit before tax from ordinary business of the Group surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.

The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective execution. Transcorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Dwellers of Coastal and Waterways Communities Appeal for Peace and Security in Rivers

A group of Nigerians living around the waterways in Nigeria has appealed to the President of the Federal Republic of Nigeria to help maintain peace and security in Rivers State, in the release signed by Tom Inko-Tariah and titled “URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT” where they seek the intervention of the president. Below is the release;

PUBLIC NOTICE: URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT

As concerned citizens and representatives of the Dwellers of Coastal and Waterways Communities of Africa (DCWCA), our hearts weigh heavy with concern for the safety and security of our beloved nation, particularly in Rivers State. Recent developments have seen allover the internet news online a troubling plot that threatens to undermine the peace and stability painstakingly built by our coastal communities.

We are gravely disturbed by reports indicating a sinister scheme aimed at disrupting the commendable efforts of Royal Fouchee Security Limited, spearheaded by the esteemed Alhaji Mujahid Dokubo Asari. It pains us deeply to learn that the very guardians of our security, the Nigeria Security Agencies, are allegedly orchestrating an assault on the dedicated workers of Royal Fouchee Security Agency and other private security entities in Rivers State.

In this hour of uncertainty, we turn our eyes to the highest office of the land, the esteemed President of Nigeria, with an impassioned plea for intervention. Mr. President, we beseech you to heed our call and use your authority to halt any actions that may endanger the lives and well-being of our coastal citizens. Your decisive action is imperative in preventing further escalation of tensions and preserving the peace that is the lifeblood of our coastal communities.

While we cannot definitively prove the political undertones behind these alarming developments, the whispers of suspicion linger in the air. It is incumbent upon our leaders to rise above partisan interests and prioritize the safety and security of every Nigerian, particularly those in our coastal regions who are vulnerable to various challenges.

Let us not forget the lessons of our past, where political differences were allowed to sow seeds of discord and division among our coastal brethren. Instead, let us unite in solidarity, transcending political boundaries to safeguard the sanctity of our democracy and the welfare of our coastal people.

Mr. President, we implore you to intervene swiftly and decisively, sending a clear message that the security and well-being of every coastal Nigerian is non-negotiable. Your actions today will shape the destiny of our nation and reaffirm our collective commitment to peace, unity, and progress.

With unwavering hope and trust in your leadership,

Dwellers of Coastal and Waterways Communities of Africa (DCWCA)
Tom Inko-Tariah ACI arb
President/CEO]

An Icon of Service: NATCOM boss, Otunba Adejare Adegbenro’s Leadership Legacy

In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

… as FG endorses consolidated guidelines

Today, in a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy, presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness whilst stimulating economic growth.

As disclosed during the signing, the Presidential Directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs. Olu Verheijen to ensure a competitive framework for the Nigerian oil & gas industry. These Consolidated guidelines for the fiscal incentives are based on extensive collaboration across Finance and Petroleum Ministries and involved several key regulatory bodies including the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to Mrs. Verheijen, these new measures have been designed to deliver a competitive Internal Rate of Return (IRR) for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months. They also underscore Nigeria’s commitment to reaching its long term oil production target of 4 million barrels per day whilst enhancing the reliability of gas supply for to boost export earnings and fuel Nigeria’s industrialization.

Mrs. Verheijen disclosed that among the guidelines signed were the NUPRC Guideline on Hydrocarbon Liquids Content in a Non-Associated Gas (NAG) Field, essential for accurately categorising and quantifying the hydrocarbon liquid content in these fields. Additional guidelines focused on the applicability of tax credits and allowances for Non-Associated Gas Greenfield Development and the Midstream Capital and Gas Utilization Allowance, providing taxpayers with clarity on the computation of these benefits.

HM Edun, in his remarks, thanked President Bola Ahmed Tinubu for signing the directive in February 2024 to engender growth in the Nigerian oil and gas sector, which had stagnated for over the last decade. He also emphasised the potential of the guidelines, saying, “The idea is to create an atmosphere conducive to international competitiveness such that investment comes in. And in this case, we know it’s foreign direct investment”.

The signing ceremony was attended by various stakeholders, including NNPC Limited, Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG), further highlighting Nigeria’s unified approach toward reinvigorating its oil and gas sector.