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Stakeholders seek increased investment in renewable energy

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Stakeholders have called for increased investment in renewable energy as well as energy efficiency in the country, in other to promote the development of the sector.

They made the call at the 2023 International Conference of Renewable Energy and Energy Efficiency Associations-Alliance (REEEA-A), in Abuja.

The News Agency of Nigeria (NAN) reports that the event was organised in collaboration with the Nigerian Energy Support Programme (NESP), European Union, the German Government, among other stakeholders.

Dr Segun Adaju, Chairman of the Conference Planning Committee, said the conference was aimed at creating awareness about the alliance and also investment opportunities that lies in the sector.

He said it was important for Nigerians to key into alternative sources of energy for mobility, cooking, power among others.

According to him, the growth of the sector is deeply rooted in the private sector, as such the government is expected to develop appropriate policies for private sector investment.

“Every year Nigeria spends between 15 billion to 20 billion dollars to buy fuel for generators, that is an investment that is waiting to catalysed for the sector already,” he said.

Dr Imamudeen Talba, Chairman, Steering Committee, REEEA-A, said it was important to seek public-private partnership to foster collaboration to renewable energy in Nigeria.

He added that the Electricity Act recently signed by President Tinubu, had created a compelling need for restructuring of the power and energy sector in the country.

“To unleash this potential, we must create enabling environment that encourages private sector participation, to reduce investment risk and increases sustainable business forum.

“It is an an opportunity to learn from each other’s experiences and explore new avenues of cooperation to accelerate the transition to renewable energy and energy efficiency in Nigeria,” he said.

For her part, Ms Annett Gunther, Ambassador of the Federal Republic of Germany to Nigeria, said that it was necessary for the government and the private sector to find the right way to implement the energy transition plan.

She said that the German government would continue to support the country as it works towards its energy transition plan.

Also speaking, Prof. Abubakar Sambo, Chairman of the Board of Trustees of REEEA-A said with appropriate political will, renewable energy would solve the electricity problems in the country.

He said that the conference would provide a platform for policymakers and regulators to engage with the private sector and identify policy barriers, potential solutions that would accelerate private sector investments.

NAN reports that the event with the theme “Accelerating Private Sector Investment in the Renewable Energy and Energy Efficiency Sector”, had various panel discussions by experts in the field.

NAN also reports that with massive energy deficit, the highest in the world according to statistics, the Federal Government said it is contemplating a Renewable Energy plan (REmap) that would generate 178,000MW in its bid to overhaul Nigeria’s energy architecture.

 

To achieve the ambitious energy plan, the FG is scouting for investors to raise 1.22 trillion dollars to shift its energy sources to renewable, with a projected 178,000mws of electricity over the next 27 years.

Former Minister of Science, Technology and Innovation, Adeleke Mamora dropped the hint while launching the ambitious plan at the 13th International Renewable Energy Agency (IRENA) Assembly holding in Abu Dhabi, United Arab Emirates (UAE).

While renewable energy generation in the country is currently around 1,000MW, the federal government and its partners, especially International Renewable Energy Agency (IRENA) said they are pitching to global investors the ambitious plan aimed at ending energy poverty, addressing climate change and aiding Nigeria in achieving Paris Agreement projections as well as the Sustainable Development Goals.

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Seplat Energy celebrates a decade of Dual Listing with Bell Ringing Ceremony at Nigerian Stock Exchange

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[L-R: Mr. Roger Brown, CEO Seplat Energy Plc; Mr. Temi Popoola, Group CEO, Nigerian Exchange (NGX) Group; Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy Plc; Mr. Jude Chiemeka, Ag. CEO, NGX; Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group; Sen. Heineken Lokpobiri, Hon. Minister of State for Petroleum Resources (Oil), at the NGX Closing Gong Ceremony to mark a Decade of Listing of Seplat Energy on the NGX and the London Stock Exchange … on Tuesday]
The Nigerian Exchange (NGX) reverberated with the jubilant sound of the bell as Seplat Energy PLC, a leading independent indigenous energy company, celebrates a significant milestone – a decade of its dual listing on both the Premium Board of the Nigerian Exchange (NGX) and the Main Market of the London Stock Exchange (LSE). This commemorative event, attended by esteemed representatives from Seplat Energy, the NGX, the Nigeria government, and other institutional partners, marks a decade of strategic partnership and commitment to excellence in the energy sector.

During his speech at the anniversary, Mr. Roger Brown, CEO, Seplat Energy, expressed delight over the feat, reiterating Seplat Energy’s commitment to leading Nigeria’s energy transition, adding that the power of indigenous companies is to bring growth and prosperity to their home countries and the people. “One example of how Seplat Energy is making an enduring difference to Nigeria and host communities where we operate is that nearly $50m had been invested by our Joint Venture partnerships in communities since our inception to date,” Brown said.

“Truly, Seplat Energy has delivered significant value by enhancing strategic, operational and financial achievements in 10 years as a listed company,” he added.

Sen. Heineken Lokpobiri, Hon. Minister of State for Petroleum Resources (Oil); Alhaji (Dr.) Umaru Kwairanga, Group Chairman, NGX Group; ; Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy Plc; Mr. Roger Brown, CEO Seplat Energy; and Mr. Bello Rabiu, Senior Independent Non-Executive Director, Seplat Energy, lead other Directors and Management of Seplat Energy, at the NGX Closing Gong Ceremony to mark a Decade of Listing of Seplat Energy on the NGX and the London Stock Exchange … on Tuesday

In his comments, Mr. Temi Popoola, CEO, NGX Group, emphasized the significance of Seplat Energy’s decade of dual listing stating, “If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today, and the market is very grateful for that”.

Congratulating Seplat Energy on this milestone, in his welcoming remarks, Alhaji (Dr.) Umaru Kwairanga, NGX Group Chairman, highlighted the importance of partnerships between the NGX and companies like Seplat Energy in driving economic growth and development stating that “Seplat’s journey symbolises resilience, innovation, and a commitment to excellence, making them a beacon of corporate governance and operational expertise. Seplat Energy has emerged as a leading indigenous energy company, deeply integrated into Nigeria’s economic landscape and the NGX Group remains committed to supporting companies like Seplat Energy as they drive economic growth and contribute to our nation’s prosperity”.

 

Reflecting on the significance of the decade of dual listing, Mr. Udoma Udo Udoma, Board Chairman, Seplat Energy remarked, “Seplat Energy is committed to driving Nigeria’s transition to sustainable and affordable energy, harnessing its power to improve lives by transforming the economy. We have ambitious goals. We are investing in Nigeria. We will support the federal government’s energy transition policy, and we will partner with FG in whatever area they want us to do so. That is our commitment. We will grow Seplat while also maintaining the highest standard of corporate governance”.

Also commending Seplat Energy on the decade of listing, Jude Chiemeka, Acting CEO, NGX stressed the importance of the capital market in helping companies raise funds and creating wealth for all, stating that “Seplat Energy was listed at 576 Naira at listing and yesterday it closed at 3,370 which is an increase of over 484%. The figures show that in the last 10 years, the company has paid out $575m in dividend payments to shareholders in Nigeria and London where they are also listed, so this company has given investors a huge opportunity to really participate in wealth creation. Reports show that Nigeria would be among the top 20 countries in the next 25 years, and I think Seplat is poised to be one of the institutions driving growth, prosperity, and inclusion in our nation”.

Also gracing the closing gong ceremony was Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), who gave kudos to Seplat Energy on their laudable achievements while also assuring of the Federal Government’s commitment to providing support to the company. “I am happy to be part of today’s celebration and Seplat’s exceptional performance in the last ten years and as Minister of State, Petroleum Resources, I assure that we will partner with Seplat to expand their investments, not only for the benefit of its shareholders, but also for Nigeria. The least the government can do anywhere in the world is to create an environment where companies like Seplat continue to thrive”.

Seplat Energy remains focused on driving value for its shareholders, pursuing strategic acquisitions, and championing sustainable practices in the energy sector, with ongoing projects such as the acquisition of Mobil Producing Nigeria Unlimited and the development of the ANOH Gas processing plant. The company’s diversified portfolio, including eight onshore and shallow water assets strategically located in the Niger Delta region, has enabled it to maximize hydrocarbon production while actively contributing to Nigeria’s energy security and economic development.

Seplat Energy’s robust gas portfolio, highlighted by the ANOH Gas processing plant project, underscores its pivotal role in Nigeria’s transition to gas. This aligns with Nigeria’s broader energy goals, promoting cleaner energy sources, reducing reliance on traditional fossil fuels and driving a greener and more sustainable energy landscape in Nigeria.

With commitment to corporate governance, corporate citizenship, and making significant corporate social investments, as reflected in its rigorous approach to performance assessment and its investment in community development initiatives, Seplat Energy is poised for continued success in the years to come.

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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