The average yield fell as trading in Nigerian Treasury bills finished on a positive note in the secondary market due to investors boosting their wagers on naira assets.
The buying trend continued even as fixed interest securities investors focused on the Debt Management Office’s (DMO) main market auction (PMA) on behalf of the Central Bank.
In a separate report, dealers said that the average yield on Treasury instruments fell 6 basis points in the secondary market to 22.87%. The Treasury bill market showed increasing buying activity in specific maturities, particularly the April 2025 and September 2025 papers.
Analysts at Cordros Capital Limited explained that the average yield declined at the short (-1 bp) and long (-25 bp) ends. The yield contraction witnessed across the curve was driven by buying interest in the 92-day to maturity, which shed 2 bps. The buying interest in 351-day to maturity bills caused its yield line to slump by 69 basis points, traders said.
Meanwhile, the average yield advanced at the belly of the curve by +24bps following profit-taking activities on the 134-day to maturity. Elsewhere, the average yield contracted by 2bps to 24.5% in the OMO bills segment in the secondary market.
Key money market rates, such as the Open Repo Rate (OPR) and the Overnight Lending Rate (O/N), declined by 0.49% and 0.56% to finish at 31.90% and 32.25%, respectively.
Nigerian Interbank Treasury Bills True Yield experienced downward movement across all maturities, while the average secondary market yield on T-bills slightly eased by 0.06%, settling at 22.87%.
A Federal High Court sitting in Lagos has struck out a lawsuit filed by the Manufacturers Association of Nigeria (MAN) challenging the implementation of the Band A electricity tariff review.
The case was brought against the Abuja Electricity Distribution Company (AEDC) and 11 other electricity distribution companies. According to a statement released by the Nigerian Electricity Regulatory Commission (NERC) on Thursday, the judgment was delivered on Monday.
The court ruled that MAN’s lawsuit was premature and amounted to an abuse of court process, failing to adhere to the provisions outlined in Section 51 of the Electricity Act 2023.
The court further held that MAN had not exhausted the dispute resolution mechanisms provided by law before resorting to litigation, thus failing to establish a reasonable cause of action.
As a result, the case was dismissed for lack of merit and non-compliance with due process.
Bizwatch recalls that the lawsuit stemmed from MAN’s dissatisfaction with a minor review of electricity tariffs carried out by NERC.
MAN had sought four reliefs in its suit, claiming that the proper procedure for tariff review as mandated by the Electricity Act was not followed when AEDC and other distribution companies applied for the review on July 31, 2023.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1695.00 per $1 on Thursday, October 10, 2024. Naira traded as high as 1590.00 to the dollar at the investors and exporters (I&E) window on Wednesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1685 and sell at N1695 on Wednesday 9th October 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1685
Selling Rate
N1695
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1589
Selling Rate
N1590
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Japan is providing ¥1.75 billion to Nigeria’s Centre for Disease Control (NCDC) to enhance its diagnostic capabilities and strengthen the country’s health sector.
This announcement was made on October 9, 2024, by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications.
The Nigerian government is responding by reaffirming its commitment to deepening ties with Japan, focusing on boosting trade, infrastructure, food security, and healthcare.
During a meeting at the presidential villa, Vice President Kashim Shettima expresses gratitude to the Japanese delegation, which includes outgoing Ambassador Matsunaga Kazuyoshi and Japan International Cooperation Agency (JICA) President Dr. Tanaka Akihiko. Shettima is recognizing Japan’s sustained support, including its critical role in Nigeria’s achievement of polio-free status in 2020.
He is assuring that any outstanding issues in bilateral relations will be promptly resolved. Meanwhile, Japanese officials express their sympathy for recent floods in Nigeria and announce that Japan will host an International Conference on African Development in Tokyo next year.
The Nigerian Communications Commission (NCC) ha partnered with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to strengthen the regulatory framework guiding the nation’s rapidly growing financial technology (fintech) sector.
Speaking at the Nigeria Fintech Week in Lagos on Wednesday, the Executive Vice Chairman of the NCC, Aminu Maida, emphasised the importance of collaboration among regulatory bodies in fostering innovation and ensuring the sustainability of Nigeria’s fintech ecosystem.
He highlighted the sector’s significance in driving financial inclusion and economic growth across the country.
Maida noted that the expansion of fintech across Africa is being shaped not only by technological innovations but also by the regulatory measures that guide its development.
“As the fintech space evolves rapidly, so too must our approach to regulation. Smart regulation is key to unlocking the full potential of fintech in Nigeria and across Africa, ensuring inclusive, sustainable, and beneficial growth for all,” he stated.
In his address, Maida referenced the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, which aims to enhance cooperation between regulatory bodies, including the Financial Reporting Council.
He praised this initiative as a critical step towards fostering collaboration and improving regulatory oversight in Nigeria’s fintech space.
While reflecting on past efforts, the EVC recalled the 2018 Memorandum of Understanding (MoU) signed between the NCC and CBN on payment systems, which has led to significant strides in addressing systemic challenges within the fintech sector.
Maida acknowledged that the partnership has played a pivotal role in building a robust regulatory framework that supports financial inclusion and sustainable economic development.
He stressed the need for regulators to adapt. “The theme of this event underlines a crucial reality: regulation must evolve alongside technology. While the law often lags behind innovation, we must bridge that gap. When done correctly, smart regulation becomes an enabler of innovation and inclusion, rather than a barrier.”
The Vice Chairman further noted the role of regulatory sandboxes in creating an environment that encourages innovation by allowing fintech products to be tested within flexible regulatory parameters. This, he noted, is essential to fostering an innovation-friendly ecosystem.
Maida cited the country’s classification within the International Telecommunication Union’s benchmark for collaborative regulation, describing it as a testament to the nation’s strong regulatory practices in the telecom sector, which are now being extended to fintech.
He further stressed the importance of aligning Nigeria’s fintech regulations with global standards, particularly in areas such as cross-border transactions and remittances while noting that international cooperation is vital to ensuring that Nigerian fintech firms remain competitive on the global stage.
President Bola Ahmed Tinubu’s government has borrowed $6.4 billion from the World Bank in the last 16 months, according to a document released on the World Bank’s official website.
This borrowing is part of a broader trend, with the World Bank approving 36 loan requests worth $24.08 billion for Nigeria over the past five years. On September 26, 2024, the World Bank approved $1.57 billion in new financing aimed at bolstering Nigeria’s human capital through improved health services for women, children, and adolescents.
The funds will also support efforts to mitigate the impact of climate change, particularly in addressing floods and droughts through enhanced dam safety and irrigation.
The $1.57 billion funding includes:
$500 million for the Governance (HOPE-GOV) program, designed to tackle governance issues hindering education and healthcare delivery.
$570 million for the Primary Healthcare Strengthening Program (HOPE-PHC), which aims to improve the accessibility and quality of primary healthcare services.
$500 million for the Sustainable Power and Irrigation for Nigeria Project (SPIN), intended to enhance dam safety, improve water management, and boost agricultural productivity.
The World Bank highlighted the importance of these investments in improving the quality of education and healthcare, as well as safeguarding communities from climate-related disasters.
The SPIN project, in particular, will help protect up to 950,000 people, including farmers and livestock breeders, by providing more reliable irrigation and water supply services. It also aims to enhance agricultural productivity across 40,000 hectares of land through better water management.
The World Bank’s Country Director for Nigeria, Ndiamé Diop, emphasised the significance of these investments.
He noted that improving healthcare, education, and governance today will increase future employment opportunities, productivity, and earnings for Nigerians, particularly women and girls, while reducing poverty for the country’s most vulnerable populations.
According to the World Bank’s report, Nigeria has been a consistent borrower from the institution. In 2020, the World Bank approved 15 loan requests worth $6.36 billion, including projects for rural access, agricultural marketing, and COVID-19 response. In 2021, the country received $3.2 billion for six projects, while 2022 saw $1.26 billion approved for various programs, including livestock productivity and business environment reforms.
In 2023, the bank extended $2.7 billion to Nigeria with major allocations such as $750 million for power sector recovery and $750 million for renewable energy expansion. So far in 2024, $3.82 billion has been approved for five projects, including a $70 million grant.
United States presidential election in 2024. USA flag. 3d illustration.
Donald Trump will go head-to-head with Kamala Harris in the 2024 USA Presidential Election race for the White House after an eventful campaign kickoff. Joe Biden exited the race following mounting pressure after a challenging first debate against Trump.
The 2024 USA Presidential Election is set for Tuesday, November 5, 2024. The winner will serve a four-year term, beginning with the inauguration on January 20, 2025. Voters will also be electing candidates for the House of Representatives and the Senate.
Key Battleground States
A handful of critical battleground states are expected to determine the outcome of the election. These swing states often flip between Democratic and Republican victories, with narrow margins.
Pennsylvania, with its 19 electoral votes, has played a pivotal role in recent elections and is expected to be a major focus in 2024. Trump will need to reclaim states like Arizona, Georgia, Wisconsin, and Nevada—states Biden won narrowly in 2020. Meanwhile, Florida and Ohio, traditionally swing states, have trended Republican in recent elections, though nothing is certain.
Early Voting Timeline
Alabama kicked off early voting by mail on September 11, followed by several other states. Here’s a look at the timeline for early in-person and mail voting:
September 11: Alabama
September 19: Wisconsin
September 20 — Minnesota, South Dakota, Virginia
September 21 — North Carolina, Military and overseas ballots
Most voters will head to the polls on Election Day, although many will have already voted by mail or through early voting. Ballot counting begins once polls close, which varies by state but generally starts around 7 p.m. local time.
When to Expect Results
Election results may not be finalized for days, and the official count can take months. However, projections are typically made long before all votes are counted, with the winner often declared within a few days of the election.
Investors in equities lost more than N56 billion on the Nigerian Exchange (NGX) trading platform as banking, insurance, and oil companies fell. As a result of the selling rally, the local bourse closed on a negative note as investors rebalanced their portfolios ahead of the Q3 earnings release.
Details from the NGX transaction record revealed that key performance indicators fell by 0.10%, with year-to-date performance reducing further following yesterday’s loss. According to data from the local exchange, the market index, or All-Share Index, fell by 97.67 basis points to settle at 97,487.14 points.
The market’s slide was led by profit-taking across all major market sectors, with the banking sector leading the way, plunging -0.67%. Within two days, the local bourse weight has shrank by ₦126 billion as investors shifted attention into the fixed interest securities market.
Stockbrokers said market activities inched lower as the total volume and total value traded in the market dropped by 50.48% and 16.65%, respectively. Atlass Portfolios Limited told investors in an email note that approximately 356.13 million units valued at ₦6,952.40 million were transacted across 8,582 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 18.61% of the total volume of traded in the market. Other volume drivers include UBA (10.68%), STERLINGNG (9.49%), NB (4.09%), and OANDO (3.68%).
UBA emerged as the most traded stock in value terms, with 14.87% of the total value of trades on the exchange. LASACO topped the advancers’ chart with a price appreciation of 10.00 percent.
Other gainers include MECURE (+9.47%), JBERGER (+9.33%), REGALINS (+9.09%), GOLDBREW (+7.94%), NNFM (+6.11%), and nine others. Thirty-eight stocks depreciated in the equities market, according to transaction details obtained from the Nigerian Exchange.
ELLAHLAKES was the top loser, with a price depreciation of -9.84%. Other decliners include ETRENA (-8.52%), LIVESTOCK (-8.02%), FTNCOCOA (-6.57%), JAIZBANK (-4.72%), and UNILEVER (-2.56%).
Given the trading direction, the market breadth closed negative, recording 15 gainers and 38 losers. In its note, CardinalStone Securities Limited said sectoral performances were predominantly bearish, with four indices closing in the red and one in the green.
The Banking sector (-0.67%) led the bears, weighed down by UBA (-1.82%) and FBNH (-1.73%). The Oil and Gas sector (-0.48%) also faced downward pressures due to losses in OANDO (-3.45%).
The Insurance (-0.22%) and Industrial Goods (-0.01%) sectors followed suit, dragged by CORNERST (-1.92%) and CUTIX (-3.41%), respectively. The Consumer Goods sector (+0.31%), however, bucked the trend, buoyed by bullish sentiment in NB (+5.26%).
Overall, the Nigerian Exchange lost N56.12 billion to close at N56.02 trillion.
Covenant University has once again topped the Times Higher Education World University Rankings 2024. The ranking, which evaluates colleges based on a variety of performance measures, put the Ota-based university ahead of other prominent Nigerian universities, maintaining its status as a higher education leader.
The rankings, which included 1,907 universities from 108 countries, evaluated the institutions using 18 performance factors in five major areas: teaching, research environment, research quality, industry, and international orientation.
CU emerged as Nigeria’s top, surpassing the University of Ibadan, the Federal University of Technology Akure, and the University of Lagos, which finished second, third, and fourth, respectively.
The 2024 list also reflected a shift in the global higher education landscape, with more than 134 million citations from 16.5 million research publications analyzed and survey responses from over 68,000 scholars collected globally.
Other Nigerian universities making the top ten include Bayero University, University of Ilorin, University of Nigeria, Nsukka, and Afe Babalola University. The Federal University of Agriculture, Abeokuta, also earned a spot in the top tier, securing 10th place.
See the full list
Covenant University
University of Ibadan
Federal University of Technology, Akure
University of Lagos
Bayero University
University of Ilorin
University of Nigeria, Nsukka
Afe Babalola University
University of Benin
Federal University ofAgriculture, Abeokuta
Ladoke Akintola University of Technology
Lagos State University
Nnamdi Azikiwe University
Obafemi Awolowo University
University of Port Harcourt
Abia State University
Akwa Ibom State University
Alex Ekwueme Federal University, Ndufu-Alike
Babcock University
Baze University
Bells University of Technology
Benson Idaho University
Delta State University, Abraka
Edo State University, Uzairue
Edwin Clarke University
Elizade University
Evangel University, Akaeze
Federal University of Kashere
Federal University of Petroleum Resources, Effurun
The Nigeria Labour Congress (NLC) has sharply opposed the recent increase in fuel prices, branding it as an anomaly that contradicts the ideals of a deregulated market. The NLC contends that the Nigerian National Petroleum Company Limited (NNPCL), a government-owned company, should not be the sole arbiter of fuel prices in a sector ostensibly subject to market forces.
In a statement issued by NLC President Joe Ajaero, the union urged an immediate reversal of the fuel price hike, underscoring that previous increases had not resulted in any meaningful advantages for Nigerians.
The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of gasoline. It looks like the only thing this government is known for is the increase in the pump price of gasoline without commensurate capacity of Nigerians or mitigatory measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip and more jobs are lost with multidimensional negative effects.
“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”
The naira lost value in foreign exchange (FX) markets as a result of the US dollar’s low supply. The exchange rates went negative due to the economy’s FX scarcity difficulties.
According to spot data from the FMDQ platform, the naira declined by 4.06% and closed at ₦1,625.13 per US dollar. In the parallel market, the Naira closed at ₦1,670 to the US dollar due to strong FX demand for invisible payment.
Despite improvements in Nigeria’s oil production output, the dilemma of foreign currency scarcity has persisted. Despite global commodity market uncertainty, crude oil prices have not fallen below $60 per barrel, rather have edged closer to $90.
The latest data from the commodities market showed that oil prices decreased today after a significant drop in the previous session. Brent dipped to $76.57, while US benchmark WTI fell to $73.27 per barrel.
But data from the Central Bank of Nigeria (CBN) revealed that the external reserves continue its uptrend. The gross balance climbed to $38.670 billion on Tuesday due to twice inflows seen since last week.
On Friday, Nigerian autonomous foreign exchange market (NAFEM) rate traded within the range of N1,530- N1,699, closing at N1,631.2/US$ in the spot market. According to Coronation Research, the exchange rate movement points towards a depreciation of 5.9% or N90.4 week on week.
Analysts at Coronation Research explained that channel checks conducted revealed that in the parallel market, the Naira closed at an average of N1,688/US$ on Friday – leaving FX gap at 2.4%.
According to data from FMDQ, total NAFEM turnover increased by 10.6% or US$138 million week on week to close at US$1.4 billion. The official FX window recorded an inflow of USD645 million.
The CBN accounted for 23.3% of the total inflow, foreign portfolio investors (FPIs) contributed 14.2% while non-bank corporates supplied 20%. Also, exporters accounted for 28.7% of the inflows, and others accounted for 13.9%.
Additionally, gold prices retreated due to the strengthening dollar and reduced expectations for a more significant rate cut in November.
Now you can find the Week 16 pool fixtures 2024: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortunesoccer pool fixtures. Find all the Week 16 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
Now you can find the Week 17 pool fixtures 2024: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortunesoccer pool fixtures. Find all the Week 17 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
The Nigerian National Petroleum Company (NNPC) Limited has raised the price of premium motor spirit (PMS), generally known as fuel, at its retail stores.
On Wednesday, Bizwatch Nigeria reported that the product’s price had risen to N998 per liter in Lagos. The NNPC upped the pump price from N855 per litre, which was established in September.
The price of PMS at NNPC retail outlets on Ago Palace Way in Okota and Second Rainbow on Apapa Expressway was fixed at N998 per liter. In Abuja’s Wuse Zone 4, a NNPC retail outlet offered the product for N1,003 per litre. Also, commercial filling stations have begun to modify their prices, with the Mobil filling station on College Road in Ogba matching the NNPC pump price.
The price development comes weeks after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations. On September 15, the NNPC said petrol was bought from Dangote refinery at N898 per litre.
The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous.”. A day later, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce its unaudited half-year results for the six months ended 30 June 2024.
The H1 2024 Unaudited Results showed a strong financial performance, with the company’s total income increasing by 40% to US$233.4 million, compared to US$167.6 million in H1 2023. This comprises total revenues of US$123.5 million and other operating income of US$109.9 million.
Its operating profit also stood at US$152.3 million, 130% higher than H1 2023 (US$66.2 million), with adjusted EBITDA of US$91.6 million, compared to US$108.2 million in H1 2023. This excludes other operating income which when included shows a 47% increase year-on-year to US$201.5 million, compared to US$137.1 million in H1 2023.
The report also shows that the company’s operating expenses plus administrative expenses came up to US$75 million, and capital expenditure of up to US$50 million.
In terms of operations, its average gross daily production in Nigeria for the period stood at 24.4 Kboepd, representing an increase of 3% compared to FY 2023 (23.6 Kboepd).
The report also shows that company’s renewable energy projects in motion at period-end rose to 696 MW. A strong believer in Africa’s transition to renewable energy, Savannah which aims to become one of the largest renewable energy development companies in Africa over the next two years with a rapidly growing pipeline of solar, wind, and hydro power projects is targeting a portfolio of up to 1 GW+ of renewable energy projects in motion by end 2024 and up to 2 GW+ by end 2026.
Andrew Knott, CEO of Savannah Energy, said:
“I am pleased to report our results for the first six months of 2024, as well as the wider progress we are making developing our business. Key highlights in H1 included the delivery of US$233m of Total Income1 and the announcement of our planned acquisition of SINOPEC’s upstream assets in Nigeria. Alongside this, we are pleased to report strong progress in the development of our renewable energy business, particularly relating to our planned projects in Niger and Cameroon. Looking forward we expect to make a series of announcements around our entry into further renewable energy projects prior to year-end. We remain unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND renewable energy sectors.”
Financial Review
The table below provides an overview of our results for H1 2024 with a comparison for H1 2023:
Financial highlights
Six months ended 30 June 2024
Six months ended 30 June 2023*
Total Income, US$ million
233.4
167.6
Adjusted EBITDA, US$ million
91.6
108.2
Adjusted EBITDA including Other operating income, US$ million
201.5
137.1
Revenue, US$ million
114.8
123.7
Operating profit, US$ million
152.3
66.2
Operating margin, % (Operating profit/ Total Income1)
65.3%
39.5%
Operating expenses plus administrative expenses, US$ million
27.5
25.1
Operating expenses plus administrative expenses, US$/Mscfe
1.1
1.1
* The prior year comparative has been restated to conform with the presentation of “other operating income” in the 2023 annual report
Operational Review
Nigeria
During 2024 YTD, Savannah’s subsidiary, Accugas Limited agreed and extended three gas contracts for a total of up to 105 MMscfpd. These include the extension of the agreement with First Independent Power Limited (“FIPL”) in January 2024 for an additional 12-month period, whereby Accugas is supplying FIPL’s FIPL Afam, Eleme and Trans Amadi power stations with up to 65 MMscfpd of gas; a new 24-month agreement signed in July 2024 with Ibom Power Company Limited, owner of the Ibom power station, to supply up to 30 MMscfpd of gas, following the expiration of the previous 10-year agreement; extension of the agreement with Central Horizon Gas Company Limited (“CHGC”) was signed in August 2024 for an additional 12-month period, whereby Accugas is supplying CHGC with up to 10 MMscfpd of gas.
The company also continues to make progress on the US$45 million compression project at the Uquo Central Processing Facility (“CPF”), and project remains on budget and on track to be completed during 2024. The company is also currently working on a proposed further development programme for the Uquo field which is expected to see additional wells drilled in 2025 and 2026.
SIPEC Acquisition
In March 2024, Savannah announced the proposed acquisition (via two separate transactions) of 100% of SIPEC for a total consideration of US$61.5 million. SIPEC’s principal asset is the 49% non-operated interest in Stubb Creek. A subsidiary of Savannah, Universal Energy Resources Limited, is the 51% owner and operator. The company expects this to be completed in Q4 2024. The transaction consideration is expected to be funded through a new senior debt facility arranged by Standard Bank of South Africa Limited and the existing cash resources of the Company.
As at year end 2023, SIPEC had an estimated 8.1 MMstb of 2P oil reserves and 227 Bscf of 2C Contingent gas resources. Savannah’s Reserve and Resource base is expected to increase by approximately 46 MMboe following completion of the SIPEC Acquisition. SIPEC oil production is estimated at an average of 1.4 Kbopd for 2024. Following completion of the SIPEC Acquisition, Savannah plans to implement a de-bottlenecking programme at the Stubb Creek processing facilities. It is anticipated that within 12 months of completion of the acquisition, this will lead to Stubb Creek gross production increasing by 135% to approximately 4.7 Kbopd. Importantly, the SIPEC Acquisition also secures significant additional feedstock gas available for sale to its Accugas subsidiary, underpinning Savannah’s long-term ambition to be the gas supplier of choice in Nigeria.
Niger
Savannah remains committed to the 35 MMstb (Gross 2C Resources) R3 East oil development in South-East Niger. The Niger-Benin oil export pipeline, now fully operational, provides a clear route to international markets for crude oil produced from our R1234 contract area. The company continues to progress its planned four well testing programme and are in the process of mobilising the required long lead item equipment into country.
Located in the Tahoua Region of southern Niger, Savannah’s Parc Eolien de la Tarka wind farm project is anticipated to be the country’s first wind farm and the largest in West Africa, with a total power generation capacity of up to 250 MW. Savannah has signed agreements with two leading international Development Finance Institutions (the International Finance Corporation, the private sector arm of the World Bank, and the US International Development Finance Corporation, the U.S. government’s development finance institution) to fund approximately two-thirds of the pre-construction development costs of the project.
The project made significant progress in H1 2024 with all key studies now either complete or at an advanced stage. It submitted its Environmental and Social Impact Assessment (“ESIA”) scoping report to the Government of Niger and has continued to progress the ongoing ESIA field work additional studies required for the submission of the full ESIA report, expected in 2025. As part of the ESIA studies, Savannah is currently performing a land survey of the wind farm area. The company has partnered with the Department of Geography of the Abdou Moumouni University of Niamey, where it has enabled a cartography and software training programme for a cohort of its students, before deploying them under supervision on the Tarka site. This has provided local students with a material and exciting learning experience, while involving them in a transformational energy project for their country.
In August 2024, it hosted a site visit for Niger’s Minister of Energy where it provided the Minister, Governor of Tahoua, local officials and community representatives with a presentation on the project and a tour of the wind farm site, detailing it plans for the project and outlining its transformative potential for Niger and its people. The Minister confirmed that the Parc Eolien de la Tarka wind farm project is on the Ministry of Energy’s list of priority projects.
Parc Eolien de la Tarka is expected to produce up to 800 GWh of electricity per year, representing approximately 22% of Niger’s annual electricity demand, based on the country’s projected energy demand in 2026. The construction phase is expected to create over 500 jobs, while the project has the potential to reduce the cost of electricity for Nigeriens and avoid an estimated 450,000 tonnes of CO2 emissions annually.
Savannah also continue to progress the two photovoltaic solar power plants expected to be located within 20 km of the cities of Maradi and Zinder. In H1 2024, it presented the preliminary commercial and technical proposals to the Government of Niger. A sanctioning decision on these projects is expected in 2025, with first power in 2027.
Cameroon
Substantial progress has been made on the Bini a Warak Hybrid Hydroelectric and Solar Project in Cameroon, following the approval of the optimisation and proposed redesign of the project given by the Minister of Water and Energy. The redesigned project, involving the construction of a hydroelectric dam on the Bini River in the northern Adamawa region of Cameroon, now incorporates photovoltaic solar, raising its installed power generation capacity from up to 75 MW to up to 95 MW. Savannah continues to progress the project towards an anticipated project sanction in 2026, with first power targeted in the 2028 to 2029 window.
South Sudan
Savannah remains in active discussions regarding a potential transaction in South Sudan. A further update is expected to be made in early November.
Chad Arbitration Update
As previously disclosed in Savannah’s 2023 Annual Report, Savannah Chad Inc (“SCI”), has commenced arbitral proceedings against the Government of the Republic of Chad and its instrumentalities in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights. Its other wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), has commenced arbitral proceedings in relation to the nationalisation of its investment in Tchad Oil Transportation Company, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad. SMIL has also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to Cameroon Oil Transportation Company (“COTCo”), the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon.
Savannah expects the arbitral proceedings to be concluded in the second half of 2025. SCI and SMIL are claiming in excess of US$840 million for the nationalisation of their rights and assets in Chad, and SMIL has a claim valued at approximately US$380 million for breaches of its rights in relation to COTCo. Whilst the Government of the Republic of Chad has acknowledged SCI’s and SMIL’s right to compensation, no compensation has been paid or announced by the Government of the Republic of Chad to date.
Savannah remains ready and willing to discuss with the Government of the Republic of Chad an amicable solution to the disputes. However, in the absence of such discussions, the Group intends to vigorously pursue its rights in the arbitrations.
Sustainability
Savannah published its Task Force on Climate-Related Financial Disclosures 2023 disclosure report and its maiden disclosure report in accordance with its chosen 13 United Nations Sustainable Development Goals in June 2024. It continues to progress its 2024 sustainability performance measurement and reporting in line with its sustainability strategy.
For further information, please refer to the Company’s website www.savannah-energy.com or contact:
The Ministry of Arts, Culture and Creative Economy (FMACCE), in collaboration with Google, has launched an initiative to empower 2,500 young creatives to scale this number 10,000 across Nigeria through a dedicated training program delivered by the Del York Creative Academy. This collaboration is a significant step in advancing the FMACCE’s Creative Leap Acceleration Programme (CLAP), which aims to drive skills development, innovation, and foster public-private partnerships in Nigeria’s creative sector.
CLAP, an initiative by the FMACCE, is being executed through the National Council for Arts and Culture (NCAC). The NCAC as the primary implementing agency, is leveraging its extensive network and expertise in the cultural sector to ensure that CLAP meets its objectives of equipping aspiring creatives with vital skills and fostering sustainable growth within Nigeria’s creative industry. By leveraging the expertise of Google and the training capabilities of Del York Creative Academy, this program will provide participants with hands-on learning experiences in areas such as Music, Film, Animation, Content Creation, Live Production, and Audio. The program is aligned with the core objectives of CLAP, which include creating employment opportunities, diversifying the economy, and deepening Nigeria’s cultural export potential.
Honourable Minister Hannatu Musa-Musawa of the Federal Ministry of Arts, Culture, and the Creative Economy expressed her enthusiasm for the partnership: “This collaboration is a testament to our commitment to nurturing Nigeria’s creative talent. By empowering our youth with the skills they need to excel in the creative industries, we are not only creating jobs but also positioning Nigeria as a global leader in cultural exports. In line with the president’s Renewed Hope agenda, this program will empower our youth to become even more active contributors to the economy, driving innovation and economic growth.”
The six-week training program will cover foundational skills in visual storytelling and creative video content production. Participants will explore essential aspects such as storyboarding, shooting, editing, motion graphics, and the integration of AI in the creative process. Additionally, a select group will participate in a three-week intensive in-person training and mentorship program, culminating in the creation of a high-quality visual content project.
Olumide Falegan, Manager, EMEA Music & Culture at Google SSA, shared his excitement: “This initiative is about recognizing and equipping the unsung heroes of our creative industries. By empowering these 2,500 professionals, and eventually 10,000 across Nigeria, we are investing in the future of Africa’s cultural influence and economic prosperity.”
Linus Idahosa, Executive Chairman and CEO of the Del-York Group, highlighted the significance of the initiative: “Our partnership with Google is designed and carefully curated to bridge the gap between creative practitioners and corporate stakeholders, By equipping young talents with industry-relevant skills, we are fostering a new generation of creative entrepreneurs and enhancing the capabilities of the corporate sector to leverage creative expertise for business growth.”
Interested applicants can register for the training here: https://portal.delyorkcreative.academy/behind-the-camera/register. Applications open on October 8th and close on October 30th .
This program is an opportunity for aspiring creatives in Nigeria to gain training and mentorship, paving the way for exciting career paths in the burgeoning creative sector. By equipping individuals with in-demand skills, the program aims to foster a new wave of talent that will drive innovation, create compelling content, and contribute to the continued growth of Nigeria’s creative economy.
Google’s commitment to supporting the creative ecosystem in Africa includes initiatives like the Black Voices Fund and Made for You, which have already empowered countless creators across the continent. This collaboration with FMACCE and Del York Creative Academy builds upon this foundation, reaffirming Google’s dedication to fostering a vibrant and sustainable creative landscape in Nigeria.
The Federal Government has urged Nigerians to obtain formal approval before using the national anthem to prevent potential misuse or misinterpretation.
In a statement released on Wednesday, 0ctober 9, 2024, the Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, emphasised the importance of obtaining permission from the agency before using the anthem or its lyrics.
“As custodians of Nigeria’s national symbols, the NOA is tasked with preventing all forms of misuse, Permission must be sought from the agency to avoid misrepresentation.” He stated.
NOA also plans to conduct sensitisation campaigns across the country to educate Nigerians about the new guidelines and ensure compliance.
In addition to the national anthem, the NOA has also clarified the official colors of the Nigerian flag. The correct colors are green, white, and green, with the specific shade of green being Emerald 2.0.
Issa-Onilu criticised past administrations for prioritising infrastructure development over value orientation. ‘’This neglect led to the decline of social intervention structures such as the Boys’ Scouts, Girls’ Brigade, WAI Brigade, and even the NOA itself.’’
However, he commended President Bola Tinubu for recognising this gap and supporting the revival of value-based initiatives.
It is noteworthy that President Tinubu signed into law a bill re-adopting Nigeria’s old national anthem, “Nigeria, We Hail Thee,” on the first anniversary of his administration. The anthem, originally written in 1959, was dropped by a military government in 1978 but has now been restored.
October is globally recognised as Breast Cancer Awareness Month, a time dedicated to raising awareness about the most common cancer affecting women worldwide.
Breast cancer remains a leading cause of death among women in Nigeria, and lack of awareness, combined with stigma, contributes to late diagnosis and poor survival rates.
This month, health experts and organisations across the country are intensifying efforts to educate women on early detection, prevention, and the importance of regular check-ups.
In Nigeria, the event has become more urgent as the country contend with the rising breast cancer cases amidst growing concerns about limited access to early detection and treatment facilities.
Breast Cancer in Nigeria and Statistics
According to a 2024 report by the World Health Organization (WHO), breast cancer accounts for over 100,000 cases in Nigeria annually, with more than 40,000 deaths reported.
It is the most diagnosed cancer among Nigerian women, accounting for 23% of all cancer cases. Shockingly, over 70% of Nigerian breast cancer cases are diagnosed at advanced stages, significantly lowering survival chances.
Globally, WHO estimates show that there were over 2.3 million new cases of breast cancer in 2024, with about 685,000 deaths. The five-year survival rate for women diagnosed with early-stage breast cancer is around 90%, but in developing countries like Nigeria, this figure drops drastically to about 40%, due to late-stage diagnoses.
Causes and Risk Factors
Breast cancer occurs when cells in the breast tissue grow abnormally and uncontrollably. While the exact cause of breast cancer remains unclear, several factors increase a woman’s risk of developing the disease. These include:
Age: Women over 40 are more likely to develop breast cancer.
Family history: Having close relatives with breast cancer increases the risk.
Genetic mutations: Inherited mutations in genes like BRCA1 and BRCA2 elevate risk levels.
Lifestyle factors: Smoking, alcohol consumption, poor diet, and lack of physical activity contribute to increased risk.
Hormonal factors: Prolonged exposure to estrogen, either through early menstruation, late menopause, or hormone replacement therapy, increases breast cancer susceptibility.
In Nigeria, socio-economic factors like limited healthcare access, cultural beliefs, and inadequate health education often exacerbate the risk, leading to late detection.
Early Detection: The Key to Saving Lives
One of the most important messages this Breast Cancer Awareness Month is the need for early detection. Early diagnosis significantly increases the chances of successful treatment and survival.
Health professionals recommend the following steps for women in Nigeria to stay vigilant and proactive:
Regular Breast Self-Examinations (BSE): Women should conduct monthly self-examinations to detect any unusual lumps or changes. This simple, cost-free method helps women become familiar with their breast tissue and identify abnormalities early.
Clinical Breast Examinations (CBE): For women over 40, it is essential to have clinical breast examinations at least once a year. This can be done during routine medical check-ups.
Mammograms: A mammogram is a key tool in detecting breast cancer early. Women over the age of 40 are advised to undergo annual mammograms, while those with a family history of breast cancer should consult their doctors about starting earlier.
Breast Cancer Prevention Tips: Staying Safe
While breast cancer cannot always be prevented, certain lifestyle choices can help reduce the risk:
Maintain a Healthy Weight: Being overweight, especially after menopause, increases breast cancer risk. A balanced diet with plenty of fruits, vegetables, and whole grains can help.
Exercise Regularly: Physical activity can lower breast cancer risk by keeping hormone levels in balance. Experts recommend at least 30 minutes of exercise most days of the week.
Limit Alcohol and Avoid Smoking: Reducing alcohol intake and avoiding tobacco products can decrease the risk of breast cancer.
Breastfeed: Women who breastfeed for longer periods may lower their breast cancer risk.
What to Do if You Notice Symptoms
If you notice any of the following symptoms, it’s crucial to consult a healthcare provider immediately:
A lump in the breast or underarm.
Changes in breast size or shape.
Nipple discharge, other than breast milk.
Skin dimpling or puckering.
Unexplained pain in the breast or nipple.
Early intervention offers the best chance of a positive outcome, so seeking medical attention at the first sign of abnormality is essential.
Support Systems and Access to Care in Nigeria
While awareness is critical, access to screening and treatment remains a significant challenge in Nigeria, particularly for women in rural areas. Organizations like the Breast Cancer Association of Nigeria (BRECAN), Project Pink Blue, and government-led initiatives such as the National Cancer Control Programme are working to expand access to cancer care across the country.
More private and public health institutions are now offering breast cancer screening services at subsidized rates, especially during Breast Cancer Awareness Month. However, there is still a need for more outreach, education, and affordable healthcare solutions to address the growing cancer burden.
As Breast Cancer Awareness Month continues through October, women are encouraged to prioritise their health, stay informed, and participate in screening programs that could save their lives.
The Nigerian government has announced plans to attract significant investment in the country’s refining sector, with a consortium of investors from South Korea committing to build four 100,000-barrel capacity refineries in various locations across the nation.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, unveiled the news at the inaugural summit organized by the Crude Oil Refineries Owners Association of Nigeria (CORAN) in Lagos.
He emphasized the government’s commitment to creating a conducive environment for investors to establish refineries and contribute to Nigeria’s energy security.
Lokpobiri noted that the government has recently approved the invitation of the South Korean consortium to invest in Nigeria’s refining industry.
The consortium plans to establish four modular refineries, each with a capacity of 100,000 barrels per day, in different regions of the country.
To further incentivize investment in the midstream and downstream segments of the oil and gas sector, the government has adopted the public-private partnership (PPP) model.
This approach aims to attract private sector participation and facilitate the establishment of more refineries, both modular and large-scale.
The oil minister highlighted the government’s openness to equity investment in modular refineries and other upcoming refining projects as a strategic step to ensure energy security.
He also emphasized the importance of the Domestic Crude Supply Obligation (DCSO) guidelines, which have been developed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to ensure transparency and access to feedstock for local refineries.
Lokpobiri further announced the government’s plans to deregulate the downstream sector completely and implement necessary frameworks to mitigate the impact on the poor masses.
He also revealed that the ministry has facilitated easier access to tax and other exemptions for refinery equipment importation, as part of its efforts to make Nigeria self-sufficient in petroleum products and establish itself as Africa’s petroleum refining hub.
To support the development of the refining sector and address challenges such as crude oil theft and illegal refining, the government has taken several initiatives.
These include the establishment of an international emergency committee to explore home-grown solutions for in-country refining and the prioritization of partnerships with international institutions for knowledge transfer and technological advancements in the refining sector.
Billionaire businessman Aliko Dangote has called on the Nigerian government to cease the practice of mortgaging crude oil, a strategy that has been used to secure loans for the country’s development.
Dangote believes this practice is hindering the availability of feedstock for local refineries and hindering the country’s potential for self-sufficiency in petroleum products.
Speaking at a summit organized by the Crude Oil Refinery Owners Association of Nigeria (CORAN), Dangote criticized the government’s reliance on crude oil exports for revenue, arguing that it is a short-sighted approach that deprives the nation of its long-term economic benefits.
He pointed to countries like Norway, which have invested their oil wealth into national wealth funds for future generations, as a model to emulate.
“To ensure sufficient feedstock availability, we will need to stop mortgaging crude, it is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today.” He added.
Recent reports have revealed that the Nigerian National Petroleum Company Limited (NNPC) has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totaling $8.86 billion.
This amounts to approximately 8.17 million barrels of crude being used for different loan deals by the national oil firm on a monthly basis.
Dangote emphasised the need for Nigeria to prioritise the implementation of the domestic crude supply obligation and expand crude production capacity to support the growing demand from refineries.
He also highlighted the importance of incentivizing investors in the refining sector to attract more investment and boost the country’s refining capacity.
The Dangote Group has already made significant strides in refining capacity, with the 650,000 barrels per day Dangote refinery in Lagos being built without any government incentives.
The company’s success in this venture demonstrates the potential for Nigeria to become a regional refining hub.
However, Dangote warned that Nigeria faces increasing competition from other countries, including Kuwait, China, and Bahrain, which are also expanding their refining capacities.
Additionally, the tightening of environmental standards in Europe and the ban on exports of low-quality petroleum products from certain countries pose challenges for Nigeria’s refining industry.
To capitalise on these opportunities, Dangote urged the government to provide strong support and facilitate cooperation between stakeholders to build an additional 1.5 million barrels per day of refining capacity. This would not only reduce Nigeria’s dependence on imported petroleum products but also create jobs and stimulate economic growth.
Moving on, reports have shown that the decision to stop mortgaging crude oil and focus on developing local refining capacity can be a crucial step towards ensuring Nigeria’s energy security and economic prosperity.
By harnessing its abundant oil resources and investing in domestic refining capabilities, Nigeria can position itself as a major player in the global energy market and reap the benefits of a more sustainable and self-reliant economy.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
