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CIBN Donates 160-Seater Lecture Theatre To Olabisi Onabanjo University (OOU) 

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CIBN Donates 160-Seater Lecture Theatre To Olabisi Onabanjo University (OOU)

Olushola Okunlade Writes

The Chartered Institute of Bankers of Nigeria (CIBN) has given a 160-seater lecture theatre to the Olabisi Onabanjo University (OOU) for the training and development of future bankers.

Speaking at the virtual groundbreaking ceremony of the institute’s legacy projects in Ago-Iwoye on Friday, Dr. Ken Opara, the President of CIBN, said the building would be known as ‘The CIBN Bankers Hall’.

Opara said the project was the institute’s modest contribution to the development of banking and finance education in the country and support for the economy.

In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

He said the CIBN had resolved to establish a learning legacy project in all linked institutions across the country for effective collaboration.

Opara said the linkage program was designed to deepen banking and finance education by infusing professional elements into the teaching-learning process.

He said the program was also to address the gap between industry and academia in terms of the quality of graduates produced from higher institutions.

”This groundbreaking ceremony is symbolic as it marks our endorsement and acknowledgment of your contribution to educational development and the economy in the past 40 years.

”It is our considered opinion that any student from your institution who has gone through the linkage program and passed banking professional examinations conducted by CIBN will be competent, and fit for the industry.

”I must also mention that in recognition of the changing business landscape in the banking industry, the institute developed and launched its new syllabus for banking professional examinations in 2021.
”The new syllabus has been fortified with contents that are contemporary and addresses emerging issues in the world of banking and finance,” he said.

Opara called on all stakeholders both the government and the Organised Private Sector (OPS) to join forces to reposition the educational system in the country.

According to him, education remains the bedrock of any meaningful development.

The Vice-Chancellor of OOU, Prof Ayodeji Agboola, commended the CIBN for the project.

Agboola assured the institute that the theatre would be put to good use to achieve its objective.

Education

NUTM Releases Final Application Deadline To Scholars Program (NSP) Class Of 2022 – 2023

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NUTM Releases Final Application Deadline To Scholars Program (NSP) Class Of 2022 - 2023

FINAL APPLICATION DEADLINE FOR THE NIGERIAN UNIVERSITY OF TECHNOLOGY AND MANAGEMENT SCHOLARS PROGRAM (NSP)

Olushola Okunlade Writes

The Nigerian University of Technology and Management (NUTM) has released a deadline for registration to the Scholars Program (NSP) Class Of 2022 – 2023.

The application process for the proposed Nigerian University of Technology and Management (NUTM) Scholars Program Class of 2022-2023 has been moving on a steady pedestal.

The application review process has been an exciting journey and enlightening learning about most applicants’ fantastic work.

The NSP is the Flagship Program of NUTM. The program is a one-year, interdisciplinary, rigorous, and full-time postgraduate program in Technology, Entrepreneurship, and Design. The program adopts a blended and experiential learning approach by bridging the gaps between the classroom and the real world, thereby equipping Scholars with the skills to solve practical problems.

“NUTM exposes Scholars to an immersive education experience delivered by world-class faculty from Ivy League and Russell Group Universities, and accomplished industry professionals. You can be sure to experience an accelerated turn-around in your career trajectory being a part of the NUTM program” (Comfort – NUTM, Alumna).

NSP provides her scholars with ample opportunities to enhance their professional networks, develop analytical and logical reasoning skills as well as expand their depth in various domains of study. Through the mentorship, immersion programs, shadow a leader track, TEDLab Capstone and career development accelerated programs, the Alumni of the NSP have experienced more than 230% increase in pay as well as built thriving Start-ups in Fin-Tech, Energy, EdTech and other sectors example of which are MyStash and SurePayy.

NUTM Releases Final Application Deadline To Scholars Program (NSP) Class Of 2022 - 2023

The application for the NSP program for the 2022/23 session is in 3 rounds. There is however a change in the final deadline for round 3 from 15th September to 31st August. Therefore, applicants have less than 15 more days to apply to become a part of the progressive and diverse class/community of NUTM.

The application process is done on a rolling basis:

Round 1 – April 4th – June 20th

Round 2- June 21st – July 25th

Round 3- July 26th – August 31st

Individuals who have a minimum of a bachelor’s degree (from any field), who are proficient in written and spoken English, and are no more than 35 years of age as of the date of application can apply to the NSP latest 31st of August 2022. In addition, applicants must display a high level of intellectual curiosity, leadership capabilities, and a strong passion for becoming a change agent in Africa, for Africa.

For further information and inquiry, please contact nsp.admissions@nutmng.org or call +234 913 448 1282.

We are committed to building a strong community of change-makers in Africa and the world!

Do you aspire to be a part of the NSP community? Click here to apply.

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