The investments cut across oil and gas, clean energy initiatives, and infrastructural projects, according to key highlights released by the Presidential Media Centre.

Breakdown of Investments

The lion’s share of the total investment—$5.5 billion—was channelled into the oil and gas sector, showing sustained confidence in Nigeria’s hydrocarbon resources despite global energy transitions. 

Again, $400 million was allocated to the Presidential Metering Initiative, a programme designed to enhance electricity metering nationwide, tackling incessant billing inefficiencies and boosting consumer confidence.

The Clean Mobility and Cooking Program received $700 million in funding, showing the extent of focus on clean energy solutions, particularly in areas of transportation and cooking, where many Nigerians still rely on non-renewable energy sources.

Asset Acquisitions Drive Growth

A closer look at asset acquisitions revealed a dynamic year for companies in Nigeria’s energy sector:

Shell Petroleum Development Company divested assets worth $1.3 billion to the Renaissance Consortium, opening opportunities for indigenous players.

Seplat Energy made a big move, acquiring ExxonMobil’s upstream assets for $1.3 billion, strengthening its place in the energy space.

Chappal Energies recorded two major deals, acquiring assets worth $1.2 billion from TotalEnergies and $860 million from Equinor.

These transactions align with trends of international oil companies (IOCs) restructuring their portfolios to meet energy transition goals, while indigenous companies strengthen their footprint in the local market.

Advancing Solar Energy with the G5 Sahel Project

In enhancing renewable energy, Nigeria is a top participant in the G5 Sahel Desert to Power Project, the largest solar energy initiative in Africa.

The project, with a master plan cost of $10 billion, aims to generate 10 GW of solar power across 11 Sahel countries.

It is funded by the African Development Bank (AfDB) and the Green Climate Fund, backing the country’s commitment to renewable energy adoption and sustainability.

This initiative aims to largely boost electricity access in the Sahel region, combating energy poverty while reducing reliance on fossil fuels.

Nigeria had a strong 2024 for investments, innovation, and infrastructure development with an inflow of $6.7 billion into its energy sector. Balancing its rich oil and gas resources with an expanding adoption of renewable energy is the goal for sustainable energy growth.

This growth in the energy sector is expected to bolster Nigeria’s economy, create jobs, and enhance energy accessibility for millions of citizens.

The post Oil and Gas Lead with $5.5 Billion as Nigeria’s Energy Sector Attracts $6.7 Billion in 2024 appeared first on Tech | Business | Economy.

The TotalEnergies Startupper Challenge 2024 selected 100 winners from across 32 African countries and these Nigerian startups stood out for their innovative solutions addressing societal challenges through creativity and sustainability.

The Nigerian startups recognized in this year’s competition—Waste2light, Coconto, and Farmci—were celebrated for their drive to promote sustainability and solve local challenges.

Waste2light, with its ingenious approach to generating electricity from wind and hydro sources, converts plastic waste into components for 3D-printed turbines. 

This solution addresses both energy generation and environmental issues, offering a sustainable alternative to traditional energy sources. 

Waste2light’s focus on renewable energy through the repurposing of plastic waste aligns with sustainability goals of reducing pollution and providing affordable energy solutions.

Coconto is another innovative venture, focusing on the coconut value chain. This startup transforms coconut waste into reusable materials, promoting a greener economy. 

Tapping into the circular economy model, Coconto is helping to minimise waste while fostering sustainable economic development through recycling. 

This initiative reveals the untapped potential of agricultural by-products and also supports the global push for a zero-waste economy.

Farmci addresses one of the most pressing issues faced by Nigerian farmers – food preservation. By introducing Interkool, a portable solar-powered device, Farmci offers a sustainable solution for preserving and transporting perishable farm produce. 

This technology is particularly essential for rural farmers who lack access to modern storage facilities, ensuring their produce remains fresh and marketable for longer periods, ultimately reducing post-harvest losses.

The TotalEnergies Startupper Challenge, aimed at supporting young African entrepreneurs, evaluated projects in three key categories. Emmanuel Abah, representing Waste2light, was awarded the top prize in the Power Up category for promoting sustainable and affordable energy solutions. 

His work showed the importance of innovative energy projects in a country where access to electricity remains a big challenge.

Jacob Abiodun, the founder of Coconto, won in the Cycle Up category, which focuses on the circular economy. His project stressed the prospects of waste materials in contributing to economic growth and environmental preservation, a growing trend in both global and local markets.

In the Start Up category, Chukwudi Eze, representing Farmci, impressed judges with his agricultural innovation aimed at reducing food waste and improving farmers’ livelihoods. His solar-powered solution addresses a huge issue in Nigeria’s agricultural sector, where inadequate storage leads to heartbreaking losses.

The TotalEnergies Startupper Challenge 2024 showed the world the potential of Nigerian startups to contribute to sustainable development through innovative solutions. 

These startups revealed how creative thinking and entrepreneurship can drive progress in key areas such as energy, waste management, and agriculture, working towards a sustainable future in Nigeria.

The post Three Nigerian Startups Among 100 Winners of TotalEnergies Startupper Challenge 2024 appeared first on Tech | Business | Economy.

The aggregate consideration for the transaction is $860 million, with financing to be provided by a TotalEnergies company entity and/or any financial institution selected by TotalEnergies, Trafigura, and a syndicate of international banks.

The transaction is expected to close by December 31, 2024.

The acquisition includes a 10% interest in 15 Oil Mining Leases (OMLs) and two main export terminals in Nigeria, specifically the Forcados and Bonny Terminals that are part of the Shell Petroleum Development Company Joint Venture (SPDC JV).

In the joint venture, Nigerian National Petroleum Corporation Limited (NNPCL) holds a 55% stake, SPDC operates with a 30% stake, and Nigerian Agip Oil Company (NAOC) has a 5% stake.

The transaction will also see Chappal Energies acquire a 10 % participating interest in the 3 other OMLs within the SPDC JV which are mainly gas-producing (specifically OML 23, OML 28 and OML 77), while TotalEnergies will retain an economic interest in these licenses which currently account for 40% of Nigeria’s LNG gas supply. Chappal Energies will have rights to the standalone undeveloped oil reserves within these 3 OMLs.

This strategic acquisition increases Chappal Energies’ asset base and adds significant reserves to the company’s balance sheet. The portfolio includes over 40 producing fields with a network of pipelines, flow stations, processing facilities, and two major terminals.

Ufoma Immanuel, managing director of Chappal Energies, comments:

“This acquisition marks a significant expansion in the Niger Delta, thereby diversifying our Nigeria footprint between the offshore and onshore basins.

Chappal Energies becomes the first Nigerian company to execute two significant transactions within a 12-month period.

The transaction is poised to bring substantial benefits to stakeholders, including shareholders, employees, local communities, and the national economy. The closing is subject to certain conditions, including all regulatory and contractual approvals.

The post Chappal Energies To Aid Chappals 10% stake in TotalEnergies  appeared first on Tech | Business | Economy.

For this clean cooking roll-out, Bboxx is providing its own technology, the Smart Cooking Valve, which sits on top of the LPG cylinder, and TotalEnergies will provide the cylinders and gas. 

The Smart Cooking Valve, launched in August 2023, is a device that revolutionises gas usage; it locks onto the LPG cylinder and digitally controls customers’ gas access based on their mobile money payments, enabling a pay-as-you-cook financing model. 

Few households can afford an entire gas refill in one payment, so this flexible payment system allows customers to pay for their day-to-day gas usage and reap the economic and health advantages by switching from traditional cooking methods like charcoal to more affordable and less polluting LPG.

The initial test phase of the pilot programme demonstrated great demand for the PAYGo kit, with higher than usual cylinder rotation. The partnership model enables universal clean cooking access, with TotalEnergies Marketing Rwanda financing the cylinder and gas for customers, and Bboxx ensuring collection payments. 

This provides financial flexibility for the customer and expands the LPG offering to a wider market. This partnership creates a brand-new clean cooking business model which has the potential to scale across the entire continent – Bboxx and TotalEnergies Marketing Rwanda plan to reach 1 million people over the next 5 years by providing cylinders with Smart Cooking Valves.

Mansoor Hamayun, co-founder and chief executive officer, Bboxx, said: “Pursuing clean cooking expansion is a huge part of Bboxx’s mission to bring essential products and services to underserved communities and we are both honoured and excited to embark on this clean cooking deployment with TotalEnergies Marketing Rwanda. 

Bboxx is building on the release of the Smart Cooking Valve last year and applying its PAYGO model to the existing clean cooking industry, enabling us to extend access to more families. When we look at the bigger picture, access to clean cooking facilities leads to more lives saved.”

Ronan Masseron, TotalEnergies country chair and managing director in Rwanda, said: “Through partnership and innovation, Bboxx and TotalEnergies Marketing Rwanda are lighting the path towards clean cooking access in Rwanda and beyond. By combining Bboxx’s pioneering technology with TotalEnergies’ commitment to sustainability, we’re not just providing LPG cylinders, we’re delivering economic empowerment and health benefits to thousands.”

The partnership of Bboxx with TotalEnergies Marketing Rwanda marks an important development in the clean cooking space. 

Currently, 2.4 billion people still rely on traditional cooking methods, which often leads to harmful health effects, often with fatal consequences, particularly for women and children. 

The success of this partnership and clean cooking deployment would demonstrate that there is scope for more LPG units to expand across the continent using this business model.

The post Bboxx, TotalEnergies Are Scaling Clean Cooking Access across Rwanda appeared first on Tech | Business | Economy.

The All-Share Index rose by 572.57 per cent, representing a gain of 0.58 per cent, to close at 99,793.71 points. Similarly, the overall market capitalisation value gained N324 billion to close at N56.452 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, TotalEnergies Marketing Nigeria, Julius Berger, Transcorp Hotel and Flour Mills of Nigeria.

In the week ahead, Futureview Financial Services said “we anticipate a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors.

“This interest is fueled by expectations of increased rates in the NTB auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment.”

Market breadth also closed positive, as 30 stocks gained relative to 10 losers. Flour Mills recorded the highest price gain of 10 per cent to close at N41.80, per share.

TotalEnergies Marketing Nigeria followed with a gain of 9.98 per cent to close at N353.60, while Access Holdings up by 9.86 per cent to close at N18.95, per share.

Chams Holding Company appreciated by 9.74 per cent to close at N1.69, while Veritas Kapital Assurance gained 9.52 per cent to close at 69 kobo, per share.

On the other hand, eTranzact International led the losers’ chart by 9.90 per cent to close at N4.55, while DAAR Communications followed with a decline of 9.52 per cent to close at 57 kobo, per share.

The post Equities Open Week Trading in Positive Outlook with N324bn Gain appeared first on Tech | Business | Economy.

With the agreement, which is a direct benefit from the Company’s participation at the recently concluded United Nations Climate Change Conference (also known as COP28) in Dubai, UAE, NNPC Ltd. will be able to deploy the TotalEnergies AUSEA technology on its upstream operations sites to ascertain the level of methane emissions from them, with a view to working out emission curtailment measures to help in combating global warming and climate change.

A statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., shows that the MoU was signed by NNPC Ltd.’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, and Managing Director and Country Chair, TotalEnergies EP Nigeria, Matthieu Bouyer, on behalf of their respective companies, under the watch of the Group Chief Executive Officer (GCEO) NNPC Ltd., Mele Kyari, and Chairman and Chief Executive Officer of TotalEnergies, Patrick Pouyanné.

Speaking on the collaboration at the MoU signing event, the GCEO, NNPC Ltd, Mele Kyari, described TotalEnergies as a great and reliable partner over the years with whom the Company was looking forward to exploring greater opportunities in the nation’s energy sector.

On his part, Patrick Pouyanné, the chairman and chief executive officer of TotalEnergies,  said his company was offering the technology to NNPC Ltd. in keeping with its commitment to promote responsible production of hydrocarbons.

He applauded NNPC Ltd. for its successful transition into a limited liability company, stressing that he could see and feel the energy that the reforms have brought about, not only in the company but also in the sector.

Putting the deal in proper perspective, the NNPC Ltd.’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, said the pilot phase of the TotalEnergies AUSEA deployment would be on NNPC Ltd.’s owned operations, adding that the deal would enable the company to deploy methane abatement measures.

Other benefits of the TotalEnergies AUSEA technology include identification of unaccounted emission sources, establishment of a basis for querying and improving current emission reporting processes, provision of data to review operational system and implement corrective actions, and estimation of flare combustion efficiency.

The post NNPC, TotalEnergies Sign MoU on Adoption of Methane Detection Technology appeared first on Tech | Business | Economy.

Themed, “Innovating for the Future”, the Nigeria Innovation Summit showcased inspiring stories, initiatives, and collaborative efforts aimed at addressing some of Nigeria’s most pressing challenges. 

Sponsored by the visionary support of TotalEnergies, the programme’s partners included Lagos State Employment Trust Fund (LSETF), CoinEx, CcHUB, Nigerian Communications Commission (NCC), TechEconomy, Technext, among others, surging with energy and promise.

Tony Ajah, the Programme Director of the Nigeria Innovation Summit, set the tone with welcome remarks. He emphasized the power of dialogue in driving change, stressing that talk, far from being cheap, is the precursor to transformative action. Strategic connections, he noted, are the linchpin to impactful collaborations, giving birth to a community of innovators across diverse sectors such as health, agriculture, education, and security.

“We bring people together for a forward thinking conversation. It begins with talking about it. If you want to address a problem, you must talk about it. 

People say talk is cheap, but talk is cheap only to people who do not have the capacity to make it happen. We talk about areas we want to improve, like the process that will reduce the traffic in Lagos for instance. 

The next is strategic connection, we align in our discussions and see how we can connect to see what we can give birth to and that will lead to strategic collaborations. That collaboration will help us form a community of like-minds who can identify problems in different sectors including health, agriculture, education, security and several areas where we see how to grow and sustain the mind that has started out  in solving the problems we have identified.”

The summit resonated with stories of resilience and ingenuity. Chukwuemeka George Eze, the tenacious mind behind Revive Earth, shared his journey of overcoming obstacles to create electric vehicles, inspired by the spirit of giants like Tesla. Gbenga Sesan, the founder of Paradigm Initiative, ignited the audience with his call for youth to seize digital opportunities, urging them to carve their own paths amid challenges.

The imperative intersection of technology and agriculture found a voice in Ibrahim Maigari Ahmadu, Founder/CEO of RiceAfrika Technologies. Ahmadu revealed the stark realities faced by smallholder farmers in Nigeria and unveiled transformative solutions, emphasizing that Africa’s agricultural revolution lies in investment, not aid.

He outlined key necessities such as land preparation equipment, high-yielding seeds, and structured markets. Ahmadu’s innovative approach focused on community agency networks, unlearning/relearning, incentivization, and adoption, creating a significant impact on agricultural productivity.

Dr. Funmi Adewara, the Founder/CEO of Mobihealth International, illuminated the summit with her vision to enhance medical accessibility. Her company, founded in Nigeria and embraced globally, stands as a pioneer of affordable healthcare solutions. The company pioneered affordable medical insurance, ensuring that individuals can access healthcare services. MobiHealth’s success story highlighted the power of innovative solutions in addressing healthcare disparities.

Orok Godspower, CoinEx Nigeria Partner/Country Manager, unveiled the future of payments, simplifying the complexities of blockchain and championing a fraud-free digital landscape.

He emphasized the role of education in reducing the risks associated with blockchain, ensuring a seamless and secure experience. CoinEx Nigeria’s approach highlighted the transformative potential of digital assets in shaping the future of payments.

Jonny Baxter, the insightful British Deputy High Commissioner, highlighted the essence of partnerships in shaping future economies. His words resonated with the attendees, highlighting the need for collective efforts to streamline processes and drive sustainable growth in Nigeria.

Amidst the vibrant discussions and innovative fervor, the Nigeria Innovation Summit left a memorable mark, not merely as an event but as a force behind the nation’s persistent spirit to innovate, collaborate, and lead in shaping a progressive future.

As Nigeria embraces innovation, partnerships, and education, the nation is set to create a future where creativity and technology converge to drive progress and prosperity for all. This summit not only celebrated innovation but also ignited a spark for a brighter, more innovative future for Nigeria.

The post Innovating for the Future: Highlights from the Nigeria Innovation Summit 2023 appeared first on Tech | Business | Economy.

Konga, Nigeria’s leading composite e-commerce giant, has been ranked among an exclusive list of 25 companies rated as the best place to work in Nigeria for 2023.

The list, released by professional networking platform, LinkedIn, saw the Konga Group placed in rarefied company with the likes of Ernst & Young, MTN Nigeria and Sterling Bank, among others.

In arriving at the list of companies that made the list, LinkedIn disclosed that it had relied on eight criteria that have been shown to lead to career progression, which include: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background and employee presence in the country.

Equally important, it had revealed that the selected companies all stood out for offering their employees the right environment to grow their careers.

Furthermore, LinkedIn said the methodology factored in key components like how employees are advancing both within a company and when they leave, how they are upskilling while employed there and more, which reveal companies that help set people up to get ahead in their careers. Crucially, it had also considered factors like attrition and layoffs.

“Companies that have laid off 10% or more of their workforce between Jan. 1, 2022, and the list launch, based on public announcements — or that have attrition greater than 10%, based on LinkedIn data — are ineligible to rank,” it said.

The development comes against a backdrop of significant headcount actions among global tech companies and other top brands, with the likes of Google, Meta (Facebook), Amazon, Microsoft, Accenture, Twitter, Netflix, Shopify, Lyft, Apple, Tesla and Zoom, among others, laying off thousands in the face of uncertain economic conditions.

A leader in the Nigerian e-commerce space, Konga was identified by LinkedIn as a company offering a wide range of products, including electronics, fashion, beauty and personal care, home and kitchen appliances, and more.

Acquired by the Zinox Group in early 2018, Konga has risen to the pinnacle of the e-commerce space, carving a niche for itself with its customer-centric approach, pocket-friendly pricing, status as a reliable source of genuine products and its growing ecosystem of thriving verticals which include KongaPay, a CBN-licensed mobile money wallet, Konga Travels & Tours, an online travel booking agency and Konga Health, a digital healthcare distribution company, among several others.

The company has also received regular rave reviews from shoppers and industry experts alike, with the most recent coming via a consumer-focused survey which projected Konga as the most admired and innovative e-commerce company on the African continent.

The survey was published on March 15, 2023, coinciding with this year’s anniversary of the World Consumer Rights Day.

In addition to Konga, other companies ranked in the 2023 LinkedIn report include Interswitch Group, First Bank of Nigeria, Standard Chartered Bank, NNPC Limited, Eko Electricity Distribution, British American Tobacco (BAT), Ikeja Electric, Nestlé, ExxonMobil, AB InBev, UBA Group, IHS Towers, SLB, Halliburton, Shell, TotalEnergies, Tropical General Investments (TGI) Group, Huawei, Wema Bank, Deutsche Post DHL Group and 9mobile.

The post Konga Ranked Among 25 Best Companies to Work in Nigeria appeared first on Tech | Business | Economy.