Business
Be creative, monarch, others challenge Muslim professionals on economic revival
Be creative, monarch, others challenge Muslim professionals on economic revival
Professionals in different fields of studies, especially Muslims, have a major role to play in turning around Nigeria’s ailing economy through creative research.
This, they said, was necessary for sustainable wealth creation and balanced prosperity.
This is the general view canvassed by some Muslim leaders and a monarch at the opening session of the 2024 Guild of Muslim Professionals (GMP) Convention held in Abeokuta, Ogun State, on Wednesday.
Themed, ‘Balanced Prosperity: Faith, wealth and global resilience’, the three-day conference is a gathering of Muslim professionals all over Nigeria in an effort to discuss pressing topical issues facing the Muslims and other people in Nigeria
Chairman, Board of Trustees, Dr Akeem Oyewale, in his welcome address spotlighted the reasoning behind the theme of the 2024 edition of the conference emphasizing that the complexity of the modern world creates an urgency for its discourse.
He said, “As professionals, we are in a privileged position to ensure that wealth creation and distribution are ethical, inclusive and beneficial to the society. Whether through entrepreneurship or public service. We must prioritise transparency, support charitable initiatives and create opportunities for others to thrive.”
The Olowu of Owu Kingdom, Oba Saka Matemilola, urged the professionals to always proffer solutions to the myriads of challenges facing the nation.
This, the monarch said, would make a difference in the society.
Oba Matemilola challenged the Muslim professionals to engage their innovative minds in creating noteworthy accomplishments in their various fields.
He said, “No matter how much resources we have, if not properly managed, it is nothing. We cannot continue to remain docile. I want to charge my fellow Muslims out there to manage our resources properly to translate to prosperity.”
He also spoke on the theme of the event and the benefit it would create when the discourse is established.
“This conference’s theme is a befitting one for the event and I think it is something we need to discuss more as a sect.
“The theme is talking money, physical assets and knowledge, our influence and reach as Muslims and how we use all of these to create prosperity for the general community. When we do that, we also give the non-Muslims an opportunity to see the beauty of Islamic systems,” he added.
Professor of Risk Management and Insurance, University of Lagos, Prof Tajudeen Yusuf, stated that Muslims generally should think individually and act collectively.
While expanding on his address about Takafur, an Islamic alternative to insurance, Prof Yusuf highlighted risk sharing, usury-free transactions and transparency as the major benefits of the Takafur concept.
He said, “Takaful, derived from the Arabic root word ‘Kafala’(guarantee), is an Islamic alternative to conventional insurance. It is a mutual guarantee built on the principles of Ta’awun (mutual assistance) and Tabarru’ (donation). Takaful is distinct in its structure, objectives, and compliance with Shariah principles.”
Using Quranic citations, thought-provoking questions, and case studies of different countries that have successfully used Takafur as a financial aid model during crisis, he further established the balance of the model in meeting demands of economies while adhering to Islamic values.
Linking his address to the theme, the professor added: “Balanced prosperity is not merely a goal; it is a responsibility, faith and wealth. When aligned with ethical principles, can drive resilience and sustainability. Takaful exemplifies this balance, offering a Shariah-compliant model that meets the demands of modern economies while adhering to Islamic values.”
Rector of Yaba College of Technology, Dr Ibraheem Abdul, in his goodwill message enjoined the muslims to embrace the teachings of the holy Qur’an in deciphering actionable strategies to guide their lifestyle.
Executive Director/Chief Finance Officer (CFO) MTN, Module Kadri, echoing the royal father, urging participants to stop shying away from making their voices heard and start taking actions based on their learnings in the program.
The GMP convention is an annual convergence of muslim professionals in Nigeria to engage in thought provoking discussions, dialogues, workshops and panel sessions by renowned speakers from diverse backgrounds.
From left: Rector, Yaba College of Technology (YABATECH) Dr Ibraheem Abdul; Head to Agency Banking at Remita Dr Hafis Bello, and Summit University Vice Chancellor, Prof Musa Aibinu, during formal opening of Guild of Muslim Professionals (GMP) Convention at the Conference Hotel, Abeokuta, Ogun State…on Wednesday December 25, 2024.
Business
Nigeria remains oil/gas investment destination with $5bn shell FID – TDF
Nigeria remains oil/gas investment destination with $5bn shell FID – TDF
The Democratic Front (TDF) has announced that Shell’s $5 billion Final Investment Decision (FID) for the Bonga North Deep Offshore field further highlights the investment-friendly approach of the Tinubu administration.
This was disclosed in a statement signed by the Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo.
The group explained that the investment demonstrates how International Oil Companies (IOCs) still see Nigeria as an attractive destination for investments.
“We join President Bola Tinubu in celebrating the Final Investment Decision (FID) by Shell on Bonga North Offshore Field.”
“It is a thing of pride for us that the investment is the outcome of reforms introduced by the President through the Presidential Directives numbers 40, 41, and 42 to fast-track regulatory approvals, reduce operational costs, and promote competitive fiscal incentives in the oil and gas sector.”
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“We have a conviction that the pertinence of the fresh investment in the sector and indeed the larger Nigeria economy is not only limited to the $5 billion value of the investment but also extends to the field’s potential volume of 350 million barrels of crude oil. It is a development that is bound to further raise the nation’s oil output and revenue as well as bolster its position as Africa’s largest oil producer.”
The group noted that this and other strategic investments, such as TotalEnergies’ $500 million in the Ubeta gas field, are driven by President Tinubu’s fiscal incentives, showcasing the success of his reforms in attracting foreign direct investment to Nigeria’s oil and gas sector.
“The Ubeta upstream field is estimated to produce 350 million standard cubic feet of gas per day when operational and will go a long way to raise the country’s profile as a major gas producer. This remarkable economic feat was unarguably achieved under the economic reform of President Bola Tinubu.”
“It is instructive that since its discovery in 1996, the Bonga deepwater field, located in OML 118, at a water depth exceeding 1000 meters, has not witnessed such a humongous investment as the $5 billion coming from Shell and this is an attestation of President Tinubu’s pro-business approach to governance.”
“Furthermore, this extraordinary display of confidence in Nigeria’s investment ecosystem is a confirmation of the success of the current reforms in eliminating investment encumbrances and the risks of doing business in Nigeria.”
TDF is confident that more IOCs will key into the fiscal incentives introduced by the Tinubu administration to make fresh investments in Nigeria’s oil and gas sector.
Nigeria remains oil/gas investment destination with $5bn shell FID – TDF
Business
NNPCL launches production monitoring centre
NNPCL launches production monitoring centre
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled the Production Monitoring Command Centre, an initiative designed to revolutionise hydrocarbon operations and drive increased production.
The initiative, led by NNPC Upstream Investment Management Services, aims to improve monitoring, operational efficiency, and production, building on the success of the Command and Control Centre.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., stated that the PMCC aligns with President Bola Tinubu’s policy to increase efficiency and boost production in the industry.
A text and video statement were also published on the company’s website on Wednesday.
“The PMCC serves as a unified platform for monitoring hydrocarbon molecules from production to export terminals, covering Joint Ventures (JVs) and Production Sharing Contracts (PSCs).
“By consolidating real-time data from various operators, the PMCC provides a comprehensive overview of production activities. This ensures timely identification of anomalies, minimises unplanned disruptions, and supports seamless operational continuity.
“With advanced analytics and integrated data, the PMCC empowers stakeholders with actionable insights for proactive decision-making.
“This capability enhances planning, resource allocation, and risk management, enabling operators to meet production targets efficiently and maintain high operational standards.
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“A standout feature of the PMCC is its support for predictive and preventive maintenance. By monitoring equipment performance and coordinating maintenance activities, the system ensures the reliability and longevity of assets,” Soneye explained.
He went on to say that the PMCC encourages stakeholder engagement by offering a safe platform for data sharing and communication, enabling effective problem-solving and continual development throughout the sector.
Soneye stated that the PMCC’s involvement in reducing downtime and optimising maintenance directly correlates with higher production and income.
“Under Mele Kyari’s leadership, NNPC Ltd. has achieved a production increase to 1.8 million barrels per day (bpd) and is working towards a target of two million bpd.
“The PMCC is integral to achieving this goal by driving efficiency and enhancing production capabilities.
“The PMCC operates 24/7, staffed by trained professionals, and utilises cloud-based solutions to ensure seamless data exchange with internal and external stakeholders.
“With direct communication links to the Industry-Wide Security Command and Control Centre, the PMCC also enhances the security of production operations,” he added.
As NNPC Ltd. continues its modernisation journey, the PMCC shows its dedication to innovation and excellence in the oil and gas sector.
This program not only matches with national aims but also strengthens Nigeria’s position in the global energy market, assuring long-term growth and profitability for stakeholders.
NNPCL launches production monitoring centre
Business
Naira slides to N1,650/$ in parallel market
Naira slides to N1,650/$ in parallel market
The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,648 per dollar on Monday.
However, the Naira appreciated to N1,537 per dollar in the official foreign exchange market.
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Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1537 per dollar from N1,538 per dollar the previous day, indicating N1 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N113 per dollar from N110 per dollar on Monday.
Naira slides to N1,650/$ in parallel market
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