Connect with us

VenturesNow

Ghana raises clean energy capacity by 40%, as gas flows at Sankofa

Production of natural gas has started offshore Ghana, from two of the four deep-water subsea wells in the Sankofa field, connected to the Floating Production, Storage and Offloading (FPSO) vessel “John Agyekum Kufuor”

Published

on

Production of natural gas has started offshore Ghana, from two of the four deep-water subsea wells in the Sankofa field, connected to the Floating Production, Storage and Offloading (FPSO) vessel “John Agyekum Kufuor”.

The gas producing part of the Offshore Cape Three Points (OCTP) Integrated Oil and Gas Project, is scheduled to provide 180Million standard cubic feet per day (MMscf/d) for at least 15 years, “enough to convert to gas 40% of Ghana’s current power generation capacity”, according to a statement by the World Bank.

“After the final steps of commissioning of the offshore facilities, production will gradually flow via a dedicated 60km pipeline to the Onshore Receiving Facility (ORF) in Sanzule, where gas will then be compressed and distributed to Ghana’s national grid”, says ENI, the Italian giant who is the project operator.

The headline price for sale to power generation companies is of $9.8 per Million British Thermal Units ($9.8/MMBtu), or roughly $9.2 per thousand cubic feet ($9.2/Mscf).

Read Also: Egypt’s nuclear power plant to gulp $25 billion

The World Bank is heavily involved in the $7.7Billion OCTP project, largely because of this gas component. The bank helped devise a payment mechanism “that ensured all the receipts from the on-sale of the Sankofa gas to the power sector in Ghana flowed to a single designated account from which the private sponsors would be paid in priority for their share of the gas. Should there be any payment shortfall under the Gas Sales Agreement, the sponsors would be able to access an escrow account funded by GNPC with the equivalent of 4.5 months of gas sales ($205Million)”.

“OCTP is the only deep offshore non-associated gas development in Sub-Saharan Africa entirely destined to domestic consumption”, ENI reports. “The project has a strategic relevance: gas from OCTP can help Ghana shift from oil-fueled power generation to a cleaner power source, with financial as well as environmental benefits, and contribute to the Country’s sustainable economic development”.

ENI operates OCTP with 44.44%. Partners include Vitol 35.56% and GNPC 20%.

VenturesNow

Nigeria: Antigraft agency EFCC says 70% of financial crimes traceable to banks

Published

on

Banks are implicated in about 70% of financial crimes in Nigeria, according to the Economic and Financial Crimes Commission (EFCC).

This was revealed by EFCC Chairman, Ola Olukayode, during a speech at the Association of Chief Audit Executives of Banks in Nigeria’s 2023 Annual Retreat and General Meeting in Abuja. He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities, and this had been raising considerable challenges and concerns for the commission.

Olukayode, who was represented by the Director, Internal Audit, EFCC, Idowu Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives, to prevent and tackle issues of fraudulent practices in the sector.

He said, “Broadly speaking, banking fraud in Nigeria is both inside and outside related. Inside-related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“The outsider related ones include hacking, ATM fraud, and conspiracy, among others. And then the absurd one is when both collaborate—that is, collaboration among the bankers and the outsiders.

“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70% of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”

Olukayode said that ACAEBIN should make sure that accounts are properly reconciled each month in compliance with accounting regulations in order to stop the inconsistencies.

He gave the group tasks like keeping an eye on banks’ financial operations, comparing actual and planned revenue and expenses, conducting periodic assessments, and conducting checks.

Prince Akamadu, the chairman of ACAEBIN, declared that the organisation would strive to implement some of the suggestions made by the head of the EFCC.

He added that one of the goals of the retreat was to address the association’s complete commitment to resolving Nigeria’s foreign currency problems.

“That is part of the reason why we are having this retreat—to ask ourselves, to do an introspection and ask ourselves, given our position in the banking industry, or the executives of banks in Nigeria, are we doing enough?

“Have we done enough? What more can we do to help in sanitising the system? Are there things the banks could do to help in sanitising the FX in this country?”

“By the end of this retreat, we are expected to come up with a communique, and we hope to address some of the issues, one way or another, that will address the role of banks in FX challenges in this industry.”

For the past year, e-payment channels like computer/web, mobile, and point of sale have continued to be targeted by scammers. FITC’s “Reports on Frauds and Forgeries in Nigerian Banks” show that banks record 78,584 occurrences of online fraud annually, indicating that the growth of electronic payments has allowed for the persistence of this crime.

Continue Reading

VenturesNow

Energy, rental expenses lower Airtel Uganda’s pre-tax profit in 2023

Published

on

Telecom company, Airtel Uganda, reported on Monday that a rise in energy and rental expenses was behind a 9.8% decrease in pre-tax profit for 2023 compared to the previous year.

The company, a division of the massive Indian telecom operator, Bharti Airtel, went public last year on the Uganda Securities Exchange (USE) following a significantly undersubscribed IPO.

Its pre-tax profit for the previous year was 426.8 billion Ugandan shillings ($108.9 million). In the east African nation, Airtel faces off against a division of the MTN Group headquartered in South Africa.

Established in 1995, Airtel Uganda (previously known as Celtel Uganda Limited) launched the country’s first mobile cellular network. Airtel acquired the business in June 2010 and renamed it Airtel Uganda.

MTN accounted for roughly 54% of all mobile subscriptions in Uganda as of the fourth quarter of 2022. Over the period from 2015 to 2022, Airtel has maintained the second-highest proportion of wireless subscribers, accounting for 33% of all subscriptions since 2016.

Beginning to rise in 2020, Airtel’s share will reach 42% by 2022. By the fourth quarter of 2020, Africell held about 11% of Uganda’s mobile subscriptions. However, in 2021, the company suspended operations and left the nation.

Continue Reading

EDITOR’S PICK

VenturesNow2 hours ago

Nigeria: Antigraft agency EFCC says 70% of financial crimes traceable to banks

Banks are implicated in about 70% of financial crimes in Nigeria, according to the Economic and Financial Crimes Commission (EFCC)....

VenturesNow2 hours ago

Energy, rental expenses lower Airtel Uganda’s pre-tax profit in 2023

Telecom company, Airtel Uganda, reported on Monday that a rise in energy and rental expenses was behind a 9.8% decrease...

VenturesNow2 hours ago

Ghana’s finance ministry warns anti-LGBTQ bill could frustrate IMF support 

According to a finance ministry document quoted by Reuters on Monday, Ghana’s anti-LGBTQ measure may cause the country to lose...

Tech17 hours ago

Applications open for 2024 Africa’s Business Heroes competition

Applications are now open for the 2024 cohort of the Africa’s Business Heroes (ABH) Prize Competition in continuation of its...

Sports18 hours ago

Nigerian keeper Nwabali becomes beautiful bride as English, Saudi clubs battle for him

Super Eagles and Chippa United of South Africa goalkeeper, Stanley Nwabali, has become a hot property as he is attracting...

Metro18 hours ago

Zambian opposition party LM demands sack of Agric Minister

One of Zambia’s opposition parties, Leadership Movement (LM), has called for the immediate dismissal of the country’s Minister of Agriculture,...

Culture19 hours ago

Ghanaian chef fails to break cook-a-thon world record

An attempt by celebrity Ghanaian chef, Failatu Abdul-Razak, to break the Guinness World Record for the longest cooking marathon by...

VenturesNow21 hours ago

Nigerian centra bank’s N1trn OMO bills oversubscribed

The Central Bank of Nigeria (CBN) has issued N1.053 trillion (680 million dollars) in short-term instruments in the recently concluded...

Metro1 day ago

Fuel subsidy removal, a blessing to Nigeria, govt insists

Despite the excruciating hardship and hunger resulting from the unplanned removal of fuel subsidy by President Bola Tinubu as well...

Behind the News2 days ago

Behind the News: All the backstories to our major news this week

Over the past week, there were lots of important stories from around the African continent, and we served you some...

Trending