NIES: Oilserv, Seplat, Others Advocate Technology Adoption To Close Infrastructural Gap

Published

2 years ago

March 1, 2024

thecloudngr

NIES: Oilserv, Seplat, Others Advocate Technology Adoption To Close Infrastructural Gap—-Some gas stakeholders have advocated adoption of technologies and access to finance to spur infrastructural development and gas delivery in the country.

The stakeholders spoke on Thursday in Abuja at the ongoing 7th Edition of the Nigeria International Energy Summit (NIES 2024).

The summit, which has the theme: “Navigating the new energy world order: Security, Transition, and Finance,” is holding from Feb. 26 to March 1.

The News Agency of Nigeria (NAN) reports that the session aimed to convey a sense of collaboration, global perspectives and sustainability within decade of gas as it affects gas in power, pipelines and LNG terminals among others.

Speaking during the session, Dr Emeka Okwuosa, Chairman, Group Chief Executive Officer, Oilserv Limited, said financial fundamentals and technological access were imperative to infrastructural development.

According to him, Oilserv has been in the vanguard of oil and gas projects in Nigeria and an active player in the gas transmission and distribution network.

Okwuosa, represented by Mr Nnanna Anyanwu, Managing Director/Ag Group Chief Operating Officer, Oilserv Group, said concerted efforts were needed to harness our gas potential.

“Nigeria does not exist separate from the global environment. We must realise that we are intensely competing with every other country on adoption of technology and access to finance,’’ he said.

He emphasised the need to build both local and international partnership, taking into consideration the technology needed to build desired infrastructure.

In his views, Mr Effiong Okong of Seplat Energy, said in view of the growing population and its forecast, which was projected to have 400 million people by 2050, enhanced technology for decarbonisation became necessary.

He said the demand for gas was massive, adding that major growth of gas would come from Egypt, Mozambique and Nigeria.

He emphasised the need to spur infrastructural development across the gas pipeline projects corridor in the country for gas penetration.

He added that Seplat, which has been operating in the upstream and midstream space, is currently looking at investment in the downstream sector.

According to Mr Daere Akobo, Chairman, Pana Holdings Limited, a nation cannot be developed without technology; it is excess technology that is deployed that gives wealth.

Akobo also advocated deployment of advanced technology for more oil production and closing of infrastructural gaps.

He lauded the Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, on the introduction of new metering policy for dispute resolution and others.

thecloudngr

0Shares

Related Topics:NIES: Oilserv Others Advocate Technology Adoption To Close Infrastructural Gap Seplat

Up Next

Dangote Group Commits To Deepen Nigeria’s Local Content

Don't Miss

Thousands Of Dry Season Farmers In Enugu Receive ATASP Water Pumps

Click to comment

Business

UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments

Published

2 weeks ago

May 12, 2026

thecloudngr

UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments—-Three of Nigeria’s largest financial institutions have reported combined fraud-related losses of approximately ₦2.13 billion in their latest audited financial statements, highlighting the growing threat of cybercrime and electronic banking fraud in the country’s financial sector.

The affected institutions include Access Holdings Plc, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc.

According to details contained in the banks’ 2025 financial reports, fraud incidents linked to the three lenders totalled approximately ₦10.29 billion. However, through recoveries, transaction reversals, and security interventions, the banks were able to prevent or recover about ₦8.16 billion, leaving actual losses at approximately ₦2.13 billion.

Among the banks, Access Holdings recorded the highest direct loss to fraudsters, losing an estimated ₦1.24 billion within the financial year.

United Bank for Africa reported over 26,400 fraud-related incidents, with actual losses totalling approximately ₦621.57 million, while Guaranty Trust Holding Company recorded approximately ₦269.44 million in losses tied to fraudulent activities.

Industry analysts say the figures reflect the increasing sophistication of cybercriminals targeting Nigeria’s rapidly expanding digital banking ecosystem.

Most of the fraud cases were reportedly connected to electronic banking channels, including unauthorised transfers, mobile banking compromise, phishing schemes, identity theft, and other forms of digital payment fraud.

The development comes as Nigerian banks continue to accelerate the country’s transition toward a cashless economy through mobile banking platforms, internet banking services, agency banking networks, and digital payment systems.

Despite the losses, the financial institutions significantly increased investments in technology infrastructure and cybersecurity measures during the year under review.

Collectively, the banks reportedly spent over ₦280 billion on technology upgrades, fraud monitoring systems, customer authentication processes, and transaction security enhancements aimed at reducing cyber threats and protecting customer funds.

Meanwhile, the Central Bank of Nigeria has also intensified regulatory efforts to curb financial fraud across the banking industry.

The apex bank recently introduced stricter compliance measures requiring financial institutions to strengthen fraud detection systems, improve transaction monitoring, and respond more rapidly to suspicious activities and customer complaints.

Financial experts have warned that as digital banking adoption continues to rise across Nigeria, banks and customers alike must remain vigilant against increasingly advanced cybercrime tactics targeting the financial sector

thecloudngr

0Shares

Breaking

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

3 months ago

March 9, 2026

thecloudngr

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

thecloudngr