CITM: Sustainable treasury management in firms crucial for Nigeria’s economic growth

From Abubakar Yunusa Abuja

The Chartered Institute of Treasury Management (CITM) says sustainable treasury practices in organisations are necessary for the nation’s economic growth.

Ahmed Idris, president of CITM and former accountantgeneral of the federation, spoke at the recent induction of new members into the institute in Abuja.

Represented by Ahmed Imam, head of directorate of education and certification of CITM, Idris said all organisations need to establish sustainable treasury management systems.

He said sustainable treasury management by organisations contributes to the overall economic growth of Nigeria.

“A sustainable treasury is a concept that emphasises the integration of environmental, social, and governance (ESG) factors into treasury operations, to promote long-term economic, social, and environmental sustainability,” he said.

“It recognises that the treasury function within an organisation can play a crucial role in driving positive change and contributing to a more robust and resilient economy.

“By adopting sustainable treasury practices, organisations can align their financial decision-making with broader sustainability goals. This involves considering the environmental and social impacts of treasury operations, as well as the governance structures and ethical considerations surrounding financial activities.

“The focus is on integrating sustainability considerations throughout the treasury lifecycle, from cash management and investments to risk management and reporting.

“Sustainable treasury practices encompass several key elements. Firstly, organisations can incorporate ESG criteria into their investment and funding decisions, prioritising investments in environmentally friendly and socially responsible projects. This helps direct capital towards sustainable initiatives and industries, fostering the transition to a lowcarbon economy and promoting social development.

NNPC to supply 300,000 barrels of crude to Dangote Refinery

By Abubakar Yunusa Abuja

The Nigeria National Petroleum Company (NNPC) Limited says it is set to supply 300,000 barrels of crude oil to Dangote Refinery.

Mele Kyari, NNPC’s group chief executive officer (GCEO), NNPC, spoke on Thursday at the Nigeria oil and gas opportunity fair.

The event was held at the Nigerian Content Development and Monitoring Board (NCDMB) conference centre in Bayelsa state.

The Dangote Refinery, a 650,000 barrels per day integrated refinery project, is scheduled to be inaugurated on May 22, 2023.

“The NNPC saw the strategic interest of doing business, and we will be supplying 300,000 barrels of Nigerian crude to Dangote Refinery from NNPC. That is a marketing opportunity,” Kyari said.

Meanwhile, the NNPC GCEO said Nigeria must focus on gas production, adding that the country must begin to expand its gas footprint.

With that, he noted, the country will begin to achieve the industrialisation it seeks.

“The only way this industry can become the catalyst and fuel for that is for us to build gas, and we are focused on domestic gas, as we are also looking for gas that can go to other countries. We are focused on domestic gas,” he said.

“Everyone is talking about domestic refining. We see what we are doing. We don’t talk about it. We will keep lamenting till we all will see.”

Kyari also the security situation in the Niger Delta is the industry’s main obstacle.

But he assured that the NNPC had risen to the challenge through its collaboration with government security agencies, which is paying off.

“Production last year was at 1.1 million barrel per day. In March, we hit 1.67 million bpd. We have suffered some operational issues in the last 23 weeks, but we know that we will achieve our objectives of recovering production,” he said.

“Then, if we can come back and put their money into new ventures because no one is putting in money now. This is very simple because no one is going to produce oil for someone who did not contribute unless it is guaranteed.

“This is the reality. That is why [I] took the front line and decided that we will contend with the security situation.

“We are glad with the progress we have made now. There is a clear connection between energy and poverty. We are talking about climate change and energy transition. So, we need to provide a cleaner source of energy.

“There is no country that is developed without energy.

In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will today commission Dangote Petroleum Refinery & Petrochemicals, the world’s largest single train refinery in Ibeju-Lekki, Lagos; alongside his counterparts from Ghana, Togo, Senegal, Niger, and Chad.

Promoted by Africa’s richest man, Aliko Dangote, the petroleum refinery with a capacity to process 650,000 barrels per day (bpd) is sitting on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos, and will provide employment to over 100,000 persons. The coming onstream of the gigantic project is expected to mark Nigeria’s exit from the league of oil-rich nations that are heavy importers of petroleum products.

Expected at the historic event apart from international dignitaries are the Presidents of Togo, Gnassingbé Eyadéma; Ghana’s Nana Akufo-Addo; President of Senegal, Macky Sall; President of Niger Republic, Mohamed Bazoum, President of Chad, Mahamat Déby and a host of ambassadors President Paul Kagame of Rwanda, who will not be physically present, will present his goodwill message virtually.

As at the time of filing this report, all the 36 state governors and most of the governorselect, ministers, senators, and captains of industries in Nigeria and others from outside the country, global oil traders, top international bankers, international multilateral agencies have indicated their readiness to grace the ceremony.

Nigeria’s President-Elect, Bola Ahmed Tinubu whose administration as the governor of Lagos in 2002 floated the Free Trade Zone in Ibeju-Lekki where the Refinery is located, is expected to be at the event.

The commissioning of Dangote Petroleum Refinery is significant given that it is the first time that a refinery of such magnitude built by an individual is being commissioned.

Dangote’s petroleum refinery is expected to meet the needs of Nigerian consumers and those in neighbouring countries, while allowing for exports beyond the African continent. The refinery will drive the promotion of the African Continental Free Trade Area (AfCFTA) as over 50 countries in the trade bloc depend on imported refined petroleum products.

According to the Facts Sheet on Dangote Petroleum Refinery, the new Refinery can meet 100% of the Nigerian requirement of