Business News
Why listing of oil companies will stimulate industry growth – NCDMB
NCDMB has highlighted some of the reasons why this will benefit the industry.
The Nigerian Content Development and Monitoring Board (NCDMB) has called on major oil companies in Nigeria to list their shares on the Nigerian Stock Exchange (NSE), as that would facilitate growth in the sector.
The Executive Secretary of NCDMB, Simdi Wabote, made the call today during an interview with Channels Television.
According to him, the listing of major oil companies on the Nigerian bourse would add value to Nigeria’s hydrocarbon resources; specifically petrochemical industries, fertiliser companies, and refineries. It would also avail more Nigerians the opportunity to participate in national wealth creation.
Earlier on during a visit of the management of NCDMB to the NSE, Wabote noted that most oil and gas companies on the stock market are into the marketing of petroleum products. Therefore, listing on the Exchange would enable these companies to pool resources together (from Nigerians) whilst ensuring growth.
“We will like to see more of the upstream and mid-stream companies listed on the Exchange. More importantly, we will like to see a major shift in the listing of companies that add value to our hydrocarbon resources in the country such as refineries, petrochemical industries, fertiliser companies, and companies in the liquefied petroleum gas and compressed natural gas value chain.” – Wabote
Wabote also commended the NSE for always serving as a means to wealth creation and distribution, through the provision of facilities for long-term investments.
There are currently about 11 oil and gas companies on the Nigerian Stock Exchange, most notable of which include Total Nigeria Plc, Seplat, Oando Plc, MRS Oil Nigeria Plc, etc.
Commenting on the latest developments at NCDMB, Wabote said the Board has launched a 10-year strategic plan that will ultimately increase Nigeria’s oil and gas content level to 70% in 2027, up from its current level of 30%.
He also stated that the NCDMB has taken up about 30% stake in an unnamed 5,000 bpd modular refinery, even as it is considering similar proposals for the establishment of other modular refineries.
Established in 2010 by the Nigerian Oil and Gas Industry Content Development Act (NOGICD), NCDMB serves as the catalyst for the development of the Nigerian oil and gas industry as well as its linkage sectors.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
Corporate Press Releases
DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110
Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.
