Yemisi Raji
Stanbic IBTC Bank hosted an Energy and Infrastructure Breakfast Session, titled: “Powering Nigeria: Strategies for Meeting Energy Demand in 2024 and Beyond,” on April 16, 2024 in the Grand Ballroom of the Eko Hotel & Suites in Lagos with the sole aim of seeking ways to maximise Nigeria’s energy potentials.
The concise meeting featured talks and a panel discussion in which panelists made critical suggestions on the way forward.
A professional compere, Mojibade Sosanya, did an excellent job of hosting the breakfast meeting. Sosanya, with years of background in the banking sector, welcomed guests with a brief speech and provided an overview of the programme, stating that Nigeria has the largest proven natural gas reserves in Africa. However, as rich as Nigeria is in energy, it is also abundantly poor in energy because the majority of Nigerians lack access to affordable and sustainable energy.
Sosanya stated that the energy sector relies heavily on innovation. Nigeria, she said, has the potential to transform how it produces, distributes and consumes energy through breakthroughs in solar and battery technology, as well as advancements in grid modernisation and energy storage. She said Nigeria can realise the full potential of clean energy and usher in a new era of prosperity and sustainability by investing in research, encouraging collaboration and incentivising entrepreneurship.
Demola Shogunle, Chief Executive Officer of Stanbic IBTC Holdings, opened the event with a welcome speech on behalf of Wole Adeniyi. Shogunle stated in his speech that the event’s goal was to bring together esteemed stakeholders and experts from Nigeria’s energy and infrastructure markets to forge new business relationships, facilitate networking opportunities, and establish a vibrant community of professionals within the value chain. He went on to say that the session’s goal was to explain “how Stanbic IBTC Bank supports energy enterprises. Secondly, to educate potential clients about the customised energy and infrastructure solutions we provide. Finally, to underscore our proficiency and extensive experience in delivering bespoke solutions for these pivotal sectors and their respective value chains.”
Shogunle reiterated the bank’s aim to foster excellent connectivity between businesses and untapped markets, facilitate trade expansion, and position Stanbic IBTC Bank as the preeminent institution offering tailored solutions for Nigeria’s energy and infrastructure landscape. He stated that Stanbic IBTC is the largest Pension Fund Administrator in Nigeria with over 40 percent market share of the pension industry. In investor services, the bank has a 65 percent market share and it is also the largest foreign exchange liquidity provider outside of the Central Bank of Nigeria. He also stated that Stanbic IBTC has been the leader in stockbroking for the past 15 years, with the exception of last year, and is Nigeria’s only triple-A rated company.
Shogunle said: “Today’s gathering brings together esteemed stakeholders and experts from the Nigerian energy and infrastructure market to forge new business relationships, facilitate networking opportunities, and establish a vibrant community of professionals within the value chain.
“We are genuinely delighted to see our esteemed clients and new partners alongside esteemed leaders from the energy sector. This event promises to stimulate discussions and enlighten presentations on pivotal industry developments, market insights, and avenues for growth.
“Our objectives for today are threefold: First, to elucidate how Stanbic IBTC Bank supports energy enterprises. Second, to educate potential clients about the tailored energy and infrastructure solutions we offer. Finally, to underscore our proficiency and extensive experience in delivering bespoke solutions for these pivotal sectors and their respective value chains.
“Throughout this event, we aim to foster excellent connectivity between businesses and untapped markets, facilitate trade expansion, and position Stanbic IBTC Bank as the preeminent institution offering tailored solutions for Nigeria’s energy and infrastructure landscape.
“We are privileged to host a distinguished lineup of speakers and panellists who will share their insights and engage in enriching discussions. Please participate actively, leverage this opportunity to network and explore potential collaborations that will drive growth and prosperity for all stakeholders involved.”
The keynote speakers for the event were the Group Managing Director of Rain Oil Limited, Gabriel Obeche; Managing Director of Rural Electrification Agency, Alhaji Aba Aliyu; Commissioner, Ministry of Energy and Mineral Resources, Lagos State, Biodun Ogunleye, represented by Engineer Antonio Ayodele, a Director in the Ministry of Energy and Mineral Resources, Lagos State.
Others in the Lagos State team were Engineer Adebayo Salako, who is a Senior Special Advisor and Technical Assistant to the Commissioner; and a Senior Chemical Engineer, Alexander Alabi.
In his speech, Ayodele stated that the transition to a renewable energy future requires more than technological solutions. He went on to say that “we must enact reforms to streamline energy processes, create a fundamental shift in mindset, and improve collaboration and collective responsibility”.
Muyiwa Oni, Regional Head, Equity Research, Standard Bank Group, who was also one of the speakers, stated that the current administration has put some plans and policies in place to improve non-oil exports, which will consequently reduce the level of borrowing.
According to Edson Machel, the Head of Energy and Infrastructure Finance for Investment Banking at Standard Bank Mozambique, more than 95 percent of Mozambique’s energy is derived from renewable resources, posing a scaling issue in terms of growing the resources to match the country’s growth.
For the very insightful panel conversation, there was Omotayo Hassan, the Head Renewable Energy at Total Energies Marketing Nigeria PLC; Dr. Tayo Adiatu, MD and CEO, Tulcan Energy Resources; Engr. Wole Ogunsanya, CEO, Geoplex Drillteq Limited; Ola Olabinjo MD and CEO, Skystone Finance Company Limited; Gabriel Ogbechie, Group Managing Director of Rainoil Limited, who were on the Non-Renewable Energy panel.
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Damola Adeyemi, Senior Business Development Manager, West Africa region, Odyssey Energy Limited; Hakeem Shagaya, CEO, Asolar Limited; and Alhaji Abba Aliyu, MD, Rural Electrification Agency, served on the panel on Renewable Energy.
The two teams delved into strategies for meeting Nigeria’s energy demand.
Remy Osuagwu, Stanbic IBTC Bank’s Executive Director of Business and Commercial Banking, delivered the closing remarks. It was a well-attended and insightful programme that promises to bring about positive change in the energy sector.
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