TETRACORE ENERGY GROUP BOOSTS NIGERIA’S ENERGY SECURITY AND LEADS AFRICA’S ENERGY SECTOR WITH NEW LNG FACILITY

By
Chinedu Nsofor

In a significant development aimed at bolstering Nigeria’s energy security, Tetracore Energy Group has been lauded for its latest investment in a 10 million standard cubic feet per day (MMscfd) LNG facility. The Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, praised Tetracore Energy Group during the commissioning of their 6.1 MMscfd Compressed Natural Gas (CNG) facility and the groundbreaking ceremony for the 10 MMscfd LNG plant at Atakobo, Ogun State.
Ekpo emphasized that these facilities are crucial for promoting cleaner energy and enhancing the country’s energy security. He applauded Tetracore Energy Group for their vision and dedication to advancing Nigeria’s gas infrastructure, stating that the projects align with the national strategy to diversify energy sources.
Mr. Ekpo highlighted the pivotal role of natural gas in the global energy transition, noting its cleaner alternative to traditional fossil fuels and its support for integrating renewable energy sources. The LNG facility, in particular, is expected to expand in-country processing capabilities and provide feedstock to gas-based industries nationwide.
“These developments are critical components of our strategy to diversify energy sources, promote cleaner energy, and ensure energy security for our people,” said Ekpo.
State and Local Government Support
Representatives from various levels of government also expressed gratitude and support for Tetracore Energy Group’s initiatives. Dr. Ola Aikulola, the Permanent Secretary of the Ministry of Industry, Trade, and Investment for Ogun State, highlighted how Tetracore’s efforts in gas penetration and utilization align with Governor Dapo Abiodun’s goals for sustainable energy solutions.
In addition, Mr. Sesan Odukoya, Head of the Oil and Gas Department at the Lagos State Ministry of Energy and Mineral Resources, emphasized the strategic partnership between Lagos and Ogun states in developing CNG and LNG facilities. He congratulated Tetracore Energy Group on their achievement and underscored the positive impact on energy security and clean energy promotion.
Mr. Olalekan Williams, CEO of Tetracore Energy Group, highlighted the company’s capacity to deliver up to 70 million standard cubic feet of gas per day to multiple customers. He described the state-of-the-art CNG satellite complex and thanked both federal and state governments for their support and policies that enabled the realization of these projects.
Williams also emphasized Tetracore’s commitment to ensuring that their operations benefit all stakeholders, from employees to the communities where they operate.
Tetracore Energy Group Affiliates
In addition to the milestone, Tetracore is renowned for its affiliates that have made significant strides across multiple countries through their diverse and innovative subsidiaries. Each branch of Tetracore is dedicated to providing sustainable, reliable, and efficient energy solutions tailored to the unique needs of their respective regions. Here’s a closer look at the various affiliates under the Tetracore umbrella and their key contributions to the energy landscape.
Tetracore Gas Nigeria Limited
Tetracore Gas Nigeria Limited stands at the forefront of natural gas distribution in Nigeria. Established with the mission to become the preferred natural gas distributor, the company offers traditional pipeline solutions alongside innovative virtual pipeline systems such as Compressed Natural Gas (CNG). Tetracore Gas Nigeria is committed to delivering safe, reliable, and convenient gas to homes, businesses, and industries across Nigeria, thereby enhancing energy accessibility and reliability.
Tetracore Energy Gas Ghana Limited
Mirroring the success of its Nigerian counterpart, Tetracore Energy Gas Ghana Limited aims to revolutionize the energy sector in Ghana. By focusing on reliable, sustainable, and cost-effective energy solutions, this subsidiary plays a crucial role in driving economic growth in the West African region. The company’s initiatives are designed to provide substantial benefits to both the urban and rural communities, fostering a more robust energy infrastructure.
Tetracore Energy Ghana Limited
Tetracore Energy Ghana Limited shares the same vision as Tetracore Energy Gas Ghana Limited, emphasizing sustainable energy solutions that propel economic development. With a strategic approach tailored to the unique needs of Ghana, the company is committed to replicating the success achieved in Nigeria, thus bolstering the region’s overall energy efficiency and stability.
Tetracore Energy Limited
Serving as the central hub, Tetracore Energy Limited coordinates the policies, management, and administration of its network of associated businesses. This strategic center enhances efficiency and profitability across the group. Additionally, Tetracore Energy Limited actively invests in other companies and manages those holdings, creating a synergistic effect that maximizes the potential of each affiliate under its umbrella.
Tetracore Power Company Limited
In the realm of electricity, Tetracore Power Company Limited operates extensively across generation, transmission, and distribution sectors. By ensuring sustainable and affordable electricity, Tetracore Power addresses one of the critical needs of the modern energy market. Moreover, the company provides consulting services aimed at further developing the electricity industry, making significant contributions to the sector’s overall growth and innovation.
Tetracore Equatorial Guinea
Tetracore Equatorial Guinea focuses on extending the successful strategies implemented in Nigeria to Equatorial Guinea. The subsidiary is dedicated to providing reliable, sustainable, and cost-effective energy solutions that stimulate economic growth within the Central African frontier. This expansion is a testament to Tetracore’s commitment to transforming the energy landscape across multiple African nations.
Tetracore Energy Project and Servicing Limited
Specializing in oil and gas well operations, Tetracore Energy Project and Servicing Limited offers comprehensive services from exploration and development to production and decommissioning. The company is involved in bidding for contracts related to offshore and onshore drilling, evacuation, and development services. Additionally, it provides essential equipment and personnel for the oil and gas sector through leasing and chartering, ensuring seamless operations at every stage of the project lifecycle.
Tetracore Petroleum Development Company Limited
Operating across the entire oil and gas industry spectrum, Tetracore Petroleum Development Company Limited manages upstream, midstream, and downstream activities. From acquiring licenses and drilling wells to operating refineries and marketing fuels, this subsidiary exemplifies Tetracore’s holistic approach to the energy sector. The company’s integrated operations ensure a streamlined process from resource extraction to the delivery of refined products to consumers.

Conclusion
Tetracore Energy Group Limited, through its dynamic and specialized subsidiaries, is shaping the energy future of Africa by leveraging innovative technologies and sustainable practices. The inauguration of its CNG and LNG facilities in Nigeria marks a significant milestone towards energy security and sustainability, driving economic growth, job creation, and improved quality of life while aligning with global climate goals. Tetracore’s commitment to advancing gas infrastructure and enhancing energy access solidifies its role as a leader in the global energy market.

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.