Advancly, a credit-tech company, is proud to announce its partnership with Bolt Nigeria, to provide drivers on Bolt with access to credit. This strategic collaboration aims to support drivers’ financial needs, enabling them to receive up-front earnings and boost their productivity.

Through this partnership, drivers who earn consistently on Bolt will have seamless access to Advancly’s credit solutions via an integration with Bolt.

This integration streamlines the borrowing process for Bolt Drivers, offering a hassle-free experience and access to low-interest, short-term loans to cover pressing expenses such as fuelling and maintaining their cars, ultimately empowering them to enhance their services and grow their income.

“We are thrilled to embark on this journey with Bolt Nigeria and bring our innovative credit solutions to their extensive network of drivers,” said Lolia Kienka, Country Manager, Nigeria for Advancly.

“The gig economy is playing a vital role in shaping the future of business for independent workers and this partnership reaffirms our commitment to enable entrepreneurs grow on their own terms by providing them with access to credit.”

“We recognize the vital role that financial stability plays in the lives of our drivers,” added Yahaya Mohammed, Country Manager at Bolt Nigeria. “In addition to our platform, we are excited to offer them additional resources that will help them manage their finances, provide exceptional services to riders and ultimately grow their businesses with Bolt.”

Launching first in Lagos and Abuja in beta, this strategic collaboration marks a significant milestone in providing healthy financial options to people who work within the gig economy, underscoring both companies’ dedication to empowering people to take control of their finances, on their terms.

The President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu has commissioned the Seplat Energy ANOH Gas Processing Plant, marking a significant milestone in Nigeria’s energy landscape. The commissioning ceremony, which was held May 15, 2024, in Ohaji, Imo State, brought together key stakeholders in the industry.

Right-Left: Effiong Okon, MD ANOH Gas Processing Company; Roger Brown, CEO Seplat Energy Plc; Mele Kyari, GCEO NNPCL; Chinyere Ekomaru, Deputy Governor of Imo State; Udo Udoma, Board Chairman, Seplat Energy Plc and others during the Presidential Commissioning of the ANOH Gas processing Company in Owerri, on Thursday 15th May 2024.

Built by the ANOH Gas Processing Plant Company (AGPC), the ANOH plant is a joint venture owned equally by Seplat Energy and the Nigerian Gas Infrastructure Company (NGIC), a wholly owned subsidiary of Nigerian National Petroleum Corporation (NNPC). The Plant attained mechanical completion in December 2023 without a single recordable Lost Time Incident (LTI) across 12 million man-hours. With a Phase One processing capacity of 300 million standard cubic feet per day, The ANOH Gas Processing Plant Company is expected to deliver dry gas, condensate, and LPG to domestic and international markets.

Speaking at the commissioning occasion, The President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, commended Seplat Energy and its partners for their dedication to advancing Nigeria’s energy agenda. He stated, “Today is a great day of achievement demonstrating teamwork, commitment, and dedication to duty. I congratulate you for all you have done for the country and for fulfilling this in only 11 months. This event is highly significant and demonstrates the administration’s determination to accelerate the development of critical gas infrastructure geared at demonstrably enhancing the supply of energy to boost industrial growth and create employment opportunities and further prosperity for the nation.

“The project also fully aligns with the Decade of Gas initiative and our quest to create value from the nation’s abundant gas asset while eliminating gas flaring and celebrating industrialization. I wish to assure the Nigerian people that indeed this project represents only the beginning as the Federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest possible realization of gas fuel for prosperity in abundance”.

In his remarks Mr. Udoma Udo Udoma, Board Chairman, of Seplat Energy, emphasized the strategic importance of the ANOH project, adding that “The ANOH gas project strongly aligns with Seplat Energy’s mission of leading Nigeria’s energy transition with accessible, affordable, and reliable energy that drives social and economic prosperity. As a testament of our pledge to Nigeria, in partnership with the NNPC Ltd, we have delivered this project that will support the current administration’s drive for industrialization and growth of the economy through low-cost reliable power.

“To put this into context, if all of the gas from this plant went into the power sector, it would produce enough electricity to transform the lives of over 5 million people. Given that Nigeria’s population is growing at a rate of over 5 million per annum, we need one of these plants a year every year just to meet the demand of our new arrivals. We all have work to do. We appreciate the unwavering support of our partner NNPCL, the cordial relationship with our host communities, Imo state government and the support of all stakeholders that are too many to mention.”

Commenting on the commissioning of the ANOH project Mr. Roger Brown, CEO, of Seplat Energy, stated that, “Seplat Energy is pleased with the progressive reforms by His Excellency President Bola Ahmed Tinubu and his administration. In March 2024, the President signed executive orders to enhance investments in greenfield gas development and midstream capital projects. Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently improved gas prices under the DSO, to trigger further investments to the domestic gas sector – our ANOH gas plant will benefit from these reforms and incentives. “No doubt, the ANOH’s gas will further reduce Nigeria’s carbon intensity and increase energy supplied to the Nigerian domestic market.”

The commissioning ceremony was well-attended by members of the Board, Management and Staff of Seplat Energy, government officials, institutional partners, traditional rulers as well as indigenes, and industry players, amongst other stakeholders.

Speaking on the collaborative efforts between Seplat Energy and the Nigerian Gas Infrastructure Company (NGIC) in bringing the ANOH Plant to fruition, Mr. Mele Kyari, the Group CEO of NNPC Ltd stated that, “The ANOH Gas Processing Plant being commissioned by NNPCL and our partner is in line with Nigeria’s decade 0f gas agenda and particularly consistent with the administration’s efforts to boost gas supply in the domestic market”.

Also speaking at the commissioning, Imo State Governor, Hope Uzodinma ably represented by the Deputy Governor, Mrs. Chinyere Ekomaru, congratulated Seplat Energy on the record time completion of the project and expressed his delight at the opportunities that lie ahead of the State on account of the successful completion of the ANOH plant, just as Rt. Hon. Ekperikpe Ekpo, the Minister of State Petroleum Resources (Gas) remarked that, “With a capacity of 600 million standard cubic feet per day, the ANOH Gas Processing Plant is a shining example of advancement. This plant will greatly advance the availability of domestic gas which will boost power generation and hasten industrialization.”

The ANOH Gas Processing Plant, located at Ohaji, in Imo State, is set to become one of Nigeria’s most strategic gas projects. It is poised to pave the way for increased gas production in Nigeria, accelerating the nation’s transition from small-scale diesel generators to cleaner, less expensive fuels such as natural gas for power generation. In February 2021, AGPC, successfully raised $260 million in debt to fund completion of the ANOH project. The project is now fully funded following the completion of equity investments of $210 million by each partner ($420 million combined).

Seplat Energy is committed to maximizing the potential of the ANOH Gas Processing Plant and delivering value to all stakeholders. As the plant begins operations, Seplat Energy looks forward to harnessing its full potential and contributing to Nigeria’s energy transition journey.

Lagos State Governor, Mr. Babajide Sanwo-Olu, and his counterparts from Sokoto and Borno States have emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.

The governors made the call at the ongoing 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Speaking at the conference, Governor Sanwo-Olu who was represented by his Special Adviser on Taxation and Revenue, Mr. Abdul-Kabir Opeyemi Ogungbo, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.

Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.

“We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive. The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”

The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”

However, former Governor of Ogun State, Senator Ibikunle Amosun, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.

Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.

He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.

While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.

In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.

He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.

The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.

The Auditor-General for the Federation (AuGF), Mr. Shaakaa Chira, said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.

The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

President and Chairman of the CITN council, Mr. Samuel Agbeluyi, emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.

Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.

The CITN boss stated further, “This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.

He said, “The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”