Onagoruwa joins Transcorp Hotels board as independent non-ED

AMERICAN MULTINA TIONAL international oil company, Chevron Corporation, is looking to spend as much as $15 billion, the low end of a $15 billion to $17 billion range, in 2022 in what it called an organic capital and exploratory spending programme, the oil major said.

The figure is up more than 20 percent from 2021 expected levels.

In a statement disclosing the CAPEX programme, the company said it supports its objective of higher returns and lower carbon, including approximately $800 million in lower carbon spending.

The programme excludes expected inorganic capital of $600 million in anticipation of the formation of a renewable fuel feedstocks joint venture with Bunge.

“The 2022 capital budget reflects Chevron’s enduring commitment to capital discipline,” said Mike Wirth, Chevron chairman and CEO. “We’re sizing our capital programme at a level consistent with plans to sustain and grow the company as the global economy continues to recover.”

BOLA ONAGORUWA, A FORMER director general of the Bureau for Public Enterprises, has been named a non-executive director of Transcorp Hotels plc, a leading hospitality brand in Nigeria.

Transcorp Hotels Plc are owners of the prestigious and award-winning Transcorp Hilton Abuja, Transcorp Hotels Calabar, and online booking platform for accommodation, food, and experiences Aura by Transcorp Hotels.

Onagoruwa’s appointment to the board took effect from Monday December 20, 2021. A statement issued by the company said Onagoruwa brings to its board, a wealth of experience spanning more than three decades across both the private and public sectors in different aspects of law, as well as public sector reform.

Consistent with its track record of returning excess cash to shareholders, the company is raising its share buyback guidance range to $3 to $5 billion per year, versus prior guidance of $2 to $3 billion per year.

“We’re a better company than we were just a few years ago. We’re more capital and cost-efficient, guided by a clear and consistent objective to deliver higher returns and lower carbon,” Wirth continued. “And this enables us to return more cash to shareholders.”

2022 organic CAPEX investment programme

Chevron organic planned capital and exploratory expenditures for upstream, both in the United State and internationally, put at $12 billion.

In the upstream business, approximately $8 billion is allocated to currently producing assets, including about $3 billion for Permian Basin unconventional development and approximately $1.5 billion for other shale & tight assets worldwide.

Additionally, $3 billion of the upstream programme is planned for major capital projects underway, of which about $2 billion is associated with the Future Growth Project and Wellhead

It further said she has had commercial legal practice experience at Bentley Edu and Co, Nigerian Industrial Development Bank, Midas Merchant Bank, and the Bureau of Public Enterprise (BPE). It added that upon retiring from public service, Onagoruwa served as acting CEO of Ibadan Electricity Distribution Company before joining ENL Consortium Limited.

“Onagoruwa contributed immensely to the public sector reform and privatisation in Nigeria during her 12-year service with the BPE, in various directorate capacities,” adding that she had four-year service as secretary, social development, and

Pressure Management Project (FGP / WPMP) at the Tengiz field in Kazakhstan.

Finally, approximately $1.5 billion is allocated to exploration, early-stage development projects, secretary, education in the Federal Capital Territory Administration, before retiring as the director-general of BPE in 2012.

She studied law at the University of Lagos, graduating with an LLB, has a post graduate diploma in politics and international relations from the University of Kent at Canterbury, and is an alumna of the Harvard Business School (General Manager Program). She served on the board of NOVA Merchant Bank from 2017 to 2021, as an independent director.

Emmanuel Nnorom, chairman of Transcorp Hotels Plc said: “Transcorp Hotels is ending 2021 in an impressive position and we are working hard towards achieving our vision of becoming Africa’s leading hospitality brand, delivering excellent services to our customers and unbeatable value to all our stakeholders. This appointment complements our position and reinforces our intent.” midstream activities and carbon reduction opportunities.

Approximately $2.3 billion of planned organic capital spending is associated with the company’s downstream businesses that reencouraging

ENTRIES INTO THE 2022 TONY Elumelu Foundation (TEF) entrepreneurship programme have been thrown open to interested applicants with the commencement of application procedures for a programme designed to create economic and social wealth opportunities for African entrepreneurs with business ideas or existing businesses under five years across the continent.

Successful applicants will be granted access to $5000 seed capital, mentorship and business management training offered by the entrepreneurship empowerment organisation which disbursed $24.75 million to empower 5000 African entrepreneurs for its 2021 entrepreneurship programme.

The TEF’s entrepreneurship programme is regarded to be one of the largest private sector responses to driving the economic recovery of African youth, women and SMEs, given the effects of the Covid-19 pandemic across Africa, with beneficiaries starting and growing trailblazing businesses that have collectively created over 400,000 direct and indirect jobs.

Since 2015, the foundation has empowered 15,847 African entrepreneurs with non-returnable seed capital of $5,000 each, conducted twelve weeks of business management training, granted entrepreneurs access to experienced mentors and offered them memberships to Africa’s largest entrepreneurial ecosystem.

Ifeyinwa Ugochukwu, chief executive officer of the foundation, said the organisation is constantly “blown away” by the quality of businesses that come from Africa every year.

This, she said, motivated the foundation to scale its efforts to empower even more entrepreneurs on the continent.

“The innovation, knowledge and resilience of African entreprefine, market and transport fuels, and manufacture and distribute lubricants, additives, and petrochemicals. This also includes capital to grow renewable fuels and products businesses. neurs is central to charting Africa’s socio-economic transformation and meeting the continent’s development objectives. We are also proud of the increase in female participation on our programme, especially with the 2021 cohort where we witnessed a record 68 percent selection of women entrepreneurs,” Ugochukwu said.

For those interested in applying for the programme, the TEF said: “As the foremost champion of entrepreneurship in Africa, the Tony Elumelu Foundation entrepreneurship programme is open to entrepreneurs, new start-ups and existing young businesses, operating in any sector across all 54 African countries.”

It added that prospective applicants can apply on the digital networking hub for African entrepreneurs at www.tefconnect.com.