Business

Tetracore Advances Natural Gas Monetization in Nigeria with Compressed Natural Gas (CNG) Commissioning, Liquefied Natural Gas (LNG) Ground Breaking

Published

1 year ago

June 10, 2024

Tetracore’s commissioning of its CNG facility and launch of a modular LNG project in Nigeria marks a critical step towards bolstering energy accessibility and sustainability in the region

Integrated energy solutions provider Tetracore has commissioned phase one of its Compressed Natural Gas (CNG) facility in Nigeria – representing a significant step towards strengthening the country’s natural gas distribution infrastructure. The company has also broken ground on the construction of a modular Liquefied Natural Gas (LNG) facility, which is poised to not only diversify Tetracore’s oil and gas portfolio but advance monetization in the gas-rich nation.

As the voice of the African energy sector and a strong advocate for natural gas development in Africa, the African Energy Chamber (AEC) commends both of these achievements, recognizing the role facilities such as these will play in making energy poverty history in Africa. Tetracore – led by Managing Director Olakunle Williams – continues to make great strides towards promoting industrialization and electrification in Africa through the development of natural gas. The commissioning comes ahead of the African Energy Week (AEW): Invest in African Energy conference this November (4-8), which provides a platform for deals to be signed and African energy projects advanced.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

The development of Tetracore’s CNG facility – with a capacity of 3.1 million standard cubic feet per day (MMscf/d) – falls in line with the Nigerian government’s Decade of Gas initiative, which promotes the role of gas as a catalyst for industrial growth. Located on the Benin-Sagamu Express Road in Ogun State, the CNG facility aims to bolster gas availability along Nigeria’s Western-Southern corridor, which houses some of the country’s largest industrial clusters. Tetracore has plans to double the project’s capacity to 6.2 MMscf/d in the future, ensuring demand continues to be met as industrialization advances in Nigeria.

Additionally, Tetracore’s CNG plant is near the Nigerian National Petroleum Corporation’s Gas Marketing Limited (NGML) connection point, which connects to the Escravos-Lagos Pipeline – the main gas transmission pipeline between the Niger Delta and the commercial capital of Nigeria, Lagos. This prime location ensures reliable pressure for effective and efficient CNG production and distribution, reaching both western and southern markets. Tetracore has also equipped the facility with advanced compression technology featuring an inbuilt fire suppressant system, ensuring safety and optimal performance, and the facility boasts an energy conversion efficiency rate of over 90%. As such, the project is expected to play a crucial role in enhancing local energy accessibility and providing a cleaner alternative to traditional energy sources. By utilizing CNG, the company aims to reduce carbon emissions and contribute to a more sustainable energy landscape in Africa.

In addition to the CNG facility, Tetracore has also broken ground on a modular LNG facility. The planned 10 MMscf/d LNG facility will diversify the company’s energy offerings and contribute to Nigeria’s energy independence. Designed to efficiently produce and distribute LNG in Nigeria, the LNG facility provides an environmentally-friendly energy source for the country. This will be particularly instrumental for industries such as transportation and power generation. Additionally, the modular nature of the facility allows for scalable expansion, which will enable Tetracore to adapt to the growing energy needs of the region.

“Tetracore’s activities in Africa are part of a broader strategy to develop robust and sustainable energy solutions across the continent. The Chamber recognizes the importance of Tetracore’s projects in ensuring energy security and driving forward the energy transition in Africa, providing reliable and cleaner solutions,” states NJ Ayuk, Executive Chairman of the AEC.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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