Farouk Ahmed, chief executive officer of NMDPRA, told journalists on Tuesday that the requirements for importing kerosene and diesel will apply to the importation of the commodity.
According to Ahmed, a number of conditions must be completed before the applicants are awarded licenses.
“There are a lot of conditions to be met before you are given a licence to import petrol,” he said.
“I cannot give you all the rundown now but I can tell you that just the way marketers import diesel or jet kero, there are conditions for all that and the same condition will apply to those who want to import Premium Motor Spirit (PMS).”
According to section 197 (2) of the Petroleum Industry Act (PIA) 2021, only companies that are lessees producing crude oil and/or condensates or who hold crude oil refining licenses are permitted to offer wholesale petroleum liquids (including petrol importation).
While the PIA authorizes the NMDPRA to grant licenses to refiners or producers of crude oil, the regulation requires the minister of petroleum to approve such licenses in sections 73 (3) and 111 (1).
The Nigerian National Petroleum Company (NNPC) is currently the country’s last-resort supplier, responsible with importing refined petrol to ensure adequate supply and distribution.
The country exports crude oil and swaps it for refined petroleum products under the Direct Sale, Direct Purchase (DSDP) program.
Domestic trading volume on the Nigerian Exchange Limited has decreased from N3.556 trillion in 2007 to N1.945 trillion in 2022, a decline of 45.30 percent.This information was provided in a report published by the NGX that covered trading activity on the local market in April.
Domestic transactions increased over N1tn before declining to N634bn in 2016, according to data from NGX, from N3971tn in 2008 to N422bn in 2011. It lost another trillion naira in 2019 (N985bn), and by the end of 2022, it had fallen to N1945tn. The amount of international transactions on the NGX fell by 38.47% within the same time frame, from N616 billion to N379 billion.
Meanwhile, total domestic transactions accounted for about 84 per cent of the total transactions carried out in 2022, whilst foreign transactions accounted for about 16 per cent of the total transactions in the same period.
The highest amount of foreign transactions recorded within the 16 years under review was in 2014, where N1538tn was recorded, followed by N1219tn in 2018. Foreign transactions have steadily dropped on the NGX since 2018; from N943bn in 2019 to N729bn in 2020 to N435bn in 2021 and N379bn at the end of 2022.
The transaction data for 2023 showed that total domestic transactions were about N659.26bn, whilst total foreign transactions were about N62.18bn. A breakdown of the foreign transactions showed that N24.90bn was recorded in January 2023, reduced to N19.62bn in February, went lower to N9.19bn in March 2023 and dropped further to N8.47bn at the end of April 2023.
As of April 30, 2023, total transactions at the nation’s bourse increased by 30.77 per cent from N146.22bn (about $317.09m) on March 4 2023 to N191.21bn (about $413.25m) on April 5, 2023.
In April 2023, the total value of transactions executed by Domestic Investors outperformed transactions executed by Foreign Investors by about 92 per cent. Further analysis of the total transactions executed between the current and prior month (March 2023) revealed that total domestic transactions increased by 33.35 per cent from N137.03bn in March to N182.74bn in April 2023.
In April, Institutional Investors outperformed Retail Investors by 18 per cent. A comparison of domestic transactions in the current and prior month (March 2023) revealed that retail transactions increased by 40.43 per cent from N52.83bn in March to N74.19bn and the institutional composition of the domestic market increased significantly by 28.92 per cent from N84.20bn in March 2023 to N108.55bn in April 2023.
Speaking on the floor of the NGX, its Chief Executive Officer, Temi Popoola, expressed concern about the inflow of funds into the capital market.
At a closing-gong ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa, Philip Smith, in Lagos recently, Popoola said that despite a total of N360tn moved within the Nigerian economy in 2022, only one trillion naira made its way into the capital market.
Popoola said that the market could thrive with enabling policies from the government and expressed a desire to collaborate with the new administration to develop the right policies that will promote listings in the market.
He said, “The age-old question for the capital market has always been how to get more corporates to list on the Exchange. Federal Government policies have influenced listings in the market. For instance, in the ’70s, as a result of the indigenization policy introduced by the then administration, listings grew from 6 to 81.
“We are looking to collaborate with the new administration to develop the right policies that promote listings in our market with the support of stakeholders like the Chartered Institute of Stockbrokers, Association of Securities Dealing Houses of Nigeria (ASHON), Association of Issuing Houses of Nigeria and other.
According to the NGX CEO, the Exchange is keen on growing Nigeria’s retail participation and boosting investors’ confidence in our market.
Tuesday saw a further decline in the average yield on Nigerian Treasury notes as the stocks market remained popular despite the fixed income sector’s negative real return on naira assets.
Despite rising interest and inflation rates, spot rates across all tenor instruments decreased during the Central Bank of Nigeria’s (CBN) main market auction. The market’s increased liquidity helped to support the decline in spot rates.
The apex bank issued and distributed Nigerian Treasury notes valued at N180.4 billion to market participants in the most recent primary market auction, which was held on Wednesday.
The three tenors’ stop rates varied, according on the auction outcomes. 91-day, 182-day, and 364-day bonds were auctioned by the CBN for 2.29%, 4.99%, and 7.99% respectively, from 4.50%, 6.44%, and 8.99%.
Financial system liquidity was reported to have decreased by 17.7% today to close at $229,11 billion, according to market participants. Market liquidity was recorded at N278.4 billion on Friday thanks to an FAAC inflow and an NTB maturity.
The interbank financing rates remained constant at 12.75% and 13.25% levels notwithstanding the decline. The market anticipates an increase in OMO maturities of N20 billion to boost liquidity levels.
Coronation Research stated in its market brief that it anticipates rates in the money market to trend higher since the anticipated outflow from a probable CRR debit by the CBN would probably exceed the anticipated inflow from an OMO maturity and an FX refund.
Treasury bill trading finished on a high note in the secondary market. 20 basis points were lost from the average yield to
Fixed income traders and analysts said across the curve, the average yield closed flat at the short and mid segments but declined at the long (-33bps) end, following demand for the 303-day to maturity (-100bps) bill.
Notably, the Mar-24 and Apr-24 papers attracted the most traction as yields dipped by 68 and 18 basis points, respectively, TrustBanc Capital told investors in a market brief.>>Naira Steadies as Banks Issue Update on FX Purchase
As money market stress eased, Cowry Asset Management Limited briefed investors that banks with liquidity demanded lower rates on Tuesday. Meanwhile, local banks’ activities at the CBN standing lending facility have been reduced strongly.
Analysts saw short-term benchmark rates, such as the open repo rate and the overnight lending rate, remained unchanged at 12.75% and 13.25%, respectively.
Kwara State Governor AbdulRahman AbdulRazaq cautioned oil marketers on Tuesday not to cause unnecessary suffering for Nigerians by creating artificial gasoline scarcity in the state and beyond.
The warning was made by AbdulRazaq, who is also the Chairman of the Nigeria Governors’ Forum, in a statement signed by his Chief Press Secretary Rafiu Ajakaye.
He stated that the present situation of not selling petrol to motorists without the government raising the price was completely uncalled for, and he urged fuel marketers to immediately release fuel to the public under the normal pricing structure because they had purchased what they currently had at subsidized rates.
“Creating artificial scarcity amounts to an intentional misrepresentation of the statement of President Bola Tinubu on the question of fuel subsidy. The people should not be made to undergo any hardship,” he stated.
“The Governor urges the marketers to desist from anything that qualifies as economic sabotage of the people. Hoarding fuel bought at subsidised prices and creating panic in the state is opportunistic and will not be condoned.
“His Excellency, the Deputy Governor, Mr. Kayode Alabi, will be leading a task force to ensure that no fuel marketer causes undue hardship to the citizens in Kwara State.
“Fuel stations are to note that the task force will dip into their pits. Any filling stations found to be hoarding fuel will have their Certificate of Occupancy revoked, among other penalties.”
President Tinubu Declares “Subsidy Is Over”
BizWatch Nigeria recalls that on May 29, President Bola Tinubu declared that his administration would end the subsidy on petroleum products.
Soon after being sworn in as the 16th President of Nigeria, Tinubu declared “Subsidy is gone” in his inaugural speech at Eagle Square, Abuja.
The Naira, the indigenous currency of Nigeria, started the week off on a fairly even keel as prices at the Investors’ and Exporters’ foreign exchange window, where rates are being unified, closed at 464.5 per US dollar.
In his inauguration address, Nigeria’s new president, Bola Tinubu, unveiled a strategy to harmonize the country’s several foreign exchange rates. If adopted, the measure would be in line with requests from the World Bank and IMF for the monetary authority to adopt a market clearing rate to encourage foreign currency inflows into Nigeria.
According to Broadstreet analysts, confused exchange rates and a growing backlog of foreign cash for repatriation are to blame for the lack of interest among international investors.
The top bank introduced a number of rates to manage exposures in the face of FX shortage brought on by a decline in US dollar inflows. The Central Bank of Nigeria (CBN), which is working to bolster its buffer, has implemented capital restriction to minimize FX outflow that would have a negative influence on the value of the naira.
The apex bank continues to strengthen the naira by secondary market intervention sales despite a poor supply side. The CBN has been returning rejected bids and even delaying transactions, according to the FX sales record.
The naira exchange rate increased slightly on the black market to N756 per US dollar as traders started to keep an eye out for potential currency reforms in the nation.
Data from FMDQ Exchange showed that the local currency appreciated against the dollar on Tuesday, exchanging for N464.50 at the Investors’ and Exporters’ window compared with the N464.51 to the dollar at the close of business on May 26.
The open indicative rate closed at N464.10 to the dollar on Tuesday. An exchange rate of N467 to the dollar was the highest rate recorded within Tuesday’s trading before it settled at N464.50.
The naira sold for as low as 460 to the dollar within the day’s trading. A total of 120.36 million dollars was traded at the official Investors and Exporters window on Tuesday. > Naira Steadies as Banks Issue Update on FX Purchase
According to analysts quoted in a research by Coronation Research, the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate fluctuated between N410 and N632 per US dollar but ended at N464.5.
This suggests a weekly devaluation of N1.5 or -0.3%. The range of FX prices transacted in the futures market was N449.9-483.2. The naira increased by +1.5 to settle at N470.8 in the 1-month contract, and by +4.3% in the 3-month contract to close at N485.8.
On Friday, the FX spot rate in the retail secondary market intervention sales (SMIS) market closed at N462 per dollar. FMDQ records show that NAFEX turnover climbed by 8.7% on Friday to reach US$702 million.
Kwara State Governor and Chairman of the Nigeria Governors’ Forum (NGF), AbdulRahman AbdulRazaq; Bayelsa State Governor, Senator Douye Diri, and Osun State Governor, Senator Ademola Adeleke, have cautioned oil marketers to avoid imposing needless hardship on the citizens through creation of artificial fuel scarcity in states across the country.
Similarly, Governor Godwin Obaseki of Edo State and Governor, Mr. Biodun Oyebanji of Ekiti State have threaten to clamp down oil marketers hoarding petrol in their respective states to create artificial scarcity and price hike
The governors gave the warning in separate statements yesterday.
The oil marketers had resorted to hoarded and hiked prices immediately President Bola Tinubu announced in his inaugural speech that fuel subsidy was over.
AbdulRazaq, said, he was seriously concerned about reports of sudden fuel scarcity in different parts of the state, stressing that it was totally uncalled for.
In a statement issued in Ilorin, that was signed by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, AbdulRazaq, however asked marketers to immediately discharge fuel to the public under the normal pricing system since they had bought what they currently have at subsidised rates.
He stated: “Creating artificial scarcity amounts to intentional misrepresentation of the statement of President Bola Ahmed Tinubu, on the question of fuel subsidy. The people should not be made to undergo any hardship.
“The governor urges the marketers to desist from anything that qualifies as economic sabotage of the people.
“Hoarding fuel bought at subsidised price and creating panic in the state is opportunistic and will not be condoned.
“The Deputy Governor Mr. Kayode Alabi will be leading a task force to ensure that no fuel marketer causes undue hardship to the citizens in Kwara State.”
AbdulRazaq added, “Fuel stations are to note that the Task Force will dip into their pits. Any filling stations found to be hoarding fuel will have their Certificate of Occupancy (CofO) revoked, among other penalties.”
Diri, also directed oil marketers in the state against hoarding and raising price of petrol.
In a statement issued by his Chief Press Secretary, Mr. Daniel Alabrah, the Bayelsa governor warned that his administration would take stern measures against any filling station that flout the directive.
He said the government had received reports that filling stations in the state capital had hiked the pump price of petrol above the usual price of between N193 and N250 per litre and now being sold at N500 per litre and above.
Marketers in the state were said to have reacted to the pronouncement by Tinubu during his inauguration on Monday, that the federal government subsidy on petrol “was gone.”
The Bayelsa governor said it was wicked for oil marketers to swiftly seek to profiteer at the detriment of the people following a mere pronouncement that had not taken effect.
He noted that the pump price of petrol was a significant determinant of the cost of goods and services in the country and that his administration would not allow the people of Bayelsa to suffer undue hardship from the profiteering activities of greedy businessmen.
Diri said he had directed the Ministry of Mineral Resources and the petroleum task force in the state to shut down any filling station hoarding the product or caught selling above the usual price.
He said: “I have directed the relevant ministry and the state’s task force on petroleum to ensure that all filling stations sell petrol within the usual price range.
“I have equally directed that any filling station that flouts this directive or fails to revert to the usual price be shut down. We will take further stern measures against any station that defaults.
Also, Osun State Government yesterday vowed to arrest and prosecute oil marketers who hoard fuel in a bid to create artificial scarcity in the state.
A statement issued by the spokesperson for Adeleke, Olawale Rasheed, yesterday, noted that a Special Monitoring Team would move around the state to ensure that all filling stations complied with the directive.
The stern warning came on the heels of reported deliberate hoarding of petrol by fuel dealers in the state.
The statement read, “The attention of the Osun State Government has been drawn to the deliberate hoarding of PMS by the fuel dealers within the State as a result of the statement from the Inaugural Speech of the new President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu on the removal of fuel subsidy, thereby causing unnecessary hardship for the people in the state.
“This deliberate action is not only inhumane, but unpatriotic and will not be allowed by the government.
“To this end, the Special Monitoring Team on fuel scarcity set up by Governor Ademola Nurudeen Jackson Adeleke headed by the Chief of Staff, Hon Kazeem Akinleye is still effective and shall not condone any form of economic sabotage.”
It added, “As from today, 30th May 2023, the Committee shall begin special monitoring of all the filling stations across the state in collaboration with law enforcement agencies and other stakeholders.
“Any fuel station found guilty of hoarding fuel to create artificial scarcity shall be sealed off and operators prosecuted for crime of economic sabotage.”
In a statement by the Chief of Staff to the Edo State Governor, Osaigbovo Iyoha, the governor was quoted as warning that any petrol station caught hoarding products would lead to revocation of its landed property.
“The attention of Edo State Government has been drawn to the unscrupulous attempt by petrol dealers in the state to hoard fuel and create artificial scarcity and price hike.
“As a responsible government that cares for her citizens, we shall resist this economic sabotage by every legal means possible.
“To this end, all petrol stations are ordered to immediately resume sales of the products to Edo people or risk immediate closure, and possible revocation of their property to enable others who want to do legitimate and respectful business in Edo State come and invest,” the statement said.
It added that the government cannot continue to allow extortion of Edo people in whatever guise, warning that “a word is enough for the wise.”
Oyebanji has summoned fuel marketers in the State for a meeting This was sequel to his warning message to them not to hoard the fuel because of Tinubu’s statement on the removal of fuel subsidy.
On Tuesday, amid increased optimism in the regional economy, the equities division of the Nigerian Exchange (NGX) posted a greater daily gain of more than N1.5 trillion.
Following President Bola Ahmed Tinubu’s pledge to kick-start the economy with initiatives like the elimination of fuel subsidies and the harmonization of currency rates, the market and investors’ confidence was bolstered.
Investors seeking growth thus value stocks on the local bourse. The demand for shares reached a higher record, driving key performance indicators up by +5.23%.
According to stockbrokers at Atlass Portfolios Limited, today’s record rise is the largest daily increase since November 12th, 2020, when it increased by +6.23%. The market index, also known as the All-Share Index (ALSI), gained 2,771.86 basis points today to close at 55,745.74, bringing the year-to-date gains to 8.77%.
The total volume and total value traded for the day both surged by +133.49% and +106.07%, respectively, according to market statistics, indicating a sharp rise in activity. In 9,916 trades, about 1,078.23 million units totaling $15,799.46 million were exchanged.
With 12.53% of the total volume of transactions, ACCESSCORP was the stock that was most actively traded. The top 5 on the volume chart were made up of the largest bank in Nigeria, FBNH (11.87%), TRANSCORP (8.88%), UBA (7.61%), and GTCO (7.09%).
Additionally, with 15.48% of the total value of trades on the exchange, ACCESSCORP was the stock that was traded the most.
ETERNA, FCMB, JAIZBANK, NB, TRANSCOHOT, DEAPCAP, STERLINGNG, and ZENITHBANK topped the advancers’ chart with a price appreciation of 10.00 percent each. These stocks were trailed by CONOIL (9.91%), AFRIPRUD (9.91%), GLAXOSMITH (+9.87%), CWG (+9.80%), and fifty-two others.
Eleven stocks depreciated, where IKEJAHOTEL was the top loser, with a price depreciation of -10.00% to close at ₦2.16, as NCR (-9.80%), TANTALIZER (-8.00%), CHIPLC (-6.56%), and ROYALEX (-2.22%) also dipped in price. Today, the market breadth closed largely positive, recording 64 gainers and 11 losers. As expected, the Nigerian Exchange’s sectors performance closed positively.
Stockbrokers said all the five major market sectors were up, led by the Banking sector (+8.20%), followed by the Consumer goods sector (+6.48%), the Industrial sector (+6.08%), the Oil & Gas sector (+4.04%), and the Insurance sector (+2.29% Overall, equities market capitalisation increased by ₦1,509.30 billion to close at ₦30,353.90 trillion from ₦28,844.60 trillion last Friday.
Due to a rise in demand for gilt-edged securities in the secondary market on Tuesday, the average yield on Federal Government of Nigeria (FGN) bonds decreased. Following President Bola Tinubu’s statement in favor of the market, the market reacted by increasing demand for local bonds.
President Obama’s proposal to end gasoline subsidies and switch to a market-clearing exchange rate drew criticism from influential participants in the economy.
Investors continue to anticipate greater returns on debt instruments in the secondary market, which is driving up demand for FGN bonds in the over-the-counter market. Demand levels have always been sustained by the financial system’s liquidity situation.
In light of growing inflation, Nigeria favors cheap local debt capital market borrowings over pricey Eurobond offerings. Local businesses are due a sizable portion of Nigeria’s governmental debt.
The average yield decreased by 5 basis points to 13.9% as a result of the bond market rally that followed President Bola Tinubu’s market-sensitive inauguration speech, according to dealers’ market briefings.
Despite a surge in the stock market, fund managers committed some money to debt papers. Market analysts claimed that increased interest rates and inflation had diminished the appeal of investing in the debt market, which offers lower risk but a negative actual return.
As investors flocked to the MAR-2024 (-40bps) and APR-2037 (-18bps) bonds, respectively, the average yield decreased at the short (-12bps) and long (-5bps) ends of the benchmark curve, according to Cordros Capital.
A slew of fixed income traders, and market analysts, however, spotted that the average yield expanded 6 basis points at the mid-segment following the sell-off of the APR-2029 (+11bps) FGN bond.
In the market, 20-year and 30-year FGN bonds were 101 basis points and 70 basis points richer, according to fixed income market analysts at Cowry Asset Management Limited.
These bond papers’ corresponding yields decreased 18 basis points to 15.40% and 11 basis points to 15.55% as demand increased. The 10-year and 15-year yields closed steady at 12.54%, and 14.81%, respectively.
Elsewhere, the value of the FGN Eurobond closed higher for all maturities, spurred by reports of fuel subsidy removal and the unification of exchange rates.
Consequently, the average secondary market yield compressed to 11.05%. Elsewhere, the 10-year US treasury yield inched lower to 3.7.0% as tension over the debt ceiling reduced.
The price of gasoline has risen to N600 per litre from N195 per litre in several regions of the country less than 24 hours after President Bola Tinubu announced the end of fuel subsidies.
Long lines once again appeared at fuel stations in Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi, and other important cities and metropolitan regions as a result of the development, which also caused a 100% increase in transportation costs.
Numerous outlets shut down their operations and refused to provide fuel to drivers, which made the situation worse by increasing the scarcity and causing fear and desperation buying at the fuel stations that were left accessible to the public.
In his inaugural speech at Eagle Square on Monday, President Tinubu declared that the subsidy program was officially over. He noted that the 2023 Appropriations Act did not include funding for gasoline subsidies after June, which marked the end of the 18-month extension period that the Muhammadu Buhari administration had approved for the program’s termination.
While this was going on, lines grew longer in some areas of Lagos and Ogun states as transporters raised their rates and some petrol retailers increased their pricing to as much as N600 per litre.
The Lagos-Badagry Expressway’s Mobil Filling Station at First Gate Bus Stop had a large line of cars and people with jerry cans, but no fuel was being supplied there. Half of the freeway was blocked by the line of cars.
According to research, several gas stations in the town were open from early in the morning till 2:00 pm and were charging between N189 and N205 per litre for the product.
Only a few stations, notably Bovas, Shirafa, and Geri Alimi, were dispensing the product at the time this report was filed.
While Bovas charged N200 per litre for fuel, the Tigress fuel station in the Odota neighborhood along the Ilorin/Ogbomoso route charged N205 per litre for PMS.
Many other businesses were closed, including NIPCO, Total, Abanik, OANDO, and the NNPC on Asa Dam Road. On Tuesday, frantic drivers surrounded a number of stations in Asaba, the capital of Delta State.
While other stations offered between N450 and N550 per litre, the majority of the main marketers have increased their pump pricing from N230 and N260.
However, a number of businesses turned away clients because their gates were sealed tightly.
Atiku Abubakar, the candidate of the Peoples Democratic Party, has submitted a total of 118 evidence to the five-member panel of the Presidential Election Petition Court in his case against President Bola Tinubu.
In order to protest the Independent National Electoral Commission’s designation of Tinubu, who ran for office as a candidate for the All Progressives Congress, as the victor of the February 25 election, Atiku and the PDP went before the tribunal. Tinubu received 8,794,726 votes, making him the election’s victor.
In their accusations against Tinubu, Atiku and the PDP claimed that the president was not duly elected by the majority of lawful votes cast at the election. The president “was, at the time of the election, not qualified to contest,” they further asserted.
At the start of the hearing on Tuesday, one of Atiku’s attorneys, Eyitayo Jegede, handed his first batch of exhibits to the court.
Certified copies of the presidential election results from the 36 states of the union and the Federal Capital Territory were among the exhibits offered as proof.
Printouts of data from the bimodal voter accreditation system and records of the number of permanent voter cards used for the election in the 36 states and the FCT are included as additional exhibits. All offered exhibits were accepted into the evidence.
The case’s respondents held off on objecting to any of the papers until their final written response.
The petitioners did not present any witnesses at the hearing.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.06 per $1 on Friday, May 26.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦760 and ₦775 with an average of ₦766.80 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks
The VEGAN sign is the world’s most recognized label in the vegan food segment. It provides a dependable guide for consumers when shopping. It allows people who care about the right balance in their diet to choose products that are suitable for their lifestyle and do not contain animal ingredients.
As of June 2023, the organization’s V-Label, VEGAN category, is also on three flavor versions of Hello Day! Smoothie – pineapple, passion fruit, mango. The creators of the label have more than 25 years of experience certifying products, which are analyzed by several experts in fields such as quality management, food technology and chemistry.
The requirements for the VEGAN mark are extremely strict. Granting us a license for Hello Day! Smoothie confirms their highest quality and high production standards – explains Jarosław Bańda, Communications Director.
Hello Day! Smoothie consists of simple, low-processed ingredients. Thanks to its uniquely thick consistency, it can successfully supplement the daily diet as a delicious and filling snack during the day. Agus’ innovative product responds to current trends and consumer expectations.
Indeed, it combines great taste and clean label. The smoothie consists only of natural, non- concentrated purees and juices and, an exceptional on the market, coconut cream. The drink is provided in a recyclable bottle that can be taken with you to work or, for example, packed in a child’s backpack for a second breakfast.
The packaging features a colorful awning, inspired by the American farmer’s market and French le marché, naturally evoking the idea of a traditional grocery market offering food directly from farmers. This unique visual identity concept, which makes the products stand out from the competition on the store shelf, is a strategic selling tool.
The VEGAN certificate and logo are an international symbol, which is extremely important to us. Our smoothies are available in many foreign markets. To expand our sales network, we are constantly looking for new business partners, offering them a branded product of the highest quality and attractive terms of cooperation. The VEGAN logo is our other differentiator.
Jarosław Bańda adds. Hello Day! Smoothie is produced in aseptic processing technology, creating shelf-stable beverage, which does not need refrigeration, with a long 12-month shelf life. Its logistics does not require controlled temperature, which has a significant impact on cost optimization in the supply chain. In stores, smoothies can be exposed in two shopping areas: on shelves and in refrigerators, fully complementing the grocery offer and the “to go” category.
Additional information: The criteria that Hello Day! Smoothie had to fulfill to be certified as VEGAN:
No ingredients of animal origin were used at any stage of production. This also applies to additives, excipients, and flavorings. The audits do not end with the list of ingredients, but even include substances that do not have to be declared on the package like biotechnological culture media or supporting substances.
All production stages must be carefully designed so that unintentional signs of non-vegan or non-vegetarian substances in the final product are kept to a minimum.
No animal tests have been and will be conducted for the resulting product, as well as for individual ingredients, excipients and other substances used for production, if they have been developed for the final product.
Olorogun Bernard Okumagba, a representative of Delta State on the Niger Delta Development Commission’s Governing Board, said President Bola Ahmed Tinubu’s inaugural speech “showed his firm and unequivocal commitment to progressive good governance in furtherance of the Nigerian ideal, succinctly captured in his five governance principles.”
The NDDC Commissioner, a well-known APC figure in Delta State, praised Tinubu’s pledge to address the country’s economic issues as well as his instruction to the monetary authorities to make monetary policy more business-friendly and work toward a single exchange rate.
This was said in a statement that he personally signed and that was made accessible to journalists on Tuesday in Warri, Delta State.
In the statement, Tinubu was praised for his progressive plans for the country and the incoming administration was wished “every success in leading our nation towards stability, true democratic governance, and economic development.”
Okumagba stated that Tinubu “will bring these remarkable skills and attributes to bear in renewing the hopes of Nigerians for a more prosperous nation” due to his well-established reputation as a bridge builder, a true progressive, an astute supporter of true federalism, and someone who has over the years made sacrifices to ensure the survival of democracy in the country.
He also expressed his gratitude for Tinubu’s substantial contribution to finding answers to Nigeria’s political and economic problems. The maintenance of a succession pipeline has since made Lagos the state of choice to live in, work in, and play in, as Okumagba recounts President Tinubu’s extraordinary transformation of Lagos State during his tenure as Governor between 1999 and 2007.
“I look forward to your tenure marked by peace and prosperity of our country through an inclusive national reconciliation process; remarkable focus on confronting insecurity through a reform of the sector; growing the economy; and tackling multidimensional poverty, which would boost Micro Small and Medium Enterprises and thereby create a robust middle class that will drive our Country’s economic rebound under your watch,” he said.
Recalling that Tinubu had stated that the new administration’s guiding principle was to “govern according to the constitution and the rule of law; to defend the nation from terror and all forms of criminality that threaten the peace and stability of our country; and to remodel our economy to bring about growth and development through job creation, food security, and an end to extreme poverty,” Okumagba came to the conclusion that the guiding principle is consistent with the constitution.
President Bola Tinubu arrived at his office at the Aso Rock Villa in Abuja on Tuesday afternoon, just 24 hours after being sworn in.
At least 40 Heads of State were hosted by the President on Monday afternoon at the Banquet Hall, and he didn’t return to work at his office until Tuesday (today).
Tuesday at 2:38 p.m., Tinubu’s motorcade arrived at the Villa’s forecourt where he was met by Vice President Kashim Shettima, Speaker of the House of Representatives Femi Gbajabiamila, Governor of the Central Bank of Nigeria Godwin Emefiele, CEO of the Nigerian National Petroleum Company Limited Mele Kyari, and Permanent Secretary of the State House Tijjani Umar.
Others include Hon. James Faleke, Mr. Dele Alake, and the former Lagos State Commissioner for Finance, Mr. Wale Edun.
The new Commander-in-Chief examined the Quarter Guard at the presidential gate before he entered.
Following Tinubu’s first meeting today, the presidency is anticipated to name the chief of staff, secretary to the government of the federation, national security adviser, and spokesperson for the new administration.
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, and Stanbic Bank Kenya (“Stanbic”), a member of the Standard Bank Group, have announced commitments to Sun King, a leading off-grid solar energy company, through a $130 million funding round and a joint $20 million working capital facility.
Targeting further expansion, Sun King is backed by prominent DFIs and commercial lenders, including Absa, BII, FMO, Norfund, Stanbic Bank Kenya, the Trade and Development Bank (TDB), and Citi.
These two complementary commitments will enable the purchase of more inventory such as solar home systems and solar lanterns, and facilitate customers’ access to new solar products via credit, securitised and funded by investors – catalysing company growth. To date, Sun King has powered the lives of over 100 million people. These investments will accelerate Sun King’s ability to equip more Kenyan households and businesses with green, reliable and modern energy.
The entirely Kenyan-Shilling-denominated securitisation deal provides a $130 million capital boost to Kenya’s off-grid solar energy sector and leverages Sun King’s share of the market – extending access to pay-as-you-go solar home systems and energy efficient equipment for underserved customers across the country. Approximately half of Sun King’s registered pay-as-you-go customers in Kenya are women, most of whom access formal financing products for the first time.
Providing an additional $20 million working capital facility to support Sun King, BII and Stanbic maximise the company’s capacity to deliver more high-quality affordable products to an underserved market with rising demand.
Sun King designs, distributes, installs and finances modern solar energy solutions for individuals, households and businesses who cannot access, rely on, or afford traditional electric grid connections. In Kenya, three out of every ten Kenyans live without access to electricity. The facility will allow Kenyan households and businesses to transition to clean, reliable and affordable solar energy and appliances.
Growing with early-stage funding provided by DFIs, including BII, Sun King is the world’s largest off-grid solar energy company. In 2022, the company closed a $330 million Series D equity round of funding, with participation from private equity investors General Atlantic, M&G and Leapfrog.
Over the years, as Sun King’s reach has expanded, BII and Stanbic Bank Kenya’s financing has evolved in tandem, adopting a flexible, patient, and long-term approach to lending.
Anish Thakkar, Co-Founder, Sun King said: “For many years, British International Investment and Stanbic have been invaluable partners in Sun King’s mission to equip underserved consumers with clean, renewable energy.
“Today, one in five Kenyans use Sun King products for light and power. British International Investment and Stanbic’s investment propels us forward, allowing Sun King to meet the ever-evolving energy demands of Kenyan customers and to better serve those overlooked by traditional energy systems.”
Geoffrey Manley, Head of Energy Access and Efficiency, BII, said: “Once again, we are proud to support Sun King and are delighted to participate in BII’s third funding round to the company. Alongside other investors, we reinforce our shared commitment to mobilise climate finance, boost energy access and improve the quality of life of Kenyan households.
“These complimentary commitments bring more solar home systems to those living with no or limited access to traditional energy sources – supplying energy efficient solutions while unlocking more commercial capital to advance the development of the market.”
Rentia van Tonder, Global Head of Power, Standard Bank said: “Africa is well positioned to benefit from the green economy, and we are proud to have partnered with Sun King to facilitate this landmark transaction.
“It is another demonstration of the Standard Bank Group’s ongoing commitment to drive sustainable growth in Africa’s renewable energy sector. Our clients are looking at transitioning to net zero and fast-tracking renewable energy as a key value proposition, and as such we have prioritised sustainable finance as a way to unlock growth across African economies.
“As the largest bank on the continent, we have the local knowledge and a good opportunity to play a leading role to realise the possibilities presented by Africa’s longer-term structural trends.”
The joint commitment contributes to several of the United Nations’ Sustainable Development Goals (SDGs), including Affordable and Clean Energy (SDG 7), Climate Action (SDG 13) Decent Work and Economic Growth (SDG 8), Social Inclusion (SDG 10) and qualifies as part of BII’s contribution to the 2X Challenge.
Philip Costa, the founder of Incorporated Trustees of Advocates of Solar Panels Association (ITASPA), a Non-governmental Organisation (NGO), has urged Nigeria’s new President, Bola Tinubu, to prioritise alternative energy solutions as a key component of his government’s agenda.
In an interview with BizWatch Nigeria, Costa expressed an opinion that there is a pressing need for a transition to clean and renewable energy sources in order to address climate change and achieve long-term environmental sustainability.
“The global community is facing an unprecedented environmental crisis, with climate change posing significant challenges to our planet’s future. As a responsible and forward-thinking government, it is crucial for the Tinubu administration to embrace alternative energy technologies as a central part of their policy framework. The promotion of clean energy sources such as solar, wind, and hydroelectric power can lead to reduced carbon emissions, improved air quality, and increased energy security.
“I believe that by making alternative energy a priority, the Tinubu-led administration can contribute significantly to building a greener, cleaner, and more prosperous future for all Nigerians. I likewise think placing a strong emphasis on alternative energy is essential to accelerate progress and mitigate the detrimental effects of climate change. By adopting policies that support the growth of renewable energy infrastructure and incentivize private investment in clean technologies, the government can create a robust and resilient energy sector while simultaneously fostering economic growth and job creation,” the ITASPA convener stated.
Costa, however, expressed his organisation’s readiness to collaborate with the Tinubu, offering their expertise, research, and advocacy to support the development and implementation of effective policies and initiatives related to alternative energy.
Nigerian Idol has made a triumphant return, captivating audiences with an electrifying introduction of its top ten contestants. The show burst into life last night, May 28, 2023, showcasing breathtaking performances that left everyone in awe.
Amidst the display of talent, there were moments of vulnerability and strength, as laughter, tension, anticipation, and excitement filled the air. Each contestant brought their absolute best, while the judges provided valuable insights, cheers, and their undeniable expertise. Now, it’s time for you to play an active role in shaping the destiny of these talented individuals.
Your votes matter! To cast your vote via the web and mobile site, visit www.africamagic.tv/nigerianidol where you can allocate a hundred votes across various platforms. You can also download the DStv or GOtv apps on your Android or iOS device to have as much as 2500 votes depending on your subscription package. Voting opens every Sunday at 7 pm and closes on Thursday at 9pm.
The power lies in your hands to keep your favorite contestant in the show. Let’s rally behind them, sending positive vibes and casting our votes relentlessly. Remember, they need all the good luck and support they can get. So, keep your fingers crossed, stay engaged, and show your unwavering support by voting. Together, let’s ensure that the deserving talent emerges victorious in this exhilarating journey.
Following the President’s statement that fuel subsidies will no longer be provided, Senator Shehu Sani, a former federal lawmaker, has vowed war on agitators who advocate their continued provision.
This was said by the senator in a tweet on Monday in response to events after the president’s announcement from yesterday. Tinubu declared that his administration would end the subsidy on petroleum products on Monday in Abuja.
The “subsidy is gone!” Soon after being sworn in as the 16th President of Nigeria, Tinubu screamed during his inauguration speech in Eagle Square, Abuja.
According to the president, there is no longer a subsidy provision in the national budget as of June 2023.
The withdrawal of fuel subsidies in Nigeria was supported by Senator Shehu, who stated that it was blackmail for fuel stations to close down less than 24 hours after the announcement.
“The usual blackmail by the subsidy cartel is shutting down petrol stations on the announcement of the removal of petroleum subsidy,” he said. It’s time to eliminate the parasitic subsidy providers.
He claimed that the government has spent billions of naira on gasoline subsidies, which according to experts, are not viable.
Fuel subsidies have been a topic of national debate for many years, with many people criticizing their effects on citizens.
the recent past The withdrawal of the fuel subsidy was scheduled to occur in June, but President Muhammadu Buhari postponed it during the Federal Executive Council meeting on April 27.
Clickatell, a pioneer in mobile messaging and Chat Commerce innovation, was acknowledged by Nigeria Communications Week as the winner in the Business Efficiency Solutions Provider of the Year category as part of their 14th Africa’s Beacon of ICT Merit and Leadership (ABoICT) Awards, held on Saturday 27 May at the Lagos Oriental Hotels, Lekki.
Clickatell was declared a winner in its category through a voting process that included business leaders, readers, as well as independent quality experts.
In a letter announcing the achievement, Ken Nwogbo, Editor-In-Chief of Nigeria Communications Week said, “This is a testament to your talents, innovations, contributions and commitments to the growth of the ICT industry, and we are happy that Nigerians have recognized your hard work, sincerity and dedication towards the development of the ICT industry.”
Speaking after the awards ceremony and annual ABoICT lecture delivered this year by Dr. Krishnan Ranganath, Regional Executive, West Africa, Africa Data Centres FZE Nigeria, Clickatell’s Samson Isa, Regional Managing Director, West Africa, shared his thoughts on the past year and what the award means for the company and his team.
“We are delighted to once again be recognized by our peers at this prestigious event. Over the past year, we have seen a marked increase in awareness of chat commerce with some great success stories coming from early adopters. Over the last 12 months, Clickatell has expanded to provide new and full commerce experiences in mobile messaging channels and worked closely with local customers to begin their chat commerce journey.
“We have helped them to optimize their processes, improve efficiencies and ultimately reduce costs. It is a great honor to see our efforts formally recognized, not just by our satisfied customers, but by the industry in general,” Isa said.
According to Isa, companies in the banking and aviation sectors have shown particularly strong interest in the opportunities offered by chat commerce. According to Isa, chat commerce is also set to revolutionize the retail sector in the coming months.
“Despite the many macro-economic pressures of the last year, we are pleased to see our business expanding into more verticals as Nigerian business leaders become more familiar with chat commerce. We believe this will continue into 2024 and beyond.
“We are grateful to the organizers for creating platforms such as this, where the industry can salute one another’s efforts. We congratulate all the participants and winners and we are proud to be in such excellent company,” Isa added.
Clickatell’s chat commerce offering has already been deployed by many respected brands including EcoBank, Wema Bank and Stanbic Bank IBTC. In the past year, the company has also added among others CBN, eNaira, and QRIOS to its list of clients.
A Lagos-based microfinance loan solutions company that disbursed more than half of its loans to women-led micro and small enterprises last year, has been named the “Affirmative Finance Action for Women in Africa (AFAWA) Bank of the Year” at the African Business Awards ceremony.
The annual ceremony celebrating excellence in the continent’s banking sector, took place on Wednesday 24 May during the African Development Bank Group’s Annual Meetings in Sharm El-Sheikh, Egypt.
The Leshego Microfinance Bank Nigeria, also known as Letshego MFB Nigeria, received the award named after the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme.
AFAWA seeks to close the estimated $42 billion finance gap for women-owned small and medium-sized enterprises (SMEs) by unlocking up to $5 billion of financing for over 30,000 women business owners in Africa.
“We are delighted because our purpose is to Improve Lives of our customers by creating financial access and accelerating financial inclusion by providing creative funding for micro and small entrepreneurs in the region. [Being named AFAWA Bank of the Year] will enhance our brand positioning and increase trust and our reputation with women-led businesses,” said Richard Tyotule, Head of Sales and Distribution at Letshego MFB Nigeria.
In partnership with the African Guarantee Fund and the African Development Bank, the AFAWA Bank of the Year Award honours banks advancing financial inclusion of women across the continent.
Letshego MFB Nigeria is part of the Guarantee for Growth programme, administered by AFAWA and its partner, the African Guarantee Fund. Amongst other activities, the programme de-risks women portfolios of partner financial institutions, and incentivises financial institutions playing a greater role in supporting private-sector growth through women entrepreneurs.
Participation in the program has increased Letshego MFB Nigeria’s appetite to do business with women-led businesses, Tyotule said.
Letshego MFB Nigeria’s original guarantee line was $3.5 million: Leshego MFB Nigeria leveraged that guarantee line to offer an additional $1.5 million in loans to clients. Cumulatively the bank says it disbursed about $5 million of loans — and out of this amount they disbursed $2 million to women-led SMEs in less than one year.
Letshego MFB Nigeria said that it disbursed 63% of its 5,115 loans to women-led micro and small enterprises (3,241 women-owned/entrepreneurs) in less than a year. Letshego increased its uptake of loans by women from 25% in 2020 to 51% in 2022.
In her remarks, African Development Bank Vice President for Agriculture, Human and Social Development Dr Beth Dunford said “through AFAWA, and with partners like the African Guarantee Fund, the Bank was helping financial institutions realise that financing Africa’s women-led start-ups isn’t charity work – it is “good business”.
“We believe that supporting Africa’s women-led businesses and catalysing private investment are crucial for inclusive African economic transformation,” Dr Dunford added.
African Guarantee Fund’s Group Chief Executive Officer Jules Ngankam said their aim was to provide a holistic solution by reinforcing human and financial capital, so that women entrepreneurs could fully contribute to the growth of our continent.
“In addition to the AFAWA Guarantee for Growth, we also provide tailored technical assistance to our partner financial institutions to develop their women SME lending portfolios,” Ngankam said.
More than 300 of the continents’ leading bankers, regulators and policymakers attended the African Banker Awards, now in its 17th edition. Another highlight of the evening was African Development Bank head Dr Akinwumi Adesina presenting the award for “Finance Minister of the Year.”
As the music played after Adesina announced the winner, both he and honouree Enoch Godongwana, South Africa’s Minister of Finance, took a moment to dance to the beat before Adesina handed over the award.
Bank Secretary General Professor Vincent Nmehielle presented an award to Afreximbank for being named “Africa Bank of the Year.”
“This year’s award ceremony is a testament not only to the vibrancy and dynamism of Africa’s banking industry but also its increasing diversity,” said Omar Ben Yedder, Committee Chairman and Group Publisher at IC Publications, publishers of African Banker.
Letshego Microfinance Bank Nigeria, in Lagos, is part of the larger Letshego Group. The Letshego Group is an African multinational, first opening its doors in Botswana more than 21 years ago by offering loans to government employees.
Today the Group employs more than 3,000 people and operates in 11 sub-Saharan African markets including Nigeria.
AFAWA is supported by various development partners including the G7 countries (France, Canada, Italy, Germany and the European Commission), the Netherlands, Sweden, and the Women Entrepreneurship Finance Initiative (We-Fi) of the World Bank Group.
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