According to the African Refiners and Distributors Association, replacing charcoal with clean cooking gas, also known as liquefied petroleum gas (LPG) , will cost Nigeria and other African nations around $7.5 billion for downstream infrastructure and stoves.
In spite of its enormous gas supply, the continent’s per capita consumption remained the lowest, and it was stressed that it was past time for stakeholders to develop financial plans and solutions to deal with the barriers to clean cooking gas usage on the continent.
Anibor Kragha, the Executive Secretary of ARDA, revealed this during a group LPG virtual workshop. He said that while sub-Saharan Africa had 14.4% of the world’s population, it consumed less than 1% of the world’s LPG.
According to Anibor, “many countries have little to no bulk handling facilities.” However, he pointed out that since 2010, LPG usage in Africa has more than doubled, with an average annual growth rate of 9.7% over that time.
In sub-Saharan Africa, he claimed that Nigeria continued to be the region with the highest LPG use rates. Cooking gas is essential to Africa’s energy security, according to David Appleton, vice president of Argus’ LPG business for Europe, the Middle East, and Africa.
He stated that infrastructure development remained a major concern and added that safety, price, culture, and finance were crucial for the sector’s expansion in Africa.
Investors in the industry, according to Appleton, would undoubtedly anticipate returns on their investments. He said that there must be a mechanism to reduce investment risk as much as feasible.
According to him, Africa must consider long-term investments and that regulatory improvement and consistency are essential.
In order for Africa to attract investments, better governance and institutions are required, according to Moussa Dabo, Senior Associate, Investments, African Finance Corporation, who revealed at the event that the company has invested $10.5 billion across 36 nations in Africa.
Dabo remarked that lenders felt more at ease making loans to businesses who were eager to adopt best-in-class operating procedures.
He believed that cash flow consistency and viability might greatly lower borrowing costs while encouraging more investment in LPG.
“Securing favorable, diversified, long-term supply contracts with established global traders is necessary, and players in the sector should recalibrate their capital structure before seeking financing,” Debo said, adding that adding equity to the company could reduce financing costs.
Additionally, Wagl Energy Limited’s stakeholders noted in a presentation that if Africa was committed to resolving issues with gas production that prioritized the local market, shipping, storage, as well as distribution to other end-users, the potential for LPG consumption in Africa could improve.
One of the infrastructure problems preventing LPG expansion in the region, according to the company, is the insufficient number of LPG vessels owned and operated by sub-Saharan African businesses.
It criticized the lack of LPG storage facilities in the area and emphasized that many sub-Saharan African ports and jetties, especially in countries like Nigeria, also have draft restrictions, with their drafts typically falling between 8 and 8.5 meters.
The gas company also pointed out that, of the three issues, the storage bottleneck presented the most opportunity because there were so few LPG storage facilities in the sub-Saharan region.
The Offshore Technology Conference (OTC) which brought together energy professionals from around the world recently concluded a successful edition. The event welcomed 31,000 participants and over 1,300 exhibiting companies.
Hosted in Houston, Texas from 1 – 4 May 2023, the annual event offered a collective platform for stakeholders to discuss global energy demands, the offshore sector’s role in meeting critical energy requirements, and its importance in the energy transition.
Participants had the opportunity to connect with top industry leaders, to learn about as well as showcase the latest innovations and technological advancements for the future of offshore energy while exploring cutting-edge technology for offshore drilling, exploration, production, and environmental protection.
One of the distinguished participants at the 2023 edition was Dorman Long Engineering Limited, a leading Oilfield Equipment, Structural Steel, Marine Structures Engineering, and Fabrication Company in West Africa. Dorman Long, a leading member of the Petroleum Technology Association of Nigeria (PETAN), supported the national association by sponsoring PETAN’s program for the Nigerian Pavilion which was newly opened at this year’s event.
The company, chaired by Dr. Timi Austen-Peters, was the proud sponsor of a networking golf session held on the final day to conclude the conference.
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 N460.5 per $1 on Friday, May 5.
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 ₦742 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.
Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has received an Initial Management Quality Rating of MQ2(NG)(mq) with a Stable Outlook from Global Credit Ratings (GCR). The rating demonstrated the company’s commitment to excellence in all aspects of its operations.
GCR, the rating agency, gained expertise in assessing the creditworthiness of financial institutions, corporates, and government entities, and had established itself as a leading rating agency in Africa. GCR adopted a Management Quality (MQ) rating system that ranked from the highest rating of ‘MQ1’ to the lowest rating of ‘MQ5’.
These ratings served as indicators of an entity’s organizational structure, risk management capabilities, and operational controls. They also hinted at markets of the overall quality, management characteristics, and operating practices of organizations.
The MQ2 rating assigned to Stanbic IBTC Pension Managers was an indicator of the institution’s strong management team with robust organizational structures, adequate controls, and sound risk management practices. It also accentuated the company’s clear strategy and solid financial position.
In a statement, Dr. Demola Sogunle, Chairman, Board of Directors of Stanbic IBTC Pension Managers, expressed delight in the rating. He stated that it was evidence of the company’s dedication to achieving excellence in all areas of its operations.
“We are very delighted to have received this rating from GCR, which recognizes our concrete efforts to maintain the highest standards of corporate governance, risk management, and financial performance,” Demola said.
Demola noted that the rating would boost confidence among Stanbic IBTC Pension Managers’ clients and stakeholders and would affirm the company’s dynamic capability to manage risks and deliver on its commitments.
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, attributed the rating and success of the organization to its commitment to better serve customers without compromising operational excellence.
He said, “We are a member of the Standard Bank Group, Africa’s largest banking group by assets, totaling US$170 billion, as of 31 December 2022. This feat has enabled us to leverage the Group’s resources for our portfolio management functions.
“Our sister company, Stanbic IBTC Bank, is also the only AAA-rated Bank in Nigeria today, lending further credence to the Group’s strength and stamina, especially in its leadership and governance structures”.
“We deliver pension fund administration and management services to over 1.9 million private and public sector Retirement Savings Accounts (RSA) holders under the Contributory Pension Scheme) through our extensive network of 29 branches and ten service centers nationwide.”
Olumide said the organization also managed defined benefit plans for large corporates and provided value-added services, including retirement planning advice and personal financial planning. He described Stanbic IBTC Pension Managers as an organization equipped with a stable and experienced management team with sound management experience to keep the organization ahead of the pack in its operations and practices.
“Our portfolio management is sound, and our investment style is value-based with a long-term bias. We implement a top-down approach in securities selection, which is monitored monthly by the executive committee.
“We also offer our clients transparency and ease of account access through channels such as our secure web portal, 24/7 multilingual contact center, telephone, email, SMS, and our growing loop of client experience centers,” Olumide said.
The PFA’s Chief Executive noted that the company maintained an adequate operational risk management framework. He said, “We manage cyber, and data privacy risks using internal controls reviewed annually by independent third parties to reassure all our stakeholders of our commitment to doing business correctly and safely”.
Stanbic IBTC Pension Managers is committed to maintaining the highest professional and operational standards in delivering exceptional services to its growing clientele. The company website, www.stanbicibtcpension.com, has more information on Stanbic IBTC Pension Managers.
The Management of CMC Connect LLP, one of Africa’s leading perception management and public affairs consulting firms, is set to host public and regulatory affairs practitioners in the private and public sectors to a national discourse in the area of fiscal policy direction for the incoming government.
The program is billed for Thursday May 11, 2023 via an online webinar platform between 10:00am and 12:00 noon. Theme: “Setting a Fiscal Policy Agenda for the Bola Tinubu Administration”. Keynote Speaker is Dr Abiodun Adedipe, a distinguished economist with expertise in fiscal policy, banking, finance, and public sector consulting.
The program will be moderated by Mr Yomi Badejo-Okusanya, founder and Lead Partner at CMC Connect LLP. The dialogue will have a panel of discussants drawn from different sectors of the economy. They include Mr Tilewa Adebajo, Chief Executive Officer at The CFG Advisory; Mr Vivian Ikem, Corporate Affairs and Communications Director at Japan Tobacco International, among others.
The discourse is designed as a convergent platform for private sector players in public and Regulatory affairs to make case for their business interest on key issues around fiscal policies and regulatory challenges in Nigeria.
Speaking on the policy dialogue session, Adetola Odusote, Partner, Public Affairs at CMC Connect LLP, explained that “as Nigerians await the swearing of the President Elect, many businesses are anticipating with bated breath, the direction of the new administration’s fiscal policy.
The last eight years have been very challenging for most Nigerian businesses and the hope is that the new administration will institute significant pro-business policy reforms that will re-inflate the economy.
“CMC Connect’s 3rd National Policy Dialogue, a non-political, non-partisan, pro-business platform, will bring together key stakeholders with the objective of aggregating views and making very incisive recommendations on how best the next government can move the Nigerian economy forward”, Odusote stated.
The Office of the Attorney General of Switzerland (OAG) has ordered SICPA SA to pay CHF 81 million for corporate criminal liability in connection with acts of corruption.
A former sales manager of SICPA was also handed a conditional prison sentence of 170 days. The proceedings against the CEO and major shareholder of SICPA are being discontinued.
With the penalty order issued by Art. 102 para. 2 SCC in conjunction with Art. 322septies SCC, SICPA SA (SICPA) has acknowledged that it failed to take all necessary and reasonable organizational precautions to prevent bribes to foreign public officials. The OAG has accordingly ordered the company to pay a fine of CHF 1 million and imposed an equivalent claim for compensation amounting to CHF 80 million under Art. 71 para. 1 SCC.
Organisational deficiencies
The proceedings identified organizational deficiencies that made it possible for employees of SICPA to bribe public officials in the conduct of business in Brazil, Colombia, and Venezuela. Organizational deficiencies were particularly evident in the areas of corporate governance, risk management, and compliance.
Bribery of foreign public officials
In the penalty order, the OAG finds the former sales manager of SICPA, who took advantage of the deficiencies, guilty of bribery of foreign public officials under Art. 322septies SCC. He is being sentenced to a conditional prison term of 170 days. The order states that he paid bribes to high-ranking officials in the Colombian and Venezuelan markets between 2009 and 2011.
The proceedings conducted against the same former sales manager on suspicion of embezzlement and money laundering are being discontinued under Art. 319 para. 1 lit. a Criminal Procedure Code (CrimPC), because suspicions justifying an indictment have not been corroborated.
Criminal proceedings discontinued
The proceedings against the CEO and main shareholder of SICPA are also being discontinued under Art. 319 para. 1 lit. a SCC. However, the OAG is ordering him to bear a portion of the costs of the proceedings and has not awarded him any compensation. SICPA and its former employee have declared that they will not be appealing against the penalty orders, which will be legally binding.
Ookla® has released data from Q4 2022 and Q1 2023 for HughesNet, SpaceX’s Starlink, and Viasat in North America, South America, and the Caribbean, as well as additional Starlink markets not yet covered in our ongoing satellite internet series.
This research contains Starlink Net Promoter Score (NPS) for metro and nonmetro internet connections in the United States, Starlink year-over-year statistics in Canada, Chile, Mexico, and the United States, and Starlink results from three new nations (Philippines, Nigeria, and Peru).
Starlink users in metro and nonmetro areas love Starlink, fixed broadband users dislike their internet service providers
Using Speedtest Intelligence®, we examined NPS ratings by Starlink users and all fixed broadband providers combined for “metropolitan” and “nonmetropolitan” counties as defined by the U.S. Office of Management and Budget.
NPS based on Speedtest® user responses after being asked how likely they are to recommend their provider to friends or family on a 0 to 10 scale. NPS ratings are categorized into Detractors (score 0-6), Passives (score 7-8), and Promoters (score 9-10), and is calculated as (% Promoters – % Detractors) x 100. Any NPS score above 0 indicates that a provider’s audience is more loyal than not.
As you see above, the difference in NPS between Starlink and all fixed broadband providers combined is stark: both metro and nonmetro Starlink far outperformed metro and nonmetro ISPs combined for NPS.
Metro Starlink had a score of 31.94 compared to -23.62 for all metro fixed broadband providers combined, despite Starlink having a median download speed of 65.29 Mbps compared to 203.93 Mbps for all metro fixed broadband providers combined.
Nonmetro Starlink had an even higher NPS at 42.21 compared to nonmetro ISPs at -21.27 — that’s especially notable given that Starlink’s median download speed was much closer to the median nonmetro fixed broadband speed at 72.18 Mbps to 100.41 Mbps.
Clearly, Starlink provides a much loved option for more rural, nonmetro users who often don’t have many good — if any — internet options. And the message is loud and clear: Starlink users are more than willing to recommend the service and love the internet they are getting.
Starlink speeds increased in Canada and the U.S. over the past two quarters, but are mixed year-over-year
As Starlink continues to become an increasingly popular and beloved option for users, especially those in more rural areas, steady increases in speeds in two large markets like Canada and the U.S. bode well for the internet provider. These increases come as major upgrades to Starlink’s satellite array are beginning, with Starlink having just launched 46 nextgen satellites on April 27, so we wouldn’t be surprised if speeds keep climbing across the globe.
In North America, all of the countries we surveyed saw slower median download and upload speeds during Q1 2023 than Q1 2022. However, Canada saw just about a 3 Mbps decrease in download speed from Q1 2022 to Q1 2023, with about a 28 Mbps increase over the past two quarters.
The U.S., where Starlink has many more users, saw about a 24 Mbps decrease year-over-year for median download speeds, but at least a 13 Mbps increase during Q4 2022 and Q1 2023. Mexico, which saw 100+ Mbps median download speeds during Q1 2022, saw a roughly 49 Mbps dip year-over-year as more users signed up for the service; however, speeds leveled slightly with only an overall dip of about 8 Mbps during the past two quarters.
In South America, Chilean Starlink speeds slowed about 22 Mbps from Q1 2022 to Q1 2023, however, speeds only slowed about 8 Mbps over the past two quarters. Chile has continually ranked in the top four for fastest fixed broadband speeds on the Speedtest Global Index™ for over a year now.
Starlink in Canada blazed ahead as the fastest satellite provider in mainland North America
Speedtest Intelligence reveals that Starlink in Canada had the fastest download speed among satellite providers in mainland North America at 93.97 Mbps.
That was about 40% faster than the runner-up, which was Starlink in the U.S. at 66.59 Mbps. Starlink in Mexico was next at 56.42 Mbps, and was faster than all fixed broadband providers in Mexico combined at 50.46 Mbps.
Viasat in Canada, Mexico, and the U.S. made noticeable performance leaps over download speed from Q3 2022 when we last measured North American satellite providers. Canada went from 24.36 Mbps in Q3 2022 to 48.24 Mbps in Q1 2023, the U.S. from 28.07 Mbps to 36.47 Mbps, and Mexico from 16.14 Mbps to 24.06 Mbps. Hughesnet trailed over download speed in the U.S. (16.32 Mbps) and in Mexico (12.98 Mbps).
For upload speeds, all satellite providers trailed fixed broadband speeds in their respective countries, with Starlink in Canada achieving the fastest satellite upload speed at 9.60 Mbps, followed by Starlink in Mexico (8.47 Mbps) and the U.S. (7.74 Mbps). Viasat and HughesNet trailed behind.
Multi-server latency showed the stark difference of satellite internet’s real limitations, with the huge distances between satellite and users adding up to longer lag times than fixed broadband.
Starlink had the only latencies under 100 ms among satellite providers, with Starlink in the U.S. having the lowest latency at 62 ms, followed by Canada (70 ms) and Mexico (97 ms). Viasat and HughesNet, which have farther geosynchronous orbits (GEO) than Starlink’s low-earth orbit (LEO), had much higher latencies.
Starlink in Chile raced ahead as the fastest satellite provider in South America
Starlink in Chile was the fastest satellite provider in South America during Q1 2023, edging out Starlink in Peru by about 5% with a median download speed at 84.62 Mbps to 77.17 Mbps.
No satellite provider outperformed all fixed broadband providers combined in Q1 2023, but Starlink in Colombia and Brazil both reached median download speeds above 70 Mbps at 73.51 Mbps and 70.92 Mbps, respectively. HughesNet in Chile broke 20 Mbps at 21.01 Mbps, while Viasat in Brazil only reached 14.41 Mbps.
Satellites were outperformed by fixed broadband over upload speed in South America during Q1 2023, but Starlink had median upload speeds that ranged from 13.90 Mbps to 22.08 Mbps, the fastest being in Peru. HughesNet ranged from 2.12 Mbps to 3.21 Mbps, and Viasat in Brazil was at 1.42 Mbps.
Starlink’s multi-server latency dipped below 60 ms in three South American markets during Q1 2023: Peru (48 ms), Chile (54 ms), and Colombia (55 ms). Brazil followed at 75 ms, which was the next lowest. Viasat and HughesNet trailed far behind.
Starlink in Jamaica was the fastest Caribbean satellite provider
Speedtest Intelligence reveals that Starlink in Jamaica was the fastest satellite provider in the Caribbean at 83.79 Mbps during Q1 2023.
Starlink was faster than all fixed broadband providers in Jamaica, and both Starlink and Viasat were faster than all providers combined in the Dominican Republic during Q1 2023.
Starlink reached median download speeds of over 50 Mbps during Q1 2023 in Jamaica (83.79 Mbps), Puerto Rico (74.61 Mbps), and the U.S. Virgin Islands (57.08 Mbps), while it fell just short of that benchmark in the Dominican Republic (46.24 Mbps).
Viasat had median download speeds of 37.07 Mbps and 33.37 Mbps in Puerto Rico and the Dominican Republic, respectively, during Q1 2023, while HughesNet had a median download speed of 23.74 Mbps in Puerto Rico during Q1 2023.
Upload speeds showed a bit more parity between satellite providers with only Starlink in Jamaica rising above 10 Mbps with a median upload speed of 13.45 Mbps during Q1 2023.
Starlink had median upload speeds ranging from 6.65 Mbps to 13.45 Mbps, HughesNet had a median upload speed at 3.78 Mbps in Puerto Rico, and Viasat had upload speeds of 1.02 Mbps and 1.03 Mbps in Puerto Rico and the Dominican Republic, respectively, during Q1 2023.
For multi-server latency, Caribbean satellite users saw higher multi-server latencies than mainland North and South America with only Starlink in Jamaica breaking under 100 ms. While fast speeds for remote users are always going to be appreciated, multi-server latencies of over 100 ms do make some internet uses much harder to do well like live gaming and video conferencing.
New Q4 2022 Starlink countries show very promising results
Speedtest Intelligence data shows new Starlink data in three countries during Q1 2023, including Nigeria, Peru, and the Philippines. Median download speeds for Starlink in Nigeria (61.75 Mbps) and the Philippines (110.78 Mbps) were both faster options than all fixed broadband providers combined, while Starlink in Peru was statistically too close to call at 77.17 Mbps for Starlink and 72.93 Mbps for all providers combined.
Starlink had slower upload speeds in all of the new countries except Nigeria, which was too close to call at 11.17 Mbps to 10.70 Mbps. Starlink had a much higher latency than fixed broadband providers in the Philippines (162 ms) in Q1 2023, though it came very close in Nigeria 57 ms to 46 ms.
DollarStore, one of the largest discount retail chains in the United States, US, has announced a groundbreaking partnership with Oduwacoin, the first pan-African cryptocurrency.
In a statement cited by BizWatch Nigeria, Rex Mehta, the President of DollarStore Inc., who disclosed the partnership, said it will give leverage to Oduwacoin holders, especially as it relates to empowerment.
Mehta explained that as part of the partnership, Oduwacoin holders can join the Dollar Store Franchise Club with $500 worth of the crypto instead of the required $4,995.
”This move represents a major step forward for the adoption of cryptocurrencies in mainstream commerce. Our partnership with Oduwacoin is a game-changer for the entire industry. It is not just by providing an accessible and easy-to-use payment option for customers, Oduwacoin is also a form of empowerment, helping entrepreneurs and e-Commerce operators to bridge the gap between traditional retail and the digital economy,” he added.
On his part, Bright Enabulele, the founder of Oduwacoin, said this partnership is a significant step in using the digital currency as not only a payments method, but as a form of empowerment.
His words, ”I believe in the power of Oduwacoin to transform the way we do business, and at Oduwa Blockchain Solutions, we are dedicated to creating a more accessible and equitable financial system for all. This partnership with Dollarstore is a significant step in that direction.
”Dollarstore is a leader in the retail industry, and we are proud to work with them to bring their benefits to Oduwacoin holders, such that they can own their franchise store at a significantly discount fee.”
FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) is pleased to announce the approval for the quotation of the Greenwich Merchant Bank Limited ₦12.20 billion Series 1 and Series 2 Commercial Papers (“CPs”) under its ₦100.00 billion CP Issuance Programme on its Platform.
Greenwich Merchant Bank Limited (“Greenwich Merchant Bank” or the “Issuer“) is a Nigerian financial institution that provides a wide array of banking and financial services to corporate organisations, high-net-worth individuals, and institutional clients.
In commemorating this remarkable accomplishment, FMDQ Exchange held a Quotation Ceremony at its offices in April. Present to celebrate the successful quotation of the CPs were the Issuer, Greenwich Merchant Bank, represented by its Group Managing Director/Chief Executive Officer, Mr. Bayo Rotimi and other representatives of Greenwich Merchant Bank.
Also, the Sponsors of the CPs – Stanbic IBTC Capital Limited (Lead Sponsor), Afrinvest Capital Limited, ARM Securities Limited, Greenwich Merchant Bank Limited and Rand Merchant Bank Nigeria Limited (Co-Sponsors) – all Registration Member (Quotations) of FMDQ Exchange, as well as other parties to the issue, were present at the Ceremony.
Welcoming guests to the Ceremony, Ms. Tumi Sekoni, Managing Director, FMDQ Exchange, represented by Ms. Jumoke Olaniyan, Senior Vice President, Business Development Division, FMDQ Exchange, congratulated the Issuer and other parties for the remarkable job well done towards ensuring the success of the issuances.
Ms. Olaniyan further noted that with the growing interest of corporate entities in the CP market to finance short-term funding and liquidity requirements through the debt markets, FMDQ Exchange will continue to maintain a dependable and resilient platform for the quotation of CPs, thereby facilitating uninterrupted access to capital for businesses.
The Group Managing Director/Chief Executive Officer, Greenwich Merchant Bank, Mr. Bayo Rotimi whilst delivering the Special Address, stated that “Greenwich Merchant Bank’s maiden CP Issuance was 22.00% oversubscribed with orders of over ₦12.20 billion, confirming the strength of our value proposition to the Nigerian economy.
We remain committed to delivering innovative and cutting-edge financial solutions to discerning issuers and investors towards creating viable alternatives and deepening the Nigerian capital markets.”
Delivering the sponsor’s remarks, the Executive Director, Stanbic IBTC Capital Limited, Mrs. Oyinda Akinyemi, stated that “Stanbic IBTC Capital is pleased to have acted as Lead Arranger/Issuing and Paying Agent to the debut CP Issuances by Greenwich Merchant Bank. As the leading investment banking franchise in Nigeria, we pride ourselves in bringing new Issuers to the debt markets.
The remarkable success of this transaction is reflected in the strong participation from a diverse group of investors. The quotation of these CPs on FMDQ Exchange will aid transparency and liquidity, further deepening the domestic debt markets. We thank the Board and Management of Greenwich Merchant Bank for trusting the team of professional advisers to deliver a successful transaction.”
FMDQ Group is Africa’s first vertically integrated financial market infrastructure (“FMI“) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.
Stanbic IBTC Trustees, a subsidiary of Stanbic IBTC Holdings in collaboration with the Lagos State Government and the Sports Global Ambassadors Program, recently sponsored the International Day of Sport for Development and Peace with a three-day event.
The International Day of Sport for Development and Peace also known as World Sports Day is a United Nations initiative celebrated 06 April every year to promote social cohesion, peaceful coexistence, and sustainable development goals through sports.
The three-day event featured several sporting activities, a health talk, first aid medicine demonstration, a debate on exploring sports’ power in youth development and conflict resolution- and an award night ceremony.
Emi Agaba-Oloja, Executive Director, Stanbic IBTC Trustees, noted the pivotal role of sporting activities in sustainable economic development, and as such, the financial institution is passionate about supporting the sector and driving its growth.
She mentioned that Stanbic IBTC prides itself as an end-to-end financial service provider, offering solutions to support our customers’ goals from cradle to grave. Emi enlightened the audience about the distinctions between savings and investments, sighting practical examples using a bouquet of products within the Stanbic IBTC Group.
Emi said “Sports has been at the center of peace and development in different parts of the world. It brings together people from different cultures and backgrounds who take on activities to demonstrate teamwork, discipline, tolerance, and fair play. It has the power to promote social cohesion and healthy living; this is the reason we chose to partner with the Sports Global Ambassadors Program for this year’s event.” According to Emi, the event provided a unique opportunity to connect with the youths in Lagos State.
Recognizing Stanbic IBTC Trustees for their contribution towards the promotion and development of sports in Lagos State, Ndidi Edeoghon, Executive Director, Sports Global Ambassadors, and the Executive Trustee, Ambassadors Initiative of Youth Development and Conflict Resolution said the sponsorship demonstrates active promotion of social inclusion, diversity, and peaceful co-existence in our society and hopes to continue to partner with the financial institution to improve the accessibility of sports in the state.
The Ogun State section of the Nigerian Institution of Estate Surveyors and Valuers has requested the incoming president, Bola Tinubu, to review and seek a modification to the Land Use Act.
The State Chairman, Bola Orekoya, made the announcement as part of this year’s Valuation Day celebrations in Abeokuta with the subject “Valuation: Key to decision making for asset and resource optimization.”
Bola stated that the act’s need for amendment insofar as land acquisition is concerned “is long overdue.”
According to him, granting land ownership to a state’s governor has always denied owners of land acquired through inheritance or purchase of their rightful benefit and reward.
Like the 1978 Land Use Decree 6 that is now an act, Bola remarked. For instance, this decree needs to be amended, but it will be challenging to do so because it is part of the Nigerian constitution. However, we continue to argue that the best course of action is to review this property Use Act and, if required, alter it so that it can be utilized to control property acquisition.
He said, “For instance, land acquisition is when you simply go up and steal someone else’s property without providing them enough advance notice or the appropriate recompense. The governor of a state is granted property ownership or management under that specific decree, making the governor the legal owner of all land inside the state.”
Bola continued saying, “As a result, whenever such land is acquired, they do not pay compensation because it has been stated from the beginning that land belongs to the governor of a state.” People who have acquired land through purchase or inheritance stand to lose the minute the government takes it over”.
According to his explanation, the valuation day is a yearly event that promotes “advocacy and awareness on the estate management profession, and most especially roles of an estate surveyor and valuer.”
Sali Shobanke, a previous branch chairman, said that “land is a requirement for all aspects of life and since all development takes place on land, land must be taken seriously.” Land can only be treated seriously if strong policies are put in place to promote landed assets.
I would urge the new administration to consider how to enact strong measures that stimulate our economy.
Africa’s richest man and owner of the Dangote Refinery, Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation.
The 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22, by President Muhammadu Buhari.
Dangote spoke in an interview with a special edition of London-based The Economists Magazine, titled ‘The World Ahead 2023,’ which was unveiled with considerable focus on West Africa and aimed to highlight both the potential as well as areas for improvement in Africa.
Expressing his views on expectations for the creation of value-added industries in Africa, the richest black man in the world stated that Nigeria’s economy as presently constituted has largely been built around the extraction and exportation of its natural wealth.
As a major oil producer, Dangote noted that Nigeria currently imports over 90 per cent of its refined petroleum products, which amounted to roughly $10 billion in imports in 2022.
While this has brought major benefits to many businesses, Dangote explained that more prosperity could be created by locally refining Nigeria’s resources, with the refinery being a major step in this direction by reducing the country’s dependence on imported refined petroleum products.
“The refinery’s completion will not only create direct and indirect jobs, but also lead to skills transfer and technology acquisition opportunities that will benefit the downstream sector.
“Moreover, the refinery’s production of critical products like naphtha and polypropylene will stimulate the development of other industries, such as cosmetics, plastics, and textiles. Refineries on this scale could save Nigeria up to $10 billion in foreign exchange and generate approximately $10 billion from exports.
“We see room for development of added value in agribusiness too. Here, initiatives like our Sugar Backward Integration Projects look to create a strong localised supply in the sugar industry. With a goal to produce around 0.5 million tons of sugar per annum from locally grown sugar cane, benefits will be created across the sugar value chain for local suppliers,” he added.
He noted that the soon-to-be commissioned 650,000 barrels per day refinery in Lagos, would enable Nigeria achieve self-sufficiency in refined petroleum products, as well as export to other African markets.
According to him, there are also ample opportunities to increase the country’s rice production, with the ongoing construction of six rice mills that could mill approximately one million tons per annum of locally produced rice, thereby empowering local farmers.
The renowned businessman pointed out that the group of companies also has a 2.8 million tons per annum fertiliser plant tapping into the fertiliser market, while opportunities are being explored in tomato cultivation and processing as well as dairy production.
“With many parts of West Africa still facing food insecurity, the emergence of strong localised industries with resourceful suppliers and clear trade networks will be a big step in the right direction,” he maintained.
Dangote stressed that Nigeria presents an attractive investment opportunity for international investors, saying with the country’s abundance of natural resources, diversifying and digitising economy, youthful demographics and vibrant society, investors will find in Nigeria a country of many possibilities.
“Its population of over 200 million — of which 40 per cent is under the age of 15 – means the country’s demographic dividend offers investors with a long-term view an encouraging option in several sectors.
“Nigeria has a variety of untapped natural resources which, for commodity-driven investors, offers options in the upstream, midstream, and downstream segments. Its vast arable land and favourable climatic conditions similarly support a wide range of crops, positioning it as an auspicious destination for agriculture-based investments.
“Here, we expect to see the development of a strong, home-grown agribusiness industry. We are also seeing the emergence of a strong digital economy, with several Nigerian start-ups becoming vibrant players in their respective tech-fields.
“Nigeria’s import dependency and reliance on foreign markets presents major prospects for import substitution and supply chain localisation. Across various consumer-goods sectors of the economy, as well as supply-side needs for commercial and industrial enterprises, there are different options to set up localised supply networks,” he argued.
With the conclusion of the recent elections, Dangote explained that he was looking forward to government taking proactive steps to enable and empower investment by the private sector as the country has a variety of opportunities for businesses to work alongside the government through Public-Private Partnerships (PPP) in infrastructure development.
On opportunities provided by the Africa Continental Free Trade Agreement (AfCFTA), Dangote stated that the initiative has the strong support of many businesses across Africa with different private sector leaders actively involved in the process leading up to its signing and ratification.
Within the context of manufacturer’s associations and industrial groups, which he said he participated in, Dangote explained that he saw the willingness of African governments to engage with the private sector so they can hear what ingredients are needed to unlock increased intra-Africa trade.
In looking to opportunities for exports from a strong base such as Nigeria, the cement industry, he said, could benefit greatly from not only exporting cement to burgeoning construction markets across the continent, but could look to build cement plants in other markets.
Driven by population growth, urbanisation, infrastructure development, and housing demand, he noted that Africa’s cement consumption has considerable room for growth as evidenced by its per-capita cement consumption of 130kg, far behind the global average of 541kg.
“Sub-Saharan Africa presents an opportunity for expansion, as its population is projected to grow from 1.1 billion to over 2.1 billion by 2050, with two thirds of this growth in urban areas. Nigeria currently has an installed cement production capacity of about 54m tons/pa, which exceeds local demand and so a lot of this can be exported across Africa.
“Governments and businesses need to work together to improve competitiveness, dismantle barriers to accessing markets and develop supportive industrial policies. “It is also important for countries to understand the potential revenue loss from the elimination of tariffs and develop strategies around tariff revenue gaps.
“Additionally, effective monitoring and enforcement of rules of origin is essential to ensure that products traded within the market originate from within the continent. By forging partnerships, businesses and governments can collaborate to overcome these challenges and maximise the potential benefits of initiatives like AfCFTA,” he explained.
As a key player in Africa’s push towards self-sufficiency in the cement industry, he disclosed that the group has an installed production capacity of approximately 51 million tons per annum across 10 African countries.
In addition, he noted that the group’s newly inaugurated urea plant in Lagos, with a capacity of 2.8 million tons per annum, not only ensures a secure supply of fertiliser for Nigeria, but also allows for exports.
On climate change, Dangote said businesses should actively look to integrate sustainable practices throughout their operations while embedding an awareness among staff of how business activities impact the socioeconomic realities of stakeholders.
By prioritising energy efficiency, water conservation, waste management and emissions control, he posited that companies could look to alternative fuel sources, energy-saving initiatives and waste management protocols as easy wins to benefit stakeholders.
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 N460.37 per $1 on Thursday, May 4.
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 ₦738 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 Federal Road Safety Corps (FRSC) has urged motorists to take alternate routes as the Lagos-Ibadan expressway remains congested.
Bisi Kazeem, the FRSC’s public education officer, said in a statement on Sunday that motorists heading into and out of Lagos should consider routes like as Ikorodu through Sagamu and Ijebu-Ode, and Epe for Lagos-bound cars.
He asked others, especially Ibadan-bound vehicles, to use the Sagamu junction to get to Abeokuta.
According to Kazeem, the gridlock was exacerbated by a Road Traffic Crash (RTC) involving a loaded tanker that occurred in the early hours of Sunday under the Ibafo pedestrian bridge on the expressway’s outer Lagos stretch.
While ensuring that the FRSC and other relevant agencies were on top of the situation, Kazeem stated that the cargo from the sunk ship had been successfully trans-loaded into another vessel.
He went on to say that the Ogun State Fire Service has proceeded to refill their water tank.
“Unfortunately, some inpatient drivers who choose to drive against the flow of traffic from all available exit points have done so, thereby causing traffic jams not only for the outward Lagos section where the RTC occurred alone but also, the inward Lagos section as well,” Kazeem said.
“All road users going into and out of Lagos are therefore advised to explore alternative routes, such as Ikorodu through Sagamu and Ijebu-Ode, and Epe for Lagos-bound vehicles. Some may choose Abeokuta through the Sagamu interchange as well. And vice versa for Ibadan-bound vehicles.”
Qualcomm Technologies, Inc. has announced the selection of 10 startups to participate in the inaugural Qualcomm Make in Africa startup mentorship program, as part of the Qualcomm Africa Innovation Platform announced in December 2022.
These startups are developing innovative products in clean energy, agricultural technology, computing for education, geospatial predictive analysis, medical technologies, and innovations utilizing electric vehicles. Several startups also feature women in prominent leadership roles.
The startups, based in Kenya, Uganda, Nigeria, Ghana, and Rwanda, were selected from a pool of 550+ applicants from 34 African countries. They were carefully selected by a global jury based on a variety of qualifications including technical capabilities, business factors, and potential for innovation and intellectual property generation.
The Qualcomm Make In Africa startups will receive equity-free mentorship in business planning, engineering, intellectual property protection, and the application of advanced connectivity, sensing, AI/ML and other processing technologies for innovative end-to-end systems solutions. The program is the first of its kind in Africa and is designed to add to the continued growth of the continent’s technology startup ecosystem.
The shortlisted companies and their technology solutions are (sorted by alphabetical order):
Ecorich Solutions – patented organic composting in Kenya
Fixbot – Vehicle diagnostics and inspection via OBD dongle in Nigeria
Karaa – e-Bike tracking, charging, retrofit, and rentals in Uganda
Maotronics Systems Limited – IOT-enabled precision agriculture in Nigeria
Microfuse – Affordable plugin computers for the education sector in Uganda
Neural Labs Africa Ltd – Deep learning and computer vision for healthcare diagnosis in Kenya and Senegal
OneTouch Diagnostics – Diabetes patch and monitoring system in Nigeria
QuadLoop – Leveraging e-waste for solar e-Lanterns and battery storage in Nigeria.
SLS Energy – Recycled lead-cell battery storage banks in Rwanda
SolarTaxi – Electric vehicle (EV) taxi and fleet management in Ghana
Announced in December 2022, Qualcomm Make in Africa will provide 1:1 mentorship for the shortlisted companies with Qualcomm leaders on a regular cadence to guide startups to product realization, as well as provide masterclasses on product management, pitch clinic, IPR, and hardware architecture.
The program will culminate in a finale demo day in December 2023, connecting startups with various industry leaders, venture capitalists, investors, and other accelerators.
“I’d like to applaud and congratulate these 10 startups for their innovative solutions,” said Sudeepto Roy, Vice President, Engineering, Qualcomm Incorporated. “I am beyond excited to hear about their respective problem domains and innovative solutions. They have applied their talents and ingenuity to address Africa’s present-day needs in areas of reliable access to clean energy, precision agriculture to conserve water and other resources, adaptations of electric transportation for many last-mile needs, using AI and other innovations for accelerating disease pathology and treatment, and addressing energy efficient, affordable computing for the education market.
“Over the next few months, we will mentor them in areas of business development, technology applications and intellectual property law. We are honored to be able to participate in their entrepreneurial journey and their future impact in Africa.”
“As part of our new Africa Innovation Platform, the Qualcomm Make in Africa mentorship program is one of many initiatives we are working on in close collaboration with government and industry stakeholders in Africa, to help position African entrepreneurs and researchers to service markets throughout the continent and realize their global ambitions.
“We believe that startups based in Africa are best placed to identify uniquely African problems that can be solved through end-to-end systems solutions and new business models,” said Elizabeth Migwalla, Vice President and Head of Government Affairs (Middle East and Africa), Qualcomm International, Inc.
“We congratulate the shortlisted companies and look forward to a fruitful collaboration for innovation in the coming months.”
A Max Air flight carrying 143 passengers from Yola, Adamawa State, crashed-landed at Nnamdi Azikiwe International Airport in Abuja.
The management of Max Air confirmed the occurrence in a statement, saying the mishap occurred when the aircraft sustained two tyre explosions on landing in Abuja.
“On May 7th, 2023, a Max Air flight with 143 passengers and 01 infant on board, departing from Yola at around 14:05 and was scheduled to arrive in Abuja at 15:00.
“However, the aircraft experienced two tire bursts on landing in Abuja, and the emergency response team quickly responded at the Nnamdi Azikiwe International Airport,” it said.
“We are pleased to report that all passengers and crew on board the aircraft are safe and sound. The airline has taken all necessary steps to ensure that the passengers are comfortable and are being taken care of during this time,” the statement added.
“They have been conveyed to the arrival terminal with their luggage and belongings.
“The aircraft tires are being replaced and the aircraft will taxi to the ramp for further investigations before being released for future flights,” Max Air said.
The Socio-Economic Rights and Accountability Project (SERAP) has logged a contempt suit against the Federal Government (FG) “for failing to recover over ₦40 billion double pay and life pensions from former governors who are serving as lawmakers and ministers.”
SERAP disclosed this in a statement issued on Sunday by its deputy director, Kolawole Oluwadare, recalling how Justice Oguntoyinbo of the Federal High Court in Lagos ordered the Federal Government in November 2019 to “recover life pensions collected by former governors serving as ministers and members of the National Assembly.”
Justice Oguntoyinbo further asked the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, to “challenge the legality of states’ life pension laws permitting former governors and other ex-public officials to collect such pensions.”
SERAP expressed regret that President Muhammadu Buhari’s administration had failed to carry out the verdict. Justice Oguntoyinbo, who resigned from the bench last month, expressed “regret” during a valedictory court session organized in her honor that the verdict had not been enforced.
“It’s unacceptable to take the court, which is the guardian of justice in this country, for a ride. A democratic state based on the rule of law cannot exist or function, if the government routinely ignores and/or fails to abide by court orders,” the statement read.
“Despite the service of the certified true copy of the judgment on the Attorney General of the Federation, the Buhari administration has failed and/or refused to obey it.
“While many Nigerian workers and pensioners have not been paid by state governors for several months and struggle to make ends meet, former governors continue to collect double emoluments and enjoy opulent lifestyles.”
In order to enhance Nigeria’s agriculture industry from 2023 to 2027, the United Nations will work with the federal and state governments, as well as multilateral and unilateral contributors, to raise $83.16 million (or N38.3 billion, at the official exchange rate of N461/$).
According to the FAO Nigeria Country Programming Framework 2023–2027, received in Abuja on Friday from the Federal Ministry of Agriculture and Rural Development, the UN has already raised roughly $16.36 million (N7.54 billion) for the effort. The CPF, a medium-term framework that establishes goals for the UN agency’s cooperation as agreed upon with the Nigerian government, directs FAO’s activity in Nigeria.
The framework is aligned to Nigeria’s agriculture, food security and related national development aspirations, as well as the collective response of the UN system to national development priorities. The report stated that the required total funding for the full implementation of the framework for the five-year period was about $99.5m (N45.87bn), adding that the resource that was currently available was $16.36m (N7.54bn), leaving a gap of about $83.16m (N38.3bn).
“The funding gap will be addressed through resource mobilisation and partnership with multilateral and unilateral donors including governments at federal and state levels,” the UN stated in its latest CPF report.
It further explained that the Nigeria CPF was divided into four priority areas, adding that the amount required to fund the first, second, third and fourth priority areas of the programme were $13.96m, $60.1m, $7.4m and $18.11m respectively. It said the first priority area had to do with sustainable and inclusive agri-food systems for improved productivity, while the second would focus on increasing resilience of food and agriculture-based livelihood systems.
The third and fourth would address healthy and nutritious diets, and sustainable natural resource and climate management respectively.
The report indicated that some aspects of the first priority area would be to strengthen capacities for value chain analysis, and upgrading of priority commodity value chains.
Others include capacities for increased productivity in livestock, fisheries, and selected crop and forest value chains, as well as strong capacities for digital agriculture solutions to ensure increased market opportunities and productivity.
The FAO Nigeria Representative, Fred Kafeero, said the signing of the framework with the Federal Government would strengthen collaborations and enhance the existing partnership through defined programming and provision of technical assistance to the country.
The Nigerian Exchange (NGX)’s equity division saw a gain of around N34 billion as value investors in the local market became more interested in banking stocks. The Nigerian Exchange All-share index increased 0.1% last week to conclude at 52,465.31 points, maintaining the pace. Market capitalization increased by 33.6 billion to 28.6 trillion as a consequence.
As investors continue to take positions as the stock market starts to recover from the previous dip, trading data from the local exchange shows that year-to-date return increased to 2.4% from 2.2%. The average volume and value traded plummeted 79.4% and 58.3% week over week to 585.3 million and 5.3 billion, respectively, as activity level slowed down.
By volume, ACCESSCORP, TRANSCORP, and FIDELITY were the three most actively traded equities, while by value, ACCESSCORP, ZENITH, and GTCO were in first place (7.6 billion, 2.0 billion, and 1.7 billion respectively). In its market analysis, Afrinvest Limited noted that performance across all industries covered by its coverage universe was remarkable, with 5 indices rising while the Consumer Goods index finished unchanged.
Due to price increases in ZENITH (+5.5%), WEMABANK (+16.6%), SEPLAT (+5.4%), and ARDOVA (+14.6%), the Banking and Oil & Gas indexes increased by 5.2% and 5.1%, respectively, week over week. The Insurance index increased 0.3% week over week as a result of stockbrokers seeing bargain hunting in WAPIC (+4.8%), MBENEFIT (+6.3%), and LINKASSURE (+6.1%).
Additionally, the market saw purchasing activity in the stocks of MTNN (+0.1%), ETRANZACT (+9.4%), and WAPCO (+1.7%), which helped to boost the AFR-ICT and Industrial Goods indexes by 0.1% each. Market breadth, a gauge of investor mood, declined from 0.4x the previous week to 0.3x as 77 companies finished flat and 50 stocks gained.
While TRANSCORP (-31.0%), MCNICHOLS (-17.7%), and GEREGU (-10.0%) topped the decliners, CWG (+25.7%), ACADEMY (+20.0%), and WEMABANK (+16.6%) were the top gainers. Projecting into the new week, stockbrokers at Afrinvest Limited expect the positive performance to persist as investors cherry-pick stocks with sound fundamentals.
Efforts by the federal government to make the country self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22 by President Muhammadu Buhari.
A source at the refinery confirmed that the refinery has been completed with pre-inauguration tests ongoing. He disclosed that President Buhari would inaugurate the plant on Monday, May 22.
Dangote Industries Limited had earlier hinted that the inauguration of the refinery in Lagos would take place before the end of the tenure of President Buhari on May 29, 2023.
The Group Chief Branding and Communications Officer of Dangote Industries Limited, Mr. Anthony Chiejina, had in a statement debunked reports that the refinery was among the projects scheduled for inaugurated by Buhari during his visit to Lagos in January.
“However, our refinery will be commissioned before President Muhammadu Buhari formally leaves office in May 2023, and the public will be duly informed and invited to the epic event,” the company reportedly said in the statement.
The Dangote Refinery complex, which is located in the Lekki Free Zone area of Lagos, covers a land area of approximately 2,635 hectares, which is larger than the size of Victoria Island in Lagos.
The refinery is the biggest refinery in Africa and also the biggest single-train refinery in the world.
A single-train refinery uses an integrated distillation unit or one Crude Distillation Unit (CDU) to refine crude oil into various petroleum products, as against the use of multiple distillation units by most big refineries.
Due to the large capacity of the refinery, its pipeline infrastructure is the largest anywhere in the world, with 1,100 kilometres to handle three billion Standard Cubic Feet per day (Scf/d) of gas.
According to a report by the company, the refinery has a 435MW-capacity power plant that is able to meet the total power requirement of Ibadan Electricity Distribution Company (IBEDC).
On completion, the refinery is expected to meet 100 per cent of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.
The refinery is designed to process Nigerian crude and can also process other crudes. It is a multi-billion dollar project that will create a market for $21 billion per annum of Nigerian crude oil.
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