On Wednesday, the Federal Government stated that the Nigerian Power grid had been operational for 400 days without any major disruptions or system failures.
It was said that the achievement represented a significant progress in the country’s efforts to enhance its power infrastructure and provide a consistent and predictable energy supply to distribution load centers for onward distribution to electricity users worldwide.
The government revealed this in a statement issued by the Transmission Company of Nigeria, stating that grid stability could be credited to TCN’s strategic actions and investments in the electrical system.
“Some of the key elements that have contributed to this remarkable accomplishment include configuration and enforcement of Free Governor Control, effective Under-frequency Relay Scheme, among others.
“TCN constituted a three-person committee, which was formed to go round the country for the configuration and activation of primary reserve in coordination with power stations and in line with the provisions in the grid code.
“This committee devised a robust monitoring and enforcement mechanism for generating station compliance after activating the unit governor control. This innovative approach, known as Free Governor Mode of Operation, automatically adjusts generation in response to frequency changes, ensuring stability, reliability, and reduced transmission losses,” the firm stated.
It noted that the Under Frequency Relay Scheme, countered the challenges posed by occasional generation shortfalls and resulting frequency declines.
“This scheme operates in critical stages to prevent frequency-related disruptions by initiating circuit breaker trips or alerting network operators, thereby averting system collapse.
TCN in-house engineers deployed the IoT/VPN for Enhanced Grid Visibility by creating an interim solution utilising loT sensors and devices. This real-time monitoring capability aids proactive issue identification, preventing potential disruptions. Efforts are ongoing to expand this visibility by incorporating additional transmission stations through loT integration,” TCN stated.
In July 2023, the Debt Management Office (DMO) auctioned off treasury notes for N406.10 billion.
The value of T-bills sold across its auctions in June increased by 0.39 percent (N1.59 billion) month on month to 404.51 billion. The FMDQ Exchange financial markets monthly report for July, which was issued on Wednesday, indicated this.
Similarly, in July 2023, the DMO reopened two 10-year, one 15-year, and one 30-year FGN bonds totaling N657.84 billion. The overall sale marked an 182.73% oversubscription of the amount offered, as well as a 39.03% (N184.68bn) month-on-month increase over the amount sold in June 2023 (N473.16bn) for the identical FGN Bond maturities.
During the review period, the Central Bank of Nigeria did not hold any public OMO bills auctions.
In July 2023, the average FGN bond coupon rate fell to 13.05%, 14.10%, and 14.30%, respectively, over the 10-year, 15-year, and 30-year segments.
In addition, no corporate bonds were offered on the FMDQ Exchange in July 2023, compared to N17.50 billion in corporate bonds posted in June 2023. As a consequence, the total outstanding value of corporate bonds remained constant in the month under review, at N1.76tn.
The value of the Nigerian stock market fell by around N28 billion in the middle of the week, as selloffs in Tier-1 bank shares pulled the banking index down by 3% despite corporate results announcements, interrupting the previous day’s rise.
According to stockbrokers, the dismal performance was caused by investors’ massive profit-taking in Banking companies. This was aided by selloffs in Transcorp and Flour Mills of Nigeria (FMN Plc), which caused the benchmark index to fall.
According to market statistics, the Nigerian Exchange fell by eight basis points (bps) to settle at 66,439.53 points, down from 66,490.34 points the previous day.
Major gainers today were CHIPLC (+10.0%) and CAPHOTEL (+10.0%). But investors’ sell-off activities were stronger, resulting in a decline in prices across tickers like TRANSCORP (-9.99%), GTCO (-0.95%), FLOURMILL (-1.52%), FIDELITYBK (-1.42%), ACCESSCORP (-0.30%), ZENITHBANK (-1.79%), along with 18 other stocks.
There was a price decline in TRANSCOH (-10.1%) OANDO (0.9%) and ETERNA (-0.6%) and CWG (-9.9%). With the return of the bears into the local bourse, year-to-date return slid to 29.64% from 29.7%, accompanied by a 0.08% downturn in the overall market capitalization.
Meanwhile, activity level improved as volume and value traded rose 45.8% and 11.1% to 637.1m units and ₦7.8bn respectively. Investor sentiment, as measured by market breadth, improved to 0.05x from 0.04x in the prior session as 27 stocks advanced, 24 declined, and 64 closed flat
Market activity witnessed a surge as both trading volume and value exhibited growth, expanding by 45.83% and 11.08% to reach 637.19 million units and N7.79 billion, respectively.
On sectors, the Insurance (+1.5%), Consumer Goods (+0.3%) and Industrial Goods (+0.1%) indices advanced, while the Banking (-0.3%) index declined. Meanwhile, the Oil & Gas index closed flat. Overall, the Nigerian Exchange market capitalisation declined by N27.81 billion to close at N36.36 trillion
The Nigerian naira has recovered from its August losses as the apex bank’s price verification system goes live today, August 31, 2023. According to FMDQ data, the naira increased by 4.8% to N738.18 per US dollar (USD) in the Investors and Exporters FX market.
On Tuesday, the local currency exchange rate was N775.34, while the current price had crossed N803 per greenback in the official window following the official devaluation in June. According to FX traders, the main disadvantage of exchange rate convergence is a lack of foreign currency inflows – hot money or direct investment – into the local economy.
As a result of this, forex supply by the Central Bank of Nigeria to support the local currency at the official window for investors, and exporters has been minimal, and it continues to drop despite the fact that the authority has maintained a stance to intervene in the FX market when necessary.
Unfortunately, the balance in Nigeria’s gross external reserves has remained depressed due to lower foreign receipts from oil exports. The oil market remains relatively bullish compared with the oil price benchmark used to prepare a budget for the current year.
However, the country has continued to grapple with meeting its Organisation of Petroleum Exporting Countries daily quota.
On Wednesday, Brent crude rose 0.57% to $85.98 per barrel, while WTI crude gained 0.89% to $81.88 per barrel. Oil futures rose above $81 per barrel on Wednesday, extending gains for the fifth straight session after EIA data showed a larger-than-expected weekly crude inventory draw.
Despite the rally in the global oil market, Nigeria’s external reserves settled below $34 billion and its net position has been subjected to review among investment firms – local and international. Naira Steadies as Banks Issue Update on FX Purchase
In the parallel market, demand for foreign currency slowed down after spurious demand that had pushed the exchange rate to about N1000.
As speculators began to watch from the side the impacts the CBN price verification portal would have on the market, the exchange rate was muted at N920 in the parallel market.
Recall the CBN through its circular, dated 17 August 2023, announced the launch of its Price Verification System Portal, for importers to generate Price Verification Reports for all Form M applications. This will require FX users to create their separate accounts to access FX from the official window.
Local deposit money banks said going forward, this report will be a prerequisite to submitting Form M applications on the CBN Single window. Bankers told MarketForces Africa that the directive takes effect from Thursday, 31 August 2023 and the portal will be live on the same day.
Nigerian Exchange Group (NGX) Plc intends to pay an interim dividend of 25 kobo each ordinary share of 50 kobo on Thursday, totaling N495.53 million.
This came after the Group called an extraordinary board meeting in July to announce its plan to electronically deliver its first dividend to qualifying shareholders following the demutualisation in 2021.
Shareholders urged that a dividend be announced during the company’s annual general meeting in July. In a statement published on Wednesday, the business stated that the decision to pay the dividend was made in direct response to shareholder comments and proposals received during the AGM.
Commenting on the dividend announcement, the Chairman, NGX Group, Umaru Kwairanga, said, “The announcement of the dividend will send a signal to our shareholders the company has a listening and responsive board following the request at the last annual general meeting. We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”
The National Pension Commission (PenCom) reported that over 41,000 employees’ Retirement Savings Accounts (RSAs) had not been credited as a result of their employers’ failure to provide accurate documentation for their pension payments.
In a statement titled “Outstanding Pension Contributions in the Account of Pension Fund Administrators (PFAs),” the commission made this disclosure on Wednesday.
According to PenCom, some firms are sending the pension contributions of their employees with insufficient supporting documents.
Because of this, according to the organization, “PFAs have been unable to credit the RSAs of the affected Employees.”
About 41,628 employees have not yet received credit, according to information available on the commission’s website.
The organization urged employers to give PFAs the details required to ensure that employees’ RSAs were credited, threatening to “take regulatory actions” against companies who refused.
“The PRA 2014 further mandates employers to remit the pension contributions of their employees who are yet to open RSAs into nominal RSAs with any PFA chosen at the employers’ discretion,” the statement reads.
“PenCom has observed that some employers are remitting the pension contributions of their employees with incomplete documentation. Consequently, PFAs have been unable to credit the RSAs of the affected employees.
“The list of the affected employers and employees can be viewed on the websites of PenCom and PFAs.
“All employers and employees on the aforementioned list are required to provide the PFAs with the requisite information to facilitate the crediting of pension contributions into the employees’ RSAs.”
In order to make sure that retirement payments are paid as and when due, PenCom informed RSA holders and the general public of its commitment to properly regulating and overseeing the pension business.
This was announced on Wednesday at the Marina Train Station by Mrs. Abimbola Akinajo, the managing director of the Lagos Metropolitan Area Transport Authority (LAMATA).
Akinajo added that the first train from Marina to Mile 2 Train Station would leave at nine in the morning, carrying Governor Babajide Sanwo-Olu and other passengers.
LASG’s full statement
LAGOS TO COMMENCE BLUE RAIL LINE OPERATION ON MONDAY
The lagos state government has announced that the first phase of the blue rail line will commence operation next week Monday 4th of September.
The managing director of Lagos Metropolitan Area Transport Authority, Mrs Abimbola Akinajo made this known at the marina train station.
LAMATA MD says the first train ride will kick off by 9.am with Governor Babajide Sanwo-Olu on board, along other passengers, which is from Marina to mile 2 train station.
Mrs Akinajo explains that for the first four weeks the rain will run only twelve trips with locomotive system. After one month LAMATA will commence electric powered train operation with 76 trips, also with an estimated passengers between 150,000 or 175,000, from 5.30am to 11pm on a daily basis. And the train will only stop for 90 seconds at each station.
According to her, the transport palliative announced by Governor Sanwo-Olu will also reflect on train transportation.
LAMATA MD appeals to residents of lagos not to cross the rail tracks because it is energised. And anyone found carrying out illegal activities across the five train stations will be prosecuted.
L-R: Karl Toriola, Chief Executive Officer, MTN Nigeria; Bosun Tijani, Hon. Minister of Communications, Innovation and Digital Economy; Kashif Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA) and Olusola Teniola, Engineer, Alliance for Affordable Internet at a World Bank event held in Abuja on August 25, 2023.
Karl Toriola, the CEO of MTN Nigeria on August 25, 2023 met with Bosun Tijani, the Hon. Minister of Comms, Innovation and Digital Economy, the Director General of NITDA and a few other dignitaries at a World Bank event in Abuja.
L-R: Karl Toriola, Chief Executive Officer, MTN Nigeria; Bosun Tijani, Hon. Minister of Communications, Innovation and Digital Economy; Kashif Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA) and Olusola Teniola, Engineer, Alliance for Affordable Internet at a World Bank event held in Abuja on August 25, 2023.
BizWatch Nigeria recalls that MTN Group CEO/President, Ralph Mupita recently met with His Excellency, the Vice President of Nigeria, Senator Kashim Shettima on the sidelines of the BRICS Summit in Sandton.
They discussed topics relating to ongoing reforms by the government and other areas of mutual interest, including digital education, e-agriculture and the MTN Nigeria investor roadshow to be held on November 23, 2023 in Abuja and the role that MTN continues to play in supporting the accelerated development of the digital economy in Nigeria.
Ralph reiterated MTN Nigeria’s continued support for Nigeria’s socio-economic development directly and through the CSI initiatives spearheaded by the MTN Foundation.
Over the past four years, more than 1.3 billion people worldwide have joined social media to connect with others, keep in touch with the latest trends, and promote business. Today, social media platforms have close to 4.9 billion users, and this number is expected to grow by 25% in the following years.
According to data presented by OnlyAccounts.io, social media platforms are forecasted to reach more than six billion users and a huge 75% penetration rate by 2028.
A Decade of Unstoppable User Growth
The social media space has grown tremendously in recent years, becoming an inevitable part of everyday life for billions worldwide. The Statista data show just how significant that growth was. Back in 2019, roughly 3.5 billion people used social media platforms. This figure swelled to nearly 4.9 billion in just five years, with an average of 350 million people joining the social media space each year.
Statista expects the entire market to see a decade of continuous user growth, but the growth rates will slow down. The number of social media users is expected to increase by 304 million in 2023, significantly less than 395 million new users reported in 2020. Statistics show 2024, 2025, and 2026 will see an average of 250 million new users. By 2028, the annual user growth is expected to drop to 183 million.
But despite growth rates slowing down, the social media space will see more than 1.1 billion new users in five years. The global penetration rate will rise from 63.7% to 75.3% in this period.
Instagram to Become the Fastest-Growing Social Media Platform
Although Facebook and TikTok convincingly lead in the number of users, Instagram will see much bigger user growth in the following years. In fact, Statista expects Instagram to dethrone TikTok and become the fastest-growing social media platform in the next four year.
In 2023, the photo and video-sharing social networking app hit 1.33 billion users, 86 million more than a year ago. By 2027, the number of people using Instagram is expected to grow by 17.2% and hit 1.56 billion, making one-fifth of the global social media user count.
TikTok is expected to see a 17% user growth in this period, with its user count reaching over 2.2 billion. Facebook will see the smallest increase among the top three platforms of 14%, with its user base reaching 3.1 billion people by 2027.
MTN Foundation Executive Secretary Odunayo Sanya visited the 2023 fellows of the MTN Media Innovation Programme (MIP). During her visit, she gave an overview of the foundation, its initiatives, achievements, and areas of investment.
Here are five things the MTN Foundation has achieved since its inception:
Awarded over 12000 scholarships for STEM students and blind students
Till date, MTN Foundation has given over 12000 scholarships to students across public tertiary institutions in all the 36 states in Nigeria. The MTN scholarship scheme is for blind students as well as excellent students in Science and Technology and Maths programmes such as Engineering, Computer science, Robotics Chemistry and so on. To get this scholarship, students in tertiary institutions are to have and maintain a CGPA of 3.5. There are also about 400 scholarships for blind Nigerian students. The scholarship for blind students is not limited to only students offering the STEM programme. The Foundation also provides internship opportunities for students under their scholarship programme to make sure that these students are well-rounded. Another amazing scholarship the foundation introduced during COVID-19 is to give scholarships to the top 10 UTME students in any public tertiary institutions of their choice but they still have to also maintain a CGPA of 3.5.
Established ICT and Business Skills Training Programmes
The foundation uses data obtained from Mortgage-backed Securities(MBS) to identify states with high levels of unemployed youth and then organize ICT and digital skill training which encompasses entrepreneur training, digital training and how to use technology and digital skills to elevate your business. About 3000 people are trained every year and a new twist was added to the program last year to encourage youth to do better. This year, the top 300 youth will be rewarded with equipment worth N300,000 and the training is in partnership with Meta, Microsoft and Google. Meta will train the participants on how to use Facebook, Thread and Instagram to promote their businesses, and they will also be given advertisement credits.
Remodeled ICT and Science Laboratories in Secondary schools across Nigeria
MTN Foundation has set up 102 ICT labs and has deployed over 600 computer devices. The foundation also focuses on science labs remodeling because they want to get as many young people as possible into studying STEM. The foundation prioritizes female schools although they have established several labs in mixed schools. The foundation provides solar batteries, furniture, solar powered borehole, practical equipment and also trains the teachers to make sure the students get the proper learning they should. The foundation has remodeled 82 science labs across 26 schools.
Upgraded 178 Primary Health Care Centers
MTN has upgraded 178 primary health care centers across all the states in Nigeria including the FCT. The upgrade consists of civil works which includes, the health care center gets a solar-powered borehole, alternative power (solar and battery), equipment which includes incubators, beds, stethoscope, blood pressure monitors and so on. This year, the foundation partnered with the Private Sector Health care Alliance of Nigeria, and they have helped in training, monitoring, and evaluating health care center staff.
Y’ellopreneur Programme for Female Entrepreneurs
MTN partnered with Enterprise Development Center to come up with a curriculum fully funded by MTN to train female entrepreneurs. At the end of the program each woman would be able to create a business plan that can be presented to any company. The program set out to train 500 women across diverse sectors including Agriculture, Fashion, Manufacturing etc. Last year, 463 women completed the training, 182 women pitched for the equipment loan and 101 qualified for the loan.
The MTN Foundation has carried out many other projects such as the Y’ello Doctor mobile medical scheme, MTN MUSON music scholars’ program and Back-to-School initiative. MTN has invested N24.23 billion in projects across all the states in Nigeria, including FCT. It has embarked on 1017 projects and has successfully reached 3319 communities across the country.
Canon Inc. has launched the MS-500 the ultra-high-sensitivity ILC (Interchangeable-Lens Camera) equipped with the 1” SPAD (Single Photon Avalanche Diode) sensor featuring the world’s highest pixel count of 3.2 megapixels1.
In areas with extremely high security levels, such as seaports, public infrastructure facilities, and national borders, high-precision monitoring systems are required to accurately capture targets day and night.
The new MS-500 camera is the world’s first2 ultra-high-sensitivity camera equipped with a SPAD sensor used for color video shooting, achieving a minimum subject illumination of 0.001 lux3. When used in combination with the ultra-telephoto broadcast lenses, it is possible to capture clear videos of subjects at distance of several kilometers even in the nighttime darkness.
Canon MS-500
By strengthening the ultra-high-sensitivity camera’s lineup, including the ME20/ML Series4, Canon helps to meet a variety of shooting needs in the advanced surveillance market.
Canon MS-500
Combination of SPAD sensor and broadcast lenses enabling long range surveillance at night
The SPAD sensor uses a technology known as “photon counting”, which counts light particles (photons) that enter a pixel. When incoming photons are converted to electric charge, they can be instantly amplified approx.
1 million times and extracted as a large signal, making it possible to detect even small amounts of light. In addition, every single one of these photons can be digitally counted, thus making it possible for noise not to enter during signal readout—a key advantage of SPAD sensors.
This enables clear color video shooting even under a 0.001 lux low-light environment. The lens mount is the bayonet lens mount (based on BTA S-1005B standards) which is a widely used mount for broadcast lenses. Taking advantage of Canon’s extensive lineup of broadcast lenses with ultra-telephoto performance, it is possible to identify the subjects at distance of several kilometers even in the nighttime darkness.
Featuring image correction functions to improve visibility, including noise and haze reduction.
In night monitoring and long-range surveillance, the effect of noise and atmospheric shaking, particularly in dark environments, may cause problems within the clarity of the video.
To solve this problem, “CrispImg2”, which optimizes sharpness, gamma curve, and noise reduction settings for monitoring applications, is installed as a standard feature in the custom picture function that allows for adjusting image quality settings according to the application. This enables to shoot high visibility videos at any time of day or night.
The MS-500 also supports “haze compensation” function, which reduces the effects of haze and mist. This automatically adjusts for proper contrast and provides image correction functions that improve video quality.
MS-500: SPAD sensor and broadcast lenses
Combination of SPAD sensor and broadcast lenses enables long range surveillance at night.
SPAD sensor uses a method called “photon counting”, which counts light particles (photons) that enter a pixel. Unlike the “electric charge accumulation method” of the CMOS sensor, which measures the amount of light accumulated in a pixel over a period of time, the incoming photon generates an electron and can be instantly multiplied by about 1 million times and outputted as a large electrical signal. Since each photon is counted digitally, it makes it possible for noise not to enter during signal readout.5
Full HD clear color shooting is possible even under minimum subject illumination of 0.001 lux.
Equipped with the conventional bayonet mount (BTA S-1005B standard compliant), common for broadcast lenses. Canon’s abundant broadcast lenses with ultra-telephoto performance can be utilized.
Canon has a lens barrel design and lens coating technology, which reduce unwanted reflections, enabling clear video capture with less ghosting and flare. A digital servo system, digital drive unit, and high-resolution encoder provide high-speed, high precision zoom, focus, and iris operation.
Features image correction functions that improves visibility, including noise reduction and appropriate exposure adjustment.
“CrispImg2”, which optimizes sharpness, gamma curve, and noise reduction settings for monitoring purposes, is installed as standard in the custom picture function that allows for adjusting the image quality settings. Automatic adjustment is possible for suppressing noise and for sharp and highly visible image quality.
“Smart shade control1” makes it possible to properly adjust the exposure to suppress blocked up shadows of the subject and blown highlights of the background due to the backlight or the dark areas of the video.
“Haze compensation6” reduces the effect of haze and mist, and automatically adjusts for the proper contras
Supports serial communication functions which enables remote control of pan/tilt operations and image quality adjustment.
Compatible with Canon’s proprietary serial communication control protocol “NU” which is used for Canon’s ultra-high-sensitivity cameras and remote cameras7.
Compatible with the “Pelco-D8” protocol proposed and published by Pelco, Inc. in the United States and is widely used to control remote cameras and pan-tilt heads.
Use a cable to connect the serial communication terminal of devices such as the pan-tilt head that support these protocols to the REMOTE terminal on the rear panel of the MS-500. By transmitting communication commands, the camera, lens and pan-tilt head can be remotely controlled and operated from the control device.
The Federal Ministry of Power has pledged its support for the 2023 edition of Informa Market’s Nigeria Energy Exhibition and Conference, recognizing it as a platform for critical stakeholders to explore issues in the Energy industry.
As West Africa’s most established gathering of energy professionals featuring world-renowned innovative power companies, the Nigeria Energy Exhibition and Conference will be held from 19 to 21 September 2023, at the Landmark Centre in Lagos, Nigeria.
Speaking at a press conference with industry stakeholders, Chief Adebayo Adelabu, Honourable Minister of Power, represented by Evangeline Olumoroti Babalola, Director, Investment and Sector Development, Federal Ministry of Power, said, “The Federal Ministry of Power has for several years supported the efforts of Informa Markets to attract more investors into the sector. Informa Markets has been on the frontline of partnering with the Ministry to promote and host investors in the Nigerian Power Sector. This government will continue to foster these kinds of robust partnerships between the public and private sectors, to enhance our nation’s economic and social growth”.
In an official communication to the organisers, the Ministry of Power also commended Informa Market’s sustained efforts in organising the trademark energy exhibition and conference and pledged its support and partnership. “In view of the recently enacted ‘Electricity Act 2023’ in the country, it is our deep conviction that the conference will provide a veritable platform for critical stakeholders to explore fundamental issues in the Act,” it read.
Also speaking, Ade Yesufu, Exhibition Director, Nigeria Energy, said “The recently enacted Electricity Act 2023 is a step in the right direction for the country, but it is necessary that stakeholders across the Energy sector connect to discuss the next steps to actualise the goal. The Nigeria Energy Exhibition and Conference provides this opportunity as a platform for local players and international investors to proffer insights and solutions to challenges that may be limiting the industry. As the leading Energy platform event in Nigeria and West Africa, we appreciate the support of the Ministry of Power to unlock new value with reforms, investments, and technology.
Marking its 10th year anniversary, the Nigeria Energy Exhibition and Conference is themed, “Unlocking new value with reforms, investments and technology”, and will bring together government, private sector, and investors to find solutions to the challenges facing Nigeria and West Africa’s electricity sector. This year’s anniversary edition will present delegates with the unique opportunity to hear, engage, and network with key industry stakeholders within the sector.
To celebrate its milestone, the Nigeria Energy Exhibition and Conference will feature two impactful conferences – a high-level Leadership Summit and a Technical Seminar. The Nigeria Energy Leadership Summit will gather senior stakeholders involved in the value chain, including government dignitaries, gas-to-power generation companies, independent power producers, generation, distribution, and transmission companies, technology providers, financiers, and agencies facilitating the development of renewable and off-grid solutions, with a mission to find solutions to the most pertinent issues in the sector.
More than 5,000+ energy stakeholders are expected to attend, with over 200 exhibitors and three international pavilions from China, Germany, and Turkey.
The conference would discuss key topics including:
Power sector decentralization – new legislations and framework in Nigeria
Role of Natural gas as a transition fuel in achieving a net-zero economy
Funding opportunities – Are investments finally moving in?
Leadership panel: What are the steps taken by DisCos to encourage climate-driven investments?
Emission trading – New reforms in Africa?
Leveraging the power of digital technology to deliver value to customers.
The Nigeria Energy 2023 Conference and Exhibition is set to play host to several interactive sessions allowing stakeholders to network and build long-term partnerships with other stakeholders from the energy value chain. Attendees can also expect to stay updated with the latest reforms and regulations to understand how they will impact the energy market and businesses.
Register for free to attend the Nigeria Energy Conference and Exhibition via https://bit.ly/VisitorReg2023. Visit the website for the latest conference agenda, speakers, confirmed exhibitors, and more: www.nigeria-energy.com.
Over time, we have seen that growth and success in the channel ecosystem have been mainly aided by collaborations or partnerships. As businesses steer through the intricacies of today’s competitive environment, it is impossible not to appreciate the significance of the contributions of partners.
This partner growth has been aided by some crucial developments, namely: purpose-driven business models, enhanced insights, as well as the ability to scale up capabilities relevant to future competition. These developments are rewriting the undercurrents of partnerships and propelling businesses to higher levels.
Clear Purpose Collaborations: Keeping Sustainability at the Heart of Business
These days, the word ‘sustainability’ has gone beyond being a mere slogan. It is now a deliberate notion of vital importance for businesses in Nigeria. With customers becoming more aware of, and basing their choices on environmental protection, collaborating with purpose-driven partners becomes vital. A couple of years ago, only 58 percent of shoppers across all groups considered sustainability over the price of items. Fast forward to the present, and over 66 percent of consumers declared that they will rather pay for environmental-friendly products.
This trend is also gradually catching on in Nigeria where a study found that consumers’ attitudes (cognitive, affective and conative attitudes) are positively and significantly correlated to sustainable consumption. Although the results of the interviews conducted among marketers and retailers revealed that such attitudes do not reflect in their buying behaviour, judging by the sluggish sales of sustainable products when compared to unsustainable products. But more and more Nigerians are taking recycling serious.
As a result, the onus is on businesses, and for their own interest, to take environmental protection seriously and take measures that will positively impact the areas in which they operate. They have to realise that the ability to pull resources together allows for more balance and effect for a better tomorrow. In addition, this helps growth, as 83 percent business leaders are the opinion that sustainability programmes provide immediate and long-term value for their respective companies.
In Nigeria, which accounts for more than 150,000 metric tons of plastic bottles annually, half of it from the megacity of Lagos, business leaders are taking sustainability seriously, adopting sustainable practices for effective waste management, including total quality management, recycling, bio treatment, incinerations, neutralization and secure sanitary landfills.
At HP, sustainability collaborations with its channel partners including vendors and resellers, have produced amazing results, with its Amplify Impact programme enabling the promotion of positive change to create a more advanced channel environment. The first of-its-kind partner assessment, resource, and training program, the HP Amplify Impact, has allowed more than 3,500 partners to drive change and utilise sustainability as a competitive advantage. Over the last 14 months, these HP Amplify Impact cohorts initiated over 7,000 transactions, all thanks to sustainability. This shows what purpose-driven partnerships can do.
In addition, in 2022, more than 60% of HP’s revenue achieved its Corporate Knights standard for sustainable income. This milestone is a testimony of the significance of including sustainability as a vital business driver. We have long believed that by collaborating with organisations with similar ideas, we can produce a potent domino effect, promoting sustainable practices that aligns with the thoughts of consumers.
Utilising Insights from Data for Well-Informed Decisions
Without a doubt, data is the prevalent tool of the computer age, and the importance of properly utilising it for competitive business leads cannot be underrated. And those who base their decision making on data have seen their businesses grow twice as fast as those who don’t.
As such, data analytics collaborations are indispensable for the growth of businesses. Should you choose to go at it on your own, you may not have enough data to recognise significant and relevant developments. As observed, data partnerships are on the increase. In fact, a recent McKinsey study forecasts that by 2025, data-driven organisations will start data collaborations to produce more valuable insights for all partners.
Currently, HP’s Amplify Data Insights programme provides partners access to a vast pool of more than 20 billion data points, and this is updated weekly. HP has found that merging its data with that of its partners offers concrete trade opportunities. In the past three years, 98% of qualified partners have chosen to report data, and this partnership tactic enables partners to identify evolving developments, recognise consumer choices, and spot gaps in the market, thus putting them ahead in their respective sectors.
In Nigeria, we have seen Partners begin to embrace data and Amplify Insights despite initial scepticism. Today, the programme validates itself with accurate predictions and niche opportunity creation within the growing Nigerian market.
Welcoming a Future-Ready Approach
Faced by economic uncertainties and ever-changing consumer habits, partners are constantly reassessing their business tactics. The shift to online and digital marketplaces has provoked a dramatic change in their tactic, forcing them to embrace a future-ready mentality. To overcome these challenges, partners are looking to inventive channel programmes intended to raise alertness, interpretation, growth, and partnership. These programmes serve as guides through the age of digital revolution and provide the growing wishes of socially aware customers. During and post pandemic, this helped HP transition key partners to have strong online and digital spaces. In some cases, we literally built these platforms from scratch. The optimisation these solutions bring to our partners is at the heart of our Future Ready proposition.
In recognition of the importance of giving its partners power and control over their own affairs, HP has announced a number of innovative partner benefits and programme improvements under the auspices of the HP Amplify initiative. This places emphasis on creating competences, promoting partnerships, and improving performance. Interestingly, the HP Amplify programme has participants from 99% of revenue partners worldwide.
More determined than ever before to sustain the tempo of its channel-led business model, HP continues to adjust its method on the back of consumer comments and an unwavering promise to continually drive long-term partner growth. With a future-ready mindset and the backing of ingenious partner programmes, companies and businesses are ready to not only overcome present tasks but also come out tougher and more prosperous.
British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, and FMO, the Dutch entrepreneurial development bank, on August 29 announced their joint commitments of up to US$20 million each to Dashen Bank (Dashen) – one of Ethiopia’s largest private sector banks. The loan will help to drive agricultural exports and provide access to much-needed foreign exchange (FX) within Ethiopia.
BII and FMO are supporting Dashen Bank to help bolster the country’s agricultural sector, which employs 80 per cent of the population, contributes 39 per cent to GDP and generates 90 per cent of its foreign currency from exports.
By providing much needed capital for the expansion of growing businesses, the development finance-backed facility enables Dashen to provide USD-denominated loans to cover the costs of importing machinery – supporting farmers towards increased productivity in areas such as harvesting, logistics, and processing and boosting exports earnings.
Broader financial support for agricultural enterprises – from producers of cut flowers and coffee to livestock – will enable innovation, business growth, improved quality and safety standards, and value addition. It will also create significant economic potential, contributing to more financially inclusive growth, in a country where only 45 per cent of the population has access to bank accounts .
DFI collaboration is key to private sector development. Through this commitment, BII and FMO become the first foreign financial institutions to provide long-term funding to Ethiopia’s financial services sector under the new intermediation directive for banks issued by the National Bank of Ethiopia in 2021.
This is part of their collaborative efforts to help catalyse the market, build confidence amongst international and domestic investors so as to mobilise more private capital.
This partnership will also help Dashen to enhance their governance, risk management, Environmental and Social, as well as gender practices and bring these to the highest standard in the country.
Asfaw Alemu, CEO of Dashen Bank said: “We are pleased for achieving this historic milestone. With the exemplary co-lending of BII and FMO, Dashen Bank is breaking the ice in the materialization of the directive for foreign loans intermediation.
“The forex denominated financing will enable Dashen Bank, one of the top four private sector banks in Ethiopia serving over 5 million customers with a footprint of 800 plus branches, to support export-oriented agribusinesses.
“On top of the badly needed foreign currency, the lessons learnt through the rigorous due diligence process will help us set the bar high when it comes to sustainable financing in Ethiopia. We are extremely grateful to our partners BII and FMO for putting their trust on Ethiopia’s agricultural sector, and Dashen Bank’s capacity to deliver results.”
Stephen Priestley, Managing Director and Head of Financial Services at BII commented on the transaction: “We are proud to be amongst the first movers in a financial market opening up to international investment with this transformative commitment.
“BII has been a pioneer investor in Ethiopia for the past 50 years. Our partnership with FMO and Dashen Bank forms part of a mobilisation plan that creates untapped opportunities for DFI and commercial investment into Ethiopia’s financial services sector for years to come.”
Marnix Monsfort, Director of the Financial Institutions Department at FMO: “We are very excited by this pioneering opportunity to support Dashen and Ethiopia in attracting Foreign Direct Investments and USD funding.
“By providing much needed foreign currency for on-lending to the bank’s agriculture/exporting clients, FMO aims to contribute to job creation and financial inclusion of rural communities. We thank both Dashen and BII for this great collaboration.’’
On Wednesday, army officers in Gabon announced their takeover of the Central African country on national television.
They proclaimed the results of Saturday’s election, in which President Ali Bongo was declared the winner, null and void.
The soldiers, who identified themselves as members of the CTRI (Committee for Transition and Restoration of Institutions), stated, “We have decided to defend peace by putting an end to the regime in power.”
According to the electoral commission, Bongo’s major competitor, Albert Ondo Ossa, came in second place with 30.77% of the vote. Ondo Ossa’s charges of electoral irregularities have been dismissed by Bongo’s staff.
His overthrow would end his family’s 53-year reign in Gabon.
Bongo has ruled the oil-rich West African country for 14 years. Following the death of his father, Omar Bongo Ondimba, who had controlled the country for 41 years, he was first elected in 2009.
Full statement
Below is the military’s full statement:
“Our beautiful country, Gabon, has always been a haven of peace.
“Today, the country is going through a serious institutional, political, economic and social crisis.
“We are therefore forced to admit that the organisation of the general elections of 26 August 2023 did not meet the conditions for a transparent, credible and inclusive ballot so much hoped for by the people of Gabon.
“Added to this is irresponsible and unpredictable governance, resulting in a continuing deterioration in social cohesion, with the risk of leading the country into chaos.
“Today, 30 August 2023, we — the defence and security forces, gathered as the Committee for the Transition and Restoration of Institutions (CTRI) on behalf of the people of Gabon and as guarantors of the institutions’ protection — have decided to defend peace by putting an end to the current regime.
“To this end, the general elections of 26 August 2023 and the truncated results are cancelled.
“The borders are closed until further notice.
“All the institutions of the Republic are dissolved: the government, the Senate, the National Assembly, the Constitutional Court, the Economic, Social and Environmental Council and the Gabonese Elections Centre.
“We call for calm and serenity from the public, the communities of sister countries settled in Gabon, and the Gabonese diaspora.
“We reaffirm our commitment to respecting Gabon’s commitments to the national and international community.
“People of Gabon, we are finally on the road to happiness.
“May God and the spirits of our ancestors bless Gabon. Honour and loyalty to our homeland.
In a remarkable display of corporate social responsibility, Asharami Energy, a Sahara Group Upstream Oil & Gas company, through Sahara Group Foundation has renovated the Ologbo Police Station situated in Ikpoba-Okha Local Government Area of Edo State.
The Ologbo Police Station which went through a transformative makeover is a reflection of Asharami Energy’s dedication to enhancing public safety and supporting the welfare of the communities in which they operate.
Speaking at the commissioning and handover ceremony, the Director, Sahara Group Foundation, Ejiro Gray, stated that ‘At Sahara Group Foundation, our effort is geared towards helping to create sustainable societies. And with the renovation of the Ologbo Police Station, we are once again demonstrating our commitment to supporting the institutions that protect and serve our society.”
The newly commissioned Ologbo Police station involved a comprehensive overhaul of the police station’s infrastructure. Renovation work done includes structural repairs and aesthetical changes to the building, plumbing works and change of sanitary wares. A new office block/building for investigative officers was also constructed, as well as the installation of solar energy. System
Also speaking at the event, the stakeholder and community relations manager, Asharami Energy, Babatomiwa Adesida, said “Asharami Energy recognizes the critical role that law enforcement plays in maintaining peace and security within our communities. And that the renovation of the Ologbo police station underscores the organization’s values of sustainable development, community empowerment, and social impact”.
In attendance, was the Enogie of Ologbo, His Royal Highness, Owenubugie Akenzua. In his remarks, he applauded Asharami Energy and Sahara Group Foundation for carrying out this laudable project in Ologbo. The Enogie of Ologbo stated that “a secure community is the foundation for progress and that the renovation of the Ologbo Police Station will support improved security and peace in the Dukedom.”
In his remarks, the Deputy Police Commissioner, Ologbo Police Station, CSP Moses Nkombe, thanked Asharami Energy and the Sahara Group Foundation for the renovated station. The DPO stated that “this will go a long way to enhance operational efficiency and enable the officers to better serve and protect the communities under the station command”.
The Ologbo Police Station renovation project is just one out of a series of completed and ongoing renovations of police stations across the country, being implemented by the Sahara Group Foundation. Other Police stations to have received full renovations from Sahara Group Foundation includes, the Ijede police station, Ipaja police station, Omagwa police station, Onne police station, the MMA police station, Trinity police station, Koko police station and many others.
President Bola Tinubu has authorized the nomination of a new Niger Delta Development Commission (NDDC) Board and Management team.
Ajuri Ngelale, the presidential spokesman, announced this in a statement on Tuesday.
“The President expects that the new Board and Management team will ensure a new era of successful administration in the NDDC, in line with his Renewed Hope agenda.
“All of the above listed appointments take immediate effect,” the statement added.
NDDC’s new board and management team
Chiedu Ebie – Chairman – Delta
Samuel Ogbuku – Managing Director / CEO – Bayelsa
Boma Iyaye – Executive Director (Finance and Admin) – Rivers
Victor Antai – Executive Director (Projects) – Akwa-Ibom
Ifedayo Abegunde – Executive Director (Corporate Services) – Ondo
Dimaro Denyanbofa – State Representative – Bayelsa
Abasi Ndikan Nkono – State Representative – Akwa Ibom
Monday Igbuya – State Representative – Delta
Tony Okocha – State Representative – Rivers
Patrick Aisowieren – State Representative – Edo
Kyrian Uchegbu – State Representative – Imo
Victor Kolade Akinjo – State Representative – Ondo
Dimgba Eruba – State Representative – Abia
Asu Oku Okang – State Representative – Cross River
Nick Wende – Zonal Representative – North Central
Namdas Abdulrazak – Zonal Representative – North East
Ibrahim Abdullahi Gobir – Zonal Representative – North West
As part of its commitment to fostering financial literacy in the younger generation, FMDQ Group PLC (“FMDQ Group”), through its flagship corporate responsibility programme, FMDQ Next Generation Financial Markets Empowerment Programme (“FMDQ-Next”) – a learning and development initiative aimed at promoting financial market awareness and literacy among students across all levels, primary, secondary, and tertiary, as well as fresh graduates – has successfully completed the 4th edition of its FMDQ-Next Summer Camp Programme (“the Programme”) at its business complex, Exchange Place, in Lagos.
The highly successful 2023 Summer Camp Programme, which impacted a total of one hundred and thirty (130) participants from diverse backgrounds, was designed for Primary School (ages 8 – 10) and Secondary School (ages 11–16) students, and delivered in two (2) Streams, between August 2 – 25, 2023.
The fully funded FMDQ-Next Programme equipped participants with essential knowledge and skills to navigate the complexities of financial markets, enhanced their understanding of savings and investment, and provided the opportunity to learn about the various investment vehicles, and the roles of the different financial market participants, through educational and interactive exercises and activities.
The participants, strictly selected on a first-come, first-served basis, were prestigiously catered for and given a tour of Exchange Place, the FMDQ world-class Archives, as well as quality interaction time with the Chief Executive Officer of FMDQ Group and other senior executives, amongst other activities.
The Secondary School participants of the Programme were granted an additional opportunity to immerse themselves in the world of currency trading within a simulated environment in FMDQ Q-Hub, a state-of-the-art Trading Simulation Room. This cutting-edge platform, powered by the FMDQ-Next bespoke trading system, empowered participants to gain practical experience in trading, identifying potential risks, and effectively managing virtual portfolios with the ultimate goal of making profits.
The top three (3) finalists of this competition were honoured with remarkable prizes, including laptops, tablets, as well as future internship positions at FMDQ Group. Acknowledging excellence beyond the Secondary School level, the Primary School participants were not left out of the prize giving as the top three (3) finalists in each Stream were also awarded impressive prizes.
In addition to fostering financial markets education, the Programme served as a platform for participants to showcase their artistic talents in music, drama, and arts, with Talent Shows that enabled participants to demonstrate their flair in singing, dancing, playing musical instruments, amongst others. The parents/guardians and participants expressed their delight at FMDQ Group’s effort in empowering the next generation for financial success.
Speaking on this, Mrs. Amanda Okafor, a parent who brought her three (3) children from the USA specifically for this Programme, remarked, “I appreciate the Programme’s focus, which is educating the younger generation about financial markets in a fun and exciting way. It was truly an enriching and memorable experience for my children. I was particularly impressed by the well-thought-out schedule that balanced financial markets education, recreation, and personal growth.
“Seeing my children return home each day with a newfound sense of confidence and a genuine excitement to share their experiences was incredibly rewarding.” In addition, Nestor Odionyenma, a student at Ray Jacobs Boarding School, Imo State and a Secondary School class participant, stated, “the variety of learning activities offered during the Programme was truly impressive.
“I have learnt about the financial market instruments such as commodities, equities, treasury bills, derivatives, amongst others, and also learnt about the importance of savings and long-term benefits of investing. I have also made new friends from different backgrounds and age groups, and together, we shared laughter and experiences that I will cherish forever. I sincerely appreciate FMDQ-Next for creating such an engaging and enriching environment”.
Also speaking on the Programme, the Group Chief Operating Officer, FMDQ Group, Ms. Kaodi Ugoji, stated “we are extremely proud of the knowledge, enthusiasm, and dedication shown by our participants throughout the 2023 Summer Camp Programme, and it has indeed been a remarkable journey of learning, growth, and creating lasting memories.
“By combining theoretical learning with practical experiences, our aim, which was to expose the students to the intricate workings of the financial markets, was achieved. ’’. She further commented that “as the Programme comes to an end, we extend our heartfelt gratitude to both our amazing students and their supportive parents/guardians, and we wish all the students the best of luck in their studies and endeavours”.
Since FMDQ-Next launched in July 2018, over one thousand and twenty-two (1,022) participants, from primary students, through to fresh graduates, have been positively impacted through four (4) Summer Camps; six (6) Corporate Excursions; eight (8) Virtual Financial Literacy Sessions; fourteen (14) Trading Challenges; and ten (10) Internships with FMDQ Group.
The FMDQ-Next initiative is an expression of FMDQ Group’s ongoing commitment to continually implement innovative initiatives that ensure a sustainable financial future for the next generation.
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.
The Nigerian Exchange Limited’s All-Share Index surged to 66,490.34 basis points at the conclusion of trade on Tuesday, shattering a 15-year high.
The ASI increased by 0.51 percent to 66,490.34 points from 66,151.38 on Monday, surpassing the Exchange’s best value of 66,371.20 on March 5, 2008. The achievement is due in part to a rise in purchase interest in banking equities as investors positioned themselves to capitalize on banks’ recent record earnings.
Similarly, the market capitalization grew by 0.51 percent to N39.69 trillion, up from N36.21 trillion on Monday. Investors have won N510 billion in two days of trading this week (N325 billion on Monday and N185 billion on Tuesday).
Among industry benchmarks, the NGX Banking Index gained the most ground on the day, increasing 1.63 percent. Following closely after were the NGX Consumer Goods Index, which rose 0.99%, and the NGX Industrial Index, which rose 0.21 percent. The NGX Oil/Gas Index, on the other hand, fell by 0.09 percent, while the NGX Insurance Index fell by 1.56 percent, both due to investors reallocating their capital.
An examination of Tuesday’s market operations indicated a significant rise in trade turnover compared to the previous session, with transaction values increasing by 79.18%. As a result, the total amount of stocks exchanged reached 436.95 million units, valued at N7.02 billion, spanning 7,933 transactions. This was a huge increase from the 311.12 million units valued at N3.92bn traded in 7,193 deals on Monday.
FBN Holdings topped the activity chart with 55.15 million units valued at N911.21m. Following closely was Japaul Gold with the sale of 33.11 million units worth N29.92m, while UBA transacted 30.17 million units valued at N41.21m.
Market breadth closed positive, with 35 stocks appreciating in value while 32 stocks depreciated. Champion Breweries led the pack of gainers with 10 per cent increase in stock value. Conversely, Linkage Assurance led the group of 32 declining securities, with a 10 per cent decrease in its equity value.
The strong performance has been attributed to a combination of factors, including investor sentiment influenced by macroeconomic developments such as the formation and swearing-in of the economic cabinet by President Bola Tinubu.
Additionally, movements in yields within the fixed-income market played a role in shaping market dynamics. They emphasized the importance of strategically positioning investments in fundamentally strong stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings.
Exchange rates in Nigeria’s foreign currency markets deteriorated on Tuesday due to the country’s persistent lack of US dollars. As a result, the difference between the parallel and official markets has narrowed to N145, fueling increasing speculative activity.
The government’s naira reform has failed to achieve the projected convergence due to weak foreign currency inflows into Nigeria. Most analysts believe that foreign investors would stay away since the Central Bank of Nigeria (CBN) has been unable to clear the FX backlog despite hefty FX obligations on the country’s external reserves.
Critics say the decision to float the naira in June was politically driven, and the change should never have been implemented in the first place. Nigerians feel that depreciation of the native currency provides no meaningful benefit to a country that must rely on foreign inputs for consumption and subsequent production.
Arbitrageurs the Naira had inched close convergence earlier and was cheaper at moments in the official market than in the parallel market, sending a negative signal to speculators.
The reversal of historical rate disparity began when post-reform management directed FX requests to the parallel market as a result of a weak supply side.
Analysts believe that Africa’s largest economy must have enough buffer to support the local currency from free falling as the local debt agency maintains distance from the Eurobond market for borrowings.
However, local borrowings have been attracting negative interest yields that locked the door against foreign investors’ participation. The recent attempt by the CBN to resume OMO bill sales was however adjudge right step for attracting foreign receipts since revenue from oil exports continues to underperform.
Currently, Nigeria lacks a comparative advantage in home production and this has continued to boost demand for foreign products for consumption. Demand for business and personal travelling allowances continued to rise while remittance through official channels fell.
At the investors and exporters window on Tuesday, the naira depreciated against the US dollar to N775.34, losing 0.42 per cent compared to the N772.12 it exchanged for the dollar on Monday. Naira Steadies as Banks Issue Update on FX Purchase
According to market data from FMDQ, the open indicative rate closed at N769.66 to the dollar on Tuesday. Traders said a spot exchange rate of N799.90 to the US dollar was the highest rate recorded within the day’s trading before it settled at N775.34.
The naira sold for as low as N701 to the dollar within the day’s trading. Market analysts said a total of 71.32 million dollars was traded at the investors and exporters window on Tuesday.
In the parallel market, the local currency depreciated by 0.27% to N920 after the CBN brought private currency traders back into the fold. However, the apex bank said it has no plan to sell US dollars to Bureau De Change operators but capped FX spread on their dollar sales to invincible users.
In the oil market, Brent crude rose 0.26% to $84.64 per barrel, while West Texas Instrument (WTI) crude gained 0.29% to $80.33 per barrel. Oil futures were higher as traders balanced supply constraints arising from Hurricane Idalia’s potential impact on the US golf against growing demand concerns as rate hikes.
