Business
NGX, IFC Partner for Green, Social & Sustainability Bonds
The Nigerian Exchange Limited (NGX), announced a partnership with the International Finance Corporation (IFC), for facilitating the issuance of green, social and sustainability bonds in Nigeria, aimed at increasing financing for projects that address climate and social issues.
The announcement was made on Wednesday, during a Green and Sustainability Bond workshop co-hosted by both institutions in Lagos, with the backing of HSBC Regio Fund and The Kingdom of Netherlands, according to a statement from the NGX.
Expectations are that through the partnership, NGX and IFC will facilitate knowledge sharing with market stakeholders and other exchanges in Africa experienced in issuing green and sustainability bonds, support the training and development of local verifiers for green bonds, and support the launch of a Sustainability Board.
The statement further avers that this would advance Nigeria’s green and sustainability bond development.
Biztellers reports that the workshop brought together domestic and foreign stakeholders including, regulators, policymakers, institutional investors, pension fund managers, and trading license holders, focusing on key topic areas including the World Bank Group’s experience in the field of green bonds; the role of NGX as infrastructure for issuance and subscription to green, social and sustainability bonds in Nigeria; general trends in green and social bonds and IFC’s experience in structuring and achieving these objectives.
Chief Executive Officer, NGX, Temi Popoola noted in his opening remarks that the African continent, according to the African Development Bank (AfDB), faced major risks and exponential collateral damage from global warming despite contributing the least to emissions.
He underpinned AfDB’s estimates that the continent required over $3 trillion of investments by 2030 to mitigate these risks and implement its Nationally Determined Contributions.
“In 2016, NGX conceptualized and developed the Green Bond Product Paper which was embraced and championed by the Debt Management Office (DMO) and the Federal Ministry of Environment.
This resulted in the issuance of the first N10.69bn (about $25.8m) 5-year green bond in 2017, and subsequently, the second tranche of N15bn (c. $36m) 7-year green bond in 2019 which was oversubscribed,” Popoola said.
According to the CEO, the green bond market had experienced substantial progress over the years with several sovereigns and corporate green bonds listed on the Exchange.
“These follow-on issuances have further increased investible instruments and deepened the Nigerian Green Bond market.
It is noteworthy that the size of the Green Bond market is currently N55.52 billion (c. $133.8 million).”
He mentioned NGX’s Memorandum of Understanding with the Luxembourg Stock Exchange to promote cross-listing and trading of green bonds in Nigeria and Luxembourg, of which Access Bank’s N15bn green bond was part.
Popoola also stated that NGX is a member of the United Nations Sustainable Stock Exchange initiative and supports capacity development and investor awareness through its X-Academy.
“NGX will continue to work with internationally recognised organisations such as IFC to share valuable green finance experiences and best practices, as well as to promote the development of sustainable finance market segments for supporting the government, policymakers, regulators, financial market participants, domestic and international thought leaders, investors, and other market stakeholders,” Popoola added.
Senior Country Manager for Nigeria, Sierra Leone, and Liberia, IFC, Kalim M. Shah said, “Nigeria will require billions of dollars to meet its climate goals, reduce carbon emissions and reach net-zero targets.
IFC continues to play a significant role in mobilizing private sector capital to support climate-smart investments, working with stakeholders to increase credible green, social, and sustainability bond issuances in Nigeria.
“We will bring IFC’s and the broader World Bank Group’s experience to the Nigerian capital market by supporting regulators, issuers, and exchanges on developing the framework, and socialization of green, social and sustainable bonds.
“Our partnership with NGX highlights the potential to increase climate financing, and we look forward to working together to support green bond issuances on NGX.”
Speakers at the event included Dr. Riccardo AMBROSINI, Regional Climate Finance Lead, IFC, Yasser MOUNSIF, Head of Corporate Finance, AMMC – Moroccan Capital Market Authority, Adriana CRUZ FELIZ, Vice President and Manager SPO team in EMEA Moody’s, James SEWARD, Capital Markets and Investment, World Bank Treasury, among others. Representatives from the Federal Ministry of Environment, the Securities and Exchange Commission, and the Debt Management Office also attended the event.
Business
Content Creation Can Buy 4 Lamborghini’s – Comedian Josh2Funny Reveals
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
READ MORE: SERAP Issues Tinubu 48-Hour Ultimatum Over Detained Minors
The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
Business
NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
ALSO READ: We Load 2,900 Trucks Daily, Evacuate Products By Sea – Dangote Refinery
It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
Business
Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
ALSO READ: NNPC Ltd Targets 3,000 In Free Cancer Screening Initiative
In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.