Business
NGX Launches Impact Board For Sustainable Instruments
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Following approval from the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX) has unveiled its Impact Board, a dedicated platform for listing sustainability instruments.
Biztellers reports that the initiative was announced during a Closing Gong Ceremony in Lagos on Wednesday, July 10th, honoring Minister of Environment, Balarabe Abbas Lawal.
The occasion also commemorated the 8th Green Bond Advisory Group Meeting.
The ceremony, which saw Lawal, Co-Chair, Green Bond Advisory Group Meeting, engage with investors and stakeholders on the proposed federal government Green Bond issuance, brought together key figures in Nigeria’s financial and environmental sectors.
Attendees included Director-General of the SEC, Dr. Emomotimi Agama, alongside delegates from the Debt Management Office, Ministry of Environment, issuers, and issuing houses.
ALSO READ: NGX Group Unveils Jude Chiemeka As CEO, Nigerian Exchange Ltd
This launch marks a pivotal moment in NGX’s steadfast commitment to integrating sustainability into the core of Nigeria’s capital market. By providing a high-visibility platform for sustainability instruments, NGX aims to usher in a new era of responsible investing, offering forward-thinking issuers access to purpose-driven capital.
Lawal emphasized, “With issues like flooding, pollution, and deforestation, we urgently need funds to tackle them. This is why we are approaching the market.”
His sentiment was echoed by Dr. Agama, who affirmed SEC’s support, thus, “We are ready to bolster the sustainable finance market, aiming to deepen it with diverse instruments that contribute to Nigeria’s sustainable development.”
Group Chairman, Nigerian Exchange Group (NGX Group) Alh Umaru Kwairanga, highlighted the NGX’s capabilities, stating, “We possess the capacity, resources, and technology to raise the funds required by the Federal Ministry of Environment and the Nigerian economy to achieve the goals outlined in the Paris Agreement and the Sustainable Development Goals.”
On his part, Chairman of NGX, Ahonsi Unuigbe, underscored the significance of the Impact Board, noting its potential to encourage issuers like the Federal Government to leverage the market for financing strategic, sustainability-focused projects.
The timing of the Impact Board’s launch, coinciding with the 8th Green Bond Advisory Group Meeting, underscores the growing momentum behind sustainable finance initiatives in Nigeria.
This synergy between governmental environmental strategies and market-driven solutions promises to accelerate the country’s progress towards its sustainability goals.
As Nigeria steps into this new chapter of sustainable finance, the Impact Board stands poised to attract both domestic and international investment, driving growth and supporting the nation’s sustainable development agenda. This innovative platform not only represents NGX’s vision for the future but also sets a new standard for responsible investing in Africa’s largest economy, potentially serving as a model for other emerging markets.
Business
Bolt Bans Nigeria-South Africa Rides Amid Social Media Prank
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Online taxi service Bolt has restricted “inter-country” ride requests between Nigeria and South Africa following a social media-driven prank that led to widespread abuse.
The prank involved users booking and then canceling rides in the other country, causing drivers to waste time and fuel searching for non-existent passengers.
Munyaradzi Chinyama, a Zimbabwean Bolt driver in Cape Town, reported that he received three such requests before realizing they were fake.
Read Also: Bolt Blocks Accounts Over Nigeria-S/Africa Ride Prank
He described the experience as costly and frustrating.
Recall that Bolt had on Thursday, identified and blocked the users responsible for the prank.
The company acknowledged the negative impact on its drivers in both countries and confirmed that inter-country requests will continue to be available between other nations.
Chinyama also reported receiving insulting messages through the Bolt app, including being called “Mandela’s son.”
The origin of the prank is unclear, but it reflects a history of trolling between social media users in the two countries.
One user on X mentioned that the prank started as a response to perceived disrespect.
Business
BREAKING: NNPC Ltd Clears Air On OVH Acquisition
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The Nigerian National Petroleum Company (NNPC Ltd) has cleared the air on the acquisition involving OVH and NNPC Retail Ltd.
This follows allegations of wrongdoing, levelled by the Presidential Candidate of the Peoples Democratic Party (PDP) in Nigeria’s 2023 election.
ALSO READ: We’re Selling Petrol At Half The Landing Cost, Which Is Not Subsidy – NNPC
This was disclosed in a statement in Abuja on Thursday, by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye.
Writing under the subject ‘OVH Acquisition: The Facts, by NNPC Ltd’, Soneye explained that the state oil major is professionally run.
He wrote, “The attention of NNPC Ltd. has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.
“In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.
“He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd. by OVH in which he claimed Mr. Wale Tinubu held 49% stake.
“He further alleged that the NNPC Retail Ltd — OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
“NNPC Ltd. wishes to set the records straight with the following facts:
“1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.
“2. Investment decisions by NNPC Ltd. Management are strictly determined on the basis of commercial viability and national interest.
“3. At the time NNPC Ltd. acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests, respectively.
“4. Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd. and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd. opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.
“5. The first step of merging NNPC Retail Ltd. into OVH has been completed and the post-merger renaming as NNPC Retail Ltd. is ongoing.
“6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.
“7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.
“8. The management of NNPC Ltd., under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
“9. NNPC Ltd. as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd. shall resist any attempt to draw its Board and Management into partisan politics.”
Business
NBA Backs Domestic Refining To Address Fuel Scarcity
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The Nigerian Bar Association (NBA) has called for the full implementation of the directive of President Bola Ahmed Tinubu on the supply of crude to the local refineries in Nigeria.
The President of NBA, Yakubu Maikyau, is of the view that the establishment of the refineries were both nationalistic and patriotic endeavour, for which he urged the Federal Government and Nigerians to support the Dangote Petroleum Refinery to end the reign of fuel scarcity and perennial queues at filling stations in the country.
Maikyau led other leaders and members of the association on a visit to the facility, praised the President/Chief Executive of the Dangote Group, Aliko Dangote, for remaining steadfast despite the opposition faced.
ALSO READ: Delay In Crude Supply To Dangote Refinery Poses Risk To Nigeria’s Economy – EIU Report
They expressed concern that the major project was encountering strong resistance from fuel importers, who had stifled the economy and kept it reliant on imported refined petroleum products, despite Nigeria’s status as a leading crude oil producer.
Maikyau said, “What I have seen today gladdens my heart, but at the same time, my heart is bleeding because of the neglect and opposition that such a laudable effort is facing. It is shameful, but as I mentioned to the President of the group, his continued steadfastness and resilience despite the opposition show that there is hope for this country.
“I would describe Aliko Dangote as both a freedom fighter and an economic warrior. There is no one more honourable or patriotic than Dangote. He has proven this through his actions, not just words. This isn’t about what someone might tell you; we have witnessed the enormous investments he has made in this country.”
He urged the Federal Government to create a supportive environment for the refinery, aiming to transform Nigeria into a net exporter of refined petroleum products and to alleviate the severe hardships caused by fuel scarcity.
He lamented that the refinery had to import crude and export refined products due to opposition from local players.
“I want to use this opportunity to call on the Federal Government to pay deliberate and conscious attention to what Dangote is doing. Anyone serious about turning around the fortunes of this country cannot ignore Dangote’s efforts. This is a people-centered investment that must be supported. This is the type of investment we need, and wherever such investments exist in this country, we urge the government to create an enabling environment for the benefit of the people.
“If we establish a supportive environment for this refinery to operate, we will eliminate the queues on our streets and resolve the difficulties associated with the scarcity of petroleum products. However, we will need the government to demonstrate a willingness to support this crucial venture. We have a facility here that can compete with the best in the world, but unfortunately, it is not receiving the support and recognition it deserves. It is disgraceful that with a refinery of this capacity, where 86 tankers can be loaded at once, we still face fuel shortages,” he added.
Vice Chairman of the Epe Branch of the NBA, Ivo Takor, who praised the location of the refinery in the Ibeju-Lekki-Epe axis, said that the project has the potential to resolve the long-standing issue of fuel importation, create jobs, boost foreign exchange, and save the country money currently spent on subsidising petroleum products.
“The refinery is something every Nigerian should be proud of. It is a project that will move Nigeria away from its long-standing issue of fuel importation, which comes with its own set of problems. Currently, we are dealing with fuel scarcity and long queues. I believe that once this refinery is fully operational, these challenges will be resolved. Additionally, the refinery has the capacity to export some of its products, bringing foreign exchange into the economy. It will also reduce the government’s expenditure on subsidies, allowing funds to be redirected towards improving infrastructure, education, and the health sector. Since its construction, many jobs have been created, and further job creation will follow when it becomes fully operational,” he said.
He, however, noted that despite these benefits, there are some entrenched cartels against the full operation of the refinery. While praising President Bola Tinubu for directing the supply of crude to both the refinery and modular refineries across the country, he emphasised the need for stringent monitoring to ensure compliance.
He stressed that withholding crude from the refinery constitutes sabotage against the nation and should be met with appropriate sanctions.
“Unfortunately, it appears that there is a well-established cartel working against the full operation of this refinery, specifically those who do not want to supply it with crude oil. It is illogical for Nigeria to export crude oil while the refinery also imports crude. This situation reflects the interests of entrenched forces who benefit from fuel importation, which negatively impacts the people and the economy. Fortunately, the president has issued a directive regarding the supply of crude to the refinery. However, beyond this directive, it is crucial to ensure compliance. Those who do not comply should face adequate sanctions, as failure to do so constitutes sabotage not only against the refinery but against the economy as well,” he said.
The Vice President (Oil & Gas) at Dangote Industries Limited, Devakumar Edwin, informed the delegates, that the refinery was established primarily to source and refine local crudes for the benefit of Nigeria, while also exporting excess production to boost the economy.
Edwin noted that the lack of sufficient Nigerian crude supplies has necessitated importing crude from other countries and continents while exporting refined petroleum products abroad.