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Shareholders confront Conoil over shortcomings in corporate governance

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LAGOS-Shareholders of Conoil Plc have raised concern over the shortcomings in the company’s corporate governance practices, especially the continuous absence of the chairman, Mr. Mike Adenuga, from the Annual General Meetings, AGMs.Specifically, they said that Adenuga has in the last 10 years absented himself from the AGMs, noting that his absence is detrimental to the interest and progress of the company, being the majority shareholder.

This is contained in a letter addressed to the chairman of Conoil Plc by members of Renaissance Shareholders Association, RSA, signed by their president, Amb. Olufemi Timothy.

They also criticized the company for frequent change in managing directors, MDs, saying that the company has produced more MDs than any of its peers in the petroleum marketing sector as it has in the last decade engaged not less than 10 managing directors, having an average of one MD per annum.

Querying why the company could not sign on one MD for at least a period of five years, they said that a stable management is necessary for consistent policy implementation and a steady growth.“If we may be correct, you have not been to the company’s AGM for over a decade now, (10 years).

This to us, who are concerned about your stake and that of other 26 percent holders of the equity of the company, is a disservice to the company and its business. “A leader must always be seen leading its team at all times. No report of events at the AGM to you could be as accurate as when you are present to see the feelings; hear the comments, compliments and the body language of people by yourself.

We wish that you will have a change of mind, attitude on this. Come to the next AGM wherever you know will be secure enough for you and your team, if security is your concern,” they said.

The shareholders frowned at lack of confidence shown in the affairs of the company by the directors as manifested through their lack of having shareholding in the company. According to them, only three out of the 10 directors hold interest in the company.

They also called on the company to appoint more non-executive directors, especially independent and minority shareholders into the Board, saying that having a Board of Directors consisting of five executive and five non-executive directors is against the recommendations of the Code of Corporate Governance that states that non-executives directors must be more than the executives who form the management team upon which the Board has an oversight function.

“Please, we recommend that you appoint more non-executive directors, especially, independent directors and minority shareholders’ representative.Since a few years ago that the two directors representing minority shareholders (holding 26 percent) left the Board, you have not replaced them a

Chairman Conoil Plc, Otunba Mike Adenuga Jnr

Chairman Conoil Plc, Otunba Mike Adenuga Jnr

ccordingly,” they noted.

On the account for the year ended December 31, 2013, they said that it would have been impossible for the company to achieve such a robust result without the extra-ordinary income earned from the debts owed the company by the federal government on delayed payment of subsidy on imported fuel.Consequently, they argued that the N2.77 billion dividends declared for the year would not have been possible without the extra-ordinary income and would not be sustained in the subsequent years if the management could not produce profit before tax and gross operating profit of N4.5 billion and N20billion in 2014 respectively.They said, “The accounts for 2013 year-end appear to the best in the last five years.

But can it be sustained? If the results in the statement of profit or loss on page 24 is anything to rely on, the statement of profit or loss states that our gross profit was N17 billion while other operating income of N2.5 billion was recorded, as a result of interest paid to our company from the debts owe the company by the federal government on delayed payment of subsidy on imported fuel.“What happens in a year without this kind of extra-ordinary income, payment?

We should work harder and improve on our revenue and not rely on other, extra-ordinary income (occasional).“Our actual PBT was N2.57 billion, while PAT would have been – N1.07 billion for the year 2013 end. We could not have been able to declare N2.77 billion cash dividend in the year, if not for the extra income.“We believe that; to sustain this dividend payment in the 2014 year-end results, the management must produce PBT of N4.5 billion and above without extra-ordinary income, while the gross operating profit must move up to about N20 billion.”

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NIVEA Black & White Invisible Roll On Deodorant Batch No. 93529610 Not On Sale in Nigeria

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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.”

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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.

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Shell, NNPC Ltd, Others Gift Three Universities ICT Centre, Digital Library

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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.

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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.

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Sustainability: Dangote Eyes Planting 10,000 Mangrove Trees In Nigeria 

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To enhance its environmental sustainability initiatives in line with global best practices, Dangote Industries Limited (DIL), has embarked on a restoration project of planting 10,000 mangrove trees across coastal states in Nigeria.

Biztellers reports that the project would carried out in partnership with Eco-Restoration Foundation, started at Akodo-Ise, Ibeju-Lekki, Lagos, with the objective of minimising the global effects of climate change, by promoting restoration, conservation and protection of mangrove trees across Nigeria.

DIL’s Vice-President, Oil and Gas, Devakumar Edwin said, “one of the primary reasons of the Dangote Group is to ensure that Nigeria keeps providing employment and lifting the people out of poverty through sustainability projects.

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“We are also committed to creating good climate scenarios where people can live long and their livelihoods cannot be taken away from them. Apart from absorbing more carbon from the atmosphere than other tree species, Mangrove Forests serve as vital buffers against coastal erosion, and are critical for preserving marine biodiversity and supporting millions of coastal dwellers whose livelihoods depend on healthy mangrove forests.”

After the flag-off of the tree planting exercise, the Group Chief HSSE and Sustainability, DIL, James Adenuga, expressed excitement at the importance of this partnership and its alignment with the organisation’s focus on the sustainable development of Nigeria and Africa, with long term carbon offset targets.

“Environmental sustainability is one of the seven Sustainability Pillars of the Dangote Group, and preservation of the environment is one of our core priorities wherever we operate. We are glad to embark on this project”, Adenuga pointed out.

On his part, a trustee of Eco-Restoration Foundation, Prince David Omaghomi, stated that the foundation “was more than thrilled to welcome Dangote Group as our largest corporate partner of the Eco-Park Mangrove Sanctuary & Research Centre to date.

He explained further that Nigeria has lost 60 per cent of the mangrove population, adding that Nigeria coastal line is at risk of going underwater in years to come if nothing is done.

“This project is meant to promote mangrove restoration, conservation, and protection. Nigeria has lost 60 per cent of its mangrove forests. More ocean acidification will be expected in Nigeria due to climate change and rising sea level. In the next 100 years, the coastal lines in Nigeria will be covered by water. The great blue wall will run across the coast of Nigeria by using mangroves.

“We are happy to receive the Dangote Group here and with their brand being blue they are the blue Big Brother of Africa. Their (Dangote’s) pledge to plant 10,000 mangroves in phases over the next few months, underscores their commitment to environmental stewardship and resilience building along Nigeria’s coasts.

“With their continued support, we are confident that this project will spark a wave of community-based restoration activities all along Nigeria’s coastline, in line with our persistent calls for the commencement of the ‘Great Blue Wall of Africa’ built of mangrove forests – as a natural defense against rising sea levels and climate change.

“Without immediate action, our multi-billion-dollar industrial complexes, Sea Ports, Oil & Gas facilities, Tourism and entire Blue Economy will be exposed to the relentless advance of ocean acidification in the coming decades,” he observed.

The tree planting exercise, which drew volunteer staff from Dangote Head Office, Falomo Ikoyi, Dangote Fertiliser Limited, Dangote Refinery and Petrochemicals, and other units, drew widespread commendation from the Onise of Akodo-Ise, Oba Ganiu Adebowale Adegbesan, senior officials of the Lagos State Government, and members of the Akodo-Ise community, Ibeju-Lekki, Lagos.

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