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AfDB achieves 100% in renewable energy; approves $20m investment in Evolution Fund – Adesina

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AfDB’s ‘High 5’ programmme impacts 335m people across Africa — Adesina

…As Oil marketers slam NNPC, deny owing N26.7bn***

The African Development Bank (AfDB) said it had achieved 100 per cent investment in renewable energy this year to clean energy and efficiency.

President of the bank, Dr Akinwumi Adesina, announced this in a statement signed by the Bank’s Communications Officer, Mr Emeka Anuforo, on Thursday in Abuja.

Adesina said that the Board of Directors, on Dec. 15, approved an investment of 20 million dollars in the Evolution II Fund, a Pan-African clean and sustainable energy private equity fund.

He said that the Bank’s investment in Evolution II Fund reflected the High Five development priorities of the bank.

The president said that the agenda was to light up and Power Africa, adding that the bank’s commitment was to promote renewable energy and efficiency in Africa.

He said that the Evolution II Fund was expected to contribute to green and sustainable growth by creating 2,750 jobs and building on the track record of the Evolution One Fund that created 1,495 jobs, of which 20% were for women.

Adesina said it also generated 838 MW of wind energy and 87MW Solar PV energy.

“It is estimated that the Evolution One Fund achieved 1,190,469 of Carbon dioxide (CO2) emission savings annually.

The president said that Power generation projects with a cumulative 1,400 megawatts exclusively from renewables was approved during the year.

He said that this was a plan to increase support for renewable energy projects in 2018 under the new deal on energy for Africa.

“We are clearly leading on renewable energy. We will help Africa unlock its full energy potential while developing a balanced energy mix to support industrialisation.

“Our commitment is to ensure 100 per cent climate screening for all bank financed projects.’

“The share of renewable energy projects as a portion of the Bank’s portfolio of power generation investments increased from 14 per cent in 2007-2011 to 64 per cent in 2012-2016,” Adesina said.

Adesina said that the Africa Renewable Energy Initiative (AREI) goal was to deliver 300 Gigawatts (GW) of renewable energy in 2030 and 10 GW by 2020.

He added that “is now based within the Bank as requested by African Heads of State and Government.

“The G7 has promised to commit 10 billion dollars to support the initiative, which came out of COP21 and subsequently approved by the African Union.

“On November 8, this year, the African Bank Group approved its second Climate Change Action Plan, 2016-2020 (CCAP2) as a clear message of its commitment to helping African countries mobilise resources.”

He said such resources would support the implementation of the Intended Nationally Determined Contributions of Regional Member Countries in ways that would not hinder development.

Adesina said that the approval of the action plan echoed discussions at COP23 in Bonn, Germany, was to strengthen the global response to the threat of climate change and achieve the Paris Agreement’s goal of keeping global temperature rises to 1.5C.

He said that the CCAP2 was designed to incorporate the Bank’s High Five priorities in the Paris Agreement.

Adesina added that the 2030 development agenda, the Bank’s Green Growth Framework and the lessons learned in the implementation of the first climate change action plan (CCAP1) 2011-2015 was part of its wider mandate under the new deal on energy for Africa.

He said that in line with its commitment to renewable energy and ongoing institutional reforms, in the first quarter of the year, the Bank appointed Ousseynou Nakoulima as the Director for Renewable Energy and Energy Efficiency.

In the meantime, the Depot and Petroleum Products Marketers Association (DAPPMA), has denied owing the Nigerian National Petroleum Corporation (NNPC), N26.7 billion for fuel supplied.

Meanwhile, in a bid to end the ongoing fuel crisis and the untold hardship it is inflicting on Nigerians, President of the Senate, Dr. Bukola Saraki, yesterday, directed the Senate Committee on Petroleum Resources (Downstream) to cut short its recess and immediately convene a meeting with industry stakeholders. Reacting to DAPPMA’s allegation that petrol was not supplied to its members, the NNPC, had accused DAPPMA members of distorting the facts in its claims that its members’ tanks and depots were empty.

It will be recalled that the NNPC, in a statement in Abuja by its Group General Manager, Public Affairs Division, Mr. Ndu Ughamadu, had described DAPPMA’s claims as unfortunate, stating that it had continued to supply the marketers huge quantities of the product despite the group’s N26.7 billion debts to its subsidiary, the Petroleum Products Marketing Company, PPMC, as at December 21, 2017.

Ughamadu had further accused DAPPMA of refusing to resume fuel imports, despite the concession granted the group by the Federal Government to obtain foreign exchange at the official rate of N305 to a dollar. We’ve paid for fuel supplied  — DAPPMA But in a statement by its Executive Secretary, Mr. Olufemi Adewole, yesterday, DAPPMA, said that members have paid for petrol supplied (with bank funds) for over one month, the value of which is in excess of N90 billion, yet PPMC/NNPC had no cargo to allocate to them.

“The essence of our initial ‘press release’ was to throw light on salient issues surrounding the shortfall in current petrol supply which is presently solely handled by the NNPC. It was not an attempt to join issues with PPMC/NNPC with which we are partners.

“NNPC’s view of our press release stating our side of the story and seeking to defend marketers for the very first time, against the unwarranted accusations of hoarding and profiteering is rather unfortunate. “It is an indisputable fact that DAPPMA members have paid for petrol supply (with bank funds) for over one month, the value of which is in excess of N90bn, yet PPMC/NNPC had no cargo to allocate to them.

As such, how can we be held responsible for hoarding? “PPMC/NNPC do not transact business with DAPPMA members on credit, hence we are not aware of any indebtedness to PPMC/NNPC by our members. We again reject any attempt to blame marketers for the shortfall in supply as it is not our making since NNPC has been the sole importer since October, 2017.

“Marketers have continued to sacrifice to keep the country wet with fuel despite over N600bn debt owed our members and over N800bn owed marketers as a whole by the Federal Government. We assure Nigerians, irrespective of NNPC’s stance, that all possible steps are being taken as we have always done, to co-operate with PPMC/NNPC to eliminate the fuel queues nationwide within the next few days.”

Additional report from Vanguard

Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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