Ownership Tussle: As 3 directors resign from Lekoil Cayman
Lekoil Nigeria has disclosed that a number of its directors and senior executives have resigned with immediate effect from the Board of Lekoil Cayman. Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40 percent equity holding in Lekoil Nigeria.
The directors involved include Aisha Muhammed-Oyebode, Chair of Lekoil Nigeria, who resigned as a non-executive Director of Lekoil Cayman, Lekan Akinyanmi, CEO of Lekoil Nigeria, resigned as an executive Director of Lekoil Cayman and Gloria Iroegbunam, Company Secretary of Lekoil Nigeria, as Company Secretary of Lekoil Cayman.
Energy Vanguard gathered that the three will remain in their current positions at Lekoil Nigeria. The resignations according to the company have been prompted by the recent behaviour and actions of the Board of Lekoil Cayman.
In particular, Mr Akinyanmi vigorously disputes his unilateral termination as CEO of Lekoil Cayman and all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.
Commenting on the development, Mrs Muhammed-Oyebode, stated that,
“The Board and management of Lekoil Nigeria remain committed to its vision of developing the company’s assets and we wish to assure our numerous stakeholders, especially our shareholders, partners and colleagues, that the strategic national assets under our purview will be protected by all legitimate means available to us. This, in turn, will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman.”
“The Board of Directors of Lekoil Cayman continue to show a blatant disregard for the Shareholder Agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman’s listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets.
“The continuous breaches of due process and corporate governance by the Board of Lekoil Cayman has left us with no option but to resign collectively from the Board of Lekoil Cayman.”
Akbar’s appointment follows the company’s global rebranding as part of its ongoing journey of transformation towards rejuvenating sustainable growth. In his capacity as General Manager, Sub-Saharan Africa cluster, he will oversee Reckitt’s business in West & East African countries, namely Nigeria, Ghana, Ivory Coast, Kenya, Uganda and Tanzania based out of Lagos.
With over 19 years of work experience in the FMCG sector and over 16 years working with Reckitt, Akbar brings a wealth of knowledge and industry expertise to his new role as General Manager, SSA.
Since joining Reckitt in 2005, Akbar has held various leadership roles including Country Manager, Pakistan Country Manager, KSA, Sales Director, Regional Head of Trade Marketing in the Middle East Region, Business Development Manager Emerging Markets in North Africa and Commercial Director in Iran to mention a few.
Akbar’s appointment as the new General Manager will play an integral role in the continual success of Reckitt within the African region and steer the company towards living its purpose and providing transformation in hygiene awareness, access to its products and achievement as they aim for the pursuit of a cleaner and healthier world.
Commenting on his appointment, Akbar Ali Shah said,
“Reckitt is a leading multinational company that produces the world’s most trusted hygiene and health brands. Here at Reckitt, we understand the role we play in the hygiene space and we are committed to helping everyone take the best possible care of the world we all share. We work with relentless energy and innovation to make the best possible products to protect, heal and nurture the millions of people who put their trust in our products.”
“I am humbled to continue to play a critical role at Reckitt, a company that strives to contribute to the growth, development and sustainability of the world we live in, especially in Sub-Saharan Africa where I believe I will be able to contribute my quota to achieve the overall goal of the company.”
According to the company, Akbar’s appointment is also set to increase the company’s customer portfolio by developing its purpose-led brands and driving consumer-centric and digital innovation. In addition to this, the new General Manager is also saddled with the responsibility of directly driving business relationship management and developing strategies to increase the market share of Reckitt in the Sub-Saharan Africa region.
Whether in terms of efficiency, safety or comfort, the Mercedes-Benz Actros has been setting a high standard for trucks in the long-distance haulage and heavy-duty distribution haulage sectors since 1996.
The latest Actros generation, from 2018 onward, has continually set new milestones with a multitude of innovations in the field of digitalisation, networking and safety. Innovations such as the Multimedia Cockpit, MirrorCam, partially automated driving functions and enhanced safety systems ensure that the Actros admirably fulfils the increasing demands of the road haulage sector while sustainably supporting the driver in completing his or her tasks.
Actros L 1853 LS 4X2, GigaSpace, MirrorCam, Multimedia Cockpit, interactive, Active Brake Assist 5, NEW: Actros L-emblem, Noise and heat insulation of cab, LED turn signals in light signature, LED main headlamps, Seat base, low, 40mm lower, new seat cover, new interior door trim, Mattress topper for lower comfort bed, Eco-Support display in Multimedia Cockpit, interactive, Active Drive Assist 2, Active Sideguard AssistMultimedia Cockpit interactive, Active Drive Assist 2, Active Side Guard Assist Actros L 1853 LS 4X2, GigaSpace, MirrorCam, Multimedia Cockpit, interactive, Active Brake Assist 5, NEW: Actros L-emblem, Noise and heat insulation of cab, LED turn signals in light signature, LED main headlamps, Seat base, low, 40mm lower, new seat cover, new interior door trim, Mattress topper for lower comfort bed, Eco-Support display in Multimedia Cockpit, interactive, Active Drive Assist 2, Active Sideguard Assist
Following on from the launch of two new models in 2021 – the Actros F with its focus on functionality and the limited edition Actros Edition 2 – Mercedes-Benz Trucks is now introducing the Actros L, the largest and most equipped of this successful model series. The heavy-duty truck with conventional diesel powertrain can be ordered Europe-wide from 1 July 2021 on and goes into production in November 2021.
Actros L 1853 LS 4X2, GigaSpace, MirrorCam, Multimedia Cockpit, interactive, Active Brake Assist 5, NEW: Actros L-emblem, Noise and heat insulation of cab, LED turn signals in light signature, LED main headlamps, Seat base, low, 40mm lower, new seat cover, new interior door trim, Mattress topper for lower comfort bed, Eco-Support display in Multimedia Cockpit, interactive, Active Drive Assist 2, Active Sideguard Assist
“When developing the Actros L, we placed particular focus on driver comfort, safety, connectivity and Total Cost of Ownership to create further benefits in these aspects for our customers and their drivers,” says Andreas von Wallfeld, Head of Marketing, Sales and Services at Mercedes-Benz Trucks.
Thanks to close dialogue with customers, there is clear knowledge of what these customers want from a premium truck for both their company and their drivers. “And it’s precisely these requirements that we addressed in the Actros L and as a result, we have been able to design and configure our new flagship to the appropriately high standards,” von Wallfeld emphasises.
Actros L 1848 LS nRL 4X2, BigSpace, MirrorCam, Multimedia Cockpit, interactive, Active Brake Assist 5, NEW: Actros L-emblem, Noise and heat insulation of cab, LED turn signals in light signature, Seat base, low, 40mm lower, new seat cover, new interior door trim, Eco-Support display in Multimedia Cockpit, interactive, Active Drive Assist 2, Active Sideguard Assist
Exceptional spaciousness and high-quality equipment for enhanced driver comfort
It begins with the driver’s cab, which on the StreamSpace, BigSpace and GigaSpace variants is 2.5 metres wide and makes for an exceptionally spacious interior. The lack of an engine tunnel means that the cab has a flat floor, creating a really comfortable ambience. The improved cab noise and heat insulation keep unwanted and annoying noise at bay to assist with relaxation, particularly at break times.
The seating position has been lowered by 40 millimetres for more relaxed driving and a comfortable view of the road. On a related note, the optionally available, newly designed LED main headlamps to have a higher light intensity than xenon headlamps and provide excellent illumination of the road – a huge plus when it comes to safety, especially when it’s dark. And there’s a cost-effectiveness benefit too: compared to conventional bulbs, LED headlamps are more energy-efficient and have a longer service life.
Aiming to enhance driver comfort and convenience are various equipment details, including stylish seat covers, new door trim, a comfortable mattress with a 45-mm thick topper and a pleasantly tactile cab rear panel in the bed area.
The sense of well-being can be further boosted with the numerous Interior Line accessories from Mercedes-Benz Trucks. Von Wallfeld is firmly convinced: “For transport companies, the Actros L is a really strong asset, especially in light of the acute shortage of drivers”.
Excellent safety features
With the Actros L too, Mercedes-Benz Trucks is systematically pursuing its goal of helping to make road traffic as safe as possible by utilising active safety assistance systems, and in doing so is taking another step closer to realising its vision of accident-free driving. This is evidenced not just by Lane Keeping Assist, Proximity Control Assist and MirrorCam, which replaces the main and wide-angle mirrors, but by a host of other safety features.
Optionally available for the Actros L, for example, is the Mercedes-Benz Sideguard Assist S1X which, compared with the previous system S1R, is equipped with a further function that could potentially save lives. This new system, called Active Sideguard Assist, no longer simply warns the driver of moving pedestrians or cyclists on the co-driver’s side.
If the driver then fails to respond to the warnings in time, it is now able to initiate an automated braking manoeuvre at turning speeds of up to 20 km/h to bring the vehicle to a standstill. Active Sideguard Assist can recognise the need for such a braking manoeuvre and, in an ideal scenario, prevent a potential collision.
Another equipment option for the Actros L is the second generation Active Drive Assist (ADA 2). Under certain preconditions, the system actively assists the driver with longitudinal and lateral guidance of the truck and can automatically maintain the distance to the vehicle ahead, accelerate and also steer if necessary system conditions such as sufficient curve radius or clearly visible road markings are met.
In addition, ADA 2 includes the Emergency Stop Assist sub-function which is able to initiate an emergency stop if the driver is no longer controlling the steering wheel, despite visual and audible warnings. If the truck comes to a standstill, the system can automatically engage the new electronic parking brake. In addition, the doors are unlocked so that paramedics and other first responders can directly reach the driver in case of a medical emergency.
If an emergency braking assistant is required by law, the Actros L is also equipped with Active Brake Assist 5 (ABA 5) as a standard that features a pedestrian recognition function.
This system can help to avoid accidents where, due to the driver being distracted, the following distance being too short, or an inappropriate speed, the truck is at risk of colliding with a vehicle ahead or a stationary vehicle, or there is a risk of a frontal collision with a pedestrian. ABA 5 works using a combined radar and camera system.
If the system detects the risk of an accident with a vehicle driving in front, a stationary obstacle or a person (crossing the vehicle’s path, coming towards the vehicle, walking in the same lane as the vehicle or suddenly coming to a stop in fright), the system initially emits a visual and audible warning to the driver.
If the driver fails to respond appropriately, the system can then initiate partial braking in a second stage. If the threat of a collision continues, ABA 5 can perform automated maximum full-stop braking – at vehicle speeds of up to 50 km/h when responding to moving persons.
With all assistance systems, Mercedes-Benz Trucks aims to support the driver as much as possible within the system limits. However, as the law prescribes, the driver remains fully responsible for driving the vehicle safely at all times.
Greater efficiency through made-to-measure connectivity
In conjunction with these assistance systems, the intelligent cruise and transmission control system Predictive Powertrain Control (PPC) is also impressive. The system can take into account the topography, the course of a road and traffic signs in certain situations. This means that unnecessary braking, accelerating and gear shifting can be avoided.
With the help of PPC, the latest Actros generation consumes up to three percent less diesel on expressways and motorways than vehicles not equipped with the system, while on rural roads it can even be as much as five percent less. On the subject of fuel efficiency, the new Eco-Support display in the Multimedia Cockpit Interactive helps the driver to adopt a driving style that’s as economical as possible.
The driver is shown the activities and functions of assistance systems such as ABA 5, ADA 2 or PPC in the standard user-friendly Multimedia Cockpit, with its two colour displays forming the centrepiece of the Human-Machine Interface (HMI).
In the Actros L, this also includes as optional feature displays for the total weight of the towing vehicle and trailer and for the front axle load, even for semitrailer trucks with only partial air suspension. This helps the driver to keep an eye on the weight and prevent overloading.
Mercedes-Benz Truck App Portal features a host of tried-and-tested and new applications offering immense added value
If you decide to purchase the Multimedia Cockpit Interactive as an upgrade to the standard version, you also receive fast access to the Mercedes-Benz Truck App Portal. This enables haulage companies to harness the new opportunities of connectivity and equip their vehicles with efficiency- and comfort-enhancing apps such as telematics services from FleetBoard.
The individually combinable services enable intelligent networking of drivers, fleet and orders. All of them help to optimise consumption, reduce wear and increase vehicle utilisation.
The Fleetboard Performance Analysis, for example, enables driving behaviour to be evaluated and optimised, Fleetboard Time Management provides a detailed insight into the driver’s driving times and break times, while Fleetboard Mapping displays the status and position of the vehicles. And with Fleetboard Driver Card and Mass Memory Download, it is possible to read, transmit and save all relevant data remotely.
The HABBL logistics application from Fleetboard Logistics is one of the applications particularly worthy of mention because it takes drivers through their work orders step by step. The driver can operate the app concurrently on the Multimedia Cockpit of the Actros L and any Android mobile device, for tasks outside the vehicle.
Everyone involved in the transport process – driver, dispatcher and end customer – always get the information they want. This increases process quality while creating a high level of transparency.
Also new to the Mercedes-Benz Truck App Portal are Dashdoc, for 100 percent paperless order processing (digital consignment notes and eCMR), the communication and order management solution YellowFleetApp, the mobile service manager (mSM) for digital order and fleet management, the transport management app with digital PlanBoard and ArealPilot auto dispatcher, Mobile Enterprise, the logistics app for mobile data acquisition out on the road and the mobile scanner solution Scangaroo.
Mercedes-Benz Uptime is a digital protective safety shield also for the Actros L
The Truck Data Centre is the centrepiece of FleetBoard and serves as the basis for other vehicle connectivity solutions. The connectivity module receives the data from the sensors, cameras and steering devices in the truck and analyses these for a range of applications. The Truck Data Center not only forms the basis for FleetBoard’s numerous services, but also for Mercedes-Benz Uptime, the service for consistent increases in vehicle availability.
Mercedes-Benz Uptime combines intelligent vehicle networking with intensive customer support, providing the customers of Mercedes-Benz Trucks with an innovative service product.
The objective is to assist customers to fulfil their transport orders reliably by ensuring that the trucks spend as much time out on the road as possible. Workshop appointments need to be kept to a minimum and planned more efficiently.
To reduce breakdowns, any repairs needed are identified as early as possible and customers are given assistance with arranging the necessary work at short notice – at all times with due consideration of their operational planning requirements. The results: better planning of workshop visits, greater vehicle availability and a higher degree of road safety.
Individually configurable service packages as well as tailor-made leasing, financing and insurance solutions complete the range of services for the Actros L and ensure greater planning security in these areas. That Mercedes-Benz Trucks is continually looking to innovative solutions in this regard, is demonstrated perfectly by the Mercedes-Benz CompleteMile service contract.
Like Mercedes-Benz Complete, the flexible service contract encompasses all workshop work including wear parts, but its concept is different: the monthly rate depends on the actually driven kilometres. So it makes no difference whether the customer is active in a cyclical sector such as construction or agriculture or has stronger or weaker business months and therefore frequently changing mileages.
Mercedes-Benz CompleteMile can therefore contribute to cash flow optimisation. The mileages are automatically sent via Mercedes-Benz Uptime to the Mercedes-Benz Trucks IT systems and are seamlessly processed for digitalised invoicing.
The Project works with publishers around the world to strengthen the connection between journalists and the communities they serve. Its training, programs, and partnerships work by: investing in organizations that fund quality journalism; training newsrooms globally; and partnering with publishers and nonprofits to combat misinformation, promote news literacy, and improve journalism.
Reuters developed the free online course curriculum after its Digital News Report found more people were using social media to access news. It focuses on digital newsgathering, verification and reporting, and publishing on social media. It also covers wellness and resilience training while reporting.
According to Facebook, the course is aimed at both seasoned journalists and industry newcomers. Upon completing the course, participants will receive a certificate.
“At Facebook, we’re grateful to journalists across Africa who are working hard to keep their communities informed about the issues that matter,” Jocelyne Muhutu-Remy, Strategic Media Partnerships Manager, Sub-Saharan Africa said. “The Facebook Journalism Project will assist our region’s journalists in developing strong fundamental knowledge as they navigate the rapidly changing digital news landscape,” Muhutu-Remy added.
This Digital Journalism Course aims to support journalists across English speaking countries in Sub-Saharan Africa to build a strong foundation in digital reporting and editing.
“With news media firmly in the digital age, being able to use digital platforms safely and effectively is essential,” Reuters Executive Editor Gina Chua said in a statement.
“The Reuters Digital Journalism Course offers best practices from Reuters journalists around the world to provide the foundation for sound journalism, whether you’re a budding journalist or a seasoned one looking for a refresher.”
To sign up for the course, you must create an account on the Reuters Digital Journalism course website. The course is also available to journalists from other parts of the world.
June 22, 2021 – Oil prices shot up on Monday as bullish sentiment around demand took hold, but in early trading on Tuesday, prices were slightly down on news that OPEC+ might start increasing production.
“Reports that OPEC+ is already discussing, ahead of its scheduled meeting, to increase its output from August indicates that the demand-supply gap is already becoming an issue and that the alliance is working on a plan to tap that deficit,” Louise Dickson of Rystad Energy said in a statement. “The OPEC+ chatter to raise supply is the most bearish risk for the recent oil price rally, which has been propelled on strong summer demand and an overall conservative supply environment.”
OPEC+ discusses oil increases. OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on-demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, sourced told Reuters. “It is highly possible to increase gradually from August,” said one of the sources.
BofA: Oil could hit $100. Bank of America is out with one of the bullish calls yet, predicting that Brent could surge to $100 per barrel next year. “There is plenty of pent-up oil demand ready to be unleashed,” said Francisco Blanch of BofA.
What about $130? From $35 per barrel to $130 per barrel—this is the range for oil prices in the next few years that we could see, according to a commodity trading group.
Exxon prepares job cuts.ExxonMobil (NYSE: XOM) is planning on culling its workforce by as much as 10% over the next three to five years using an internal management system that ranks its employee performances against one another.
Gas drillers perform well as prices rise. Gas drillers such as Range Resources (NYSE: RRC) and Antero Resources (NYSE: AR) have been among the best performers of the energy sector with Nymex natural gas prices up more than 90% over the past year. Demand is up on hot weather while production is far below the December 2019 peak. “In the past we’ve had these demand gains, but they were all overwhelmed by production increases,” an energy analyst told the WSJ. “We don’t have that any more.”
U.S. shale finally making money. U.S. shale industry on track to generate $30 billion in free cash flow this year, which comes on the heels of a decade-long string of losses totaling $300 billion in negative cash flow.
Colorado regulators prepare orphan wells regulations. Colorado oil and gas regulators looking to avoid a rash of abandoned and unplugged oil and gas wells are proposing to increase financial guarantees by operators for each of their wells — a price tag that could add up to billions of dollars.
Iran stores oil, readying for sanctions relief. Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program. Iran has been stashing oil on tankers at sea, readying for a breakthrough, according to Reuters.
New Houston oil contract launched.Magellan Midstream Partners (NYSE: MMP), Enterprise Products Partners (NYSE: EPD), and Intercontinental Exchange (ICE) announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area.
EU considering phaseout of ICE vehicles. The European Union is considering a mandatory phaseout of sales of gasoline and diesel cars by 2035. The final text of the European Commission’s new rules are set to be published on July 14.
EIG Global Energy Partners to buy Aramco assets for $12 billion. U.S.-based EIG Global Energy Partners said on Friday a consortium it led has closed a deal to buy 49% of Saudi oil producer Aramco’s (TADAWUL: 2222) pipelines business for $12.4 billion.
SEC prepares climate disclosure rules. The Securities and Exchange Commission is preparing to require public companies to disclose more information about how they respond to threats linked to climate change. A proposed rule could be issued by October, according to the WSJ.
Moody’s: Gulf states need 10 years to end oil dependence. Countries in the oil-exporting Gulf will remain heavily dependent on hydrocarbon production for at least the next ten years as efforts to diversify economies have made limited progress since the 2014-2015 oil price shock, Moody’s said.
India’s LNG imports drop in May, but now rebounding. India’s LNG imports declined in May due to coronavirus restrictions. However, India returned to the spot market more recently after a two-month absence, a sign that demand is on the rebound.
Caribbean refinery shuts. Limetree Bay Energy will shut its St. Croix refinery indefinitely due to financial problems, following the forced closure of the 210,000-bpd facility by the EPA over environmental concerns.
Senate energy committee to hold hearing on bill. A Senate committee that’s led by key swing vote Sen. Joe Manchin (D-W.Va.) has released a 400-page energy infrastructure proposal that it will weigh at a hearing scheduled for Thursday.
Oil traders beefing up renewable fuels trading teams. Oil traders and investment firms, including Citadel, Gunvor, and Trafigura (TRAFGF.UL) are bolstering U.S. teams that specialize in trading renewable fuels as demand soars, according to Reuters.
Reddit-fueled stock rally for oil driller. Tiny oil company Torchlight Energy Resources Inc. (NASDAQ: TRCH) saw its shares more than double in a week after it became the latest stock touted on Reddit as a possible short squeeze.
Sub-Saharan Africa (SSA) will likely be the among world’s slowest-growing regions in 2021. The size of the economies of five key SSA countries (Ethiopia, Ghana, Kenya, Nigeria, and South Africa) will be 6.6% smaller than the pre-pandemic long-run trend-based estimate by the end of 2024.
S&P Global Ratings stated this in its recently released report on emerging markets with a focus on Sub-Saharan African Economies. The report titles Emerging Markets: Pandemic’s Fallout and Existing Challenges Restrain Sub-Saharan Africa’s Recovery takes a critical look at the macroeconomic environment and the impact of the COVID-19 pandemic on the SSAs.
Pandemic-induced GDP growth shock has hit the SSA sovereigns’ fiscal metrics; an expected slow recovery will continue to contribute to existing challenges in the region. SSA corporations are recovering, but remain subject to longstanding red tape and government failures, which have been amplified by the pandemic and are sources of operational friction.
SSA banking sectors’ growth prospects remain subdued due to the pandemic’s lingering impact, profitability levels may recover to pre-crisis levels after 2022, while credit losses moderate.
Kenya and Ghana will lead the way as growth rebounds to 4.4% and 4.5%, respectively, in 2021, before inching past 5% on average in the next two years. Ethiopia, which was a growth leader prior to the pandemic, will see a 5.1% expansion in fiscal 2021-2022 (July 2021 to June 2022) following a mere 0.7% growth in fiscal 2020-2021, before picking up steam above 5% for the next couple of years.
Nigeria and South Africa round out with average growth rates in our forecast horizon that are respectively below and barely matching their population growth rates. On a per-capita basis, the post-pandemic growth looks to extend the six-year economic malaise prior to the pandemic for resource-rich South Africa and Nigeria.
Nigeria stands out as even more challenged given its vulnerability to terms of trade (the ratio between the index of export prices and the index of import prices) headwinds to investment and growth not only by the volatility of terms of trade but also by a more problematic deterioration of terms of trade in the last decade.
Year-to-date data indicate some upside risk to our GDP forecasts for Kenya, Ghana, Nigeria, and South Africa. In Ethiopia, the real GDP recovery appears to be more challenged by drought and issues around the Tigray conflict.
The rating agency stated that the expected recovery of the global economy and commodity markets, as well as easing of COVID related restrictions will cause the economic outlook for 2021 to be slightly more favourable for Nigeria, improving crude prices in 2021 should support the recovery, with GDP growth rebounding to 1.9% in 2021 and averaging 2.3% in 2022- 2024.
Stronger export earnings is expected to support the current account deficit which will likely fall to 1.2% of GDP in 2021 from 3.2% in 2020, shifting to a modest surplus of about 1.7% in 2023-2024.
Furthermore, the rise in oil prices will help the consolidated general government at the centre and at states level fiscal deficits to narrow to 5.0% in 2021 from 5.5% in 2020 and to about 4.2% in 2022-2024 while external financing gaps could emerge if economic assumptions weaken or if funding from official lenders or other sources is not as forthcoming as expected.
However, fiscal and external pressure will remain high over the next few years as Nigeria’s fiscal flexibility is constrained by very low levels of revenue.
Also, a tightly managed exchange-rate regime and high inflation limit the effectiveness of monetary policy transmission and constrain growth, while the banking sector remains vulnerable to asset quality problems, especially in the oil and gas sector while the government also increased its dependence on the central bank loans to fund its fiscal deficit.
Low tax collection was also identified as one of the largest constraints on Nigeria’s fiscal flexibility and a persistent myriad of security risks.
Nigeria Banks’ growth prospects will be subdued in 2021, as signs of domestic economic recovery are still elusive, while economic growth has been below the strong averages achieved prior to the 2015- 2016 oil price shock.
Economic setbacks will persist despite more sustained oil prices, which we now project at $60 a barrel in 2021 and 2022, and because the vaccine rollout is in early stages. We expect GDP growth to average about 2% a year through to 2023 aft er a contraction in 2020. Weak economic fundamentals will constrain private – sector credit growth, estimated at 5% through 2022. This is despite the 65% minimum loan to deposit ratio introduced in 2019.
The banking sector is exposed to short credit cycles and high credit risks because of Nigeria’s reliance on oil and its sensitivity to currency depreciation and high inflation.
The pandemic’s effects have been partially mitigated by the 2016 restructuring, which saw banks use lower break – even prices and a prefunded debt service reserve account that provides three to six months of payment buffers during times of stress. Nonetheless, restructured loans have jumped to 20% – 25% in 2020 from about 10% in 2019, as a result of the pandemic.
However, NPLs have only increased marginally in 2020, leading to a ratio of 6.1% because of regulatory forbearance measures, against a mi nimum regulatory limit of 5%. We expect NPLs to rise to double – digit levels in 2021 as regulatory measures end. We forecast credit losses to range 2.0%- 2.5% in 2021 – 2022, compared with an estimated 1.5% in 2020.
The Nigerian banking sector has been operati ng under difficult economic and regulatory circumstances since the 2016 crisis. The restrictive FX ability to manage their FX liquidity and forced them to reduce their FX exposures.
Meanwhile, the CBN limited the extent of its foreign exchange sales into the Nigerian Autonomous Foreign Exchange Fixing Mechanism , or NAFEXwindow, which in turn suffered from a scarcity of sellers, creating at times a backlog in FXsupply.
Most banks have gradually overcome their short – term liquidity difficulties following the introduction of the NAFEX window in April 2017, while external debt will likely remain manageable at approximately 13% of total loans in 2021, according to our forecasts.
The FX liquidity has had a knock – on effect, given that the CBN has been managing naira liquidity tightly. In 2019, it imposed a minimum Cash Reserve Requirement (CRR) of 27.5% in order to curb FX demand and penalizes banks reporting a loan – to- deposit ratio below the minimum by withholding central bank reserve s equivalent to 50% of the lending shortfall.
The recent move to a single FX rate is unlikely to accelerate the normalization of the minimum CRR. In addition, earnings growth is likely to slow down because of higher credit impairments in 2021, and the AMCON levy (to fund bank clean – ups).
The CBN created AMCON in 2010 to help clean up asset quality in the banking system over the 10 years following the 2009 financial crisis, but it is likely to remain for a longer period. The levy accounts for about one – third of banks’ cost bases, and we now see it as a form of market distortion that will likely persist.
Most Nigerian banks are largely funded by low – cost customer deposits, but lower – tier banks rely on equity to fall to about 16% in 2021 from almost 19% in 2020, while return on assets will slide below 2%. Although suffer, we don’t expect rated Nigerian banks to breach minimum regulatory capital ratios as a result of the recent naira devaluation.
WhatsApp is about more than texting now, since several new features, such as WhatsApp status and display pictures also matter very much to the users.
Much like Instagram and Facebook stories, putting up WhatsApp stories are also very trendy nowadays.
But what if you see a really great video or picture on someone’s WhatsApp status? Of course, you can take a screenshot of the image, but what would you do in the case of a video?
Here is a guide on how you can download someone else’s WhatsApp status on your smartphone.
Download the Google Files mobile application on your Android smartphone.
Tap on the menu icon, which can be found at the top-left corner of the app.
Tap on the option that reads “Settings,” and turn the toggle on in front of “Show hidden files.”
Navigate to the File manager app on your phone.
Head to Internal storage > WhatsApp > Media > Statuses.
All the status that you have viewed will be shown in this folder.
Tap on the image or video that you wish to download.
Press and hold on to the chosen media item and save it to your desired location, e.g. camera, downloads, WhatsApp images, etc.
It is important for you to note that the above steps can differ from one Android device to another.
In most cases, you will immediately find the WhatsApp media folder on the screen as soon as you open the File manager.
WhatsApp had previously enabled a new feature where users were able to share their WhatsApp status in the form of Facebook stories.
In fact, social media followers have grown by an average of more than 1.4 million each day over the past 12 months – equal to 16½ new users every single second.
With more people on social media, this has meant more engagement with brands, especially as one in three consumers use these platforms to learn about or discover new products and services. But how do brands maintain their connection with consumers in a post-pandemic world? “I believe that the answer lies in personalisation,” says Kyle Oosthuizen, Chief Operating Officer at Blue Robot.
This adds value to the lives of the consumer, and in doing so increases brand engagement and loyalty. Blue Robot tapped into this concept several years ago with our Trigger on a Like and Trigger on Retweet offerings. With these, Twitter users can opt-in to receive messaging that they’re interested in just by liking or retweeting a post.”
He continues: “With social media posts and advertisements being some of the most influential sources for making purchasing decisions, brands need to find ways to not only stand out from the competition but also provide consumers with positive experiences.
A Sprout Social study has found that, with a positive experience, 78% of consumers will be more willing to buy that brand, 77% will choose that brand over the competition, 76% will recommend the brand, 72% will increase their spending with that brand, and 70% develop a stronger bond with it.
One of the ways that Blue Robot has been helping brands such as Aston Villa Football Club and Strongbow positively engage with consumers is through our playlist generator, built in partnership with Spotify. Just like how Spotify curates weekly playlists for listeners; brand experiences on the platform should be no different.”
With the playlist generator, users are taken on a journey where they are asked a series of questions and are then rewarded with a custom Spotify playlist based on their responses and previous listening behaviours , which they can share across social media platforms. In the 48-hours after the Aston Villa playlist generator launched, hundreds of playlists were created.
“While personalization is paramount going forward, consumers also expect companies to use their social data responsibly. As South Africa’s Protection of Personal Information Act is coming into effect this year, brands need to keep this front of mind and ensure that they do not store customer data, that they gain clear and obvious opt-in consent, and that their access to users’ social media accounts is limited both in terms of extent and time frame,” warns Oosthuizen.
GROHE, the leading global brand for complete bathroom solutions and kitchen fittings, has created the GROHE Tempesta 250 Head Shower, a Shower that offers a generous spray with 250 mm diameter and an integrated water flower limiter GROHE EcoJoy which offers sustainable water use without compromising on the customer’s shower experience.
After constructive market research, GROHE came to understand that people would like a generous head shower that has a spray pattern that covers the whole body like ’raindrops‘.
Refreshing New Addition: The New GROHE Tempesta 250 Head Shower-Brand Spur Nigeria
The GROHE Tempesta 250 Head Shower has a slim, minimalist form and an elegant chrome finish that is ideal for a modern bathroom design.
Additionally, it has product variants that offer a lot of installation flexibility. It is available in a round or square design, as a set comprising a single head shower with an arm or as a complete shower system.
The GROHE Tempesta 250 is fortified with the water-saving GROHE EcoJoy technology which sustains a water consumption rate of 9.5 litres per minute. At the same time, the showerhead has the perfect nozzle geometry that provides a voluminous shower experience without compromising on performance.
You can download high-res images of the new GROHE Tempesta 250 here. +++
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