One of the leading players in the Nigerian downstream petroleum industry, Conoil Plc, recorded a 27% per cent decline in profit after tax and a 24.3% drop in profit before tax in 2020, closing at N1,440,185,000 and N2,145,493,000 respectively as at the end of business on December 31, 2020.
According to the company’s full-year report, Conoil’s revenue declined by 15.9% from N139,758,285,000 in the same period of 2019 to N117,470,576,000 in 2020.
The financial statements further disclosed that its retained earnings grew by 0.3 percent from N15,295,992,000 in 2019 to N15,348,273,000 during the period under review.
Also, shareholders’ funds grew by 0.3 percent to N19,520,018,000, up from N19,467,737,000 posted in the corresponding period of 2019. Net Assets grew by 0.3% from N2,805,000 to N2,813,000.
Conoil’s Earnings per share depreciated by 27 percent from 284 kobo in 2019 to 208 kobo in 2020.
A dividend of N1.50 was proposed by the company’s board.
The NPRGS is a poverty alleviation program created to achieve the President’s ambitious plan of lifting 100m people out of poverty within 10 years. The program, through economic growth and social protection program, would help accelerate poverty reduction.
Source: NPGRS, United Capital Research
We recall in 2019, during the President’s speech on Democracy day (June 1 2), he made an ambitious pronouncement, declaring he is working on lifting 100m Nigerians out of poverty as he aims to remove the title of poverty capital of the world from Nigeria.
Evaluating the NPRGS content, the program is built on four core pillars, including Macroeconomic stabilisation, Industrialisation for Economic Growth and Transformation, Structural Policies and Institutional Reforms, and Redistributive Policies and Programs. The document further elaborates on how the various policy pillars will be achieved.
For example, the macroeconomic stabilisation pillar will be driven by exchange rate unification, single-digit inflation, gradual phase-out of subsidies, sustainable public debt level etc.
Noteworthy to mention, about 86.9m Nigerians are living below the National Poverty Line, with Nigeria carrying the unenviable title of “poverty capital of the world”.
Thus, we reckon the Federal Government (FG) can no longer afford to pay lip service to the topic of poverty alleviation in Nigeria, particularly with the unabating social restiveness in different parts of the country.
Thus, question marks remain on FG’s willingness & capacity to implement this plan effectively and efficiently. That said, we choose to remain pessimistic on the possibility of fulfilling the policy objectives giving the FG’s history of ambitious plans and underwhelming implementation, an acute case of consistently playing to the gallery.
There are many reasons to take out a loan. From needing a bigger shop or office space to buying a new device, or simply needing to take care of an emergency, loans come in handy. But not all loans – or loan providers – are the same.
The best loan providers will offer a low-interest rate, long repayment terms, no collateral, and little to no paperwork. And like people say, the best loans should leave you alone.
The meaning given to the word “loan” has undergone so much change. Loan processes are going through an absolute disruption and the usual day-to-day interaction between banks and the average customer and his/her needs are re-aligning.
The acceptance and success of banking products and services, especially loans, hinge on the degree to which banks leverage the unique opportunities they have, how well they use the wealth of customer information at their disposal, the extent to which they capitalize on the insights they hold, and the extent to which their strategy, processes and activities revolve around consumer’s everyday life.
Wema Bank Plcwhich celebrate 76 years of relentless innovation, strongly believes the future of banking lies in thinking ahead of customers’ goals, their ‘next big thing’ and what they should and could do with their money.
Wema Bank Plc is not only staying ahead of the curve with loan products, it is drawing the curve. With its unique solutions ranging from SME female loans to Salary-based loans, car loans to payday loans, among others.
SME Female Loan (A single-digit loan for female business owners)
This collateral-free loan product is designed for female business owners who do phenomenal work. If you need a bigger shop or office space or you need funds to purchase a piece of new equipment and software you need, then this loan is for you.
With no collateral required and an interest rate of eight per cent only, the SME Loan is not only great value for you with up to N1 million but also a convenient offer with a six months loan tenor.
ALAT Salary-based Loan
So much has changed about the things you do, how you do them, how you live, work and run your businesses, and change is not always convenient. Wema Bank Plc knows this.
Amid change and uncertainties, instant loans, access to credit and other financial support should not be a luxury. As a salary earner, you deserve simple, reliable, hassle-free loans that work.
ALAT by Wema salary-based loan makes it super easy for you and your loved ones to borrow money now and pay later. You can request up to N4,000,000 at two per month and choose a convenient repayment plan.
To get started, open your ALAT, click on the “Loan” icon, click on the “Get a loan” button and apply. If you haven’t downloaded ALAT, download it now.
ALAT by Wema Payday Loans
This is for you if you are in a tight spot and cannot wait for your next salary to come in. It takes only minutes to apply and get approval and it requires no collateral. You do not need paperwork to apply or need to visit the bank either. You can borrow as much as N500,000 on the ALAT Payday Loan as long as you earn a minimum monthly income of N18,000.
To apply:
Simply download ALAT from the app store for IOS or Play Store for android, install, and sign up.
From menu items, click on “Loan,” and select the Pay Day Loan.
Then click on “Apply”.
Wema Bank Quick Loans
The Quick Loan is a short-term facility available for not over 30 days. It is a financing package designed to meet immediate financial needs for persons who have a salary account with Wema Bank and own a tier III account.
Its single-digit interest rate sits at three per cent monthly. You can get up to N100,000. It is quick and easy. You do not need collateral or paper documentation. To apply for the loan, simply dial *945*65# or *945# and select the Quick Loan option.
Daimler and Nokia announced today that they have signed a patent licensing agreement. Under the agreement, Nokia licenses mobile telecommunications technology to Daimler and receives payment in return.
The parties have agreed to settle all pending litigation between Daimler and Nokia, including the complaint by Daimler against Nokia to the European Commission. The terms of the agreement remain confidential as agreed between the parties.
The organizers of Africa’s foremost, gold-standard Corporate Social Responsibility and Sustainability awards – The SERAS CSR Awards Africa have announced the call for entry for the 2021 edition of the awards.
The awards, which have grown in popularity across Africa, have become the signature award ceremony that annually celebrates the roles organizations across Africa play in ensuring that the continent meets the sustainable development goals target of the United Nations.
The 2021 edition marks a milestone in history as the awards attain the 15th year. In line with this, the organizers have announced some new awards categories. “This is a significant year for Africa and us as well when it comes to CSR and sustainability.
When The SERAS began, it took us many toils to message why it was important for organizations to invest in CSR, sustainability, and communities across Africa. Adoption may have been painstakingly slow, but today we are happy that this awards platform has helped accentuate the importance of excellence and provide the guardrails that have helped sustainability grow into a veritable industry in Africa.
To mark the anniversary, we are introducing five new award categories and informing the public that because the sustainability industry is nearly two decades old, we shall also be inaugurating the Africa Sustainability Hall of Fame, beginning with the announcement of four Lifetime Achievement award winners from the four regions of the continent.
We are also putting together a show-piece ceremony that celebrates impact, excellence, and professionals who power the industry,” said Mrs. Mary Ephraim-Egbas, vice-chairperson of the local organizing committee and executive director of TruCSR Nigeria.
The SERAS theme for 2021 is- ‘Driving Sustainability Through Circularity: Localizing the SDGs for Greater Impact.’ The new award categories include -Circular Economy, Environmental Stewardship, Financial Inclusion, and Rural Population Integration
Twenty-seven Awards categories would be up for grabs. They include:
Best companies in – Poverty Reduction;
Promotion of Good Health/Well-Being;
Partnership of The Year;
Education Intervention of The Year;
Reporting and Transparency;
Work-Place Practice;
Stakeholder Engagement;
Not-for-Profit of The Year;
Deborah Leipziger Africa Prize for Innovation;
Gender Equality/Women Empowerment;
Social Enterprise of The Year;
Food Security;
Water Sanitation;
Climate Action; and
Infrastructure Development.
Others are:
Supply Chain Management;
Sustainability Reporting;
Sustainability Professional of The Year;
Use of Storytelling/Communications;
Outstanding New Entry;
MDA/Government Sustainability Ministry of The Year;
CEO of The Year;
Most Responsible Business in Africa/Overall Best Company.
Over the previous editions, the awards have attracted nearly 4000 entries from 375 organizations from 19 countries. Our fact-finding missions have taken us to over 5000 project locations around Africa.
Over the same period, there have been 240 competitive award winners, 20 individual recognition awardees, and 14 winners of the coveted Most Responsible Business in Africa Award.
In the 2020 edition, Investec Bank (South Africa) won the overall best company prize, closely followed by Dangote (Nigeria) and Zenith Bank (Nigeria), respectively.
Entries for the 2021 edition closes on June 30. Participating organizations can register at www.theseras.com. The award ceremony holds on December 4, 2021.
Tuesday, June 1, 2021 – Oil pricesrose by 1 percent early on Monday, driven by expectations that recovering demand with summer travel and reopening economies will easily accommodate the gradual increase in OPEC+ production.
But oil prices rose even more sharply on Tuesday, with Brent topping $71 per barrel, the highest level in more than two and a half years. “The demand growth is pretty OK, the OPEC+ discipline is very good, inventories are going down,” Fereidun Fesharaki, chairman of consultants FGE, said in a Bloomberg television interview. “If there is no Iranian shadow on the market, prices could hit $75-$80 by the middle of the third quarter.”
Energy Stocks Soar And Oil Prices Climb Brandspurng
OPEC+ reaffirms trajectory. OPEC+ officials met for a virtual meeting on Tuesday and reaffirmed its current plans to gradually increase production in July. The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) this year.
Bullish sentiment gathers again. Even with Brent at the $70 marker, some analysts see more room to run. “We see demand outstripping supply in the order of 650,000 barrels per day and 950,000 bpd in Q3 and Q4 respectively,” ANZ analysts said.
Supply shortage? “The market is now facing the exact opposite dilemma of April 2020,” said Louise Dickson, an analyst at consultancy Rystad Energy. “Producers now have just as delicate of a task to bring back enough supply to match the swiftly rising oil demand. If markets over-tighten, a flare-up in prices could jeopardize the global economic recovery.”
Iran aims to ramp up supply. The U.S. and Iran are nearing a deal to restore the terms of the 2015 nuclear agreement, and Tehran is already eyeing an increase in oil production. “The next Iranian government should make it a top priority to raise oil production to 6.5 million barrels a day,” Iranian oil minister Bijan Namdar Zanganeh told reporters. The higher output will “improve the country’s security and political might.” Separately, an Iranian official said they hoped for a deal by August, dampening prospects that a deal would be reached this week.
OPEC+ enjoys a new era with oil majors constrained. Western oil companies are under escalating pressure to constrain their production as the energy transition gathers pace. But with supply kept in check, OPEC+ could see new tailwinds with space to bring production back online even as oil prices remain at relatively high levels. “We see a shift from stigmatization toward the criminalization of investing in higher oil production,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official.
Equinor and Exxon go forward with $8 billion Brazil project.Equinor (NYSE: EQNR) and ExxonMobil (NYSE: XOM) said on Tuesday that they would proceed with an $8 billion oil field in Brazil, which is slated to come online in 2024 and have a production capacity of 220,000 bpd.
Shale merger wave on the way. The U.S. shale sector could be in for another consolidation wave. This time, unlike last time, drillers seem to be willing to stick with the new agenda of capital discipline.
Intel Warns: Chip Shortage Threatens EV Boom. The current global chip shortage could take until 2023 to be overcome, semiconductor maker Intel said on Monday in another warning that the microchip supply crunch could delay the electric vehicle (EV) revolution.
Gas bans in homes rattle industry. A growing trend of banning new natural gas hookups in homes and businesses is ratting the gas industry. Some utilities are fighting aggressively to head off bans, others are taking a second look at growth scenarios. “We welcome the opportunity to avoid investments in new gas assets that might later prove to be underutilized as decarbonization efforts progress here in California,” a spokesperson with PG&E told the WSJ.
Asia refinery margins crash to $0. Asian refiners are struggling with a major slump in profit margins because of the resurgence in Covid-19 infections in the region, Bloomberg has reported, citing the latest trends in complex refining margins in Singapore.
Business school grads shun fossil fuels. New business school graduates choosing a career in the oil and gas industry have declined by 16% since 2019, and by 40% since 2006.
Yamal LNG’s fourth train reaches capacity. Yamal LNG’s fourth train reached full production capacity. Sales will go on the spot market.
BP invests $220 million in U.S. solar.BP (NYSE: BP) announced a $220 million investment in renewables in the U.S. with the purchase of 9 GW of solar projects from developer 7X Energy. The purchase is the oil major’s first big solar investment since 2017.
Eterna Plc, has released its earning forecasts of N303,821,000 Profit After Tax for the third quarter of 2021, according to the latest filing from the company on the Nigerian Exchange Limited.
Eterna Plc estimated revenue to hit N53.8 billion while its cost of sales is projected at N49.44 billion. For its Marketing, distribution and admin expenses, the company projected N2.79 billion.
Veritas Kapital Assurance Plc has announced the resignation of its Executive Director, Finance and Investment, Mr. Wole Onasanya, effective May 31, 2021.
His resignation was presented and accepted by the Board of the Company at its 179″ meeting held on Thursday, April 29, 2021.
Wole Onasanya is experienced insurance, strategy and finance executive with over two decades of experience in Nigeria and the United States.
He worked as a Director at the New York office of American International Group (AIG) and as an investment banker with Credit Suisse in New York City where he closed several corporate transactions. He began his career as an analyst at the Lagos Office of Arthur Andersen (now KPMG) and went on to work as an investment associate with Ocean and Oil Holdings where he worked on corporate development and M&A transactions.
Prior to his appointment at Veritas Kapital Assurance Plc, he served as the Chief Financial Officer of Ellah Lakes Plc.
He earned an MBA from Kellogg School of Management in the United States and a Bachelor’s degree in Economics (second class upper) from the University of Ibadan. He is a Chartered Accountant with the Institute of Chartered Accountants of Nigeria (ICAN).
His areas of expertise include insurance product development and pricing; corporate transaction execution; insurance strategy development and implementation, and strategic planning.
Nigerian benchmark index turned negative today. The index declined by 0.06% to 38,414.37 points. Thus, year-to-date return moderated to -4.61%, while the market capitalisation settled at N20.02 trillion. Investor sentiment as measured by the market breadth was negative at 1.05x on 19 advancers and 18 decliners.
The NGXASI declined on a slight sell-off in ZENITHBA (-0.65%) and WAPCO (-0.94%)
Volume and value traded grew by 36.15% and 24.50% to 274.81 million units and N2.63 billion, respectively. The most traded stocks by volume were UCAP (23.97 million units), VERITASKAP (23.11 million units) and ETERNA (21.57 million units), while ZENITHBA (N470.70 million), SEPLAT (N285.04 million) and GUARANTY (N240.72 million) topped the value chart.
Across coverage sectors, performance was bearish today. The NSE banking, consumer goods, industrials and oil & gas sectors declined by 13bps, 27bps, 6bps and 86bps while the NSE insurance sector gained 151bps.
We are likely to see continued bargain hunting as participants look to snap up good bargains.
TECNO today announced the renewal of its partnership with UNHCR, the UN Refugee Agency, to support UNHCR’s global program in primary education, Educate A Child (EAC).
The partnership aims to support the improvement of refugee children’s education in Africa, ensuring refugee children’s right to education and ultimately contribute to equal access to education for all.
In 2020, the COVID-19 pandemic devastated the learning conditions of refugee children, causing school closures in Africa over the school year. By contributing financially to the EAC program, TECNO’s support has benefited children in Kenya’s Dadaab camp by providing them with textbooks and school kits.
In addition, TECNO donated tablets to support continued learning of refugee children during school closure, as well as 50,000 medical face masks for UNHCR Kenya to support its COVID-19 response.
In 2021, TECNO and UNHCR will continue the partnership to benefit a total of 10,670 refugee children in Uganda and Kenya. TECNO’s financial contribution to the EAC program will contribute to the holistic intervention in these locations including improvement of school infrastructure, material assistance to students, training for teachers, and support for refugee students with special needs.
Uganda and Kenya are amongst the world’s top host countries for refugees. Uganda is the largest one in Africa. Over half of the refugees in the two countries are below 18 years old (58% in Uganda and 53% in Kenya). While some refugees may have the access to study in public educational institutions, the shortage of learning resources has put many refugee children at risk of dropping out of school.
In the context of the COVID-19 pandemic in Africa, continuous commitment from TECNO is important to support a safe school reopening and better access for refugee children to continue their primary education, laying the foundation for them to pursue higher education in the future.
Vivian Tan, UNHCR Representative ad interim in China, expressed appreciation for the continued support from TECNO. “UNHCR welcomes this renewed partnership,” she said. “COVID-19 has interrupted learning in many countries, and refugee children are no exception. Support from our private sector partners like TECNO is critical for UNHCR to continue and strengthen our efforts to support refugee learners and students to continue their education in this difficult time, and in the post-COVID time.
The Chinese private sector can play an important role in addressing the gaps in refugee education globally, including providing financial contribution, technology and innovative solutions. We hope more Chinese private sector actors will be inspired by the partnership between TECNO and UNHCR.”
Stephen Ha, General Manager of TECNO said, “With the renewed partnership with UNHCR, we hope to continue our support in improving the learning conditions of refugee children.
As part of our Corporate Social Responsibility, TECNO is committed to giving back to the community where we are present. In the post-COVID time, we will amplify our efforts, especially using digital solutions to increase educational opportunity and enhance education quality for children in Africa so that they could receive better education and be better connected with the world.”
Inclusive and equitable quality education is Goal 4 of the 2030 Agenda for Sustainable Development and is also a long-term goal for UNHCR. Since 2020, UNHCR has been working with different partners to implement the EAC program that aims to provide 365,000 out-of-school children with primary education in 14 operations by 2022.
Out of the 14 countries, Kenya and Uganda are two key operations. Despite the huge impact of COVID-19, UNHCR remains committed to advancing inclusive and equitable quality education for refugee children.
By the end of 2020, an estimated 4.2 million children and youth of concern to UNHCR have been affected by the pandemic globally. Once out of school, many refugee children will never return. UNHCR has been making efforts to create more equitable and inclusive educational access for displaced and refugee children so that they could all return to school.
UNHCR and TECNO will deepen their partnership, through which they hope to engage more with corporate employees, partners, and the wider public audience to strengthen understanding and support for education in Africa.
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Energy Stocks Soar And Oil Prices Climb Brandspurng
