LafargeHolcim Successfully Closes Firestone Building Products Acquisition

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LafargeHolcim Successfully Closes Firestone Building Products Acquisition

LafargeHolcim announces that its Holcim Participations (US) Inc. subsidiary has successfully completed the acquisition of Firestone Building Products, following all regulatory approvals.

The transaction closed earlier than expected due to smooth collaboration with Bridgestone and all 1,900 employees will be joining LafargeHolcim.

Jan Jenisch, LafargeHolcim CEO: “I warmly welcome the Firestone Building Products team into the LafargeHolcim family. Together, we will lead this iconic company’s next era of growth to become the global leader in flat roofing systems. As we expand its leadership in the US to Europe and Latin America, I want the world to know that “NOBODY COVERS YOU BETTER” than Firestone.

I am excited about the strong growth prospects, accelerated by the many opportunities from President Biden’s ‘Build Back Better plan. With its leading roofing systems, Firestone Building Products makes us a partner of choice from rooftop to the foundation.

This truly is a milestone for LafargeHolcim as we become the global leader in innovative and sustainable building solutions.”

Taylor Cole, Firestone Building Products President: “Today opens an exciting new era in Firestone Building Products’ rich history. The Firestone Building Products team is thrilled to join the LafargeHolcim family. Together, we are in a prime position to accelerate our growth by combining Firestone Building Products’ advanced technologies and know-how with LafargeHolcim’s global scale and reach.”

Firestone Building Products is the market leader in commercial roofing and building envelope solutions in the United States with net sales above USD 1.8 billion in 2020, 15 manufacturing facilities, 1,800 distribution points and three R&D laboratories. Firestone Building Products will remain headquartered in Nashville, Tennessee.

Additional information

About Lafargeholcim
As the world’s global leader in building solutions, LafargeHolcim is reinventing how the world builds to make it greener and smarter for all. On its way to becoming a net zero company, LafargeHolcim offers global solutions such as ECOPact, enabling carbon-neutral construction and Firestone roofing systems for higher energy-efficiency in buildings. With its circular business model, the company is a global leader in recycling waste as a source of energy and raw materials through products like Susteno, its leading circular cement. Innovation and digitalization are at the core of the company’s strategy, with more than half of its R&D projects dedicated to greener solutions. LafargeHolcim’s 70,000 employees are committed to improving quality of life across more than 70 markets through its four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products. More information is available on www.lafargeholcim.com

About Firestone Building Products
Firestone Building Products Company, LLC is a leading manufacturer and supplier of trusted roofing and building envelope solutions. By taking the entire building envelope into consideration, Firestone Building Products meets individual customer and project needs for roofing, wall, and lining solutions. Headquartered in Nashville, Tennessee, the company also offers outstanding technical services, an international network of roofing contractors, distributors and field sales representatives, and exceptional warranty protection.

Products include commercial roofing systems, roofing accessories, green roofing systems and daylighting systems, vegetative roofing systems, metal wall panels, insulation, cavity wall construction, pond liners, geomembranes and silicone and acrylic liquid coatings. Firestone Building Products Company, LLC is a member of the LafargeHolcim Group.

Treasury Bills Take Center Stage With Two Primary Auctions (NTB & OMO) Held Today

ZedCrest Capital
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Treasury Bills Take Center Stage With Two Primary Auctions (NTB & OMO) Held Today

FGN Bonds

The FGN bond market resumed from the break to further weakened sentiments as spreads expanded across the benchmark curve. We witnessed sustained selling pressure for the belly of the curve, with bids on the 2027s to 2029s papers were shown above the 11.00% mark. The tail-end of the curve was also pressured with supply which pushed yields on the 2045 to 2050s papers up by c.45bps on the average. Overall, yields expanded by c.20bps on the average across the FGN benchmark curve.

The DMO released its quarterly bond issuance calendar for Q2 2021, with more than a few surprises up its sleeve. First off, the DMO increased the amount on offer range by N15Bn/month. Second to note is the DMO’s preference to reopen the 2049s at the May 2021 auction, immediately resuming the reissue of the 2045s as its longest tenor.

The weak signals from the released bond issuance calendar should further spur weak sentiments in the bond markets, as the institutional investors renew their resolve to stay out of the secondary markets and wait on the increased supply from the DMO for higher yields at the primary market. We expect the selling pressures to persist in the market as a result of this.

Treasury Bills

The Treasury bills market also resumed on a negative note, as tight interbank system liquidity continued to put upward pressure on discount rates. Offers of long-dated NTBs flooded the market, with Jan. 2022 and Feb. 2022 papers offered at 6.50% and 7.00% levels respectively, while the 31Mar2022 was offered at 7.40% for most of the session.

With OMO maturities of N34Bn failing to spur a jolt in demand for bills from local banks, we expect these rates to continue to inch higher for most of the week.

Money Markets

Rates in the money market dipped by c.1763bps following inflows from OMO maturities of N34Bn and banks accessing the CBN’s lending facilities with no FX funding due this week. The OBB and OVN rates consequently ended the session at 13.50% and 13.75%, with system liquidity now estimated at c.N45bn positive.

We expect rates to trend higher in tomorrow’s session, with the possibility of another liquidity squeeze from a possible OMO auction expected to push local banks to focus on longer-dated funding options.

FX Market

Supply in the I&E FX window improved from export proceeds as traded volumes improved by 15% d/d (c.$40.80mio traded). Participants were bided between N394.00$ and N419.30/$ causing the closing rate to depreciate by 0.29% d/d to close at N410.50/$.

At the parallel market, the Naira bounced back from the previous week’s low to close the first session on a positive note. Cash rates N2.50k while the transfer rate gained N2.10k to close at N481.50/$ and N495.90/$ respectively.

Eurobonds

The NIGERIA Sovereigns, along with most of the SSA Space, opened trading unchanged as the U.S. economic and Covid vaccination date impressed the market as well as stability seen in global oil prices. Yields compressed across the covering curve by c.7bps as demand filtered through as the trading wore on.

The NIGERIA Corporates also had an active trading session, with demand filtering for most of the short-dated tracked papers, while the long-dated papers (ECOTRA 2026s and SEPLLN 2026s) saw some selling pressures on the day.

Cititrust Financial Services Plc Plans Listing On The NSE By Q2, 2021

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Cititrust Financial Services Plc Plans Listing On The NSE By Q2, 2021

Cititrust Financial Services Plc, a leading pan-African investment group with 10 subsidiaries is planning to list by way of introduction to the Nigeria Stock Exchange (NSE) by the end of Q2, 2021.

Mr. Ikechukwu Peter, the Country Chief Executive, Cititrust Financial Services Plc in Nigeria disclosed this at a recent parley with financial correspondents.

This would help deepen activities in the group as it repositions its subsidiaries to sustain value, profitability, and dynamism in the various segments of the financial and capital market.

He said since 2006 Cititrust has evolved from a largely unstructured financial group to a strategic entity with key subsidiaries creating value in the African and Nigerian market.

Through microfinance banking the group has been able to carry out effective service delivery by penetrating the unstructured informal market, empowering small businesses, and adopting a minimal risk approach.

He said the Cititrust group MSME banking transactions were below 3% and were within the regulatory threshold of 5%, with effective monitoring applied to loan disbursements.

According to him the group which started as a lending company broadened its scope to address its customers’ needs with services in the following areas;  microfinance, financial intermediation, HMO, mortgage banking, investment banking, lending services, stockbroking, and asset management.

He stressed that the goal of the group is to serve as a one-stop financial and investment hub in the region, providing innovative and dynamic services across the market.

Speaking further on the activities of the Group, he said it had a 60% stake in Omoluabi Mortgage Bank  (Now Livingtrust Bank) with the plan to migrate from regional to national banking level.

With COVID 19 reinforcing the need to leverage digital technology, he said the Group is already working out modalities to set in motion its fintech platform between April and December 2021.

He also informed the financial correspondents that Cititrust plans to launch its online platform by April 2021 to bring efficiency and innovation to the market.

In terms of its finances, he said Cititrust as a Group had N36bn in its balance sheet and continued to drive its operations in a manner that achieved profitability.

Other plans of the Group highlighted include;

  1. Positioning its subsidiaries to be among the top 5 in the country by mid-2022
  2. Secure the license for Merchant bank by 2024
  3. Transforming from a Mortgage bank to a Commercial bank status by 2023

For businesses that were affected by the COVID 19 pandemic, he advised them to reposition themselves strategically in value-driven leveraged partnerships.

Looking at the Nigerian economy he called for increased Public-Private partnerships and an enabling business environment to attract investments that could create jobs and improve productivity. He also called on the government to invest in infrastructure that covered areas like power, good road networks, rail, and even broadband technology.

Cititrust Holdings Plc has operations in South Africa, Ghana, Botswana, Kenya, Liberia, and even Sierra Leone amongst other African countries.

 

Esports Sponsorships To Jump By 10% YoY And Hit $641M In 2021

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Esports Sponsorships To Jump By 10% YoY And Hit $641M In 2021

The entire eSports industry has boomed in recent years, with millions of viewers tuning in to watch their favorite games being played by some of the best gamers in the world.

The surge in the number of eSports fans created a huge space for brands and advertisers to sell their products. Moreover, it fueled the growth of sponsorships as the largest revenue stream of the eSports industry.

According to data presented by Safe Betting Sites, eSports sponsorships are forecast to grow by 10% year-over-year and hit $641 million in value in 2021.

Sponsorships To Account For 59% Of The Global Gaming Revenues

The COVID-19 left a significant impact on the global gaming industry, with many revenue streams witnessing substantial drops. The Newzoo data show that last year the entire gaming market generated $950.3 million in revenue, 0.8% less than in 2019.

Despite that, eSports sponsorships grew by 7.5% YoY to $584.1 million. Statistics show this figure is set to jump by $57 million in 2021, with sponsorships accounting for 59% of global gaming revenues this year.

However, the Newzoo data revealed other market segments are expected to witness even more impressive growth.

Media rights are forecast to jump by almost 18% to $192.6 million in 2021, up from $163.3 million a year ago.

The massive delays and cancelations of eSports events amid the COVID-19 caused publisher fees and merchandise and ticket revenues to drop by 11.6% and 50%, respectively. Nevertheless, both market segments are expected to witness substantial growth this year. Publisher fees are set to grow by 16% YoY to $126.6 million in 2021. Merchandise and ticket revenues are forecast to hit $66.6 million, 26.8% more than a year ago.

However, the Newzoo data indicate digital revenues are set to witness the most impressive growth in 2021, rising by CARG of 50% to $32.3 million. Streaming revenues follow with a 26% jump to $25.1 million, up from $19.9 million in 2020.

Red Bull, Comcast, And Intel Lead In Esports Sponsorships

Recent years have witnessed plenty of notable deals in the eSports industry. Still, some companies invested much more in eSports than others.

As the largest eSports sponsor globally, Red Bull signed their first contract with the eSports legend David Walsh back in 2006. Five years later, the company opened up the Red Bull LAN. Since then, Red Bull sponsored the Dota 2, Tempo Storm and Blizzard’s StarCraft 2 tournaments. In 2018 alone, the energy drink producer invested $578 million into eSports.

In December 2020, the company announced it had signed a long-term, multi-year partnership with T1 Entertainment & Sports, best known for its League of Legends team. The alliance will cover all of T1’s competitive teams and players, including those in VALORANT, Fortnite, PUBG Mobile, Super Smash Bros. Ultimate, and more.

Comcast Xfinity joined eSports in 2016 by providing reliable Internet service and training facilities for Electronic Sports League and Evil Geniuses.

The company also sponsors the Overwatch League playoffs and grand finals. In 2019, Comcast Spector and The Cordish Companies announced their plan to build a $50 million arena for the Philadelphia Fusion, an esports team in the Overwatch League.

As the third company on this list, the tech giant Intel has been sponsoring eSports since 2002. Today, the company sponsors ESL Pro League, Intel Extreme Masters, ESL One, Overwatch League and ESL National Championship and provides scholarships to students from the National Student Esports.

In 2018, Intel and ESL announced their three-year plan to shape the future landscape of eSports by investing in innovative technology, tournaments and events. The $100 million worth deal represents the biggest esports partnership so far.

Nigeria’s Poultry, Egg Prices ‘Highest Ever’ Amidst Inflation, Insecurity

Esan Bolaji
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Nigeria’s Poultry, Egg Prices ‘Highest Ever’ Amidst Inflation, Insecurity

The prices of poultry products in Nigeria are at their highest levels ever as the country faces its worst food inflation in at least 15 years, traders, consumers and producers in the sector have told the media.

Food inflation reached 27 per cent in March 2021, according to the National Bureau of Statistics, making it the highest since 2005. The rise has seen the prices of all classes of foods, especially proteins, skyrocket almost daily, leaving Nigeria’s large population of poor citizens to struggle to get food and key ingredients.

Nigeria's Poultry affected by Maize Ban Brandspurng
Photo by Christin Hume on Unsplash

One food sector that has been particularly hit is poultry, which millions rely on for protein needs. A kilogram of chicken that previously sold for N800 now sells for N2000, while a crate of egg that sold for N700 now sells for N1500.

Poultry farmers, livestock feed processors and marketers said the rise in the prices of key ingredients for poultry feeds is the major reason for the hike in prices of poultry products in the country.

The two most important ingredients are maize and soybeans. The supply of these two crops has fallen steeply in recent months, they said, and a key reason has been insecurity that has put farmers off work last year, COVID-19 disruption, weather changes, and challenges with importation.

The feeds are expensive because their ingredients are costly and scarce. The president of the Poultry Farmers Association of Nigeria, Kaduna State chapter, Timothy Okunade, has stated that farmers now buy a tonne of maize at N195,000 against N90,000 it sold for a year ago. Soybeans goes for N310,000 a tonne as against N130,000 last year.

Top 10 Take-Aways From Protein Challenge Webinar Series 8

Esan Bolaji
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Top 10 Take-Aways From Protein Challenge Webinar Series 8

Numbers tell a story. If you can connect one story with another, you can make plausible inferences. Two reports released last week showed the power of these connections. 

The Nigerian Bureau of Statistics showed that the unemployment rate for the fourth quarter of 2020 hit 33.3 per cent. This is an increase from the 27.1 per cent recorded in Q2, of the same year.

The Nigerian Protein Deficiency Report 2020 released in the same week indicated that cost and household income levels remain the major deterrents to adequate protein intake in Nigeria. According to the report, 45 per cent of Nigerians do not consume protein daily.

Can you see the connection?

The unveiling of The Nigerian Protein Deficiency Report 2020 was the highlight of the Protein Challenge Webinar Series 8. Protein Challenge is the tag of The Nigeria Protein Awareness Campaign, a protein pull media campaign supported by the United States Soybean Export Council (USSEC) and other partners to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.

Top 10 Take-Aways From Protein Challenge Webinar Series 8 Brandspurng
Photo by Monserrat Soldú

The report was presented by Mr. Obaro Agalabri, Service Line Lead (West Africa) IPSOS Channel Performance. IPSOS is a leading market research company that carries out in-depth analyses of various issues, such as health statistics, population demographics, and other related fields.

Others on the panel included Dr. Beatrice Oganah Ikujenyo (PhD), chief lecturer, Department of Home Economics, Adeniran Ogunsanya College of Education, Oto-Ijanikin, and Prof Adetunji Lawrence Kehinde, provost, College of Agriculture, Osun State University, Osun State, Nigeria.

The session was moderated by Dr. Adepeju Adeniran, co-founder and national chair of the Nigerian Chapter of Women in Global Health, a multi-national movement of women in health care devoted to global health improvement.

Here are my Top 10 Takeaways from the seminar session:

  1. The NBS has stated that less than half of the country’s workforce is unemployed. This rate of unemployment is alarming with wide-ranging far-reaching effects. It means a reduction in the purchasing power of households leading to lower general food purchases. Yet, the lower socio-economic classes believe they eat sufficient protein. Information!
  1. A rise in unemployment results in low income, which causes poor diet. Nigeria has a gap in its protein consumption. The cost of protein in Nigeria is high and this restricts the consumption level (of protein). Cost and household income level are the main hindrances to adequate intake of protein in Nigeria. Income Gap!
  1. The poverty level in Nigeria is contributing largely to the protein deficiency problem. The majority of Nigerians use more than 68 per cent of their income in purchasing protein foods. This is, for many Nigerians, a heavy burden; one that many would seek to avoid. So, naturally, protein intake declines to unacceptable levels. Poverty!
  2. Protein deficiency in pregnant women could affect their unborn children. Pregnant women should ensure that they eat a balanced diet at all times. Nigeria has the second-highest burden of stunted children in the world. Growth and nutritional value are the main concepts associated with proteins and soybeans. Children and women should be prioritized in protein consumption in households. Prioritize Children in Protein Consumption!
  1. Poor knowledge of food and protein leads to nutrient deficiency, poor diet and protein deficiency. We consume foods but we do not know the nutritional content of the food that we eat. To effectively tackle protein deficiency, we must eat right. Knowledge!
  1. National orientation agency should promote protein awareness to the general public. The majority of these organizations also carry out CSR in sensitizing the public on eating a balanced diet. Word of mouth is currently the major source of awareness on protein food sources. Create Awareness!
  1. The margin of people that are unemployed in Nigeria is on the rise. Agriculture can provide solutions here. It creates employment, empowers people and produces protein-rich food. Agriculture contributes to the nutrition status of any economy. The potential of the agricultural sector to alleviate protein deficiency is very high. Encourage Agriculture!
  1. Food consumption patterns in Nigeria lean too much towards carbohydrates. Every day more and more people turn to rice, fufu, bread, pasta, yams and noodles. Protein-rich foods like soybeans, beans, legumes need to be consumed more. The most commonly consumed soybeans derivates are Soy Milk, Soy Powder, Soy Oil and Fried Soybeans. The use of a healthy food plate is important in meal planning. Explore Protein Power!
  2. Though there have been some public-private sector interventions on soybeans, there is a need for more collective and collaborative efforts to drive more awareness. If affordability is a major limitation to the daily consumption of protein-rich meals, then soybeans should be a staple in households across Nigeria. Soybeans are a protein-rich food source. It needs to be consumed more across the country. Soypower!
  3. It is advisable to consume protein from natural sources rather than take protein pills for our protein intake. The medical background of the patient is very important. Proper dieting is essential for the patient. Medicine is the last resort after the diet fails. Eat Well. Get Protein!

Fun fact: Beans are the most consumed protein food by 81 per cent of Nigerians.

Top 10 Take-Aways From Protein Challenge Webinar Series 8

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

Week Opens Negative on the NSE ASI, Index Down by 0.39%

PFI Capital
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Week Opens Negative on the NSE ASI, Index Down by 0.39%

Week Opens Negative on the NSE ASI, Index Down by 0.39%

The bearish sentiment from last week continued into this week, as the market opened with a -0.39% decline which has the All-Share Index at 38,766.61. The market capitalisation dropped as well to ₦20.28 trillion. Year-to-date, the market has currently shed 3.73%

All sectors declined by some magnitude in today’s trading session. The Banking sector recorded the most losses, shedding 1.67%, while the Industrial and Consumer Goods sector declined by 0.52% and 0.39% respectively.

Following a price drop in MRS (-9.92%), the Oil and Gas sector lost 0.11%, while the Insurance sector lost 0.53% despite gains in LINKASSURE (9.72%).

Week Opens Negative on the NSE ASI, Index Down by 0.39%

With 14 stocks advancing and 21 stocks declining today, there is a stark reversal in investor sentiment. The market breadth of 0.67x illustrates this when contrasted with  2.25x recorded in the previous session. 224.59 million shares worth ₦2.14 billion were traded today in 4,675 deals. When compared to the previous trading session, this indicates a 6.19% and 7.43% decline in volume and value respectively.

Fixed Income Market

There was mixed activity in the bond market, where the yields of bonds like the FGN-JAN-2022 and FGN-JAN-2026 dropped by 4bps to 6.30% and 1bps to 10.04%; while those of the FGN-MAR-2024 and FGN-JUL-2030 increased by 3ps to 7.56% and by 22bps to 11.17% respectively.

Treasury bill yields remained stable for the 91-day and 180-day securities at 2.43%, 4.34%. However, there was a slight decline (-1bps) in the yield of the 365-day instruments to 6.63%.

Market Snapshot

  • Week Opens Negative on the NSE ASI, Index Down by 0.39%
  • Mixed Activity Along The Bond Yield Curve
  • Mixed Performance in Global Stocks After Recent Rally
  • Oil Prices Stall Ahead of Iran Nuclear Talks
  • Parallel Market Exchange Rate Remains Stable at ₦485/1$

A Slowdown in the Equities Market… All-Share Index Shed 0.76% Last Week

PFI Capital
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A Slowdown in the Equities Market… All-Share Index Shed 0.76% Last Week

A Slowdown in the Equities Market… All-Share Index Shed 0.76% Last Week

The NSE ASI’s performance last week indicated a slowdown of the market’s upward trajectory. WoW, the index declined by 0.76% to 38,916.74. Year-to-date, the index is down by 3.36%. The market capitalization declined as well to N20.36tn.

With 42 stocks gaining at price, while 22 stocks fell, investor sentiment weakened last week as market breadth was 1.91x, a 28.41% decline from the previous week’s 2.67x. LINKAGE (41.18%), ROYALEX (37.50%) and GUINNESS (19.67%) were the top market gainers, while DAAR (-16.00%), REGENCY (-12.12%) and FTNCOCOA (-8.70%) topped the losers’ chart.

A Slowdown in the Equities Market… All-Share Index Shed 0.76% Last Week Brandspurng

The volume and value of transactions decreased by 10.65% and 13.0% respectively. Trading in the top three equities Guaranty Trust Bank Plc, Union Bank Nig. Plc and Wema Bank Plc (measured by volume) accounted for 670.354 million shares worth N10.331 billion in 1,990 deals, contributing 46.39% and 54.26% to the total equity turnover volume and value respectively.

Outlook for the week

We expect to see the slight downward trend continue this week, with investor preference for returns available in the bond market.

Nigerian Fixed Income Market

Activity in the bond market was quiet this week as most investors were occupied with the primary market auction. However, movements in yields were mostly mixed, with those at the long end of the curve rising more steadily.

The Central Bank sold N138.72 billion worth of notes against N95.68 billion offered at its NTB auction today. The 364-day notes were over-subscribed by +179.72% while the 91-day notes and 182-day notes were undersubscribed by -5.80% and -27.61% respectively.

The 91-day, 182-day & 364-day notes were allotted at 2.00%, 3.50%, & 8.00% respectively. Compared to the previous auction, rates on the 91-day & 182-day were unchanged while the 364-day paper rose by 100bps.

Outlook for the week

We expect more activity in the FGN Bond market, as trading in equities continues to slow.

Oil Prices Climb Despite Demand Fears

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Oil Prices Climb Despite Demand Fears

Tuesday, April 6, 2021 – Oil prices sank on Monday as coronavirus cases surged around the world, leading to renewed lockdowns. The city of Mumbai went into lockdown, suggesting a forthcoming hit to oil demand in India. Oil prices rebounded on Tuesday, although the trend is not exactly bullish, with WTI stuck at around $60.

OPEC+ bets on demand. The loosening of OPEC+ production cuts shows the group believes demand will continue to rise.

Oil bounces on a stronger economic outlook. The IMF upgraded its 2021 GDP forecast for the second time in three months, noting the speed of the vaccine rollout. The U.S. is now becoming the focus and engine of global economic recovery with a fast vaccine rollout and substantial fiscal stimulus.

Energy Stocks Soar And Oil Prices Climb

“We’ve had these wild moves for the better part of the past ten days,” Bob Yawger, head of the futures division at Mizuho Securities, told Bloomberg. “There’s a recovering economic picture, with an improving vaccine situation in the U.S., on one side of the equation. It’s supply versus demand here for control of the market.”

Goldman Sachs cuts Chevron. Goldman Sachs downgraded Chevron (NYSE: CVX) to Neutral from Buy, noting that the oil major already trades a premium to some of its peers.

Exxon sues Energy Transfer over pipeline dispute. ExxonMobil (NYSE: XOM) subsidiary XTO Energy is suing Energy Transfer LP (NYSE: ET) for disputed payments on the Dakota Access pipeline. The suit alleges that Energy Transfer overcharged XTO when the oil producer shifted oil flows to another pipeline.

Soaring methane as drilling bounces back. U.S. oil production remains about 2 million bpd lower than its pre-pandemic levels. Still, methane emissions are already back to their levels from before the coronavirus.

U.S. and Iran discuss reviving nuclear deal. After a rocky start, the U.S. and Iran are making progress on a diplomatic thaw. Iranian oil exports have already been inching up this year, and a breakthrough in talks could see even more.

Iran oil won’t shock markets. “With OPEC+ appearing to manage its exit for now, supply concerns will likely shift to the potential return of Iran to the JCPOA (Joint Comprehensive Plan of Action) agreement,” analysts at Goldman Sachs said in a note on Monday.

India cuts oil purchases from Saudi Arabia after price hike. India will buy some 36 percent less crude oil from Saudi Arabia next month, unnamed sources told Reuters soon after the Kingdom said it would increase its official selling price for oil for its Asian buyers.

European battery majors emerging. Europe is scrambling to build out battery manufacturing capacity as EV sales pick up. Backed by billions in EU subsidies for both EVs and battery manufacturing, competition is heating up between Northvolt AB in Sweden, Britishvolt Ltd. and France’s Automotive Cells Co., and Tesla (NASDAQ: TSLA) and Volkswagen (OTCMKTS: VWAGY). BNEF forecasts Europe’s share of battery manufacturing rising from 7% in 2020 to 31% by 2030.

Lawsuits from Texas freeze proliferate. At least 30 lawsuits related to natural gas contracts have been filed in four states since the February freeze, according to the Wall Street Journal.

Pioneer’s takeover of DoublePoint shows shale’s signs of life. The $6.4 billion acquisition of DoublePoint Energy by Pioneer Natural Resources (NYSE: PXD) is the largest purchase of a private shale driller since 2011. The deal is a sign of further consolidation in the U.S. shale industry, but also one that shows “signs of life,” according to the Wall Street Journal.

JPMorgan cuts Pioneer. JPMorgan cut Pioneer Natural Resources (NYSE: PXD) to Neutral from Buy following the $6.4 billion takeovers of DoublePoint Energy. The bank said that the acquisition “fits like a glove” and would improve cash flow, but also noted that the purchase price was high.

Shell invests in aviation fuel maker. Royal Dutch Shell (NYSE: RDS.A) has invested in a sustainable fuels company LanzaJet, which is building an “alcohol-to-jet” facility to produce sustainable jet fuel.

Renewables overtake nuclear worldwide. Renewable energy generated more electricity around the world in 2019 than nuclear, a milestone that is unlikely to be reversed. A separate report finds that renewables account for 82% of total capacity additions worldwide last year.

European companies saw energy transition coming. Enel (BIT: ENEL) and Iberdrola (BME: IBE) began their energy transitions years ago, making them now powerhouses in renewable energy. That puts them ahead of the game compared to the oil majors. Reuters looks at how this unfolded.

Oscar N. Onyema Completes Tenure as CEO of NSE

Esan Bolaji
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Oscar N. Onyema Completes Tenure as CEO of NSE

Tuesday, April 6 ​​​, 2021 – Oscar N. Onyema, OON has now completed his tenure as the Chief Executive Officer (CEO) of The Nigerian Stock Exchange (NSE). In commemoration of his exemplary leadership, he was honoured with a digital Closing Gong Ceremony on Thursday, 1 April 2021. 

​Following the successful demutualisation of The Exchange, Mr. Onyema has transitioned into the Group Chief Executive Officer (GCEO), Nigerian Exchange Group (NGX Group) Plc.

Speaking at the Closing Gong Ceremony, the Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo stated,

“It is impossible to overstate Oscar Onyema’s contributions to the growth of The Exchange and the development of the capital market in the past ten years. After his first year of leadership, it became evident that his strategic mindset and mastery of Exchange business was what NSE dearly needed to rise to its next level of growth.

As anticipated, The Exchange went on to experience significant growth as the years went by, most notable of which is the recent completion of the demutualisation of The Exchange. It has indeed been a pleasure working with him in our time at the NSE and I look forward to our continued journey to greatness in the NGX era.”

On his part, the GCEO, NGX Group Plc, Mr. Oscar N. Onyema, OON noted thus,

“I arrived at The Nigerian Stock Exchange when the stock market was in the doldrums, investors’ confidence low, mono-product and the bourse under regulatory administration. With tunnel vision collaboration with stakeholders in the financial system and perseverance, we have been able to surmount almost all of the challenges.

NSE upgrades its whistleblowing platform

I am delighted to have worked with the astute members of the National Council, visionary leaders in the Executive Committee, and an export crop of staff at The Exchange to have delivered excellent results. We have come a long way from where we used to be and I am excited about the opportunities demutualisation has opened for us in the coming years.

I must reiterate my commitment to ensuring that the NGX Group Plc and its subsidiaries deliver on the mandate to become Africa’s leading capital market infrastructure provider. I look forward to deepening partnerships with existing stakeholders and exploring new collaborations locally and globally to bring this to bear.”

The demutualisation of The Exchange has led to the emergence of the Nigerian Exchange Group (NGX Group) Plc and three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited, and NGX Real Estate (NGX RelCo) Limited. Mr. Temi Popoola, CFA will assume the role of CEO, NGX Limited, while Ms. Tinuade Awe will become the CEO, NGX RegCo Limited.

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