The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith’s new 5,000 bopd modular refinery at Ibigwe Field, in Imo State.
Previously, Seplat’s share of Ohaji South crude was primarily evacuated to the export Terminal via a third-party Crude Handling Agreement with Waltersmith. This new agreement benefits Seplat by selling its crude oil directly to Waltersmith for refining, thereby eliminating crude losses and downtime experienced along with the evacuation and export route.
The transaction would also boost the capacity of Waltersmith in providing its products particularly to the immediate region of our operations thereby supporting Seplat’s commitment to national energy security.
Seplat maintains its guidance of 48,000 – 52,000 boepd for the 2020 financial year.
Roger Brown, Chief Executive Officer of Seplat, said:
“We are delighted to sign this Crude Purchase Agreement with Waltersmith as it ensures that Nigerian crude will be refined locally by a Nigerian refiner. The agreement will eliminate losses we previously experienced on the export pipeline, meaning more revenue will be booked by Seplat for the same amount of oil produced from the field.
Waltersmith’s refinery will also benefit the Nigerian economy by creating local jobs to refine our oil.”
The 2020 edition Lagos Autofest; an event of the BMW Club Nigeria and Work and Play Motorsport group was concluded over the weekend with Stingray pointman, Antonio Sandouk being crowned the King of drift on Saturday, December 19, 2020, at Tafawa Balewa Square in Lagos.
Davido, Ladipoe, Alex Ekubo, Ik Ogbonna, Bammy Bestowed, Teddy A, Madarocka, Makopolo, DJ Tee, DJ Jennyswitch, DJ Kraizee witness the BetKing “King of Drift”at this years Lagos Autofest 2020.
Sandouk who was returning to active racing after some break said the win was an exciting one and he is very elated that the Motorsports community in Nigeria is growing exponentially.
The MD of BETKING presented the Winners their 1M prizes and Antonio Sandouk was Crowned BETKING “King of Drift”.
“I am very happy to have won. I think we have great drifters here today and I foresee stiffer challenge in every category of the sports in the future. There are very young talented racers coming on board these days, and that is a sign of growth.” Antonio Sandouk said
Argo Raak, multiple race champion, in the past, was the second-best drifter at the event, he beat Captain Awwal to the third spot. Sandouk pocketed 500,000 naira, while Raak got 200, 000 naira for their performance.
Diekola Alabi won the time attack to pocket 200, 000 naira while Femi Dada came second winning 100, 000 naira in the category too.
Notable Drift hunters From Abuja known as the Princes of Drift ” Captain Anwal and Jaybash were present at the event revving and stunting
This year’s edition was also supported by BetKing, Fearless Energy Drink, Ace of Spades, Grand cru, Beat 99.9 FM, Coscharis Motors, JB Autos, SMT Volvo, Toyota, Autochek, Heineken, Motul, AMC, hiimpacttv, Infinity Tires and Elizade.
Adeoye Ojuoko, the President of Work and Play, one of the organizing team said that the event redefined possibilities in the Motorsports community as it was borne on the back collaboration between his group and BMW Club Nigeria.
According to him,
“If we put our resources together we can go farther. This event is bigger and perhaps the best so far. For us in Work and Play, we would explore more avenues to promote the sport, that includes joining forces with more willing stakeholders to drive down the values of the sport and expand the industry for more people to benefit from.
“If it were not for the cautious nature of the social event and the move by organisers of this event to align with Lagos State government and the Nigeria Centre for Disease Control’s Covid-19 Protocols, this venue would have been sold out.”He said.
The one-day event that also included time-attack with outstanding parades from other Motorsports groups from different parts of the country.
Kennedy Njideoffor, President of the BMW Nigeria said, it was the club’s dream to use the event to raise awareness for the sports and bring together car enthusiasts for common good.
“Beyond what happened at the Autofest 2020, it is the coming together of like minds that were our biggest achievement. Despite the pandemic ravaged economy, we are very positive that the synergy formed through Autofest here will propel the industry further.”He said.
The Flag Girls Contest crowned 3 winners and the CSR to the homeless saw 3000 persons given merry Christmas tokens from the Bikers in Lagos, BMWCLUBNG and Ritefoods
The Event featured, horses, dancers, bicycle stunts, skaters, drifters, bikers and display of a varied array of exotic automobile ranging from Mercedes, Lexus, Tiger, Toyota, Audis BMWs, Ferraris, Lamborghinis, Maseratis, Kawasakis, Ducatis and many fascinating automobiles
Next Year’s edition promises to be even more exhilarating
Christmas is coming, the geese are getting fat, please put a kobo in the old man’s hat.
This nursery rhyme evokes nostalgic memories of Christmas. The excitement, abundance of food, snacks, drinks and, of course, gifts are some of the highlights of Christmas. You see, children are not the only ones who feel joyful about Christmas. Adults, no matter how hard they try to hide it, also take part in the festivities that are associated with this last month of the year.
Over the years, certain gifts have been associated with this season; somehow, these gifts have become cliché.
Another Christmas is here upon us. The year 2020 has been a totally different type of year. As such, be assured that you can also do things differently this year.
So, as you shop for gifts to give families, acquaintances and people around think different.
Consider making it a protein-rich season. Protein is widely regarded as an essential building block of life. Found in literally every cell of the body, protein is an important ingredient used to build, maintain and repair body tissues and muscles.
Here is a list of protein-inspired gifts that you can put on your shopping list this season:
Soy-centred Hamper
Gift hampers are not new in Nigeria. Currently, these hampers are already on display in supermarkets, bulging with familiar content. The idea of gifting someone a hamper is completely valid but you can customize and make it soy-Centred. Soybeans are a great source of wholesome protein.
The contents of your soy-centred hamper will include soy products such as soymilk, soy powder, soy sauce, soy oil, soy cereals, and blocks of tofu. These soy products can easily be purchased off the shelves, assembled and presented in a fancy and colourful gift pack.
Eggs
Yes, you can also give eggs as Christmas gifts. This protein-rich food will not only be appreciated but also cherished by whomever you are giving it to. A crate or a small basket of eggs isn’t out of place this season, especially with the recent hike in the price of eggs. So, feel free to include eggs on your list of gift options this Christmas.
Turkey/Chicken
Chicken or turkey is the most popular go-to sources of protein during the festive season. Families always ensure that these tasty protein-rich animals are paired with their favourite choice of carbohydrate at Christmas. The gift of a live, smoked or even frozen chicken/turkey is sure to put a smile on someone’s face this season.
Protein Nuts
Protein-rich nuts include peanuts (groundnuts), cashew nuts, almonds, and pistachios. These nuts, which also doubles as snacks, equally make awesome gifts. Apart from being nutritious, these protein-rich nuts are readily available in bottles and sachets. They are also quite affordable.
In this season of love and sharing, let’s do the unusual and ensure that our gifts are protein inspired.
Do have a protein-rich Christmas!
Eneh Veronica Ejembi is a digital content professional and public relations executive.
World premiere of the MBUX Hyperscreen on January 7th on Mercedes me media
For Mercedes-Benz, 2021 marks the beginning of the next chapter in the interaction between vehicle and user: the MBUX Hyperscreen takes the operation and display of infotainment, comfort and vehicle functions to a new level thanks to artificial intelligence (AI).
The large, curved screen unit lends the interior a unique aesthetic and extends along the entire width of the vehicle in front of the driver and front passenger – for whom the digital experience is as emotional as it is intuitive and effortless.
The MBUX (Mercedes-Benz User Experience) Hyperscreen, which is for the first time optionally available in the fully electric luxury saloon EQS, is representative of the emotional intelligence of the entire vehicle and is highly capable of learning.
The world premiere of the MBUX Hyperscreen grants insights into the MBUX Hyperscreen’s role as the digital core of Mercedes-EQ’s top model, the progressive luxury saloon EQS. The digital communication format addresses journalists and multipliers and can be joined live on Mercedes me media. The world premiere will be broadcast on Thursday, January 7th at 2:00 p.m. (CET) in a media special at https://media.mercedes-benz.com/MBUXhyperscreen and will be available afterwards as an on‑demand video.
In addition, Mercedes-Benz will showcase the MBUX Hyperscreen at the first-ever digital 2021 Consumer Electronics Show (CES), which takes place from January 11th to 14th. The Mercedes-Benz Press Conference starts on January 11th, 2021 at 5:00 p.m. (CET)/8:00 a.m. (PST, local Las Vegas time). Media representatives can register on the CES Website to watch the Mercedes-Benz Press Conference. The link is also available in the media special.
Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG, Vera Schmidt, Head of Mercedes-Benz Advanced Digital Design, and Sajjad Khan, CTO and Member of the Board of Management Mercedes-Benz AG, will together present the MBUX Hyperscreen and its numerous facets.
From control over a functionality to material and design to technical details – the viewers gain interesting insights into the system, its unique features and its development.
Next to the world premiere, Mercedes-Benz will also provide additional information in form of videos, graphics, press releases and images for download on Mercedes me media. The opportunity to engage in digital dialogue with the Mercedes-Benz press team is also offered.
The FGN bond market opened the new week on a very drab note traded one-sided (all offers no bid). The 2034s and 2036s papers opened weaker than last week’s closing as offers jumped another 20bps as we saw some quotes between 7.30%-7.40% for these maturities.
We also saw a few order-driven requests for the SUKUK 2027s, mostly offered around 4.95%. Consequently, yields expanded across the curve by an average o c.20bps by business close today.
We expect this market weakness to persist in the interim with a few cherry-picking of selected bonds offered at attractive levels.
Treasury Bills
The T-bills market was tranquil for most of the trading session, although we saw a request for bids on mostly Jan-Mar, challenging to close. The latest OMO issue, 14/Dec, was offered at around 1.20% didn’t get any bid to match.
The T-bills space will most likely coast for most of this week as most participants begin to wrap their books for year-end.
Money Markets
Interbank rated down by an average of c.300bps despite the sharp drop in Liquidity by 60.99% compared to Fridays’ opening. This drop can be attributed to the less funding needs required in the market. The market opened the day cN334.41 positive with OBB and OVN closing the day at 1.00% and 2.00% levels, respectively.
We expect these low levels to persist for the week with no massive outflow set to move the market north.
FX Market
The IEFX window stayed steady as the apex bank continues its daily intervention in that space, supplying FX within the mid N390/$1 levels. Generally, rates remained relatively stable in all the FX market segments, albeit low supply level for most of the trading session, causing no change in closing rates. Consequently, all other market segments remained unchanged, with the cash and transfer market closing the day at N475/$ and N490/$, respectively.
Eurobonds
The NIGERIA Sovereigns weakened today, although trading volumes stayed slim for the session. The bulk of the action was noted at the curve’s belly, especially for the 2030s paper. Thus, yields expanded by an average of c.3bps across the sovereign curve. In the SSA space, the Angola papers pulled back some recent gains to underperform other SSA sovereign papers (Egypt and Ghana), as prices dropped -5cents D/D on the 2025s.
The SEPLLN 2022s paper was the most active of the NIGERIA Corps tickers, as the paper’s yield strengthened by approx. 32bps.
Hicolumn, the groundbreaking e-commerce Tech, which made entrant into Nigeria’s online market sector in November, ensures free access and download of its mobile App by merchants, store owners, small and medium enterprises (SMEs) with existing and verifiable businesses within 30 minutes. This is free of any registration charges.
The Chairman of Hicolumn, Benjamin Madu, said the mobile app which can also be downloaded by consumers from the Google Play Store and the Hicolumn e-commerce website www.hicolumn.com, comprises the Hicolumn Customer, Hicolumn Merchant and Hicolumn Delivery Apps.
These are connected together and work as one Enterprise Resources Programme, designed to give visibility to neighbourhood stores and connect them directly to customers anywhere, anytime.
Hicolumn gives merchants, store owners as well as SMEs the opportunity of leveraging the internet to serve or sell to their existing and prospective customers without the customers physically visiting the shops.
The e-commerce Tech also ensures customers’ usual places of shopping are made available for them to choose or change current location from where orders are made, for real comfort and convenience.
According to Madu,
“Merchants can register and set up their stores for free without difficulties and start getting orders from consumers. They don’t need any delivery facility, but they need to have goods available in stock for packaging after receiving payment from consumers.”
He posits that consumers who have made the purchase on the platform would have prompt delivery of goods within 20 minutes, with the same quality, same price and faster than physically being at the stores.
The leading-edge e-commerce Tech has come to the rescue of merchants and store owners, who should see Hicolumn as a cutting-edge platform that has come to their neighbourhood, to enable them to become super strong, active online and not to lose their business focus to foreign competitors currently entering their domain, especially in this period of the coronavirus (COVID-19) pandemic, when shopping is mostly done online.
Benefits accrued to merchants and stores partnering on the platform are increased profitable sales; reduced cost of operation with less than five employees; proper inventory management; and elimination of threat posed by the current e-commerce system.
Others include empowering merchants with the same capacity of an e-commerce global giant; customers’ retention on the full scale; reduction of operational cost; business enhancement through effective online promotion; increased merchants’ focus on core operations; and opportunity for massive promotion and customer acceptability.
LAGOS, NIGERIA – The Board of Union Bank Nigeria Plcannounces today that, after eight years leading the Bank, its Chief Executive Officer, Emeka Emuwa, has communicated his decision to retire from the Bank and his role as CEO on March 31, 2021.
Emeka Emuwa joined Union Bankin November 2012, following a US$500 million investment by Union Global Partners, with a mandate to transform and restore one of Nigeria’s oldest institutions back to its rightful position as a respected provider of financial services.
Emeka Okonkwo | www.brandspurng.com
With his imminent departure, the Board has appointed Emeka Okonkwo, an Executive Director currently leading the Bank‘s Corporate Banking business, to succeed him. The appointment is subject to the approval of the Central Bank of Nigeria.
Commenting on his retirement, Emeka Emuwa said;
I have enjoyed the significant challenge of leading Union Bank over the last eightyears. I am extremely proud of the management team and what we have been ableto accomplish during my time as CEO.
Today, we have a strong bank that is well-positionedto compete and deliver on its vision to be ‘Nigeria’s most trusted andreliable partner.’ With a clear strategic direction, a growing and loyal customer baseand a strong brand, this is now the natural time for the next generation of leadershipto take Union Bank forward and deliver furthervalue.
In over three decades of banking, my time at Union Bank has been one of the richestexperiences in a long and fulfilling career with a treasure of work and life lessons tocarry into the future. Together as a team, we scaled many hurdles and accomplishedsignificant feats and I would like to thank my Executive team, senior managementand every one of our employees for their integrity, support and hard work that havebrought Union Bank to where it istoday.
I would also like to thank the Board for the opportunity to lead this storied institutionthat has impacted generations of Nigerians for over a century and for supporting ourefforts and vision during mytenure.
As we begin the transition into a new era of leadership under Emeka Okonkwo, aconsummate professional with the right experience and values, I know that UnionBank will continue onits path as a values-drivenorganisation that is deeplycommitted to our customers and the communities weserve.
Prior to joining Union Bank, Emeka Emuwa led a distinguished 25-year career at Citibank. Following several senior roles in Nigeria and across Africa, he became the first Nigerian to be named Country Officer and Managing Director of Citibank Nigeria.
On his retirement, Emeka Emuwa will also step down from the Board of Union Bank. Union Bank’s Chair, Beatrice Hamza Bassey, said;
On behalf of the Board, I would like to thank Emeka Emuwa for leading Union Bankduring the last eight years. His exceptional contribution to the transformation of thebusiness produced excellent results and set a solid platform forgrowth.
The focus over the last eight years on technology transformation, digital innovation,and development of diverse markets for our world-class range of products, has seenUnion Bank well positioned to continue growing from its current position as a marketdisruptor.
Amid a tough macroeconomic environment, Union Bank maintained steadyoperational momentum under Emeka’s leadership which in 2020 culminated in thefirst dividend payment to investors and shareholders in over ten years.
His manysignificant achievements, including providing steady stewardship during theunprecedented challenges wrought by the COVID-19 pandemic, lays a solidspringboard for the future. We wish him the very best and are grateful for his supportand commitment to ensure a successful transition over the next fewmonths.
The Board is pleased to have Emeka Okonkwo as incoming CEO. Having been akey contributor to the achievements of the Bank over the past seven years as anExecutive Director, Emeka Okonkwo is well suited to lead Union Bank’s next phaseof growth. The Board and I look forward to working with him to execute our strategyand deliver value to all stakeholders in the years ahead.
Emeka Okonkwo is a seasoned banker with 30 years of experience. He joined Union Bank in 2013 as an Executive Director to lead the Corporate Banking and Treasury business. As the Bank embarked on its transformation, he was responsible for rebuilding the business and strategically positioning Union Bank for success in the Corporate Banking space.
Mr. Okonkwo began his career at Citibank Nigeria where he rose from officer level to become Executive Director in charge of Commercial Banking and Global Subsidiaries in 2009. At Citibank, he worked across various disciplines including Corporate Finance, Credit Risk Management, Marketing, Treasury and Strategic Management in Nigeria and London.
Prior to joining Union Bank, he was the Head of the Corporate and Investment Banking Division in Citibank Bangladesh.
Emeka Okonkwo has a bachelor’s degree in Civil Engineering from the University of Nigeria, Nsukka; an MSc in Construction Management from the University of Lagos and an MBA from Warwick Business School, UK.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank has a network of over 280 Sales and Service Centers across Nigeria.
Following recapitalisation in 2012 from new investors and a new Executive Management team, Union Bank has undergone an award-winning transformation programme to re-establish the bank as a leading provider of financial services in Nigeria.
Union Bank is focused on Retail, Commercial and Corporate Banking businesses. In addition to standard current and savings product portfolio, Union Bank has launched pioneering products into the Nigerian retail market including UnionKorrect, UnionGoal and UnionBetta.
Equities market opens the week on a positive note with sustained low fixed income yields. Notably, The All Share Index (ASI) advanced by 174bps to 37,443.40 with market capitalization also gaining N333,797bn to settle at N19.57tn. Consequently, the Year to Date (YtD) performance improves to 39.50%.
Performance across sectors was significantly bullish as 3 out of the 5 sectors under our coverage closed positive. Industrial, Oil & gas and insurance indices advanced by 5.46%, 0.76% and 5.16% following an impressive performance in DANGCEM (+9.98%), OANDO (+9.87%) and MANSARD (+9.78%).
However, Banking and consumer goods indices waned by 1.05% and 0.14% as a result of negative sentiment in ACCESS(-1.17%) and INTBREW(-2.71%)
Investors’ sentiment measured by market breadth was flat as 23 stocks advanced while only 23 stocks declined to indicate a 1.00x market breadth. This was followed by a 0.17% increase in volume while value declined by 24.14%
The bond market extended bearish mood as yield decline marginally on shorter maturities while those on longer maturities on the rise. Notably, Yield on the FGN-JAN-2022 declined by 0.36% to close at 1.31 while Yield on FGN-JUL-2030 remains closed at 6.42% from the earlier 6.31%.
Market Snapshot
Equities Market Opens The Week on a Positive Note…ASI up by 1.74%
The bond market extended on a quiet note…yield compressed on shorter maturities
U.S. Stocks Drop on Virus Angst
Oil Slides With New Virus Strain Raising Lockdown Risks
Naira stable against the USD in the Parallel market to close at N477/$
She is the Founder and CEO of SecureID. She also sits on the Boards of the Manufacturers’ Association of Nigeria (Sitting on the board of EXCO), Fintech Association of Nigeria Sokoa Chair Centre Limited, ICS Outsourcing Limited, Lifeworth Medicare Limited, African Missions L/Gte.
She is the Marketing Director of Mondelez International (Africa). In addition, Nadia serves as a Gerety Awards Jury member and as a Non-Executive Director for two non-profit organisations, most notably representing Africa as a Global Shaper at the World Economic
Forum and currently on the board of the Women’s Business Network for the UNHCR, the UN Refugee Agency.
These appointments will be effective 1st January 2021 subject to ratification at the company’s next Annual General Meeting (AGM) in 2021.
The ex-banker was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, EFCC, on four counts of stealing. The offence is contrary to Section 390 (9) of the Criminal Code Laws Cap. C30, Laws of Ogun State, 2006 and punishable under the same section.
The convict who arrested following a petition by the bank, was allegedly involved in several cases of cash suppression and fictitious fixed deposit certificates running into millions of Naira.
The convict was originally arraigned on a 12-count charge in 2018 for offences bordering on stealing, forgery and uttering. He had pleaded ‘not guilty’ to the charge, setting the stage for the full trial.
In the course of the trial, the prosecution called five witnesses and closed it case. However, before the adjourned date, when the defendant was expected to open his defence, he approached the commission through his lawyer for a plea bargain.
The charge was later amended and today, December 18, the defendant upon arraignment on the amended charge, pleaded ‘guilty’.
One of the charges reads,
“Adejare Sonde between 15th August 2014 and 19th December 2014 whilst a staff of FCMB Plc and Account Officer of FUNAAB Microfinance Bank Limited account no: 0725813014 domiciled at the FUNAAB main campus branch of FCMB Plc, Abeokuta, within the Abeokuta Judicial Division stole the sum of N20, 500, 00:00 (Twenty Million Five Hundred Thousand Naira) only property of FUNAAB Microfinance Bank Limited.”
The prosecution counsel, Mabas Mabur prayed the Court to convict the defendant and sentence him in line with the plea bargain agreement. The court convicted the defendant as charged and sentenced him to a term of one-year imprisonment on each count. The sentences are to run concurrently with effect from 18th December 2020.
The court also ordered the convict to restitute his victim –FUNAAB Microfinance Bank Limited-the sum of One Hundred and Twenty-Seven Million, Sixty-Three Thousand Naira(N127,063,000:00) only through the Economic and Financial Crimes Commission.
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