Just like Don Corleone said in the movie Godfather “I am a superstitious man and I do not like bad omens”
2020 a leap year is now drawing to a close and yet I have received only 5 Christmas cards as against 100 that I got at this time of 2019. That is not all, I have received only 2 thin and weightless hampers compared to the 20 bountiful and hefty hampers I got in 2019.
I said to myself gee whiz, last year I attended no less than 8 ends of year parties from the Eko Convention Centre to the Landmark Auditorium in December, but this year none.
To make the end of year celebrations super fascinating, I had been to the airport numerous times to receive visiting friends and relatives from the U.S., Canada and Dubai. This year, I have not welcomed any relative, friend or associate from abroad. What difference 12 months can make.
The Nigerian economy was firing on all cylinders, chalking up a growth rate of 2.55% in Q4 2019. The Naira was trading at N362/$ in the elusive parallel market and a bag of rice was selling at N18,000 per bag in August. The retail price of onions was N17,000 per bag and a ticket from Lagos to Abuja was N28,000.00.
Today it is a totally different picture. Rice is now N30,000.00, onions is N75,000.00 and a bag of flour is now N14,500.00. These anecdotal proxies tell you why food inflation is at a staggering 18.3% as against 14.67% in 2019. It also helps you understand the dramatically changing macro-economic picture and the challenges of an economy in stagflation with declining incomes and a negative balance of trade.
But not to worry, the worst is now over and the long arduous journey of a slow and difficult economic recovery has commenced.
In this edition of the LBS Executive Breakfastat dinner time held virtually, Bismarck Rewane and the FDC Think Tank look introspectively at 2020 and project into 2021 with forecasts on the leading indicators and the new world order of a Biden presidency in a Trump world.
How do you define your state of satisfaction? Do you ever find a word to describe that tasty feeling that leaves you refreshed and bursting with energy? Well, with the new Lucozade Cola you get this and more.
Popular energy drink manufacturer, Suntory Beverage & Food Nigeria, makers of Lucozade and Ribena, have introduced a new variant of the energy drink to the market under the name – Lucozade Cola. The product was unveiled at the brand’s office recently in Ikeja, in a close meeting with men of the Press.
Like its precedent, the new Lucozade Cola is a tasty, refreshing Glucose Energy drink. This newly introduced drink, however, has a Cola flavour that gives its consumer pure, beneficial energy that stimulates mental and physical productivity. New Lucozade Cola comes in a 380ml PET bottle, powered by Glucose; with an exciting Cola taste.
Boma Harrison, Head of Marketing and Trade Marketing at Suntory Beverage and Food Nigeria said,
“Lucozade Cola is a vibrant drink and it is intended for our vibrant consumers. They are the everyday, on-the-go men and women who consider themselves hustlers and digital citizens. These are people leading full and busy lives and have an innate desire to progress and succeed.
We want to provide our consumers with products that will give them joy and also support their yearning for an ideal world that is free of negativity. We also want the brand to resonate with the lifestyle of our target audience which is fun, trendy, social, value-conscious, and wants to lend a voice in the development of the country”.
Suntory Beverage & Food Nigeria aims to provide enjoyable wellness to its customers, utilizing expertise in the development of natural and healthy products. To this end, it has introduced Lucozade Cola to the Nigerian Market to give its consumers the opportunity to experience “The COOOLA side of Lucozade”. With Lucozade Cola infused with Glucose for the body and mind, your pursuit of passion never needs to stop.
Governor Udom Emmanuel has stated that training of Akwa Ibom youths in various technical skills to fit into his industrial revolution plan, remains a priority of his administration.
Speaking during the commissioning of the Dried Bamboo to Tissue Paper Production Factory, Saturday, Mr Emmanuel, flanked by his wife, Dr Martha Emmanuel, deputy Moses Ekpo, announced that 33 indigenes of the state have so far been trained to operate the tissue factory located at Dakkada Cottage Industries Ekid Itam, Itu Local Government Area.
He said 20 persons will be sponsored early next year for training in engineering studies at Israel to man the Vehicle Assembly Plant which will be commissioned next year. He said the 20 to be trained on the Motor Assembly Plant will contribute towards the locally made vehicles in the country.
“We try to make sure that we train a lot of our youths, a lot of our indigenes to be able to take care of our new industries. “We have trained about 33 indigenes of the state who adapted easily to the technology immediately and it will make this factory easily maintained by our own indigenes.
“I want to reassure the people of Itu that we need to send 20 people to Israel immediately for training, minimum of 10% persons will be from Itu because the company is sited in Itu Local Government Area.
“The Israeli Ambassador is working seriously to give us visas for them to go for the training so that when they come back those 20 engineers will be the ones to run the Vehicle Assembly Plant, I am sure we should be able to commission that next year.
” If you visit the Motor Assembly Plant, work is ongoing. We got some delays because of COVID our target is that as the federal government will be launching out the new scheme of locally assembled vehicles, Akwa Ibom state should be able to supply a whole into the Nigerian market especially for those luxury buses”.
The Governor explained that the Dakkada Cottage factories with limited employment needs of the people will create direct and indirect economic impact to drive the economy.
He appealed to Akwa Ibom people to be involved in the supply of raw materials which is mainly Bamboo used in the production of tissue and the toothpicks, where they will make a lot of profit.
The state chief executive also assured that his administration is working tirelessly to resuscitate moribund factories in the state.
“I can assure you that like the Quality Ceramics we are working seriously to see how we can bring it back to life.
“We are at the last stage now, once we fire and it responds by the second quarter of next year we should be able to reactivate that factory and bring it back to life”.
Emmanuel commended the host community, of the Tissue Factory at Ekid Itam for their cooperation and solicited for sustained community relations of peace so as to make the factory succeed.
“Let me appreciate the host community for their cooperation so far, I just want to believe they will continue to cooperate with us as we do a lot more”.
In his remarks, the Commissioner for Trade and Investment, Prince Ukpong Akpabio, thanked God for keeping the state through the recession with the state achieving most of its projects.
Prince Akpabio lauded the vision of Governor Udom Emmanuel for initiating the tissue paper production factory which he affirmed remains very significant to the people of Itu, stating that with the capacity to produce 5 tons of tissue daily from Bamboo and about 2000 tons annually, the prospect the factory holds will stimulate the economy in the area.
In a goodwill message, the member representing Itu State Constituency in the Akwa Ibom State House of Assembly, Hon. Kufre Edidem thanked Governor Emmanuel for siting the factory in Itu noting that it will provide more than 25 direct jobs and more than 2000 indirect jobs, adding that it will take the youths off the streets and provide them with a means of livelihood.
Similarly, the paramount ruler of Itu, Edidem Dr. Edet Akpainyang, expressed joy to the governor for making history through the siting of the tissue paper factory, describing it as compensation to the people of Itu who earlier lost the Oku Iboku which hitherto engaged the people in the area.
Hello, no prayed God for diligence to the governor to succeed in his vision for the state.
The four factories are operated under the supervision of the General Manager of the Dakkada Cottage Industries, Tedy Thomson.
The Plastic factory which has a daily production capacity of 2 tons presently on a test run, will soon be increased to a daily production capacity of 5 tons of plastics with the arrival of more moulds and other facilities.
As confirmed by Governor Emmanuel, the Dakkada Cottage Industries have the capacity for expansion to provide direct and indirect employments for several youths of the State.
December 19, 2020 – Consolidated Contractors Company (CCC), won several awards at the MEED Project Awards, in a ceremony held in Dubai on December 16th 2020. The awards celebrate the GCC’s dynamic projects industry and recognize the best projects in demonstrating excellence across architecture, construction and engineering.
The 2020 edition of the awards received over 130 entries from leading organisations, project owners, contractors and consultants. 25 organizations from UAE, Saudi Arabia, Kuwait, Bahrain, and Oman were commended for their achievements across 19 unique categories for delivering outstanding projects, reiterating the efforts that the entire GCC is taking to develop infrastructure that is strategically vital to the growth of the region.
CCC was named the winner of one GCC award and three National awards:
GCC Award
Innovation Medal 2020
3D Printed Single Family House for the Saudi Arabian Ministry of Housing, Saudi Arabia
National Awards
Innovation Medal – Saudi Arabia
3D Printed Single Family House under the Building Technology Stimulus Initiative for the Saudi Arabian Ministry of Housing
Innovation Medal – UAE
Empowering EMAAR’s Opera Grand Tower Project with Innovative IoT Technology to improve Safety and Productivity
Sustainability Medal – UAE
Off-Grid Portable Cabin (Accommodation and Office Units).
CCC completed the 3D printed house under the Building Technology Stimulus Initiative of the Ministry of Housing in Saudi Arabia. This first livable 3D printed house prototype stands as a striking example of CCC’s drive for the early adoption of innovative methods evolving away from conventional construction.
CCC implemented Internet of Things (IoT) technology applications at EMAAR’s Opera Grand Tower project in the UAE. The adoption of devices and sensors brought real-time information into construction processes and improved efficiency and safety standards.
Regarding the Sustainability Medal, CCC’s “Off-Grid Portable Cabin” has received much acclaim. acclaim. The 100% solar-powered off-grid mobile cabin was developed to operate accommodation and office units for CCC workforce in the UAE. This energy self-sufficient mobile cabin is an innovative off-grid solution and just the first step of CCC’s strategy on renewable energy and battery technologies.
In congratulating the winner’s MEED Editorial Director Richard Thompson stated:
“The world is changing, and the key success factors of future projects will be different from those of the past. The drive to limit the effects of climate change will see an increasing focus on decarbonisation and energy efficiency […]. The winners of the MEED Project Awards 2020 shine a spotlight on the projects that are at the cutting edge of this change.
The MEED Project Awards celebrate the greatest achievements of the GCC projects industry and promote innovation and best practice in project delivery. Even amid the Covid-19 pandemic and through challenging economic conditions, this year’s entries were of the highest calibre we have seen in the ten years of these awards”.
In his recent message CCC Chairman, Samer Khoury mentioned: “CCC is concentrating on innovation, sustainability and recycling in construction.”
CCC’s focus on innovation and sustainability through a strategy of business growth delivers positive environmental and societal outcomes and also contributes directly to CCC’s revenue. This recognition at the prestigious MEED Project Awards is an honour and reflects CCC’s commitment to steering towards a more innovative and sustainable future.
Established in 1952 and operating worldwide, CCC has provided more than 68 years of project management, engineering, procurement and construction services to the industry. CCC is currently engaged in 39 ongoing projects globally and employs around 102,000 people internationally.
Richard Akinyemi Akindele, Purchased Shares Valued at N465,000 in United Capital Plc.
The Richard Akinyemi Akindele purchased shares of 100,000 at N4.65 per share on December 18, 2020, from the Nigerian Stock Exchange trading floor in Lagos.
The management of the financial institution disclosed this in a statement signed by Leo Okafor, Company Secretary/General Counsel, United Capital Plc.
In a statement signed by Leo Okafor, Company Secretary and released through the Nigerian Stock Exchange (NSE), United Capital said the transaction took place at the Nigerian Stock Exchange in Lagos, Nigeria.
Opeoluwa Ashiru | Head, Business Process Improvement and Control | www.brandspurng.comSOURCE: NSE
A peek into United Capital’s Financials
United Capital Plc grew its Gross Earnings and Net Income (i.e. PAT) by 33% and 26% respectively to ₦7.069 billion and ₦3.463 billion compared to the corresponding period of 2019.
Sharp Drop in Other Income Failed to Impact Gross Earnings
Despite the 65% decline in its Other Income (to ₦308.82 million) relative to the corresponding period of 2019, the company’s Gross Earnings rose by 33% in 9M’2020 to print at ₦7.069 billion compared to ₦5.322 billion reported in 9M’2019.
The increase in Gross Earnings was jointly driven by a 55% surge in Investment Income to ₦74.386 billion, a 62% increase in Fee & Commission Income to ₦2.249 billion, and a 61% spike in Net Interest Margin to ₦125.28 million relative to 9M’2019.
Transcorp Power Limited was recognized as the Power Company of the Year in the BusinessDay Nigerian Leadership Awards 2020 on Saturday December 12th 2020.
According to the organizers, Transcorp Power was recognised with this award because of:
Its track record of being the leading power generating company in Nigeria
Its resilience in weathering various systemic problems in the power industry
Its contribution to national development, as a technology company that strongly supports local capacity building
Its high Corporate Governance practices
The annual BusinessDay Nigerian Leadership Awards is the bellwether used in identifying and celebrating best performing Chief Executive Officers and Businesses in Nigeria.
“It has been a very trying year for everyone with the COVID-19 pandemic and various events that occurred. People are searching for a safe, fun and relaxing place to end the year, and Transcorp Hilton has stepped up to be that place.
She elaborated on the safety measures the hotel has put in place to ensure all its guests are safe saying
“The Hilton Clean stay program which we launched at the onset of the pandemic is still on and improved upon daily. We have sustained the frequent cleaning of frequently touched areas and the use of our air filters to disinfect the air at the hotel. Our priority at all times is that our guests and employees remain safe.”
The Christmas offer at Transcorp Hilton Abuja starts from the 18th of December to the 3rd of January.
In the just concluded week, Naira depreciated against the USD at the Bureau De Change and parallel (‘black’) markets by 0.43% and 0.42% to close at N472.00/USD and N477.00/USD respectively despite efforts by CBN to reduce pressure on the exchange rate, especially at the parallel market.
However, the Naira closed flat at the Investors and Exporters Window at N394.00/USD Also, NGN/USD closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisible.
Afolabi Sotunde Illustration Naira
Elsewhere, the Naira/USD exchange rate rose (Naira depreciated) for most of the foreign exchange forward contracts: 2 months, 3 months and 6 months rates climbed by 0.16%, 0.11% and 0.06% and 0.96% respectively to close at N401.72/USD, N404.94/USD and N415.16 respectively.
However, the spot rate was flattish at N379.00/USD, while 1 month and 12 month rates fell (Naira appreciated) by 0.05% and 0.25% to N397.81/USD and N434.22/USD.
In the new week, we expect Naira/USD to stabilize at most market segments, especially at the I&E FX Window and parallel (“black”) markets amid rising crude oil prices.
Crude oil prices held their gains this week and pushed to new highs. In midday trading on Friday, Brent was over $52. Optimism on vaccinations is outpacing the bearish winds from record Covid-19 infections in the United States. Analysts differ on what happens next, but some say oil has more room on the upside.
Investors turn bullish on North American oil. Having been savaged for much of 2020, stocks for North American oil and gas producers have surged in recent weeks. The Canadian Energy Sector Index is up 40% since November 9, and U.S. energy stocks are having their best quarter since 1989.
LNG prices skyrocket. JKM prices shot up over $12/MMBtu in recent days. Energy Intel says a combination of factors is leading to the 80% rally in just three weeks. Supply disruptions in Australia, Qatar and Norway, weather-related supply issues in the U.S., congestion at the Panama Canal, colder temperatures in the Northern Hemisphere,
Saudi cuts budget. Saudi Arabia cut its 2021 budget by 7%, as it seeks to minimize the damage from falling oil revenues.
Hydrogen production to increase by 5000% in 5 years. After decades of stagnation and multiple false dawns, the hydrogen economy appears primed for a major takeoff. Industry experts are predicting that hydrogen could become a globally traded energy source, just like oil and gas, while the Bank of America says the industry is at a tipping point and set to explode into an $11 trillion marketplace.
ExxonMobil upgraded to Buy by Goldman Sachs. Goldman Sachs upgraded ExxonMobil (NYSE: XOM) to a Buy rating with a $52 price target, up from $42. The bank sees oil demand returning and Exxon’s shares have already been beaten down.
BP buys stake in forest carbon offsets.BP (NYSE: BP) bought a controlling stake in Finite Carbon, which helps landowners sell credits for their forests.
Strong oil demand in Asia. The Dubai January-February spread moved into backwardation this month, due to strong demand for crude in India and China.
Banning drilling on federal lands to cost $8.1 billion. A potential ban on drilling on federal lands would cost eight western states up to $8.1 billion in tax revenue according to a study from the state of Wyoming.
Federal Reserve joins climate risk body. The U.S. Federal Reserve joined an international group of central banks – the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) – a body that uses regulatory and research clout to mitigate effects of climate change risk to the financial system.
EVs to reach price parity in three years. EVs could reach price parity with the internal combustion engine on an upfront unsubsidized basis within the next three years, according to BloombergNEF. The key threshold can be reached when the cost of battery packs falls to an average of $100 per kilowatt-hour. The cost is now at about $126.
Lloyd’s of London to exit fossil fuels by 2030. Lloyd’s of London, the world’s largest insurance market, said it would end coverage of coal, oil sands and Arctic energy exploration by 2022, and withdraw from the sector altogether by 2030.
SEC approves a watered-down anti-corruption rule. The Securities and Exchange Commission approved a rule requiring oil, gas and mining companies to disclose payments made to foreign governments, although the rule had been significantly weakened. Unlike previous iterations, the new rule allows companies to disclose aggregated data at the country level, as opposed to on a contract-by-contract basis.
7 European energy majors agree on transition principals. Seven European energy companies – BP (NYSE: BP), Royal Dutch Shell (NYSE: RDS.A), Eni (NYSE: E), Equinor (NYSE: EQNR), Galp (FRA: DE), and Total (NYSE: TOT) – plus Occidental Petroleum (NYSE: OXY) have agreed on six energy transition principles: support Paris Agreement, reduce emissions from operations, collaborate with stakeholders and investors, support emissions sinks and carbon capture, disclose climate risk, and report information about membership in trade associations.
Trafigura denies bribery allegations in Brazil. Oil trader Trafigura is under fire for alleged bribery in Brazil, a case stemming from the long-running Lava Jato investigation.
Canada floats North American ban on gasoline vehicles. Canada’s Environment Minister floated potential closer ties with the U.S. on environmental issues, including aligning vehicle policies that could eventually lead to a North American phase-out of the internal combustion engine.
Biden’s energy and environment team. President-elect Joe Biden unveiled multiple cabinets and sub-cabinet picks related to energy and environment this week. Former EPA administrator Gina McCarthy will be Biden’s domestic climate czar. North Carolina environmental regulator Michael Regan will be heading up EPA. Rep. Deb Haaland (D-NM) will be Secretary of Interior. Former Michigan Governor Jennifer Granholm will lead the Department of Energy.
Oil industry needs $12.6 trillion in investment. The global oil industry needs some $12.6 trillion in investments through 2045, the secretary-general of OPEC said at a videoconference.
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