Domestic Bourse Begins In Negative Territory

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Domestic Bourse Begins In Negative Territory

The Nigerian All-Share Index closed in the red, falling by 0.29% to close at 48,879.74 points.

The performance was due to selling pressures in bellwether stocks such as ZENITHBANK (-3.50%) and GTCO (-0.85%). Consequently, the YTD return decreased to 14.63% as market capitalisation declined by ₦78.53 billion to close at ₦26.37 trillion.

The sectoral performance significantly weakened as four of the five indices under coverage declined while the Industrial closed flat. The Banking index, the biggest loser, declined by 2.58% on ZENITHBANK (-3.50%). The Consumer Goods, Oil & Gas and Insurance indices followed suit, falling by 0.41%, 0.34% and 0.29% on VITAFOAM (-4.53%), OANDO (-2.08%) and CHIPLC (-7.02%) respectively.

Investors’ sentiment weakened as the market breadth decreased to 0.43x from 0.86x. This was illustrated by the advance of 21 stocks, led by INTBREW (-9.09%) and REDSTAREX (-7.83%) and the advance of 21 stocks, led by MULTIVERSE (+9.76%) and RTBRISCOE (+8.82%). Activity level weakened as the total volume and value declined by 51.37% and 36.09% as investors exchanged about 173.46mn units of shares worth over ₦2.39bn.

We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

 Fixed Income

There was bearish sentiment across the bond yield curve as three of the four bond yields under coverage advanced, while the FGN-JUL-2030 yields closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JAN-2026 inched higher by 2bps, 147bps, and 50bps respectively.

The Treasury bill yield for the 91-day closed flat at 6.07% while the 182-day paper yields advanced by 13bps to close at 7.25% and the 364-day paper yields compressed by 1bp to close at 9.02%.

We expect market activity to be influenced by the liquidity levels in the financial system. 

  • Domestic Bourse Begins the Week in Negative Territory, NGX ASI Sheds 29bps
  • Bearish Sentiment across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in the Green
  • Mixed Performance in African Stocks

BBNaija 7: MultiChoice Presents 100M Grand Prize To Winner (PHOTO)

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BBNaija 7: MultiChoice Presents 100M Grand Prize To Winner (PHOTO)

Big Brother Naija (BBNaija) Level Up housemate, Phyna, was presented with a brand new Innoson SUV and N50 million cheque for the emerging winner of season 7 of the reality TV show.

Phyna received the grand prize at a presentation event in Lagos on Tuesday.

In his remark, Chief Executive Officer, MultiChoice Nigeria, John Ugbe, congratulated the winner and other housemates for giving the audience 72 days of premium entertainment. He also appreciated the fans for giving the show a winner.

“Congratulations Phyna and immense gratitude to the housemates, real and fake, and the Riders for giving fans and viewers premium entertainment for the duration of the show.

Speaking on the economic contribution of BBNaija, Ugbe disclosed that the Level Up edition provided 1,200 jobs, directly and indirectly, while the production cost amounted to N4.7 billion which includes licensing, modeling, marketing costs, among others.

BBNaija 7: MultiChoice Presents 100M Grand Prize To Winner (PHOTO)
BBNaija 7: MultiChoice Presents 100M Grand Prize To Winner (PHOTO)

He added that the show received over one billion votes, with over N100 million worth of prizes won by housemates during tasks and N30 million won by 30 fans who locked down their favourite during the show.

“BBNaija is more than entertainment, it is renowned for its social and economic value. To date, over 14,000 people across various industries have worked on this show. This year, 1,200 people worked directly including photographers, carpenters, interior decorators, and fashion designers. The show contributes significantly to the economy.

“Also, housemates won over N100 million worth of prizes on tasks alone this year and 30 fans get to win N1million each.

“BBNaija season 7 is another record-breaking season with over a billion votes. We are proud of the support housemates got from viewers and fans,” Ugbe said.

Receiving her prize, excited Phyna appreciated the fans for voting for her and MultiChoice Nigeria for providing a platform to sell herself to the world.

“I appreciate God first; it has been God all the way. Thank you MultiChoice Nigeria and the Big Brother Naija show for giving me this privilege, after four years of auditioning. The fifth year, I am here, as a winner. Thank you to everyone out there who voted for me and thank you to my fellow housemates,” she said.

Executive Head of Content and West Africa Channels, MultiChoice Nigeria, Dr. Busola Tejumola praised Phyna for playing the game, and appreciated sponsors for making the show a success.

“We are extremely proud to have created a platform that continues to entertain the viewers, celebrate the talent of the housemates, showcase the different expressions of our culture and contribute to the creative industry in Nigeria.

“Thank you Phyna for playing the game and contributing to delivering what is being called a season of premium content. To the other housemates – you were all winners from the moment you walked through Biggie’s doors.

“Our headline sponsor, Pocket by Piggyvest; Associate sponsor, Flutterwave and tactical sponsor, Quidax, thank you for making magic with us this season,” she said.

She enjoined viewers to look forward to even more entertainment with the introduction of new shows and programmes across DStv and GOtv channels in coming days.

FMDQ Exchange Registers Julius Berger’s N30bn Commercial Paper

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FMDQ Exchange Registers Julius Berger’s N30bn Commercial Paper

FMDQ Securities Exchange Limited, the largest securities exchange in Nigeria by market turnover, through its Board Listings and Markets Committee, has approved the registration of the Julius Berger Nigeria PLC ₦30.00 billion CP Programme on the Exchange.

This feat demonstrates FMDQ Exchange’s positioning as the preferred platform for debt securities and further reinforces the Exchange’s commitment to enhancing access to capital for infrastructure development for the good of the Nigerian economy at large, through its credible and transparent platform.

Julius Berger Nigeria PLC (“Julius Berger” or the “Issuer”) is a leading Nigerian company offering holistic services such as planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects.

The CP Programme, which is sponsored by Stanbic IBTC Capital Limited (Lead Sponsor) and FCMB Capital Markets Limited – both Registration Member (Quotations) of FMDQ Exchange, will avail the Issuer, the opportunity to raise short-term finance from the Nigerian debt markets through CP issuances within the Programme limit.

The Managing Director, Julius Berger, Dr. Lars Richter, commented on the successful CP Programme registration, stating “Julius Berger is pleased to have completed the establishment of its ₦30.00 billion CP Issuance Programme on FMDQ Exchange.

The establishment of the CP Programme will enhance Julius Berger’s long-term strategy to boost financial flexibility and strengthen its competitive advantage in the construction sector. Issuance of commercial papers will support the Company’s short-term capital and funding requirements, enabling the Company to diversify funding sources and unlock more value for stakeholders.”

Equally speaking on the significance of the successful issuance, the lead sponsor of the CP Programme and a Registration Member (Quotations) of the Exchange, Stanbic IBTC Capital Limited, represented by its Chief Executive, Mr. Funso Akere, said “Stanbic IBTC Capital Limited is pleased to have advised Julius Berger on the establishment of its inaugural ₦30.00 billion CP Issuance Programme, which will enable it to access competitively priced short-term funding from institutional investors. Julius Berger plans to issue CPs on various tenors under the Programme in order to optimise its funding costs and diversify its funding sources.”

Also, the co-sponsor of the CP Programme, FCMB Capital Markets Limited, through the Head, Debt Solutions, Mr. Ikechukwu Omeruah, stated “FCMB Capital Markets Limited is pleased to have acted as co-sponsor to the registration of Julius Berger’s debut CP Programme on FMDQ Exchange. Julius Berger is a household name in the Nigerian lexicon, playing a prominent role in the development of the country’s infrastructure.

The establishment of the CP Programme provides a platform for the Company to diversify sources of debt funding to include non-bank investors, thereby increasing resources available for strategic planning while also reducing average cost of borrowing.”

FMDQ Group is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty, settlement, and risk management for financial market transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

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Lemonade Launches Digital Insurance Tool In UK

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Lemonade Launches Digital Insurance Tool In UK

Lemonade, the insurance company powered by AI and social impact, today launched in the United Kingdom. Residents across the UK can now get Lemonade Contents insurance instantly, from anywhere, on any device, as well as file claims and get paid in seconds.

Today’s launch follows Lemonade’s previous launches in France, Germany, and the Netherlands.

Founded in 2015, Lemonade launched its flagship renters insurance in the United States in 2016, where it is now ranked one of the top renters insurance products in the market. With today’s launch Lemonade brings the same instantaneous and delightful experience to residents in the UK. Customers can get a quote, purchase contents insurance, file a claim, and get paid – all within seconds.

As a Public Benefit Corporation and Certified B-Corp, Lemonade has a social impact baked directly into its business model. Through its Giveback program, the company donates leftover premiums to non-profit organizations selected by its customers, supporting causes like equality, climate, and poverty.

Residents in the UK are now able to protect their belongings with Lemonade, featuring a Defaqto 5-Star Rating, starting at just £4 a month. Lemonade’s Contents insurance includes worldwide coverage for individual personal items of up to £2,000 each, total coverage of up to £100,000, and no cancellation fees. Add-on coverage is also available for those who want extra protection for theft and loss-related incidents, accidental damage to mobile devices as well as expert help through legal protection.

“Insurance as we know it hails from the UK, as do I. So both professionally and personally bringing Lemonade to the UK is a homecoming of sorts,” said Daniel Schreiber, Lemonade co-CEO and co-founder. “We believe the millions of local renters will appreciate what Lemonade has to offer. After all, who doesn’t want instant, transparent, personalized, and mission-driven insurance?”

Lemonade is entering the UK market in a long-term, strategic partnership with leading UK insurer, Aviva.

“We’re excited to be appointed as the long-term partner for Lemonade in the UK. We share a common outlook for how digital, AI and data can transform customer experiences, and the role insurers can play in building stronger communities,” said Adam Winslow, CEO of Aviva UK & Ireland General Insurance. “By joining forces we can ensure compelling propositions reach a broader range of customers, including renters, an under-served yet growing segment of the UK insurance market. In our 325-year history, we have adapted and thrived in a changing world and our partnership with Lemonade is a marker of our intent to continue just this.”

“Pairing Lemonade’s strengths with Aviva’s promises to deliver insurance that is digitally native, yet rooted in the birth of modern statistics in the 1700s. It’s the best of both worlds, giving people a refreshing experience backed by a company they’ve known and trusted for years,” added Schreiber.

Lemonade Insurance NV is regulated by the Financial Conduct Authority (FCA) and subject to limited regulation by the Prudential Regulatory Authority (PRA) in the UK.

Residents in the UK can now buy a new policy through the Lemonade app or online at lemonade.com/uk.

Femi Falana, SAN: Your Client’s Publication On Zinox Chairman, A Cheap Blackmail

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Femi Falana, SAN: Your Client’s Publication On Zinox Chairman, A Cheap Blackmail

I have followed with interest the case of what appears to be an attempted blackmail by your client, Mr. Benjamin Joseph of Citadel Oracle Concepts Limited, an Ibadan-based ICT retail firm against the Zinox Chairman, Mr. Leo Stan Ekeh, his wife, TD Africa and staff and Access Bank Plc. for some time now as a disinterested observer.

 

However, I was recently moved to take an interest in the case after a lawyer friend of mine went to great lengths to verify from the facts on ground from the respective authorities. Now, I am moved to comment following what I consider an unacceptable media slander to denigrate the character of the Zinox owner.

 

 

The only sin Mr. Ekeh’s company committed is extending documented interest-free credit facility to your client when he couldn’t fund an IT supply business which the Federal Inland Revenue Service (FIRS) awarded his company and 12 other companies. After the FIRS paid all suppliers funded by Technology Distributions Ltd. (TD Africa), other companies paid TD the invoice sum of the laptops supplied on credit to them as agreed.

However, your client tried to divert TD’s fund.

It is important to state here that your client’s application for credit was initially rejected based on lack of credit history with TD. However, his partner, Princess Kama and her uncle, one Chief Onny Igbokwe, a long-time customer of TD’s, intervened on his behalf.

Therefore, when he tried to hold back remitting the funds for the laptops supplied on credit by TD, his partner, Princess Kama who, handled the transaction on behalf of his company (he issued a letter of authority to Princess Kama as his company’s legal representative and submitted it with a copy of his passport to the FIRS) refused as the credit was guaranteed by Chief Igbokwe. After TD was paid, your client Benjamin Joseph started fighting his partner, Princess Kama, on profit share which lasted two years and was at a point handled by a distinguished lawyer – Chief Afe Babalola – who pleaded with Princess Kama to consider increasing the profit share due to Benjamin Joseph a little bit, but your client wanted all.

It was at this point that your client changed the story that he was not aware of the contract and that his company was used to defraud the FIRS, adding that nothing was supplied to the FIRS. This, I understood, was in order to try and blackmail the owners of TD to extort money from the company. He sponsored some fake press releases against the Zinox Chairman, his wife and Access Bank so that he could have access to Mr. Ekeh. When he visited Lagos from Ibadan to meet Mr. Ekeh on one occasion, the Zinox Chairman refused to see him because he was classified a blackmailer.

Your client had initially reported the case to the Police Special Fraud Unit (SFU) Milverton Road, Ikoyi. The SFU conducted investigations and indicted him on the basis that a forensic analysis report stated that he signed the board resolution which he said was forged. He thereafter lodged another petition to the Police Headquarters, Abuja, who after investigations and confirming that he was lying, charged him to court in 2016 in suit CR/216/2016 (IGP vs. Benjamin Joseph) for false information before Honourable Justice Peter Kekemeke. The Police (Prosecution) has since closed their case since 2018 and your client is supposed to open his defence.

Instead of defending himself, he is running around with your help, to have the Attorney General to discontinue the criminal case against him. My investigation at the Ministry of Justice revealed that your chambers once applied to the AG with a letter dated November 1, 2018, for a Fiat, which you invariably wanted to use to discontinue the criminal proceedings against Benjamin Joseph, so that he would not defend the criminal charges against him. But the AG refused that your 2018 application. Thereafter, your client went to procure some spurious “reports” said to have been made in 2015 and in 2020, which you, again, used to apply for another Fiat.

But my further investigations at the Force Headquarters Abuja shows that the Police have, by a comprehensive report dated December 1, 2020, discredited and disclaimed all those “reports” which your client is parading and with which you tried to get the Honourable AG to grant you a Fiat in May 2022. However, when the AG further reviewed the file and saw through the discrepancies in your application for the Fiat, the AG reversed himself and issued a new letter to the Police dated 6th June 2022, directing the Police to prosecute your client, Benjamin Joseph, to a logical conclusion. For instance, your chambers failed to disclose to the AG that there is a subsisting judgment of the FCT High Court in Suit No.  FCT/HC/CR/244/2018, given by Honourable Justice Danlami Senchi on 24th February 2021, against your client to pay N20million as damages for false petitioning and to serve as a deterrent against persons who would give Police or the EFCC false information as your client did. This was following the petition your client made on same set of facts and allegations to the EFCC through the Vice President.

Yet, you are applying for Fiat to prosecute the same persons your client is asked by a subsisting judgment to pay N20million as damages!    That same judgment absolved these same persons of all the allegations made by your client.

I would also like to point out that the Federal Government, through the office of the Attorney General of the Federation and Inspector General of Police have instructed the court to prosecute your client, Mr. Benjamin Joseph to logical conclusion, with letters dated 6th June, 2022 and 26th September, 2022 respectively, for false information at the FCT High Court, before Honourable Justice Peter Kekemeke. Yet, the latest release being circulated by your client states that you are filing charges against Mr. Ekeh, Mrs. Ekeh, Chris Eze Ozims, Shade Oyebode and other persons named in the publications.  Meanwhile, your client was in court on the 27th of September 2022 and the letter of the AG dated 6th June 2022 and the letter of the IGP dated 26th September 2022, to continue the prosecution of your client were already in the court file. Your client was called upon to give evidence for his defence. He could not defend himself but rather sought an adjournment.

Yet, your client quickly rushed to the press on the 29th (2 days after) to blackmail innocent persons with reckless allegations contained in various online publications. All these acts are capable of making one believe that they are not directed to meet the ends of justice but just to embarrass and humiliate Mr. Ekeh, the Chairman of Zinox, his wife, and his staff.

It is libellous to insinuate that a distinguished tech entrepreneur who has built the largest ICT group on the continent, as well as his wife and few others have been indicted by Police and EFCC. It is all false. The release indicated that the Police SFU and the EFCC indicted Mr. Ekeh, Mrs. Ekeh, Mr. Ozims, Mrs. Oyebode, Mr. Adigwe. Could you please release these reports from the SFU and the EFCC to the public for us to read? I have made enquiries at EFCC and the Police Headquarters to confirm this claim and both confirmed there was no such invitation and indictment. The spurious Police reports which your client is parading were not made by the SFU who investigated the case. Your client rather procured a certain “report” from a Police agency in Abuja, which did not investigate the case and which the Police Headquarters Abuja has disclaimed in their FINAL report dated 1st December 2020 on this matter. Yet, your client is parading these fake and discredited reports. I am sure you know that your client who reported cases has been unable to substantiate and defend the case he reported at the courts till date and is instead begging the Attorney General to withdraw the case. I have taken the pains to give you specific dates of letters and reports and particulars of all the cases, to demonstrates the truthfulness of my findings. Anybody can thus verify them.

For your information, Technology Distributions (TD Africa) which is run by Mrs Chioma Ekeh, a first-rate Mathematician, FCA, MBA is the largest ICT products distribution company in the sub- Saharan Africa and has a revolving credit to ICT vendors of $75m in the last eight years. This was why your client could be extended an interest-free credit to execute the job for which he could not secure a bank loan. Mr. Ekeh and his Board are persons of integrity and please feel free to confirm this from industry players. Yet, he sponsored a publication which states that 12 persons including Access Bank conspired to defraud him of N170m. Are they hungry as to collectively tarnish their integrity with a mere N170m contract?

Indeed, your client owes an apology to Mr. Ekeh, a serial digital entrepreneur and well-known promoter of trust economy and digital democracy, who I consider the main target in this charade. Let me share a few facts.  In the last 35 years, he has built the largest ICT group in Africa with companies in four continents without borrowing a kobo or owing any bank for that matter (please check with Nigerian banks). He believes he is a child of trust economy and has succeeded with it. His companies have executed the biggest ICT projects in Africa and some Arab countries and so not desperate to cheat any person. His companies also employ thousands of quality Nigerian staff. He may be extremely humble but not stupid.

Mr. Ekeh enjoys the privilege of being the only African with revenge insurance (please check global database if you are given access). He is humble to a fault and that is why he is tolerating your client. He once told his friend after investigating your client with paid foreign detectives that Mr. Joseph is broke and working as small blackmailer for competitors to some of his companies and that it was a waste of time looking in his direction.

Finally, Mr. Falana, I would like you to ask that if the claim made by your client in that publication are substantiated, please publish the court, Police and EFCC report that indicted Mr. Ekeh, his wife, and all the other names mentioned including Access Bank. If you have this evidence, I shall apologize to you publicly for seeing the publication by your client as a cheap blackmail.

I believe that irrespective of how long it takes, justice will eventually have its way in this long-drawn case.

Journalists Commend Polaris Bank’s Annual Media Workshop   

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Journalists Commend Polaris Bank’s Annual Media Workshop   

… Over 3000 journalists directly impacted in 4 years 

A cross-section of journalists who participated in the fourth edition of the media capacity-building session for journalists organized by Polaris Bank has expressed excitement at the quality of the workshop.

The annual media workshop, in its fourth edition held over the weekend, had in attendance over 152 participants, including renowned publishers, editors, Managing Directors of media houses, reporters, and other media-inclined professionals. 

Earlier, while welcoming participants and declaring the workshop open, the Group Head, Strategic Brand Management of Polaris Bank, Nduneche Ezurike said the Bank remains committed to its corporate citizenship of contributing to the development of the media in Nigeria. He explained that since Polaris Bank took up the responsibility of empowering media practitioners in 2018, the media has been better for it. The highly engaging sessions, anchored by some of the best in the industry, have helped media practitioners to raise the bar of their practice while avoiding landmines that could ruin their blossoming careers. 

Polaris Bank, working through respective State Councils of Nigeria Union of Journalists (NUJ), has trained journalists in Lagos, Ogun, Oyo, Ekiti, Ondo, Rivers, and Abuja on contemporary issues such as: Best Media Practice, Fact Checking, Impact of Fake News, Digital Journalism, Art of Story Telling in a Digital Age, Media Convergence & Transitioning to a Multi-Media Journalist.

He noted that since the commencement of this initiative, over 3,000 Nigerian journalists have directly participated in the Media Workshop, a key feature of the Banks’ Corporate Social Responsibility (CSR) intervention.

Most participants expressed their appreciation to Polaris Bank for the consistency in hosting the media seminar, despite the challenges of the COVID-19 pandemic. 

They promised to put to judicious use the rich nuggets learned from the workshop.

The Deputy Group Business Editor of The Nation newspapers, Taofik Salako noted that “The workshop was very educative and informative. As a matter of fact, I acquired new knowledge and information as regards Cybercrime Law and You.”

Another joiurnalist, Toyibat Ajose wrote, “Polaris Bank has indeed over the years shown consistency as a media-friendly brand by organising this annual high-impact capacity-building workshop for Nigerian journalists to broaden our horizons and enable us practice more professionally.” This, we appreciate.

Simon Kolawole, Founder and Publisher of TheCable, facilitated the topic: “Managing a Virtual Newsroom’, while “The CyberCrime Law & You” was anchored by Eric Orji, a top Legal Practitioner and Principal Partner from E.A Orji & Co Law Firm.

PenCom Bans PFAs’ Gifts To RSA Holders

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PenCom Bans PFAs’ Gifts To RSA Holders

The National Pension Commission has barred the Pension Funds Administrators from sending gifts to Retirement Savings Account holders.

PenCom is taking this measure in its efforts to stop healthy competition in the industry.

It gave this order in a new directive to the PFAs, according to findings by our correspondent.

The PFAs often sent birthday gifts to workers nearing retirement to woo them to stay even till after retirement.

They also sent out corporate gifts to many of their RSA holders and clients at the end of the year.

However, since PenCom opened the window of transfer which allowed workers to change their PFAs, the pension regulator noticed an alarming increase in the rate at which the PFAs sent gifts to many RSA holders, including younger ones.

The aim, it was discovered, was to discourage them from transferring their pensions to other PFAs.

At retirement forums, the PFAs had, over the years, continued their culture of giving gifts to their retirees. However, there are fears that this may stop if PenCom does not reverse its decision.

Stanbic IBTC Pension Managers Limited said in a mail to some of its RSA holders that, “Congratulations on your upcoming birthday celebration!

“This is to inform you that we are in receipt of a new directive from the National Pension Commission, advising the immediate discontinuation of the distribution of gifts by all Pension Fund Administrators to Retirement Savings Account holders.

“As a result, we are engaging the commission for clarity on the instruction and once confirmation is received to proceed, your gift will be delivered to your preferred address.

“We sincerely apologise for any inconvenience which may result from this new development. We would, however, like to reassure you of the high value we place on our clients. Our commitment to providing you with excellent services remain unwavering, while our pledge to client obsession remains unchanged.”

Confirming the development, the Spokesperson, PenCom, Abdulqadir Dahiru, said, “The commission released a circular stopping all these ‘gifting things’ because it was getting out of hand and we were getting a lot of complaints so the commission had to put a stop to it. With the transfer window, it was becoming alarming.”

He noted that the PFAs were not really making much except the fees charged on the funds they were managing because the funds were in the custody of the Pension Fund Custodians.

Dahiru said, “When you start spending on all these, where is that money going to come out from? We don’t want unhealthy competition in our industry. It is an attempt to sanitise the industry.”

He however said engagements were still on-going in that regard..

NNPC Acquires Downstream Assets Of OVH Energy

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NNPC Acquires Downstream Assets Of OVH Energy

The Nigerian National Petroleum Company (NNPC) Ltd has acquired the downstream assets of OVH Energy Marketing Company effectively making it the biggest downstream company in Africa.

The acquisition was announced, yesterday. in Abuja during the unveiling and rebranding of one of the retail station stations of OVH to NNPC.

With the acquisition, OVH retail stations trading under the Oando brand will now join the NNPC Brand.

The event was attended by the Chairman of the NNPC Ltd Board, Mrs Margary Okadigbo; the Group Chief Executive Officer of the NNPC, Mele Kyari, the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and the Executive Vice Chairman, Federal Competition and Consumer Protection Commission, Babatunde Irukera among others.

OVH Energy is the company behind the Oando retail brand in Nigeria.It is an indigenous marketer of choice providing trusted petroleum products and services.

Speaking at the event, the NNPC Board Chairman said that the acquisition of the downstream assets of OVH would position the NNPC to become the biggest downstream company in Africa.

She said with this partnership, the NNPC would now have a reception jetty (ASPM) with 240,000MT monthly capacity, 8 LPG Plants, 3 Lubes Blending Plants, 3 Aviation Depots, and 12 warehouses.

Okadigbo said as a result of the acquisition, additional 380 filling stations would be added to what the NNPC had, adding that with this, the aspiration of the National Oil Company to have 1,500 retail fuel stations would soon be achieved.

She said, “With this partnership, we have the capacity to have 8 LPG plants, three blending plants, three aviation depots, and 12 warehouses.

“You are going to have the biggest filling station collection in Africa and when you have 380 additional filling statins under NNPC, that is indeed huge.

“We also have NNPC retail brand now in Nigeria and Togo and we are on the journey to attaining the 1,500 fuel station target.”

In his speech at the event, the Group CEO said that the partnership would further unlock the potential of the NNPC to guarantee energy security for Nigeria.

He said, “Our President who is also the Minister of Petroleum Resources has consistently insisted that this company must ensure energy security for our country.

“Providing energy security means access to products. There is no way we can do this except you have a robust system and processes, you have a network that will work, you have an institution that will deliver value to shareholders.”

He described OVH as a company that has systems, processes and competence that align with the energy transitioning aspiration of the NNPC.

Kyari added, “We have struggled with this for many years and we saw the opportunities to latch on to the competencies of OVH. We have worked with them, they are our partners and we have also worked with them and we know their capability and ultimately we knew that this company will work for us”.

5 Ways To Manage A Hike In Interest Rates

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5 Ways To Manage A Hike In Interest Rates

The governor of the South African Reserve Bank recently announced an increase in the lending rate by 75 basis points. This means the repo rate (the rate at which the central bank lends money to commercial banks) will increase from 5.5% to 6.25% and the prime rate (the rate commercial banks charge their clients when lending them money) rises from 9.0% to 9.75%.

South Africa isn’t alone. Countries across the continent – and the world – have also been hiking rates to manage rising prices. South Africa is the most recent African country to hike rates. Others have included Ghana and Nigeria. And more hikes are expected in the coming weeks.

From a personal finance perspective, increased interest rates have implications for anyone with a mortgage, vehicle financing, student loan or any other form of debt. Higher interest rates translate to higher debt repayments. For instance, in South Africa the monthly repayment on a R1 million home loan, with a repayment term of 20 years, will increase from R8,997 to R9,485.

Many households are feeling the financial pinch caused by the rising cost of living. Low-income households are the most vulnerable to high food costs. But middle-income earners don’t fare any better. A recent report on South Africa by the consultancy PwC highlighted that 40% of this cohort’s expenditure is allocated to food and 20% goes towards housing and utilities.

But the time to fix the roof is indeed while the sun is still shining. Before the economic situation goes from bad to worse, the impact of rising prices – and rising interest rates – can be mitigated in a combination of ways. Here are five steps you should consider taking.

Five things you can do

Debt: Try to pay off as much of your debt as possible. As interest rates rise, so do debt repayments. Loans could be tying up funds that could better service another area of your finances.

Another important consideration is that the risk of defaulting on your debt repayments increases during financially difficult times. If default occurs, it would spell bad news for your credit rating, which would jeopardise the ability to take out a loan in the future.

If taking on more debt is necessary, knowing your credit score and assessing whether the debt works for you or against you may be the tipping point in the decision to take on more debt, particularly when interest rates are up.

Shop around for the best rate: Investing in the property market is a lifelong goal for many. New entrants in the housing market should resist the temptation to accept the first mortgage offer that comes their way. Many banks are not explicit in sharing this information but your “home bank” should give you the best offer because they want to keep all your business in house.

Banks are in competition with one another to be your home loan provider and the better offer is, more often than not, the one that’s below prime.

Track your finances: Many may think of budgeting as the equivalent of wearing a financial straitjacket. But tracking your finances provides another way for finding opportunities to cut expenses and increase savings. Consider the opportunity cost of not budgeting. Without monitoring your cash flow, it becomes nearly impossible to make contingencies for unplanned expenses. Most people also save what’s left after spending, instead of spending what remains after saving. While the intention to save may exist, intentions alone won’t get the job done.

Clearly demarcating how much you will put away in savings can make a huge difference in the long run. Many households are more financially vulnerable than they think. In fact, most families are one medical emergency away from being financially devastated.

Just think of the doctor’s consultation fees (or worse, specialist referral fees), ambulance call-out fees and out-of-pocket expenditure. With or without medical aid, making provisions for the unforeseen occurs through budgeting.

BREAKING: ARCON Sues Meta Platforms Inc, Seeks N30 Billion

Brand Spur
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BREAKING: ARCON Sues Meta Platforms Inc, Seeks N30 Billion

The Advertising Regulatory Council of Nigeria (ARCON) has instituted a suit against Meta Platforms Incorporated (owners of Facebook, Instagram and WhatsApp platforms) and its agent AT3 Resources Limited at the Federal High Court, Abuja Judicial Division.

In a statement made available to Brand Spur Nigeria, ARCON is seeking a declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria.

ARCON stated that Meta Platforms Incorporated’s continued exposure of unvetted adverts has also led to the loss of revenue to the Federal Government.

ARCON is seeking N30b in sanction for the violation of the advertising laws and for loss of revenue as a result of Meta Incorporated’s continued exposure of unapproved adverts on its platforms.

The regulatory agency maintained that it would not permit unethical and irresponsible advertising in Nigeria’s advertising space.

ARCON further stated that it is not regulating the online media space but rather advertisement advertising and marketing communications on the online platforms in line with its establishment Act.

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