NASD Plc Announces the Appointment of Mr. Kyari Abba Bukar as Independent Non-Executive Director

Esan Bolaji
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NASD Plc Announces the Appointment of Mr. Kyari Abba Bukar as Independent Non-Executive Director

NASD PLC is pleased to announce the appointment of Mr. Kyari Abba Bukar as an Independent Non-Executive Director on its Board.

Mr. Kyari Bukar is a consummate professional with over 30 years’ experience in information technology, financial services and business analytics. Mr. Bukar holds a B.Sc. degree in Physics from Ahmadu Bello University, Zaria, Nigeria and an M.Sc. degree in Nuclear Engineering from Oregon State University, USA.

Mr. Kyari Abba Bukar, Independent Non-Executive Director

He is an alumnus of the Lagos Business School (LBS), Wharton Business School and Harvard Business School, USA. His started his career at Hewlett Packard, California, USA, where he grew through the ranks to become the Technical Marketing Programme Manager.

On his return to Nigeria, he joined FSB International Bank (now Fidelity Bank) and served in various roles including Executive Director, e-Banking IT and Operations.

He served as the Managing Director/Chief Executive officer of the Central Securities Clearing System PLC where he is credited with the company’s transformation.

He also served as MD/CEO of Unified Payments System Limited (formerly Valucard Nigeria PLC) where he spearheaded the Company’s complete reorganization, transforming the company into one of the most secure, technologically advanced and profitable payments processors in Nigeria.

He was the Chairman of the Nigerian Economic Summit Group and currently serves as; an Independent Non-Executive Director on the Board of Standard Chartered Bank Nigeria, the Chairman of Sunu Assurances Nigeria PLC and CRC Credit Bureau Limited among others.

Following the above changes, the Board of NASD PLC now comprises the following Directors:

Name Designation
Mr. Olutola Mobolurin Chairman
Mr. Chike Nwanze Vice-Chairman
Mr. Bola Ajomale Managing Director
Mr. Oladipo Aina Non-Executive Director
Mr. Ariyo Olushekun Non-Executive Director
Mr. Kayode Falowo Non-Executive Director
Mr. Abubakar Lawal Non-Executive Director
Ms. Oby Ugboma Non-Executive Director
Mr. Samuel Nwanze Non-Executive Director
Mr. Aigbovbioise Aig-Imoukhuede Non-Executive Director
Mr. Kyari Bukar Independent Non-Executive Director

Global Gas Flaring Jumps to Levels Last Seen in 2009 – World Bank

Esan Bolaji
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Global Gas Flaring Jumps to Levels Last Seen in 2009 – World Bank

Estimates from satellite data show global gas flaring increased to levels not seen in more than a decade, to 150 billion cubic meters (bcm), equivalent to the total annual gas consumption of Sub-Saharan Africa.

The 3% rise, from 145 billion cubic meters (bcm) in 2018 to 150 bcm in 2019, was mainly due to increases in three countries: the United States (up by 23%), Venezuela (up by 16%), and Russia (up by 9%).

Gas flaring in fragile or conflict-affected countries increased from 2018 to 2019: in Syria by 35% and in Venezuela by 16%, despite oil production flattening in Syria and declining by 40% in Venezuela.

Gas flaring, the burning of natural gas associated with oil extraction, takes place because of technical, regulatory, and/or economic constraints. It results in more than 400 million tons of CO2 equivalent emissions every year and wastes a valuable resource, with harmful impacts on the environment from un-combusted methane and black carbon emissions.

“Our data suggest that gas flaring continues to be a persistent problem, with solutions remaining difficult or uneconomic in certain countries,” said Christopher Sheldon, Practice Manager in the Energy & Extractives Global Practice, World Bank. 

“The current COVID-19 pandemic and crisis brings additional challenges, with sustainability and climate concerns potentially sidelined. We must reverse this worrying trend and end routine gas flaring once and for all.”

The top four gas flaring countries (Russia, Iraq, the United States, and Iran) continue to account for almost half (45%) of all global gas flaring, for three years running (2017-2019).

When looking at all oil-producing countries, excluding the top four, gas flaring declined by 9 bcm (or 10%) from 2012 to 2019. In the first quarter of 2020, global gas flaring fell by 10%, with declines across most of the top 30 gas flaring countries.

“The World Bank and GGFR are committed to working with governments and industry to end this ‘sticky’ problem. We are working in many of the highest gas flaring countries in the world, helping them develop policies, regulations and practices to end routine flaring.

At the same time, we are garnering more commitments from governments and companies to end routine flaring through the Zero Routine Flaring by 2030 initiative. Now over 80 governments and companies, accounting for over half of the world’s routine flaring, have pledged to end this 160-year-old practice,” said Zubin Bamji, Program Manager of the World Bank-managed GGFR Trust Fund.

The data was released by the World Bank-managed Global Gas Flaring Reduction Partnership (GGFR), which is composed of governments, oil companies, and international institutions working to end routine gas flaring at oil production sites around the world.

GGFR, in partnership with the U.S. National Oceanic and Atmospheric Administration (NOAA) and the Colorado School of Mines, has developed global gas flaring estimates based upon observations from a satellite launched in 2012.

The advanced sensors of this satellite detect the heat emitted by gas flares as infrared emissions at global upstream oil and gas facilities. A new and improved web-based application will map global gas flaring data in a reliable, standardized way, and will be publicly available in 2022, with the support of the Oil and Gas Climate Initiative (OGCI).

For more information and a complete list of the governments, oil companies, and development institutions committed to “Zero Routine Flaring by 2030,” visit www.worldbank.org/zeroroutineflaring

For more information on GGFR and the new satellite flaring data, visit www.worldbank.org/ggfr

World Bank Group COVID-19 Response

The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response.

We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs.

We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery.  This includes $50 billion of new IDA resources through grants and highly concessional loans.

Third Mainland Bridge: Lagos to roll out 600 commuter buses in August – Sanwo-Olu (Photos)

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Third Mainland Bridge: Lagos to roll out 600 commuter buses in August – Sanwo-Olu (Photos)

  • 600 Mass Transit Buses Coming In August – Gov

  • Pen Cinema Bridge Gets October Completion Date

Patience – that is all motorists plying the partially shut Third Mainland Bridge need to bear while meandering through the carriageways, as the Federal Government repairs the failed segments of the bridge.

Governor Babajide Sanwo-Olu made the appeal to commuters on Saturday, while on an inspection of the bridge and alternative routes rehabilitated by the State Government.

The Governor also toured various highways where junctions and roundabouts have been redesigned to diffuse traffic, including Allen Junction, Maryland Junction, and Lekki’s first and second roundabouts, among others.

Sanwo-Olu said the bridge’s repair was long overdue and could no longer be postponed as it would portend danger to the residents. The Governor urged motorists to be patient and cooperate with traffic management personnel deployed on the routes while assuring that the Government would ensure speedy work on the bridge.

Besides, Sanwo-Olu urged commuters to explore the option of waterways as a faster alternative. He said the State Government has strengthened the capacity of the ferry services and currently building six additional jetties across the State.

The Governor said: “I am here to supervise the repair activities and to monitor the effect of the closure of the bridge on the vehicular movement, with the aim to enable us to focus on where improvement could be made. However, what we need to communicate to the road users is patience. Our traffic management officers are on the ground to make their journey hitch-free.

“The contractor handling the repair work will be fully on-site by Monday. In the next three months, repair work would have been completed on the first lane, while they will move to the other lane. While we urge road users for patience, we also advise them to look at the option of waterways transportation in commuting to and from the Island.

We have just opened the Ilaje jetty for public use and we are delivering an additional six jetties across the State to ease movement.”

While inspecting the newly designed Allen Junction on Obafemi Awolowo Way, the Governor said he was satisfied with the project, expressing optimism that the new layout would relieve the highway of gridlock.

Sanwo-Olu disclosed that the State Government, by August, would roll out 600 buses to ply various routes, including Ikorodu, Abule Egba-Oshodi, and Ikeja.

“We are rolling out 600 buses in high and medium capacity. The buses will be deployed next month and they will be seen across busy roads. The medium capacity buses will be plying Obafemi Awolowo Way. Oshodi inward Abule Egba will be a priority. We will also be increasing bus capacity from Ikorodu to Tafawa Balewa Square,” he said.

The Governor used the opportunity to explain the slow pace of work on some ongoing capital projects, including the Pen Cinema Bridge in Agege, which, he said, was disrupted by Coronavirus pandemic.

The Pen Cinema Bridge, he said, would now be delivered in October.

The Governor was accompanied on the long-hour tour by some cabinet members, including the Commissioner for Information and Strategy, Mr. Gbenga Omotoso, his Transportation counterpart, Dr. Fredric Oladehinde, Special Adviser on Works and Infrastructure, Engr. Aramide Adeyoye, and Special Adviser on Transport, Hon. Toyin Fayinka.

Sanwo-Olu also inspected drainage at Eric Moore Road, Eko Bridge and Lekki-Epe Expressway.

Taraba State Polytechnic: Governor Approves the Composition of Visitation Panel

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Taraba State Polytechnic: Governor Approves the Composition of Visitation Panel

The Taraba State Governor, Arc. Darius Dickson Ishaku has approved the composition of the visitation panel for the Taraba State Polytechnic.

This was contained in a press release signed by the Chief Press Secretary to the Governor, Hassan Mijinyawa, MCIPR.

Taraba State Governor, Arc. Darius Dickson Ishaku

It states that the panel has the deputy vice-chancellor administration of the Taraba State University, Prof. Nicholas O. Namessan as chairman and the permanent secretary career management office, Mr. Umar Abdul as secretary.

Other members of the panel are;

  1. Dr. Muhammad Sukare, retired Permanent Secretary.
  2. Yakubu Bulus – Retired Accountant
  3. Engr. Tanko Kitere – Permanent Secretary Min of Works
  4. Mr. Iranius Polycarp – State Auditor General
  5. Christopher Gani – Ministry of Justice.

It states that the panel which has four (4) weeks to complete its assignment and submit its report, will be inaugurated by the state Deputy Governor, Engr. Haruna Manu on Monday, 27th July 2020 by 1:00 PM in his office.

LafargeHolcim launch ECOPact concrete to more territories

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LafargeHolcim launch ECOPact concrete to more territories

  • ECOPact green concrete marks the latest addition to sustainable solutions

  • After Europe introduction into North and Latin America

  • New era of high-performing, green and circular concrete

LafargeHolcim introduces ECOPact, the industry’s broadest range of green concrete, delivering high-performing, sustainable and circular benefits. After a successful market adoption in Europe, ECOPact is now available in the US with plans to expand into the UK, Canada, Latin America and other markets worldwide in the coming months.

This introduction is an essential component of the company’s strategy to advance the transition towards low-carbon and circular construction.

Jan Jenisch, CEO: “I am proud to introduce ECOPact, the industry’s broadest range of green concrete for high-performing, sustainable and circular construction. Building on the success of ECOPact in Switzerland, Germany and France, we are now introducing it across the Americas.

With the rollout of this Green Concrete, we are accelerating the transition to more sustainable building materials for greener construction.”

With the rollout of ECOPact across the Americas, the company makes a significant contribution to sustainable construction, where it sells roughly 15 million m3 of ready-mix concrete every year.

ECOPact is sold at a range of low-carbon levels, from 30% to 100% fewer carbon emissions compared to standard (CEM I) concrete. Where regulatory conditions allow, ECOPact products integrate upcycled construction and demolition materials, further closing the resource loop.

With this new ECOPact green concrete range LafargeHolcim aims to continue to lead the way in sustainable and circular construction. With one-third of its net sales already in sustainable solutions, LafargeHolcim offers the broadest portfolio of low-carbon products and technologies.

With the industry’s leading Research and Development (R&D) organization, the company dedicates 50% of its innovation resources to low carbon solutions, with 40% of its patents currently in this area.

The company embraces a circular business model with leading operations in waste treatment and demolition waste upcycling. Its Susteno brand of cement, for example, is the first and only resource-saving cement in Europe that uses fine mixed granulate from demolished buildings as an additive.

Its subsidiary Geocycle co-processed more than 10 million tons of waste in 2019, of which 2 million tons were related to plastic.

LafargeHolcim is the global leader in building materials and solutions and active in four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. LafargeHolcim employs over 70,000 employees in over 70 countries and has a portfolio that is equally balanced between developing and mature markets.

CCC Releases 2020 Sustainability Report

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CCC Releases 2020 Sustainability Report

Consolidated Contractors Company’s (CCC) has published its latest sustainability report covering environmental, social and governance (ESG) performance for 2018-19.

The ESG report was prepared in accordance with the GRI Sustainability Reporting Standards and for a second consecutive year, the GRI confirmed its clear alignment with the United Nations Sustainable Development Goals.

The report includes success stories from CCC’s projects and people that combined business intelligence and innovation with a sense of purpose guided by the unique corporate family-based culture.

A wide range of sustainability-related topics is covered from emissions reduction programs to corporate governance, health and safety priorities, and community investment initiatives.

CCC’s sustainability report details performance and progress achieved during 2018-19, highlights include:

  • 9.7% reduction of carbon footprint
  • 67.2 % of construction waste reused or recycled
  • 22% of on-site water consumption sourced from recycled water
  • 20 HSE training hours delivered per employee
  • 64 individual leadership and project management training courses organized
  • 6,340 employees participated in ethics and anti-corruption awareness-raising activities
  • 20 CSR projects and volunteering activities benefiting more than 30,000 people

In line with CCC’s leading position, our sustainability strategy aims to make a genuine difference by tackling important issues in the construction industry and the MENA region.

Accordingly, the report presents CCC’s endeavours to find long-lasting solutions that focus on: green construction, circular economy and sustainable resource management as well as women empowerment, creating local value and the highest commitment to business integrity.

The report also outlines, how CCC responded to the Covid-19 pandemic, by prioritizing employees’ safety, supporting local communities and protecting client’s interests.

Finally, as a signatory to the United Nations Global Compact (UNGC) since 2001, this report describes company actions taken to implement the UNGC principles and serves as CCC’s Communication on Progress (COP) for human rights, labour, environment and anti-corruption.

DOWNLOAD THE CCC SUSTAINABILITY REPORT FOR 2020

Click to access ccc-sustainability-report-2018-2019-Brandspurng.pdf

FirstRand Contributes $29,938 To Sanef Media Relief Fund

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FirstRand Contributes $29,938 To Sanef Media Relief Fund

FirstRand heeds the call to support the media through a contribution of R500 000 ($29,938*) to SANEF Media Relief Fund

In response to the current challenges facing the South African media industry, FirstRand is contributing half a million rand to assist journalists financially impacted by COVID-19, through the South African National Editors’ Forum (SANEF) Media Relief Fund.

This forms part of the group’s wide-ranging COVID-19 relief measures and the R500 000 is made up of contributions from FirstRand and its operating businesses: RMB, FNB, WesBank and Ashburton Investments.

The group believes that the media has played a vital role in ensuring that the nation is kept up to date on key developments in the COVID-19 pandemic, through credible journalism and platforms. It has ensured that South African citizens have been reliably informed on the necessary measures to keep themselves and their loved ones safe.

South Africa is fortunate to have a journalistic community with a long track record of holding all stakeholders of society to account. This is not a privilege that every nation enjoys, and it needs to be protected in these challenging times.

Mahlatse Mahlase, SANEF chairperson, says: “We are truly grateful to FirstRand for contributing to the fund and recognising the important role journalism plays in strengthening our democracy. The job losses in the industry are unprecedented and we are losing journalists at a time we need them the most. South Africans have turned to trusted news sources in the face of the devastating COVID-19 pandemic. The contribution will go a long way in cushioning the blow.”

*Exchange rates as at July 25, 2020, on Oanda.com @ 1USD to R16.7012 

New Online Course from Harvard Teaches Africans How to Build Scalable Businesses to Solve African Problems

Esan Bolaji
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New Online Course from Harvard Teaches Africans How to Build Scalable Businesses to Solve African Problems

Africa has complex and unique business opportunities. Harvard Business School professors are launching a new online course to teach entrepreneurs how to build scalable businesses designed to solve core problems in Africa.

Unlike other business courses, this one focuses on identifying points of opportunity for smart entrepreneurial efforts through live online lectures, peer-to-peer learning, and real-life lessons incorporated into participants’ own business plan. The online course starts on August 17, 2020.

Taught by Harvard Business School Professors Tarun Khanna, Caroline Elkins, and Karim Lakhani, participants learn how Africa-specific trends impact the opportunities and challenges in undertaking entrepreneurship ventures on the continent.

This course examines the nuances that render Africa unique in today’s emerging market landscape, and the similarities that can be drawn from the world’s other fast-moving emerging economies. Developing participants’ own business plan with peer-to-peer feedback is the capstone learning experience of this course.

The course provides a series of time-tested lecture content and active reading assignments. Each week participants engage with course content and readings, and the weekends with a live webinar section that includes HBS faculty and leaders from the African business community.

In addition, each participant has the option to participate in the course’s week-by-week business plan development process. Business plan development will culminate with such participants having an opportunity to submit a business plan.

“The best plans will be judged by a highly qualified African business jury recruited from among experts who have lectured as part of our course on Africa. In so doing, the course will expose students to an unparalleled network of business academics at Harvard Business School, as well as Africa’s top business leaders,” commented Harvard Business School Professor Caroline Elkins.

Course content draws upon HBS cases and student tested and reviewed courses. They include the world-renowned Entrepreneurship in Emerging Markets course that has reached over half a million learners in 200 countries, and HBS’s four-day intensive MBA course, Africa Rising: Understanding Business, Entrepreneurship, and the Complexities of a Continent.

Course head, Harvard Business School Professor Tarun Khanna said, “We are excited to have developed a course specifically for African entrepreneurs. In addition, using the course as a platform to develop the participants’ own business plans makes the course ‘real.’ It is unlike any other course offered for aspiring African entrepreneurs.”

Participants who complete the course will get a verified certificate from HarvardX, Harvard University’s online learning platform.

FG Plans to Borrow N4.28 Trillion, Spend N12.66 Trillion in 2021

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FG Plans to Borrow N4.28 Trillion, Spend N12.66 Trillion in 2021

In the just concluded week, the Federal Government indicated, in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) is presented to the National Assembly, that it’s proposed spending for the year 2021 would rise to N12.66 trillion, as against 2020 approved budget of N10.80 trillion.

Of the N12.66 trillion 2021 proposed budget, N5.75 trillion (45.42%) was earmarked for recurrent expenditure, N481.41 billion (3.79%) for statutory transfers, N3.33 trillion (26.30%) for capital expenditure and N3.12 trillion (24.49%) for debt servicing.

FG expects to partly finance the proposed N5.16 trillion budget deficit with N4.28 trillion proposed loan package and N205.15 billion proceeds from the privatisation of federal assets.

Recently released domestic debt figure showed that Federal Government of Nigeria’s (FGN) domestic debt stock rose to N14.53 trillion in Q1 2020 (from N14.27 trillion in Q4 2019) while domestic debt service payment jumped q-o-q by 140.00% to N609.13 billion in Q1 2020 from N254.04 billion in Q4 2019.

Notably, the proposed 2021 budget was predicated on crude oil price benchmark of USD40 a barrel (higher than USD25 a barrel for the 2020 approved budget) and crude production of 1.86 million barrels per day (lower than 1.91 million barrels per day).

The inflation rate was stipulated at 11.95% (lower than 12.56% it printed in June 2020) while the foreign exchange rate was set at N360/USD.

In another development, the Monetary Policy Committee (MPC) at the end of its meeting on Monday, July 20, 2020, voted to retain all policy parameters.

The Monetary Policy Rate (MPR) was retained at 12.50%; Cash Reserve Ratio retained at 27.50%; Liquidity Ratio retained at 30%, and Asymmetric band retained at +200 bps and – 500 bps around MPR.

According to the Committee, the decision to hold all policy parameters was amid the need to allow time for the transmission effect of the cut in MPR in May 2020 to permeate the economy.

The Committee noted that increasing MPR would counter its efforts and that of the fiscal authority to stimulate economic growth – as economic activities were dented by COVID-19 pandemic.

Notably, total gross credit increased to N18.90 trillion in June 2020, from N15.56 trillion in May 2020 as more credits were largely recorded in manufacturing, consumer credit, general commerce, information and communication technology, as well as agricultural sectors.

However, the Committee expressed concern over the rising inflation, stating that the unprecedented increase in public spending to support households and businesses, in the wake of the pandemic, could spur inflationary pressure as the supply shortfalls struggle to meet up with the demand build up.

On the foreign scene, US crude oil input to refineries fell week-on-week by 0.70% to 14.21 mb/d as at July 17, 2020 (and lower by 16.56% to 17.03 mb/d printed in July 19, 2019). Also, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose w-o-w by 0.92% to 536.58 million barrels (and higher by 20.57% from 445.04 million barrels as at July 19, 2019).

Nevertheless, WTI crude rose by 0.93% to USD41.07 a barrel; also, Brent crude rose by 1.04% to USD43.67 a barrel even as Bonny Light crude rose by 0.57% to USD44.12 a barrel as at Thursday, July 24, 2020.

The early submission of the 2021-2023 MTEF/SFP to the National Assembly should enable FG to present its 2021 budget on time and sustain Budget Cycle of January to December – an enabler of proper budget implementation.
This, coupled with the sustained expansionary programmes by the apex bank, should have a positive impact on Nigeria’s economy.
However, given the huge debt stock and the attendant rising debt service, FG needs to swiftly formulate and implement the right policies that will encourage private sector funding of capital projects.

Cowry Research

NIPC to Publish “Book of States” in August

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NIPC to Publish “Book of States” in August

Nigerian Investment Promotion Commission (NIPC) will publish on its website, the “Book of States”, which profiles the competitive advantages and key investment prospects of each State in Nigeria.

NIPC’s Executive Secretary/CEO, Ms Yewande Sadiku made this known on Friday in a closed webinar on `Supporting Sub-National Investment Promotion’, which was organised exclusively for State Investment Promotion Agencies (IPAs).

She disclosed insights from NIPC’s recently updated digital database of State IPAs, encouraging them to leverage on NIPC’s resources including the One-Stop Investment Centre (OSIC), the OSIC Lab and the Single Window Investors’ Portal (SWIP).

The OSIC Lab is an intervention mechanism for investors to resolve issues with government agencies either at the state or federal level; SWIP is a platform that would enable NIPC leverage information and communication technology to better manage relationships with investors and process applications.

State IPAs can also benefit from NIPC’s work on the reform of Nigeria’s investment treaty regime and its expertise in the negotiation of investment agreements, she said.

NIPC continues to work closely with various government agencies to support the promotion of investment prospects in the states.

Also at the Webinar, the Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba spoke on attracting investments into Special Economic Zones. On his part, the Director-General, Nigeria Governors’ Forum Mr. Asishana Okauru commended the “Book of States” initiative and revealed NGF’s interest in working with NIPC to unlock the investment prospects of moribund State-owned companies.

The Webinar was attended by representatives of 30 state IPAs, who pledged to work with NIPC to promote the opportunities in their States. They also sought greater collaboration for capacity development and promotion of increased domestic direct investments. In all, 88 participants joined the webinar.

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