Naira Loses Against USD as CBN Devalues Official Rate to N381/USD

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Naira Loses Against USD as CBN Devalues Official Rate to N381/USD

In the just concluded week, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.13% to close at N386.50/USD even as CBN devalued its official rate to N381/USD from N358.51/USD in line with the market-based autonomous foreign exchange window.

Also, NGN/USD exchange rate rose by 0.22% and 0.43% to close at N455.00/USD and N463.00/USD respectively at the Bureau De Change and the parallel (“black”) markets.

At the Interbank Foreign Exchange market, NGN/USD also rose by 6.27% to close at N381.00/USD 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.

Elsewhere, the Naira/USD exchange rate depreciated for all of the foreign exchange forward contracts: spot rate, 1 month, 2 months, 3 months, 6 months and 12 months rates increased by 5.54%, 0.37%, 0.52%, 0.70%, 1.34% and 1.22% respectively to close at N381.00/USD, N388.64/USD, N390.37/USD, N392.20/USD, N398.22/USD and N413.10/USD respectively.

We commend moves by the monetary authority to unify the exchange rates in line with the autonomous foreign exchange rate. However, we may see further depreciation of the Naira against the USD in the new week if market players interpret the devaluation of the official rate as a sign of short term dollar scarcity.

COWRY RESEARCH

MoneyGram Digital Growth Maintains Strong Momentum and Market Expansion Continues

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MoneyGram Digital Growth Maintains Strong Momentum and Market Expansion Continues

The Company achieved 106% year-over-year digital transaction growth in June driven by strong demand for the mobile app, high customer retention rates, and continued digital market expansion

MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today reported 106% year-over-year digital transaction growth in June as strong consumer demand for its leading digital capabilities and the customer-centric app continues to grow. The company also announced the expansion of its MoneyGram and online presence to Iceland.

“Our digital results once again highlight how consumers around the world are recognizing a ‘new’ MoneyGram that is delivering the best digital experience in the industry and providing a seamless connection to family and friends through our modern, mobile, and API-driven platform,” said Alex Holmes MoneyGram Chairman and CEO. “We’re especially encouraged by the stickiness of our digital customers who are remaining loyal to our brand, and we continue to focus on bringing our leading capabilities to more consumers in more markets.”

Each component of the digital business: MoneyGram Online, digital partnerships, and sends directly to a wallet or bank account contributed to the strong overall digital growth in June.

“In addition to the significant increase in digital transactions, our June results highlight how our digital business is helping the company return to revenue growth,” said Kamila Chytil, Chief Operating Officer and leader of the company’s digital business. “Our digital transformation has significantly improved every part of the company, and our agile investment approach continues to demonstrate results.”

MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with more than 70 countries now digitally enabled.

Puratos opens 4 new subsidiaries in Nigeria, Kenya, Ivory Coast and Ethiopia

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Puratos opens 4 new subsidiaries in Nigeria, Kenya, Ivory Coast and Ethiopia

The global provider of solutions for bakery, patisserie and chocolate, Puratos has opened four new African subsidiaries. The company aims to further establish a local presence in its key countries, offering ingredients, local support to create the best-finished goods and training for its customers.

With four new African subsidiaries, the aim is to further establish a local presence in key countries to strengthen the customer relationship, localise production as well as develop new products and concepts using local raw materials.

The accomplishment of years of business partnerships

Puratos aims to reduce food imports and its ecological footprint while contributing to food security in Africa by capitalizing on the processing of local quality ingredients.

The subsidiaries are joint ventures with local partners in Kenya, Ivory Coast, Ethiopia and Nigeria and will help Puratos to further develop the booming African market.

Olivier Tilkens, Regional Director Africa at Puratos, comments: “We are excited about opening new subsidiaries in Africa. These joint ventures will enable us to meet customers’ growing demands for high-quality products. We are proud to deepen our presence across the continent and to continue to invest in existing collaborations that have been so welcoming to us for more than two decades.”

Puratos Kenya activities started on January 1st, 2020 and will cover the Kenyan, Tanzanian, and Ugandan markets, taking over activities from Puratos’ previous distributor Papyrus. In order to capture growth opportunities in East Africa, other investments will follow, including a production facility for local manufacturing of patisserie and bakery ingredients in Kenya.

Puratos Nigeria will officially start its activities in July 2020. It is the result of a joint venture between Puratos and the Adegunwa family who is already very active in Nigeria in various food manufacturing and distribution activities. The upcoming production facility will ease the penetration of Puratos’ bakery, patisserie and chocolate range in the largest African market. Puratos Nigeria will also invest in an innovation centre which will train customers and develop innovative and tailor-made products.

Puratos Ivory Coast is a joint venture in partnership with the shareholders of Sabimex who has been Puratos’ distributor for over 6 years in the country. It will locally produce Patisserie and Bakery powders. Because the country is the world’s largest producer of cocoa beans, it will also invest in a chocolate production facility. Puratos Ivory Coast will be in operation on April 1st, 2020.

Puratos officially incorporated a new company in Ethiopia on December 9, 2019. The company called Puratos Ethiopia and will cover the Ethiopia, Djibouti, Somalia and Eritrea markets. Puratos Ethiopia is a joint venture with Dachi Manufacturing PLC, an Ethiopian based company, already active in the manufacturing and distribution of bakery and patisserie ingredients in Ethiopia for 2 years.

Citi Hong Kong Senior Management Leads by Example to Celebrate 15th Annual Global Community Day

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Incorporating acts of kindness into everyday lives to make a meaningful difference

 

HONG KONG, CHINA – Media OutReach – 10 July 2020 – Citigroup Inc. (NYSE: C) – To celebrate
Citi’s 15th annual Global Community Day, a team of Citi Hong Kong
senior management volunteered today at Feeding Hong Kong. The group performed
quality checks, sorted and packed food staples into emergency food boxes, which
will be distributed to families in
need in the present difficult
times.

 

Due to COVID-19 pandemic, Citi Foundation has donated USD150,000 (around
HKD1.17 million) to Feeding Hong Kong for the provision of up to 14 days’ worth
of key food staples to 5,600 vulnerable families in Hong Kong.

 

Citi’s annual Global Community Day traditionally
celebrates community spirit, as colleagues, clients, alumni, friends and family
volunteer in various charitable events and give back. As Hong Kong feels the impact of COVID-19 and social distancing, Citi
volunteers are encouraged to reimagine volunteerism and explore alternative
means to serve the community all year round.

 

Ms. Angel Ng, CEO of Citi Hong Kong and Macau, said:
“Although under the current environment, we will not be celebrating the 15th
anniversary of this wonderful annual tradition the same way as before, there is
nothing to stop us from continuing our contribution to the community. In fact,
our community needs our support more than ever in times like these. I hope that Citi volunteers can
take this opportunity to incorporate volunteerism in their own workplaces,
neighborhoods and communities. Every single charitable effort can make such a
meaningful difference to so many.”

 

Since its launch in 2006, Global
Community Day has seen Citi volunteers contribute over 4 million hours of
service to projects in hundreds of cities. For example, in alignment with Pathways
to Progress, a global initiative to help enhance young people’s
employability, Citi volunteers in Hong Kong have engaged in role-play as prospective employers to conduct mock job interviews with
students. They are
also going to contribute their skills and expertise as speakers in virtual
career talks for youth program participants. It is hoped that the experience will
enhance career prospects for the next generation.

Photos (Click HERE
to download): 

Photo 1: A team of Citi Hong
Kong Senior Management leads by example to volunteer at Feeding Hong Kong to
sort and pack food staples into emergency food boxes for vulnerable families in
Hong Kong. 

Photo 2: Citi Hong Kong
Senior Management pictured with members of Feeding Hong Kong to celebrate
Citi’s 15th annual Global Community Day.

About Citi

Citi, the leading
global bank, has approximately 200 million customer accounts and does business
in more than 160 countries and jurisdictions. Citi provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and wealth
management.

 

Additional information
may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi

About Feeding Hong Kong

Feeding Hong Kong is a
local registered charity with a mission to reduce the amount of quality food
sent to our city’s landfills and fight hunger in Hong Kong. We do this through
delivering a B2B logistics service, which links food companies with surplus
stock, to charities directly feeding those in need. Last year, through our
partnerships with the food industry, we saved 823 tonnes of food from landfill.
Instead, this was redistributed to 132 charity partners and supported 2.17
million meals for people in need. For more information, visit www.feedinghk.org.

Drab Day in Fixed Income Space Despite the Ease in System Liquidity

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Drab Day in Fixed Income Space Despite the Ease in System Liquidity

KEY INDICATORS

FGN Bonds

The calmness in the FGN bond space persisted for a 2nd consecutive session with very slim volume passing through the benchmark curve. The short end of the curve opened and remained quiet, although there were few bids for the 2021s at 3.50% with no offer to match.

At the tail of the curve, most of the market action kicked off and ended on the 2036s and 2049s. However, more of the trades executed was on the 2049s which settled around 10.91% level losing c.4pts from yesterday’s closing.

The 2036s, on the other hand, remained quoted and unmatched at 10.20%/10.15% for most of the trading session. By and large, yields expanded slightly by c.1bps to end the week.

We expect trading activities to increase next week but on selected papers offered at the juicier level.

Benchmark FGN Bonds

Treasury Bills

The OMO bills space ended the week on a very frail note as trading activities dwindled across the curve. A larger part of the trading session was dominated with much bears of the offers seen at the short end of the curve. However, by business close, the market witnessed a bullish run for the latest OMO issue (08th June bill) with the majority of its trade settling around 6.60% levels while yields compressed by an average on c.48bps across the curve.

At the NTB space, there were more retail offers with few bids to match especially for the 27th August maturity which was offered at 2%.

Next week, activities are expected to increase especially at the beginning of the week albeit more bulls as the tightness in the system liquidity ease.

Money Markets 

System liquidity remained slightly liquid opening the day approximately N136.40bn positive. Consequently, OBB and OVN slide slightly, dropping by 10.86% on the average on both the OBB and OVN rates closing the week at 13.80% and 14.10% respectively.

Next week, we expect to drop slightly at the beginning of the week but inch up by the end as the market sort to raise funds for the bi-weekly FX retail auction.

FX Market

At the Interbank market, The Naira depreciated by 0.50k at the I&E FX window, as supply squeeze continues to affect the general flow of funds which remained sparely low. We also it saw dip by approximately 2k in the cash and transfer window as the market continue to react the APEX bank converging rate the CBN spot and SMIS space thus closing the week at N463/$ and N466/$ respectively.

Eurobonds

The NGERIA Sovereign tickers weakened to close the week, more bearish than bullish as the market saw a bit of profit-taking across the benchmark curve, mostly on the mid- and long-tenured papers. Yields expanded by an average c.13bps across the sovereign papers. At in the SSA space, most of the traded on a quiet note although we with more offers on the Angola papers but in small sizes

At the NGERIA Corps tickers, the FIDBAN 22s and UBANL 22s were the most active of the tracked papers moving at the opposite sides of the train as yields adjusted on both papers by –c.34bps and +c.40bps respectively.

ZEDCREST CAPITAL

Oil Returns To $40 After COVID Correction

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Oil Returns To $40 After COVID Correction

OilPrice.com

Oil posted a price correction on Thursday on fears of the rising coronavirus numbers in the U.S., something that the IEA warned about in its latest Oil Market Report out today. In early trading, prices firmed up, with WTI holding onto $40 per barrel.

IEA raises demand forecast; warns about risk. The IEA hiked its demand forecast for 2020 but also warned that the spreading coronavirus in the U.S. poses downside risks. The agency said demand could be 400,000 bpd higher than previously thought this year due to a rapid bounce back in many economies around the world, particularly in China and India. Also, the oil supply fell by 2 mb/d in June, further tightening the market.

COVID hits Texas refineries. Marathon Petroleum’s (NYSE: MPC) Galveston Bay refinery in Texas City, the second-largest refinery in the country, has over 100 confirmed cases of Covid-19, according to Bloomberg. At least four other refineries have also reported positive cases.

U.S. offshore wind to take off. Investment in U.S. offshore wind could soon match total investment levels in offshore oil and gas. A new study from Wood Mackenzie projects offshore wind investment could reach $78 billion this decade, compared to $82 billion for offshore oil and gas. In the decade ending in 2010, wind saw virtually nothing while offshore oil and gas received $154 billion.

Libya lifts force majeure. Libya’s National Oil Corp. lifted force majeure on its oil exports, raising the prospect of additional supply coming back to the market.

Oklahoma Supreme Court ruling raises questions for oil. The U.S. Supreme Court ruled that a large swathe of Oklahoma remains in control of Native American tribes. The decision raises questions about whether oil and gas sites will no longer fall under the control of Oklahoma regulators, instead potentially reverting to federal control with tribes as beneficiaries.

Permian gas pipeline inches forward. Global Infrastructure Partners announced a $345 million initial investment in the Whistler pipeline, which would carry natural gas from Waha in West Texas to the Gulf Coast. The pipeline is slated to come online in late 2021.

Iran’s oil storage is almost full. Iran has cut oil production to its lowest level in four decades as storage tanks fill up, according to Reuters.

Shell to become a “power company.” Royal Dutch Shell (NYSE: RDS.A) chairman Chad Holliday said that the company would transition to become “more of a power company than an oil company.”

EIA lowers gas production forecast. The EIA slightly downgraded its forecast for U.S. natural gas production for the third quarter by nearly 1 percent, noting lower natural gas prices. Gas output is expected to fall by 3 percent for all of 2020. The declines come after the U.S. posted record gas production numbers in 2019.

U.S. LNG utilization rates fall to just 32 percent. The glut of LNG has led to a steep drop in utilization rates of U.S. LNG export terminals. Gas flows to LNG facilities has declined by more than half to 3.1 bcf/d so far this month, down from 8.7 bcf/d in February. Export terminals are now only using 32 percent of capacity. Utilization is expected to rebound, but still only average between 60 and 70 percent for the next several years.

Texas drilling permits fall by 69 percent. The Texas Railroad Commission approved 312 new drilling permits in June, down from 1,001 in May.

More U.S. oil coming back. Houston-based Noble Energy plans to bring back by the end of July most of the oil production it had curtailed in the second quarter. Overall, U.S. oil production held steady in the most recent EIA data at 11 mb/d.

Canadian oil sands restore 20 percent of shut-in production. Canadian oil sands producers brought back 20 percent of their shut-in production.

Is $150 oil possible? The steep decline in upstream investment could create a historic bull market in the years ahead. “That funding pressure is going to be massive. It’s going to be really difficult for some of the producers to produce,” Trevor Woods, a chief investment officer of Ohio-based hedge fund Northern Trace Capital, told the WSJ. “We could hit $150 pretty easily by 2025.” The thesis rests on slow but steady increases in demand over the next decade.

U.S. imports of Mexican oil hit 8-year high. A fire at a Mexican refinery and swelling inventories pushed more Mexican oil to the United States, which imported 1.3 mb/d in the first week of July, the highest level since 2012.

North American oil and gas bankruptcies rise. The number of oil and gas bankruptcies rose by 18 in the second quarter, according to a new analysis from Haynes and Boone. That was the highest quarterly total since 2016. Chesapeake Energy’s (NYSE: CHK) bankruptcy stood out as the largest on the list.

Tesla: close to an autonomous car. Elon Musk said that Tesla (NASDAQ: TSLA) is very close to having the Level 5 autonomous driving technology. “I remain confident that we will have the basic functionality for level 5 autonomy complete this year,” Musk said in a pre-recorded message.

Ecobank appoints Alain Nkontchou as Chairman

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Ecobank appoints Alain Nkontchou as Chairman

The leading pan-African banking group, Ecobank, is delighted to announce the appointment of Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI), with effect from 30 June 2020.

In accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six-year tenure as Chairman on 30 June 2020 having reached the retirement age of 70.

Alain Francis Nkontchou

Alain Nkontchou said: “I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud history, built on a strong foundation to secure the Bank’s future success.

I look forward to working with the Board and Executive team as we continue our journey ahead and I know that we are well-placed to navigate through the current environment and set the standards in financial services for our customers across Africa.

I would also like to express my thanks to my predecessor, Mr Emmanuel Ikazoboh, for his leadership of the Board and to wish him all the best for the future.”

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said: “The entire Management of the Group and I warmly welcome Mr. Nkontchou as Group Chairman. We will give him and the Board our continued full support in ensuring the realisation of the strategic imperatives of the Ecobank group. Mr. Nkontchou has always utilised his wealth of experience on the Board and we look forward to his successful and strong leadership”.

Alain Nkontchou is the Managing Partner and co-founder of Enko Capital Management LLP, an asset management company based in London and Johannesburg, which focuses on African investment opportunities.

Mr Nkontchou was an advisor at Laurent Perrier champagne, having been a NonExecutive Director from 1999 to 2009. He was Managing Director of Credit Suisse’s Global Macro Trading Group in London between 1995 and 2008 and also at JP Morgan Chase & Co. in the same capacity.

Between 1989 and 1994, he was with Chemical Bank in Paris and New York, where he became Vice- President, Head of Trading and Sales.

Mr Nkontchou has a track record of business success, having generated significant dollar revenues for each of these top tier institutions. He has an MSc in Electrical Engineering from Supélec and P.M. Curie University, Paris, and an MSc in Finance and Accounting from ESCP (Ecole Supérieure de Commerce de Paris).

5 Ways To Get Your Channel Strategy Ready For The New Normal

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5 Ways To Get Your Channel Strategy Ready For The New Normal

The coronavirus crisis has altered supply chains beyond recognition. And as we embark towards The New Normal, now is the time to revise and optimize your supply chain network’s performance. In this article, we look at the five steps that manufacturers need to take now to assess, re-evaluate and get their channel strategy ready to be best equipped to meet new demand and sourcing patterns.

1. Look for future revenue potentials

During COVID-19, even when production recommenced in China, supply kept being interrupted by quarantine measures, border controls and lockdowns. As those are eased across Europe, we’re seeing the first signs that reopened shops are selling the very same items that restricted consumers bought online. Only this time, they are purchasing them in-store. This suggests that to some extent at least, shoppers will return to pre-crisis buying habits and patterns in the “new normal”.

If that is the case, then the sales trends, replacement cycles and seasonal spikes that retailers and resellers are used to will return – gradually. To maximize future revenue opportunities as a manufacturer, you need to find opportunities to get your channel strategy ready and learn where your partners see the potential for growth in the immediate and longer-term. What do they consider the most promising products by the market? Now more than ever, it’s essential for manufacturers to know which categories and trends will expand in the near future to prepare for anticipated demand. In our Distribution Radar survey retailers and resellers share their take on future revenue sources.

2. Understand what matters most to your partners

It takes more than a future-ready product assortment to be successful. Partners in the supply chain also need support and service. Manufacturers are an important ally for distributors, retailers, and resellers. And COVID-19 has intensified this need. To emerge from the crisis successful all partners must steer the situation together. Now payment terms, product availability, speed and cost of delivery, and online ordering are more relevant for retailers and resellers. As a manufacturer, you need to insights on how your distributors have performed on these criteria and others. This allows you to efficiently use your resources and identify where your support is needed today and tomorrow.

3. Choose the right partners based on performance

To secure a fast recovery from this crisis, you need to cooperate with the right partners. You need intelligence on which distributors are important by market, and drill down into their individual performance on the criteria that matter most, e.g. customer care, delivery costs, payment terms, minimum order quantities, assortment etc. You will also want to research their customer base and identify overlaps. A thorough understanding of these factors enables you to form the right partnerships and build strong business relationships to master the crisis.

4. Evaluate sourcing behaviour, dependencies and loyalties

To get your distribution channel strategy ready for the future and maintain a competitive advantage, you need reliable insights on the sourcing behaviour, and therefore the dependencies, of retailers and resellers:

  • Which distributors do they use, and to which extent?
  • How many do they use and how loyal are they?
  • Why do they change distributors?

As a result of COVID-19, distributors have played a crucial part in tackling shortages and challenges in the speed of delivery. Many retailers and resellers have been forced to change their usual habits to secure supply. The frequency of changing distributors has increased. Now, moving towards the “new normal”, it is key for manufacturers to get a clear understanding of regular sourcing habits, the number of distributors needed to ensure sufficient supply and ways to help tackling issues and obstacles to stabilize your supply chain. And in countries where loyalty is low, you probably should consider extending your distribution network.

5. Plan for future expectations

Generating new business will be linked to new challenges that need to be faced on our road towards the ‘new normal’. Future success depends as much on having the right product assortment, as on providing the right services to partners. Manufactures need to anticipate which services will be valued and needed most by resellers and retailers in the future. Only then can they retain them as customers and have them play an essential part in generating new business.

Project To Build Sustainable Cassava Seed System In Africa Gets New Phase

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Project To Build Sustainable Cassava Seed System In Africa Gets New Phase

To improve their yields and incomes, African cassava farmers need regular and reliable access to high-quality planting materials of the newest and best varieties.  Access to such cassava stems, however, is often a problem.  Agro dealers don’t sell them, and free distributions by NGOs and government programs are sporadic and unreliable.  Consequently, many cassava farmers are obliged to save stems of older varieties grown in their own fields or buy uncertified stems in informal markets of questionable quality and unknown identity.

The International Institute of Tropical Agriculture and its partners are working to address this problem by developing a new and more sustainable cassava seed system that makes high-quality stems of high yielding varieties available for sale to African farmers.  This work started in Nigeria five years ago as a program called Building an Economically Sustainable, Integrated Cassava Seed System (BASICS).  Some 150 cassava seed enterprises were created in Benue, Abia, Akwa Ibom, and Imo States to multiply and sell cassava stems, following a business model that is both profitable and beneficial to its farmer clients.  A sister project in Tanzania nurtured a similar network of cassava seed entrepreneurs.  Government agencies certify the stems to ensure quality.

In June, this program benefited from a new investment of $14.3 million by the Bill & Melinda Gates Foundation to consolidate and expand this work in both Nigeria and Tanzania under the project name of BASICS-II.

The goal of the project is to provide farmers with access to affordable, quality-assured seeds of the cassava varieties in demand by local food and processor markets through the establishment of a commercially viable seed value chain operating across breeder, foundation, and commercial seed levels. BASICS-II will create more efficient dissemination and trigger the adoption of new varieties to improve productivity; raise incomes of cassava growers and seed entrepreneurs; enhance gender equity and contribute to inclusive agricultural transformation in Nigeria and Tanzania.

“The approval of BASICS-II provides a window of opportunity for cassava farmers to create new lines of income while at the same time catalyzing the diffusion of new varieties,” Dr Nteranya Sanginga, Director General, International Institute of Tropical Agriculture (IITA), said today ahead of the launch of the project on Thursday, 25 June 2020.

According to Dr Alfred Dixon, IITA Director for Development & Delivery, and Technical Adviser to BASICS-II, “the coming of BASICS-II would not only create seed enterprises, but it would also spark the diffusion and adoption of improved disease-free cassava varieties that would offer farmers higher yield.”

“To me, this is the most exciting part of the project,” he added.

Over the years, IITA and its national partners have developed over 40 cassava varieties but the diffusion and adoption of these varieties have been low due to the absence of a functional seed system to incentivize their multiplication, distribution, and sales.

The 5-year project will be led by IITA, working in partnership with Mennonite Economic Development Associates (MEDA), National Agricultural Seeds Council (NASC), National Root Crops Research Institute (NRCRI), Catholic Relief Services (CRS), IITA GoSeed, Umudike Seed, Sahel Consulting Agriculture and Nutrition Ltd., Tanzania Agricultural Research Institute (TARI), and Tanzania Official Seed Certification (TOSCI).

Lawrence Kent, Senior Program Officer, Gates Foundation, said: “This new phase of the BASICS project will strengthen and expand its innovative approach to the supply of cassava planting materials, helping farmers in Nigeria, Tanzania, and eventually additional countries to access and purchase disease-free stems of the most productive, most demanded, and promising cassava varieties.”

Known as a poverty fighter, cassava is grown mostly by resource-poor farmers, but its productivity has been constrained by lack of access to improved varieties with national average yield reported at less than 10 tons per hectare in Nigeria. Even when the best of agronomic practices are employed, yields remain poor if the seeds are not right.

Through the activities of BASICS-II, it is envisaged that this narrative will be changed, says Prof. Lateef Sanni, Project Manager, BASICS-II.

Seplat announces appointment of Chief Financial Officer and Executive Director

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Seplat announces appointment of Chief Financial Officer and Executive Director

The Board of Directors of Seplat Petroleum Development Company Plc is pleased to announce the appointment of Mr. Emeka Onwuka as Chief Financial Officer and Executive Director of the Company, joining the Seplat Board with effect from August 1, 2020.

Mr. Onwuka has over 30 years’ experience in financial services within Sub-Saharan Africa. He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director/CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited.

Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria.

Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria.

He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.

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