Major International Business Headlines Brief::: 10 June 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 June 2024 

 


                                                                                  

 

	
 


 

 


 

ü  Nigeria: Electricity Tariff... Life-Saving Services Threatened in Teaching Hospitals

ü  Nigerian Workers Need Living Wage, Says Rep

ü  Nigeria: Cardoso Urged to Follow CBN's Manual for Staff Reduction

ü  Nigeria: Need to Trash Nigeria's Shipping, Port Economic Regulatory Agency Bill

ü  Nigeria: Dangote Refinery - Has Achieved What Nations, Continents Can't - Senate

ü  Nigeria: Alliance Between Govt Bodies, Security Experts Will Check Cyberthreats - Expert

ü  Rwanda: Three Things to Know About Rwanda's €200m Deal With JPMorgan Chase

ü  Nigeria: British Airways Celebrates Local Art At Renovated Lagos Lounge

ü  South Africa: Gautrain Marks 14 Years of Operations

ü  Nigeria: EU's Planned Sanction On Methane Emissions Heightens Pressure On Nigeria

ü  Scammers use fake X accounts to impersonate airlines

ü  Price hikes and boycotts: Is trouble brewing at Starbucks?

ü  Long jail terms for Chinese cybercrime gang in Zambia

ü  The rise and rise of fashion giant Shein

ü  US jobs surge casts doubt over interest rate cuts

 


 

 


 <https://www.cloverleaf.co.zw/> Nigeria: Electricity Tariff... Life-Saving Services Threatened in Teaching Hospitals

Critical medical services and other operations of university teaching hospitals in Nigeria have suffered major setbacks since the Nigerian Electricity Regulatory Commission (NERC) increased the electricity tariff for customers under its Band A category from N66 per kilowatt to N225 per kilowatt in April this year.

 

A nationwide investigation conducted by LEADERSHIP into what the tertiary hospitals pay for electricity supplied to them by the various distribution companies (DisCos) in the new threshold and its impact on their services and operations revealed that their monthly bills have either tripled or quadrupled.

 

 

The worst-affected teaching hospitals are in the first-generation category. These include University College Hospital (UCH), Ibadan in Oyo State; Ahmadu Bello University Teaching Hospital (ABUTH), Shika, Zaria in Kaduna State; Bayero University Teaching Hospital, Kano, and the University of Nigeria Teaching Hospital (UNTH), Ituku Ozalla in Enugu State.

 

Others are Abubakar Tafawa Balewa University Teaching Hospital, Bauchi (ATBUTH); University of Maiduguri Teaching Hospital (UMTH), Maiduguri in Borno State; Jos University Teaching Hospital (JUTH), Jos, Plateau State, and those owned by state governments.

 

The case of UCH, Ibadan, is more pathetic. Even before the new tariff regime, it was indebted to the Ibadan Electricity Distribution Company (IBEDC) to the tune of N495 million and had its power disconnected.

 

At the going rate, ABUTH pays N75 million monthly, which translates to N2.5 million per day. Aminu Kano Teaching Hospital (operated by BUK) pays N119 million per month (approximately N4 million daily). ATBUTH pays N50 million monthly (N1.66 million each day). JUTH pays N31 million or N1.03 million daily, and UNTH parts with N50 million monthly, or N1.66 million daily.

 

 

Details of ABUTH's power expenditure showed that the hospital paid between N20 million and N25 million for electricity monthly before the tariff hike. Now, it coughs out N75 million monthly and another N47 million on diesel (due to epileptic power supply), bringing the total to N122 million monthly.

 

For hospitals that cannot pay their bills, the DisCos instantly disconnects them.

 

That is the plight of the Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku-Awka, Anambra State, which the Enugu Electricity Distribution Company (EEDC) cut off its power supply for two weeks because its management was unable to pay its bill.

 

 

The CMD of the hospital, Dr Joe Akabuile, who disclosed the development in an exclusive interview with LEADERSHIP, stated that the EEDC gave the hospital a whopping N19.8 million as its one-month bill for April 2024.

 

He stated that the teaching hospital is under the Band "A" grade in the electricity tariff regime, adding that before the April N19.8 million bill, the average monthly bill from the EEDC to the hospital was N4.55 million.

 

"We can't buy a car we cannot maintain," the COOUTH CMD said to explain why the hospital could not pay such a huge bill and allowed the EEDC to cut off its electricity supply.

 

He said that for the past two weeks, he had been running the hospital with generating sets, adding that the option had also not been easy.

 

ATBUTH officials told LEADERSHIP that the hospital receives a relatively stable power supply from the Jos Electricity Distribution Company (JED) daily, and that the bill rose from N11 million in April to N50 million in May 2024.

 

The management of Bayero University, Kano, said the recent outage at its College of Health Sciences, located at the Aminu Kano Teaching Hospital (AKTH), was caused by an unsolicited debt of N30 million imposed on the facility by the Kano Electricity Distribution Company (KEDCO). In May, the hospital got a bill of N119 million, translating to N4 million per hour for electricity consumed.

 

In his lamentation, the CMD of ABUTH, Prof Ahmed Hamidu, cited the high cost of running the institution, particularly the electricity bill payment, which he said costs the hospital N75 million monthly.

 

In an interview with journalists at his office in Zaria, Kaduna, he said, "Our greatest challenge now is energy. Last year, we paid around N240 million as outstanding payment to KEDCO, and by the end of the year, it accumulated to over N200 million again. With the current tariff increase, we paid N25 million last month, but the last bill brought to us was N75 million.

 

"We are disturbed and don't know where to get this money. So even if we take the whole of the money we have in the hospital and pay a huge amount, which is not even possible, that means we have to increase the cost of our services, and when we increase the cost of our services, patients will stop coming. So there is a problem.

 

"We spent N47 million on diesel last month. So, when you add everything, we're talking about over N100 million per month for energy; that is not sustainable," he said.

 

The CMD hinted that the hospital management was looking at renewable energy as alternative solution.

 

 

"In our 2024 budget, we have allocated about 15 per cent to provide renewable energy. For example, the Magnetic Resonance Imaging (MRI) suite requires a 24-hour power supply, and by the end of the year, we'll have renewable energy powering one building completely. We hope that within a few years, about 30-40 per cent of the hospital will be off the grid, reducing our energy costs," he said.

 

ATBUTH's management revealed that the hospital's monthly power consumption tariff increased to about N50 million in May this year.

 

The CMD, Professor Yusuf Jibrin, said that although the hospital had not increased its patient charges, the tariff rise is a huge economic burden on the facility and requires the authorities' intervention.

 

Jibrin said the hospital's monthly electricity tariff increased astronomically to N50 million in May, for just one month, adding that it came at a time when the price of diesel also rose, making it almost unaffordable to maintain power-generating sets during a supply cut.

 

LEADERSHIP learnt that the hospital has an 850kva generating set, which consumes about one and a half drums of diesel in three hours.

 

In an interview with LEADERSHIP, Auwalu Gajida, the CMD of AKTH, Kano, said that because of the essential services involved in caring for patients and the facilities used in the hospital, it cannot function without constant electricity supply.

 

He said the hospital, which is on band A, is finding it difficult to offset bills, which has recently led to a four-day power cut.

 

Gajida said that the hospital paid between N26 million and N31 million monthly in the past, but that the bill it received for May was N119,679,750 (approximately N4 million daily).

 

"It's difficult because we don't know how to handle the cost. This has raised a challenge for us regarding how to raise the money. First, it is good to know that a hospital is a social service sector, not a revenue-generating sector.

 

"Yes, we are charging for some little markup to cater for inflation and some consumables procured, but the rate at which we are going, if we have to pay for this, it means we have to transfer these bills to poor Nigerian patients," he said.

 

The CMD also lamented that the DisCos in Kano recently disconnected the hospital's power at 11pm, leaving it run on the generating set for four days, with a huge amount of money spent on diesel.

 

According to him, the management tried to mobilise N40.7 million and pay the electricity distribution company to show its commitment, in order to get electricity back to the hospital.

 

"After paying that amount, we came back to see how resources can be mobilised because the government's overhead is grossly insufficient to address the electricity bills. So, considering a review of patient charges is one option. Still, we are also looking at options to see where else we are not using the electricity judiciously, which we will address to reduce electricity consumption," he stated.

 

On whether the hospital is considering alternative sources of power generation, the CMD said solar can only be a backup, noting that some of its buildings are on solar, as the management had decided that such buildings should operate on it during the day time, except when it is necessary, to reduce electricity consumption.

 

He also pointed out that, with the hospital's infrastructure, it will be too expensive to go fully solar. He added that its attempt to switch to gas was thwarted after some companies came with proposals.

 

"We also discovered that Lagos University Teaching Hospital (LUTH) that opted for it has shut down because the price has skyrocketed. So I think hybrid is still the option, with solar back-up and generating sets," the CMD said.

 

He, however, called on the federal government and other stakeholders to intervene so that medical services would not become unaffordable to the common man.

 

Speaking on the effect of the recent hike in electricity tariff on the University of Maiduguri Teaching Hospital (UMTH), the chief medical director, Prof. Ahmed Ahidjo, said the hike is putting the hospital in a difficult situation.

 

The CMD noted that energy is one of the most important needs in a hospital setting required to sustain infrastructure.

 

"To ensure adequate water supply to all the hospital sections, a hospital must pump the water using energy. Our hospital has a centralised sewage system, which will spill if you do not drain the sewage with very big pumps.

 

"We need the energy to run the equipment. All the laboratory tests, all the diagnostic equipment, all intensive care units, oxygen production dialysis of patients, so many operating theatres, delivery equipment; all these require energy. Without energy you cannot run a modern hospital, " the CMD said.

 

He, however, said the power tariff hike had not yet affected the hospital's service charges due to the peculiarities of the state and region regarding the decade-long Boko Haram insurgency that had impoverished the citizens.

 

Adhijo added that with the epileptic power supply and the hike in tariff, the hospital is looking into solar-powered energy. The 12 megawatts power facility undergoing construction at the university will also contribute to the hospital's power supply.

 

The CMD of JUTH, Dr Pokop Bupwatda, appealed to the federal government to intervene to save public hospitals from total collapse due to the electricity tariff hike, which, according to him, is not sustainable.

 

 

Bupwatda stated this in an interview with LEADERSHIP in Jos.

 

According to him, JUTH has three sources of energy: Nigeria Electricity Supply Company (NESCO), Jos Electricity Distribution Company (JEDC), and a standby diesel generator.

 

He said the hospital's operations depend heavily on the power supply because most of it equipment, such as ventilators and incubators in the Intensive Care Unit (ICU) cannot function without electricity.

 

The CMD also disclosed that they paid JED between N11 million to N12 million monthly for electricity bill before the tariff hike shot up its April electricity bill to N31.5 million, whereas the hospital's total overhead is within the range of N12.5 million.

 

He said JED had placed the hospital on Band A with a 20-hour electricity supply per day, stressing that JED had written to it about a plan to disconnect it because of its inability to pay.

 

Dr. Bupwatda added that he had to plead with JED to give it time to source the money.

 

"The government needs to intervene, or we are in big trouble. As it is right now, we need to think outside the box for alternative power sources such as solar and wind energy because we will not be able to cope with the current electricity tariff.

 

"All the tertiary health institutions in the country are in a very difficult situation right now because we are all placed on Band A.

 

UNTH Commercialises Services Over High Tariff

 

Services at the University of Nigeria Teaching Hospital, Ituku Ozalla, Enugu, have been commercialised because of the recent increment in the electricity tariff.

 

Our findings revealed that UNTH, which is currently in the Band A category, is in dire financial straits due to the high cost of electricity.

 

It was further gathered that the cost of drugs and other services has increased tremendously since the increment.

 

Sources said that despite the increment, UNTH has been experiencing power outages, negatively affecting the hospital's services.

 

Although the hospital's spokesperson, Mr Uchelue Boniface, refused to disclose what the hospital was spending before the increment in electricity tariff and what it was currently spending when our correspondent contacted him, a source said the hospital spent between N20 million and N25 million monthly on electricity, including payment to the EEDC and purchase of diesel, before the increment. The figure has risen to N50 million.

 

Meanwhile, the Association of Resident Doctors (ARD) at the Delta State University Teaching Hospital (DELSUTH) recently suspended a one-week warning strike over the state government's insensitivity to issues affecting optimal patient care.

 

The doctors said working in the hospital had become an extremely distressing experience due to issues like inadequate power supply and escalating costs of electricity from BEDC, compounded by insufficient financial support from the state government.

 

Despite being the highest referral centre in Delta State, ARD, DELSUTH chapter lamented the deteriorating infrastructure and outdated and dysfunctional equipment essential for diagnosing and treating various medical conditions.

 

The hospital's CMD, Prof Emmanuel Okolugbo, appealed to the state House of Assembly Committee on Health to investigate the energy challenge bedevilling the hospital, among other issues.

 

Lagos Govt Insulates Own Hospitals With Independent Power Plant

 

LEADERSHIP findings in Lagos showed that private and federally-owned hospitals were the most affected by the hike in electricity tariffs, as most state-owned hospitals use electricity from the Lagos State-owned independent power plant.

 

The power plant, strategically located at the Lagos State Electricity Board, GRA Ikeja, and operated through an Independent Distribution Network, provides reliable and dedicated electricity to key Lagos State government facilities and infrastructure, including, but not limited to, Lagos State University Teaching Hospital (LASUTH) and Lagos State University College of Medicine (LASUCOM).

 

The CMD of LASUTH, Prof. Adetokunbo Fabamwo, told LEADERSHIP that the hospital had no business with the Ikeja Electricity Distribution Company (IKEDC), as it gets electricity from the independent power plant.

 

On the high cost of drugs and hospital services, Fabamwo affirmed that the state government was looking at how to support hospitals.

 

"Not all hospitals are tapping electricity from the project. Some are still paying electricity bills from their pockets. The government is already looking into augmenting their subvention so that they can pay their electricity bills.

 

"So, I do not think, in all sincerity, that the hike in electricity bills will translate to the increase in the cost of services in the hospitals," he stated.

 

A cross-section of patients who spoke with LEADERSHIP lamented their harrowing experience in terms of the purchase of drugs and other essential materials needed for their well-being.

 

An outpatient simply identified as Tola claimed that the electricity tariff hike had affected the cost of health care delivery in the hospital.

 

She blamed the removal of subsidy on petroleum products and the electricity price hike for the increase in the cost of health care delivery.

 

New Tariff Not Sustainable, MDCAN Warns

 

Similarly, the Medical and Dental Consultants Association of Nigeria (MDCAN) recently said the energy bill by the various discos to Public Hospitals is unsustainable and tends toward continuous dispute and potential service interruption.

 

MDCAN, in a communique signed by its president, Prof. Mohammed Aminu Mohammed and, secretary-general, Dr Daiyabu Alhaji Ibrahim, at the end of the National Executive Council (NEC) meeting, enjoined the federal government to urgently put in place a sustainable and holistic framework to ensure public hospitals have adequate power supply for effective delivery of optimal healthcare to citizens.

 

The doctors also lamented the recent disconnection of power supply to the University College Teaching Hospital (UCTH), Ibadan and called on the federal government to place public hospitals on subsidised special power tariffs as against the present commercial rates.

 

- Leadership.

 

 

 

 

Nigerian Workers Need Living Wage, Says Rep

Minority leader of the House of Representatives, Hon. Kingsley Chinda, has said what the executive arm of government should be considering is a living wage for Nigerian workers and not a minimum wage.

 

According to him, even a minimum wage of N70,000 cannot solve the problems of a legally recognised family consisting of a wife and four children. Hence, the government should seek a living wage.

 

Chinda, who stated this while speaking with journalists in Abuja at the weekend, noted that the issue of corruption can be drastically reduced if the government pays a living wage, which will ignite the spirit of believing in the state.

 

 

He said the minority caucus supported labour but must follow the rules while logically pursuing a living wage.

 

"Paying Nigerians a living wage will solve a lot of problems. Let's see how we can pay an affordable living wage and let the government look deeply into it. The governor's position that they cannot pay more than N70,000 will not solve any problem. Let the government sit with labour and see what is affordable and practicable.

 

"I think the law recognises one wife and four children. Can N70,000 pay rent and feed them? How much is the price of a bag of rice? Nigerians are angry because they believe that there's so much wastage, and I have seen them publishing humongous salaries that we earn, but if you pay a living wage, the situation will change.

 

"We, the Caucus, support a living wage without compromise, but labour must follow the laws because two wrongs can never make a right," the opposition leader said.

 

- Leadership.

 

 

 

 

Nigeria: Cardoso Urged to Follow CBN's Manual for Staff Reduction

Conference of Autochthonous Ethnic Communities Development Association (CONECDA) has appealed to the Central Bank of Nigeria (CBN) Governor Yemi Cardoso to follow established procedures for staff reduction as laid down in its Human Resource (HR) manual and best practices worldwide.

 

It will be recalled that over 200 CBN staff were affected by the recent downsizing. The apex bank said the action was necessitated by several factors, including the need to align the bank's structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

 

 

But the North Central coordinator of CONECDA Youth Wing Comrade Paul Dekete in a statement signed and issued in Jos, said the blatant disregard for due process had raised serious questions about transparency, adding that CBN, a federal institution, must adhere to public service rules as the dismissal exercise, carried out without board approval, lacks a solid legal foundation.

 

According to him, CBN relies heavily on robust cybersecurity measures, and this certification is a testament to the director's competence and the bank's commitment to financial security, stressing that this abrupt dismissal on the day of a major accomplishment raises serious questions about the planning and rationale behind the mass layoffs.

 

He also explained that the human cost of this exercise is staggering, stressing that many staff members had used their salaries as collateral for loans tied to their remaining years of service at the CBN.

 

"With their abrupt termination, these loans were immediately deducted from their final paychecks, leaving some with nothing and others still indebted to the bank. The impact on these individuals and their families is devastating, with their dreams and financial security shattered in an instant," he added.

 

He also called on the National Assembly to investigate CBN to understand the rationale behind the mass sacking and the criteria used, adding that the insensitive termination letters should be withdrawn and replaced with more appropriate documentation that reflects the employees' work records.

 

"All the disengaged staff deserve fair compensation to mitigate the economic hardship they face. All termination decisions should be reviewed. This may involve reinstating some dismissed employees without proper justification," he said.

 

- Leadership.

 

 

 

Nigeria: Need to Trash Nigeria's Shipping, Port Economic Regulatory Agency Bill

Eromosele Abiodun posits that the Nigeria Shipping and Port Economic Regulatory Agency Bill, in its present form, is a contradiction of the presidential policy specifically aimed at reducing cost of governance and implementation of the Oronsaye Report

 

At a time when the federal government is reducing cost of governance and implementation of the Oronsaye Report, which recommended mergers of agencies whose functions overlap and constitute duplications, entrenched interest are looking to sabotage this effort with the Nigeria Shipping and Port Economic Regulatory Agency Bill.

 

The clandestine moves to force the bill through the national assembly has resulted to a muted squabble in Nigeria's maritime sector as its regulators jostle for supremacy in a power play likely to undermine trade facilitation and afflict Nigeria's maritime and shipping value chain with the unenviable status of an overregulated business environment.Sadly, the House of Representatives appears to be evolving as an interest group on this ill-motivated venture.

 

 

Consequently, stakeholders in the maritime sector have called on the federal government to stand its grounds and fully implement the Oronsaye report and save the country the huge cost of governance.

 

The House of Representatives Committee on Shipping Services and Related Matters had on Monday, May 27, 2024 held a one-day hearing to gauge public feedback and input on repealing the Nigerian Shippers Council (NSC) Act (Cap N133, LFN 2004) as prelude to enacting the Nigerian Shipping and Port Economic Regulatory Agency Bill.

 

The Nigerian Shipping and Port Economic Regulatory Agency Bill 2023, with the Speaker of the House of Representatives, Tajudeen Abass, as lead sponsor, passed its second reading in March 2024.

 

 

One of the bill's sponsors and Chairman, House Committee on Shipping Services and Related Matters, Hon. Abdussamad Dasuki, quoting a gazette, said the Nigerian Shippers' Council was made the Port Economic Regulator in 2015 by the federal government, a status that needs formalising through legislation.

 

"The federal government noted that the objective of the regulation is to create an effective regulatory regime for the Nigerian ports after the concession of the ports. Port does not mean the Nigerian Ports Authority alone. It also means all the stakeholders in the ports, for the control of tariffs, rates, charges and other related economic services" Dasuki said on Wednesday 14th February 2024, while presenting the Bill to the House of Representatives.

 

Specifically, he added: "The shippers' council's gazette is being implemented today as a regulation and not as an Act. The Regulations provided that the Nigerian Shippers' Council shall perform the role of interim Port Economic Regulator with the administrative backing of the federal government."

 

 

Repealing the existing Nigerian Shippers' Council Act, he concluded, is to empower the NSC to discharge its mandate as the Port Economic Regulator, adding that collation of memoranda from various stakeholders is ongoing prior to tabling a report before the House of Representatives for Third Reading.

 

Dissenting Voices

 

There are however contrary positions in various quarters, not necessarily against the passage of the Nigerian Shipping and Port Economic Regulatory Agency Bill, but against misrepresentation of the agency to becreated from the bill in terms ofits functions and jurisdiction vis-à-vis other agencies in the maritime sector.

 

For instance, a thorough examination of the bill clearly shows that the powers and functions of the Nigerian Maritime Administration and Safety Agency (NIMASA) have been duplicated, considering that such functions as shipping regulation, issuance of certificates, licenses, fees, charges, and levies fall within the exclusive jurisdiction of the Nigerian Maritime Administration and Safety Agency. The bill failed to indicate how this will be remedied.

 

Even the agency has argued that the bill, in its present form, is a contradiction of the presidential policy specifically aimed at reducing cost of governance and implementation of the Oronsaye Report, which recommended mergers of agencies whose functions overlap and constitute duplications. There is need for revision, it says.

 

NIMASA is not alone as other agencies under the Ministry of Marine and Blue Economy are also demanding for 'revision of the existing approach of operation guiding the agencies over the years.'

 

For example, the Nigerian Ports Authority (NPA), while not opposed to the bill, has highlighted the confusion that may ensue due to the combination of "Ports" and "Shipping" in a regulatory agency, and demanded for proper phrasing of the roles of the agencies to avoid encroachment and infringement. It also emphasised the need for the agency, which should be named the, "Nigeria Port Economic Regulatory Agency," for clarity to avoid duplicating the functions of other players in the sector.

 

In addition, the NPA, as landlord agency, is saddled with granting of concessions to the concessionaire, under the statutory regulation and monitoring of the Infrastructure Concession and Regulatory Commission, meaning that the review of concessions, and indeed collection of all or part of the concession fees as in Section 28 of the bill cannot be the business of the proposed new Ports Economic Regulator.

 

A position paper presented by the agency said, "The intent and import of the Nigeria Shipping and Port Economic Regulatory Agency Bill is POLICY. It therefore MUST be driven by the sector policy arm of the executive - the Federal Ministry of Marine and Blue Economy. The function of parliament here is to facilitate seamless implementation of established policy by enacting the intent of the operators."

 

Conflict of interests and narrow articulation

 

It is worthy of note that following the port reforms programme andsubsequent concessioning of the ports, there was consensus among stakeholders on the need to establish an economic regulator for the ports to provide a competitive and conducive environment for commercial activities in the industry.

 

Consequently, various versions of a bill to create this agency were developed and presented for legislative action in the 6th, 7th, 8th and 9th National Assemblies. However, none yielded the desired outcome due to conflict of interests and narrow articulation.

 

 

In response, the federal government in 2014 signed an Executive Order that made the Nigeria Shippers' Council an interim economic regulator for the ports pending the enactment of an Act.

 

Now, the process of enacting an appropriate law to streamline operational framework for the industry, particularly in port management, has become an exercise to overload the NSC with roles and powers well beyond the original purpose of an economic regulator.

 

Given the possibility of hitting the crossroads again arising from contradictory positions on the bill, perhaps the status quo should be allowed to remain, while consultations continue in order to avoid the fate of previous versions of the bill, which failed to see the light of the day.

 

It cannot be ruled out that personal gain, rather than national interest, may underpin the motivation of some persons pushing for enactment of the bill in its present form.

 

Meanwhile, contrary to experts view, the House of Representatives Committee on Shipping Services and Related Matters recently said the Nigerian Shipping and Port Economic Regulatory Agency Bill will curb arbitrary charges and other illegality of operators in the nation's maritime industry when passed into law.

 

But experts have denounced this, stating that the house needed to trash the bill as it will result to inter agency rivalry and confusion.

 

Speaking with newsmen after a Public Hearing on the repeal of the Nigerian Shippers Council Act, Chairman of the Committee, Abdussamad Dasuki, explained that the Committee is still collating memoranda from various stakeholders on the bill before going ahead to present the report before the House of Representatives for third reading.

 

According to Dasuki said the bill seeks to repeal a law preventing NSC from enforcing a presidential directive concerning economic regulation of the ports.

 

He continued, "The bill is to repeal a law which is preventing the NSC from enforcing a presidential directive concerning economic regulation of the ports. The nation's maritime industry is overdue for this, and we will see to its implementation."

 

Quotes

 

"It is worthy of note that following the port reforms programme andsubsequent concessioning of the ports, there was consensus among stakeholders on the need to establish an economic regulator for the ports to provide a competitive and conducive environment for commercial activities in the industry. Consequently, various versions of a bill to create this agency were developed and presented for legislative action in the 6th, 7th, 8th and 9th National Assemblies. However, none yielded the desired outcome due to conflict of interests and narrow articulation."

 

"Now, the process of enacting an appropriate law to streamline operational framework for the industry, particularly in port management, has become an exercise to overload the NSC with roles and powers well beyond the original purpose of an economic regulator."

 

- This Day.

 

 

 

Nigeria: Dangote Refinery - Has Achieved What Nations, Continents Can't - Senate

The President of the Senate and Chairman of the National Assembly, Godswill Akpabio, at the weekend, led the Senate leadership to the 650,000bpd Dangote Petroleum Refinery in Lagos, saying the President of the Dangote Group, Alhaji Aliko Dangote, has achieved a feat where nations and continents have failed.

 

He described the refinery as the Ninth Wonder of the World, saying Dangote had shamed and proved the Doubting Thomases wrong by the completion of the refinery in record time.

 

Akpabio, who was joined by his Deputy, Jibrin Barau, Senate Leader, Opeyemi Bamidele, Tokunbo Abiru and a host of others, assured that the National Assembly would give the refinery what it took to protect the project because it's one that Nigeria and indeed Africa should take the ownership of and protect jealously.

 

 

While commending Alhaji Dangote for completing the construction of the largest single-train refinery in the world in record time, Akpabio noted that the ordinary residence of Nigeria's vice president could not be completed until after 14 years.

 

He said, "They told us in Abuja that the Dangote Refinery was a farce, but we have come here to see for ourselves that the refinery is alive and running. Dangote has put to shame a lot of people. They are wondering how it will be possible for a single individual to accomplish what a whole nation could not accomplish; what 240 million people could not maintain; what a continent could not do, and then one person will build a 650,000bpd project.

 

"They keep wondering how one person can succeed where nations have failed; where continents have failed. But Dangote has done it. It is highly commendable. We came to see the refinery because we in the current Senate believe in the Nigerian dream. We didn't come as a doubting Thomas, but we came because we believe in the project, we came to rekindle the hope of Nigerians and the 'Nigerians can do' spirit."

 

 

Senator Akpabio expressed regret that the whole of Nigeria couldn't make refineries function in Kaduna, Port Harcourt and Warri, but that Dangote and his team proved that it was possible to dream and achieve it in Nigeria.

 

Akpabio further said that the shame that came with the discovery of oil in Nigeria in 1958 had been removed by Dangote, alluding to a report that India does not have oil but that its refineries exported refined products.

 

He said, "The inability of the nation to refine its oil has brought untold hardship on Nigerians so much so that the Belgian government recently banned the exportation of dirty and condemned fuel to West African countries just because we can't refine our own products.

 

 

"Mr Dangote, I pity you a lot because even your friends will envy you simply because they will keep wondering how can you succeed when nations and continents have failed. Now that we have seen for ourselves, we are here to announce our own endorsement of this major project. It is also shocking to see that we produce sufficient fertilisers for Nigeria and enough to be exported.

 

"As I said, we will do our report and we will speak to Mr President to put a stop to fertiliser import to Nigeria. You will hear from us soon."

 

Lagos State Governor, Babajide Sanwo-Olu, said it was a thing of joy and privilege that the refinery happened in "our time, our state and our country.

 

"People talk about dreams, but only a few can make them happen. Dangote has put Lagos State and the whole of Nigeria on the world map of excellence.

 

"I am happy the Senate came to see for themselves; Dangote was not ready to rest after successfully building the largest cement factory chain in Africa, second largest sugar refinery in the world. With investments like this, I can assure you that we are on the right path to meet the projected GDP of $1trn by 2030.

 

"You have the key to the city I gave you a long time ago, and I am happy you are using it very well."

 

Dangote thanked the Senate leadership for the visit and the endorsement , saying the "visit could not have come at a more auspicious time than now just as the organisation is in the process of bringing the various units of this complex integrated refining processes on stream; an eagerly awaited move."

 

He stated further that the Dangote Refinery "produces a wide range of high-quality petroleum products, including petrol, diesel, kerosene and jet fuel, all meeting the highest international standards (Euro V Grade). The refinery, apart from adding value to our crude oil, will yield 900,000 KTPA of polypropylene and 36,000 KTPA of sulphur and carbon black as byproducts.

 

"The refinery will help boost Nigeria's economic growth with the creation of thousands of direct and indirect jobs. During the construction stage, it supported over 150,000 jobs, made up of mostly Nigerians. These Nigerians in the process acquired various skills that are still useful in other construction projects.

 

"The capacity of the refinery is enough to satisfy domestic demands for refined products. The refinery will export about 50 per cent of its production thereby generating foreign exchange for the country. It will lead to growth in adjacent sectors such as logistics, shipping, engineering and servicing.

 

"The refinery has the requisite capacity to provide energy security both by providing a ready home for our crude and in ensuring steady availability of petroleum products for all. Nigerians will also get to partake in the financial returns once we list the refinery on the NGX.

 

"We are thus making an important contribution to this administration's plan to grow our GDP to $1trn.

 

"Our group is at the vanguard of job creation and employment generation in Nigeria. We are the biggest employer of labour after the federal government. Dangote Cement sustains about 70,000 direct and indirect jobs across Africa, while the refinery, petroleum chemical complex and fertiliser will be able to create over 150,000 direct and indirect jobs.

 

"We have remained one of the biggest contributors to government coffers as our three subsidiaries: Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries, paid a total of N788.98bn as tax and N276bn in VAT in three years."

 

- Daily Trust.

 

 

 

Nigeria: Alliance Between Govt Bodies, Security Experts Will Check Cyberthreats - Expert

A cyber expert, Ms Adebola Folorunso has called for strategic alliance between government bodies and security experts in order to check cyberthreats in the country.

 

Collective efforts involving the government, corporations, and security experts, she said, could significantly reduce cybersecurity threats both in Nigeria and globally.

 

She said this while speaking with newsmen in Ibadan, the Oyo State capital.

 

She said that the current digital era influence on businesses across the globe necessitates strengthening the security of sensitive data related to corporations and institutions to prevent potential cyberattacks.

 

 

According to Folorunso, nailing down nation-wide security and ensuring application security across corporate and public sectors are prerequisites to preventing cybercriminals from accessing confidential data.

 

She said, "Such collaborations could materialise as coordination, expertise sharing, and pooled resources".

 

Folorunso said that harnessing these collaborative resources could increase application security and resilience.

 

"The government's role will not only bring regulatory supervision to ensure the best security standards are upheld, but also contribute to the knowledge and development of cybersecurity regulations and application security frameworks," she said.

 

She said that the unification of these three entities was a key factor in utilizing collective intelligence to fortify defences against looming cyber threats.

 

 

"Government agencies would initiate regulations, businesses would enforce them, while cybersecurity experts fill the knowledge gap.

 

"The alliance of these groups would result in a robust, secure application system, presenting significant advantages in tackling cyber attacks," Folorunso said.

 

This collaborative approach, she maintained, was the only viable path to secure and safeguard our systems and data from the growing menace of cyberattacks.

 

Folorunso said the switch towards technology-driven operations by organisations and government agencies for optimal efficiency come with substantial risks from the cyber domain.

 

She said that strategies that implement a diverse range of applications to manage distinct processes must be adopted to curb cyberattacks and safeguard information.

 

The challenges confronting many organisations and decision-makers arise from lack of understanding and awareness about implementing robust application security measures against cyber threats.

 

She recommended incorporating security checks and measures at the inception and at each phase in the software development life cycle.

 

The expert said that the tactic could resolve several issues such as vulnerabilities, time and cost inefficiencies, and fortify defences against cybercriminals accessing our data.

 

Folorunso advised organisations to regularly backup their data, update their security measures, conduct security assessments, gather intelligence, and continuously train their security teams to enhance their application security.

 

- Vanguard.

 

 

 

 

Rwanda: Three Things to Know About Rwanda's €200m Deal With JPMorgan Chase

The Lower House on June 7, approved a law ratifying a €200m (approx. Rwf280 billion) loan agreement that Rwanda signed with JPMorgan Chase's London branch, to support the country's sustainable financing framework for green and social projects.

 

JPMorgan Chase is the largest bank in the United States of America.

 

ALSO READ: Kagame hosts global investment firm official

 

Here are three things to know about the deal:

 

African Development Fund as the partial loan guarantor

 

Richard Tusabe, the Minister of State in charge of the National Treasury at the Ministry of Finance and Economic Planning, said that one of the government's medium-term strategies is to look for means to back Rwanda's efforts to be resilient to climate change.

 

 

It is in that context that Rwanda mobilised funding under a new form of long-term commercial loan that is provided by JPMorgan Chase Bank and partly guaranteed by the African Development Fund (ADF) in line with contributing to a sustainable financing framework in Rwanda, he observed.

 

Of that funding, he said, €180 million is guaranteed by ADF, while the remaining €20 million is not.

 

ALSO READ: Rwanda faces $7 billion funding gap to implement climate action plan

 

Interest rate, and repayment period

 

The €180 million of the loan covered by security from ADF will be repaid within 10 years that are counted after five years [of grace period], at 1.3 per cent interest rate per year plus an interest rate charged among European banks in a period of six months, Tusabe pointed out.

 

 

He added that the €20 million that does not have the ADF security will be paid back in a three-year period that will be counted after two years [of grace period] at an interest rate of 5.25 per cent per year, plus an interest rate charged among European banks for six months.

 

Implication

 

Tusabe told lawmakers that the government developed a sustainable financing framework by the government to mobile enough finance to invest in environmental conservation activities to contribute to Rwanda's vision to be a country with a green economy capable of withstanding climate change shocks by 2050, as well as supporting welfare improvement schemes.

 

The funds were mobilised to endorse the programme and will play a role in the implementation of the national programme to deal with climate change and promote the environment.

 

"Eligible projects to be funded which will consist of activities in line with the promotion of environment and strategies to deal with climate change, will play a remarkable role towards achieving an economy free from harmful emissions," he said, adding that the projects will also contribute to nutrition and food security, improving people's welfare.

 

In a statement that the African Development Bank (AfDB) issued on June 3 after ADF signed an agreement with Rwanda to partly guarantee the loan, AfDB Vice President Solomon Quaynor said "we are delighted to continue our partnership with the Government of Rwanda in its efforts to promote green and inclusive growth in line with its Vision 2050.

 

This guarantee from the African Development Fund will enable Rwanda's inaugural access to financing under its Sustainable Finance Framework at competitive terms."

 

- New Times.

 

 

 

 

Nigeria: British Airways Celebrates Local Art At Renovated Lagos Lounge

As it opens the newly renovated luxurious Lagos lounge doors to travel customers, British Airways is providing a beautiful view of artworks from local artists.

 

The airline launched a partnership with Akoje Gallery - founded by Maro Itoje and Khalil Akar - to curate an innovative new in-lounge exhibition featuring and celebrating guest artists. The first showcase of works is themed 'New Beginnings' to celebrate the lounge opening. The selected artists will centre their works around the chosen theme. The first group of artists slated for this partnership are Olawunmi Banjo (two paintings titled The Wait I and II), Qozeem Abdul Rahman (a Large painting titled The Guardian), and Steve Ekpenisi (a large metal sculpture titled Ulaga).

 

 

These artworks displayed across the lounge highlight British Airways' strong association with Nigeria's creative space.

 

"We are honoured to partner with British Airways and give local Nigerian artists the chance to showcase their talents in the brand-new Lagos Lounge," said Akar. "We hope British Airways passengers enjoy the immersion in Nigerian culture and the artists' contribution to their local art community."

 

The refurbished lounge has been cleverly designed to give customers more room to enjoy an upgraded food and beverage experience. It also features a quiet room with day beds, while the main area features relaxing comfy sofas and clusters of tables and chairs. Customers needing to work can take advantage of new printing facilities.

 

Calum Laming, British Airways' Chief Customer Officer, said: "We're focused on investing in the entire customer journey, not just on board. For many of our customers, lounges are an important part of their experience, and the re-design of our Lagos lounge is a key part of our transformation strategy across our lounges around the world. We're delighted to open our doors to this stunning lounge in Lagos and we're confident customers will enjoy spending time in this cleverly created space."

 

The lounge is open to customers travelling in Club World (business) and first, as well as Silver and Gold Executive Club Members.

 

- This Day.

 

 

 

 

South Africa: Gautrain Marks 14 Years of Operations

As Gautrain marks 14 years of operations, Gautrain Management Agency Chief Executive Officer, Tshepo Kgobe has described the high-speed rail network as a trailblazer in the South African rail and public transport sector.

 

In June 2010, the Gautrain saw the first ride for commuters leave the Sandton Station for O.R. Tambo International Airport, just in time for the 2010 FIFA World Cup.

 

Highlighting some of the Gautrain project successes, Kgobe said since it started operating on 08 June 2010, the project has successfully completed approximately 192.8 million passenger trips.

 

 

"The idea of a high-speed rail network with an 80-kilometre route between the North, South, and East of the Gauteng province, sounded like a pipe dream to many when the Gauteng Provincial Government announced it. Fourteen years later, 1 500 staff are employed across operations and administration of the Gautrain project and we have managed to maintain an average of more than 90% availability and punctuality across all Gautrain services.

 

"The Gautrain's transport network includes 10 stations that connect Johannesburg, Pretoria, Ekurhuleni, and O.R. Tambo International Airport, 96 rail cars (24 x4 electric multiple units), a fleet of 125 heavy haul buses, and 29 midibuses. In many ways, the Gautrain is a trailblazer in the South African rail and public transport sector...it is the first and only rapid rail network in the country, and it was the first Public-Private Partnership (PPP) of its scale in South Africa when it was launched," Kgobe said.

 

 

On the 14th anniversary of Gautrain's launch, and in a year that South Africa marks 30 years of democracy and freedom, Kgobe maintained the Gautrain has proven to be more than just a transport project saying it "it is playing a bigger role in transforming spaces, people, and the economy through mobility."

 

"The Gautrain has brought jobs, new skills, the easing of mobility for ordinary people, and major economic developments around stations. It is estimated that R46 million total GDP [gross domestic product] impact has been added to the Gauteng Provincial Government economy and a total of 245 000 jobs have been created due to property development induced by the Gautrain.

 

"The Gautrain is a strategic national asset valued at R45 billion, and once the current concession expires at the end of its 19.5-year term, the costs of establishing this long-term asset will have been paid off, allowing the Post 2026 Gautrain Project to reap the economic benefits. With a shared vision and strong team effort, a dream of a world-class public transport system became a reality,"Kgobe said.

 

Kgobe also announced that the current concession agreement between the Gauteng Provincial Government and the Bombela Concession Company comes to an end in 2026, and the Gautrain Management Agency has already gone to market to invite bids for the next concessionaire.

 

He added that the new delivery partner will operate, maintain, modernise, innovate, and upgrade the current Gautrain system so that it continues to provide a safe and efficient public transport service.

 

- SAnews.gov.za.

 

 

 

 

Nigeria: EU's Planned Sanction On Methane Emissions Heightens Pressure On Nigeria

The 5.3 billion cubic metres of natural gas that oil companies flared in Nigeria in 2022 can fill 177 million units of 12.5 kg cylinders.

 

Nigeria has suffered environmental degradation from operations in its oil and gas industry for almost 70 years, which began when Shell first found oil in commercial amounts in present-day Bayelsa State. A new law by the European Union placing a methane emissions limit on all fossil fuel imports from 2030 has added to pressure on Nigeria to do more to check gas emissions, recorded in the country principally through gas flaring.

 

Nigeria's oil industry, which began when a British joint operation with the Dutch triggered the discovery, has since been marked by litigations and community protests, human rights abuses and twists and turns at the level of regulation.

 

 

Even with the Petroleum Industry Act stepping up sanctions for companies that flare gas beyond approved levels, gas flaring has not meaningfully diminished.

 

Nigeria's push to monetise natural gas that is being wasted and burnt off in the course of extracting crude has not moved the needle either, over seven years after regulators introduced the Nigerian Gas Flare Commercialisation Programme.

 

In defence of the practice, energy firms say gas flaring and venting is done for safety and maintenance purposes. They say volatile pressure is often exerted during oil and gas extraction and processing, which can trigger an explosion. They argued that the gas saved from flaring is not really commercially significant, although findings are pointing to the contrary.

 

"With natural gas prices at historic highs, gas flaring is an extraordinary waste of money in addition to its negative impacts on climate change and human health," states the International Energy Agency (IEA) on its website.

 

Nigeria and resource waste

 

The World Bank estimates that the gas flared by Nigeria reduced by 45 per cent over 10 years, from a peak of 9.6 billion cubic metres in 2012 to 5.3 billion cubic metres in 2022. Viewed more closely, that is an illusion of progress.

 

Considering that the country's oil output shrank by half within the period, "the volume of gas flared declined broadly in proportion to oil production," the World Bank admitted, suggesting that the decrease is not a marker of deliberate gas-flaring reduction efforts after all.

 

Moreso, gas-flaring intensity, which weighs the volume of flared gas over a period in proportion to the volume of oil produced using certain base measurement units of each of the two, was near its highest in 2022, the same year within that timeframe when the flaring volume was at its lowest.

 

 

The 5.3 billion cubic metres of natural gas oil companies flared in Nigeria in 2022 can fill 177 million units of 12.5 kg cylinders. If Nigerians were grouped into a family of four, that volume could provide each family with three cylinders of cooking gas.

 

Methane, the colourless, odourless gas that is the chief component of natural gas, is the second biggest contributor to global warming after carbon dioxide and has been responsible for a third of net warming since the Industrial Revolution. Oil and gas account for a quarter of all emissions.

 

Methane is over 80 times more damaging in the near term (20 years) than carbon dioxide when discharged into the atmosphere because of its vast heat-trapping potential, studies say.

 

Methane normally accounts for between 80-90 per cent of all the components of natural gas, with hydrocarbons such as butane, ethane and propane making up the rest.

 

Taming the monster

 

Grave health conditions like cancer, asphyxiation and diverse cardiovascular, neurological and respiratory complications have similarly been linked to methane emissions, which have been largely ignored for long across the world.

 

Gas flared by oil companies "affects even conception. We've seen very high prevalence of infertility among couples that reside in Port Harcourt, a study conducted in 2018 stated. We have seen birth defects, babies being born with abnormalities," Bieye Briggs, a public health physician and environmental rights activist told PREMIUM TIMES.

 

"We have seen unexplained miscarriages. We have seen cardiovascular diseases on the increase. We have seen kidney failures that require kidney transplants. We have seen sudden cardiac arrests," he added.

 

Those downsides have bred a global urgency driving environmentalists and climate action advocates to demand more focused efforts towards methane control, recently compelling some governments to resort to stringent measures to tame the monster.

 

Legislators at the European Union approved a law last month placing a methane emissions limit on all fossil fuels entering member countries from abroad onwards from 2030.

 

Additionally, the regulation is asking operators to hand in their plans for methane leak detection and repair to appropriate national authorities within nine months after the new law takes effect.

 

A first leak detection and repair survey of already-operating sites must also be conducted within 12 months.

 

 

"Reducing methane emissions is not only climate action but also improving air quality and increasing energy sovereignty in the EU. Extending the rules to include imports will have an impact worldwide," said Jutta Paulus, the co-lead negotiator for the EU Parliament.

 

Pascal Canfin, her fellow negotiator, said: "This is the first EU law aiming to reduce methane emissions. Until now, methane was a blind spot in our climate policies. Now we are not only tackling domestic methane emissions but also those from our fossil fuels imports!"

 

The law builds on an earlier Global Methane Pledge, a deal reached in 2021 by participant countries to voluntarily take steps aimed at a joint effort to pare down methane emissions by a global minimum of 30 per cent from 2020 levels by 2030. More than 155 countries have since signed up to the campaign.

 

"Rapid cuts in methane emissions from fossil fuels could avoid up to 0.1 °C in global temperature rise by mid-century - greater than the emissions impact of immediately taking all cars and trucks in the world off the road," the IEA says.

 

Nigeria, Africa's largest oil producer, ranks ninth among the top 10 methane-emitting countries in the world, with leakage and flaring as the chief sources of emissions.

 

In terms of the top countries with a bad name for energy-related emissions, Nigeria takes the seventh spot.

 

The energy sector contributes half of Nigeria's total methane emissions, according to IEA data, while agriculture, waste and other sources contribute 31.5 per cent, 13.5 per cent and 5.5 per cent respectively. It implies that, apart from methane emissions from the energy industry, those from agriculture are another big monster that regulators must tame for the country to achieve its climate ambitions.

 

EU's new rule and Nigeria's gas supply plans

 

The tall order by the EU on methane limits on fossil fuel imports suggests that Nigeria needs to make swift concerted efforts to cut down on its energy-related methane emissions for its oil and gas to be accepted by EU countries from 2030, lest it attracts heavy penalties.

 

As of 2022, Nigeria accounted for 14 per cent of the EU's gas imports, with a total LNG exports of 9.4 billion cubic metres that year.

 

As of last November, Nigeria's oil exports to the EU had risen to 730,000 barrels per day.

 

The EU's move can undermine Nigeria's recent efforts to strengthen trade relations with the economic bloc by scaling up its gas supply. Such actions include laying a gas pipeline from Nigeria to Europe, through North Africa.

 

The Trans-Saharan gas pipeline project, a joint venture between Niger, Nigeria and Algeria, planned to run from Nigeria to Algeria as a way of diversifying gas supplies to the EU, has hit balustrade on the way. The planned 4,128-kilometre gas pipeline has been in the works for over 20 years. Nigeria committed more than $1 billion on its section, but the project now faces a bleak future.

 

Following the latest coup in Niger, the West African country formed the "Alliance of Sahel States" with Burkina Faso and Mali," which in January pulled out of the Economic Community of West African States.

 

That rupture in diplomatic relations between Nigeria and Niger stands in the way of the Trans-Sharan gas pipeline project.

 

Last October, the EU announced a plan to buck up its LNG exports from Nigeria between 2023 and 2037, underscoring the role it expects Nigeria to play in its energy transition plans as it looks away from Russia, its previous major supplier now at war with Ukraine.

 

This means that as the EU's new rule enters into force in 2030, the last seven years of that gas supply plan will be executed under a stringent regime that could force Nigeria to take methane emissions control more seriously.

 

Nigeria's quest to expand its market share of the EU gas market and even sustain the current level must have compliance with the union's methane emission limits as a cornerstone for that ambition to fly.

 

A bigger gas pipeline project, the 5,600-kilometre Trans-Africa pipeline, has also been proposed and would run across 13 West African countries from Nigeria to Morocco but the execution is still far away.

 

The $13 billion project is expected to serve as an alternative to the stalled Trans-Saharan gas pipeline project, while also helping plug the supply gap that the EU's shift from Russian gas has created.

 

However, Nigeria's push to cut methane emissions to meet the EU's new stringent rule and further its ambition of continuing gas supply to the bloc in 2030 and beyond will come at an elevated cost.

 

The IEA has estimated that Nigeria needs $1.5 billion to reduce methane emissions in its oil and gas industry between 2023 and 2030. It expects oil and gas companies to contribute $300 million, the national oil company (NNPCL) $700 million and other investors $500 million during the period.

 

The new rule requires operators to detect and fix new leaks, hand in a methane leak detection and repair programme to the relevant national authorities nine months from the date the regulation takes effect, and also execute a first leak detection and repair survey of existing sites within 12 months.

 

Mr Briggs has joined in calling on the likes of ExxonMobil and Shell to clean up the mess that has turned the Niger Delta into one of the worst places to live on earth before actualising their plan to exit onshore operations and shift their investment to deep water.

 

He said the corporations must be made to decommission their old assets appropriately and pay compensation to the host communities before they quit.

 

"Of course, the government is aware that gas flaring is highly toxic to the health of the people. But they care less," Mr Briggs said.

 

"They will look the other way because they want to make money off the oil companies. It's a bad business. It's bad politics from government and the regulators of the oil and gas industry."

 

Regulators keep mum

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the industry watchdog responsible for monitoring the environmental impact of companies' activities in the midstream and downstream sectors, did not respond to PREMIUM TIMES' inquiries.

 

Questions sent to the regulator on its plans to meet the new EU's leak, detection and repair rule and hold erring energy companies accountable for misleading emissions data were unanswered for over two weeks.

 

In like manner, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country's regulator of the upstream sector, did not respond to PREMIUM TIMES' questions on measures it is putting in place to fix leaks and meet other requirements of the EU rule.

 

Victoria Ikefe, the corporate communications manager of the government agency, acknowledged the questions but said the questions would be sent to the relevant team for comment, but no response has been received over two weeks later.

 

"Have they (oil companies) first accepted that there is pollution there, whether it's air pollution, whether it's pollution of the rivers and the farmlands? When you do not believe or take responsibility for your actions or inactions, how then can you be responsible enough to provide solutions?" said Mr Briggs who, besides being a prominent figure in public health in the Niger Delta, is also a strong voice in environmental rights advocacy.

 

"They are not interested in the development of the region. It is the conspiracy of the West. And why would they want to do that? Of course, it's far cheaper for them to flare the gas than using it to power gas turbines that will provide electricity for the people of Niger Delta," he said further.

 

Nigeria's annual flared gas can produce 600,000 metric tonnes of LPG per year and generate 2.5 gigawatts of electricity, indicating the role such big oil companies play in positioning Nigeria as one of the most miserable victims of the resource curse in the developing world.

 

More than half of Nigeria's population lacked access to electricity as of 2020, while those that have experience frequent blackouts and limited hours of electricity supply.

 

According to statistics provided by Nigeria's National Oil Spill Detection and Response Agency (NOSDRA) and the Gas Flaring Tracker satellite of the World Bank, oil companies throughout the nation, including Shell, have flared about $3.9 billion worth of gas in the last four years.

 

Yet, residents of the Niger Delta, Africa's most prominent oil-producing region where nearly all the flares happen, are practically as impoverished as they were in the 1950s when Shell first discovered oil there, according to the book Wealth and Poverty in the Niger Delta: A Study of the Experiences of Shell in Nigeria.

 

Support for this report was provided by the Centre for Journalism, Innovation and Development through its National Resource and Extractive Programme

 

- Premium Times.

 

 

 

 

Scammers use fake X accounts to impersonate airlines

Holidaymakers are being warned about a rise in scams where fake social media accounts are used to impersonate airlines.

Bogus accounts exist for every major UK airline on X, formerly known as Twitter, and are regularly used to trick customers into giving away their personal data, according to consumer association Which?.

 

It added that X is too slow to take down offending accounts.

The social media platform said accounts that impersonate organisations may be permanently suspended under its "misleading and deceptive identities policy".

It previously told Which? that it had taken down all of the fake accounts identified by the consumer group.

The scam often happens when a frustrated customer tries to contact an airline to try to fix a problem, said Which?

It said scammers crawl social media – often using bots, a type of automated software – to find such interactions.

They then respond to the query or complaint, hoping that the customer will not notice they are being contacted by a fake account.

Which? gave the example of a researcher who contacted the genuine Wizz Air X account, @wizzair, asking if a flight was delayed, and almost immediately received responses from two fake accounts.

 

“Both used near-identical language, apologising for the inconvenience, stating that they had ‘already escalated this matter to the relevant department’ and requesting a ‘reachable WhatsApp number for assistance’ via DM [direct message],” it said.

Every major airline affected

Scammers will often ask customers to send them sensitive personal data, or direct them to phishing websites where their credit card details can be harvested.

Some fraudsters also claim customers are entitled to compensation or ask for a small fee to resolve the issue.

Which? said it had found bogus X accounts impersonating every major airline operating in the UK including British Airways, easyJet, Jet2, Ryanair, Tui, Virgin Atlantic and Wizz Air.

 

It said reporting fake accounts to X “seems to have limited effect” and that most of the bogus posts and accounts it flagged “were still live at the time of writing”.

An X spokesperson told the BBC: “On X, you may not misappropriate the identity of individuals, groups, or organisations or use a fake identity to deceive others.

"Accounts that pose as another person, group, or organisation in a confusing or deceptive manner may be permanently suspended under X’s misleading and deceptive identities policy.”

 

Airlines are urging customers to be wary of fake accounts and not share personal data on social media.

An easyJet spokesperson said: “We advise customers to only follow and engage with our sole official channel @easyJet, which is identifiable by the gold verification badge for official businesses, for the latest updates or to seek support and to be vigilant and to not engage with or click on any links from other accounts."

A Wizz Air spokesperson said: “We continue to report fake social media accounts and would like to remind customers to never give their personal details out on these channels. Passengers should contact customer service via our claims or call centres.”-BBC

 

 

 

 

Price hikes and boycotts: Is trouble brewing at Starbucks?

Andrew Buckley, a self-described "mocha guy", recently swore off his Starbucks habit, reeling after the firm's latest price increase sent the cost of his drink above $6.

 

The 50-year-old, who works in tech sales in Idaho, had been a loyal customer for decades, treasuring his near-daily venti mocha as a little luxury that allowed him to stretch his legs during the work day.

But the company's latest price increase crossed a line.

 

"It was the straw that broke the camel's back on my feelings of inflation in general. It's like, 'That's it. I can't do it anymore,'" says Mr Buckley, who rang up customer service with complaints before heading to social media to vent.

"I just lost it," he said. "I don't plan to be back either."

 

The decision was a sign of the bigger troubles brewing at Starbucks, which is hitting new resistance from inflation-weary customers just as fights over unionisation and protests against the company cast as a way to oppose Israel's war in Gaza are sparking boycott calls and tarnishing the brand.

 

Andrew Buckley Andrew Buckley standing with arms crossed in his kitchen next to his coffee machineAndrew Buckley

Andrew Buckley now brews coffee at home or goes to The Human Bean, a smaller chain

Sales at the company slumped 1.8% year-on-year globally at the start of 2024.

In the US - by far the firm's biggest and most important market - sales at stores open at least a year dropped 3% - the biggest fall in years outside the pandemic and Great Recession.

 

Among those jumping ship were some of the firm's most committed customers - rewards members, whose active numbers marked a rare 4% fall compared with the prior quarter.

Former regular David White says he has stopped nearly all of his purchases with Starbucks in recent months, at times abandoning orders mid-purchase, aghast at the totals in his cart.

 

He says his outrage over price hikes has been bolstered by other company decisions, including its crackdown on workers seeking to unionise.

"They've gotten too full of themselves," the 65-year-old from Wisconsin says. "They're trying to squeeze their day-to-day customers too much and profit via their employees and prices."

 

For Andrew Buckley, the decision to quit the firm was down to prices, but he notes that the various noise surrounding the firm on political issues has left a bad taste in his mouth.

"This is a coffee shop. They serve coffee," he says. "I don't want to see them in the news."

 

Starbucks blames 'misrepresentation' after boycotts

Starbucks faces walkout at hundreds of US stores

On a conference call to discuss the firm's latest results, Starbucks chief executive Laxman Narasimhan said sales had been disappointing, citing in part more cautious customers, while acknowledging that "recent misinformation" had weighed on sales, especially in the Middle East.

 

He defended the brand and vowed to bring back business with new menu items such as boba drinks and an egg sandwich with pesto, speedier service in stores, and a flurry of promotions.

 

Chief financial officer Rachel Ruggeri said this week that the company was seeing signs of revival, noting growth in active rewards members.

The firm does not intend to back away from its expansion plans, but she warned investors that the challenges would not quickly disappear.

"We do believe it's going to take some time," she said.

 

The firm's struggles have stirred debate about whether they are a canary-in-the-coal-mine kind of warning that the go-lucky consumer spending that has powered the world's largest economy in recent years might be abruptly losing steam.

Like Starbucks, a slew of other big fast-food brands, including McDonald's, Wendy's and Burger King, have reported softening sales, announcing discount sprees to try to revive enthusiasm.

 

But many analysts believe Starbucks' sales drop reveals more about the company than the wider economy.

"When you look back and you see the magnitude of the shift... that occurred in such a short time, that doesn't usually point to something that's macro in nature or price point-related in nature," says Sharon Zackfia, head of consumer at investment management firm William Blair, who raised concern in a note to clients last month that the brand might be losing its lustre.

 

Getty Images Activists of the group Chicago Youth Liberation for Palestine protest outside a Starbucks in Chicago holding Palestinian flagsGetty Images

There have been protests outside Starbucks branches nationwide and calls for a ceasefire between Israel and Hamas

The company was already under pressure from a years-long fight with union activists, who have raised concerns about pay and working conditions that clashed with the firm's progressive reputation.

 

Then in late October, after Starbucks sued the union for a social media post expressing "solidarity" with Palestinians, the dispute landed it in the middle of debates over Israel's war in Gaza, sparking global boycott calls that took on a life of their own.

Starbucks - not the only American brand to face a backlash over the issue and not a target of the official Boycott, Divestment and Sanctions (BDS) movement - has blamed misinformation about its views, after issuing a blanket statement condemning violence in the region.

It has also taken a different tack with the union in recent months - the two sides are now issuing joint press releases claiming progress on contract negotiations.

But the boycott calls crescendoed on social media in January and continue to linger, according to a Bank of America analysis.

 

Last month, YouTube comedian Danny Gonzalez apologised to his 6.5 million followers for the incidental presence of a Starbucks cup in a recent video after a backlash.

Though Starbucks executives have remained relatively quiet on the topic during sales discussions, as Ms Zackfia puts it: "You'd really be putting your head in the sand not to think that it has had an effect."

Bank of America analyst Sara Senatore says she had initially been sceptical that the boycott would have a major impact, but other causes seemed insufficient to explain such a sudden and severe sales drop, noting that the firm's price hikes do not stand out from their competitors'.

She says a quick turnaround could be a tall order, comparing the impact to the brand crisis that faced Chipotle after its stores were found responsible for sparking e-coli outbreaks, which took years to shake off.

 

"All you can do is try to dampen the sound or essentially overcome it with other things," she says. "It may just be a matter of time."

 

Maria Soare in a Starbucks cafe holds up an iced drink

Customer Maria Soare thinks Starbucks needs to improve its food

On a recent sunny mid-day in New York, where the density of Starbucks cafes is among the highest in the world, it was hard to gauge the state of the business.

Some shops appeared empty, until customers darting in for a mobile order punctuated the calm.

Even loyal drinkers said they saw opportunities for improvement.

 

Maria Soare, a 24-year-old in town from Washington, DC, still picks up drinks from the company three or four times a week, but her patronage has dimmed since the pandemic, when it served as a reason to get out of the house.

She says recent price hikes "sting", and advises the company to "change the food".

For friends Veronica and Maria Giorgia, the feel of the company has changed.

 

Veronica, 16, says she doesn't go as much anymore due to a combination of better options elsewhere, the jump in prices, and recent protests by labour activists.

"That opened my eyes," she says. "It feels more like a chain."

And while Maria Giorgia remains a regular customer, the 17-year-old says her perception of the firm has shifted.

"It used to be cool in middle school. Now it's just convenient."-BBC

 

 

 

Long jail terms for Chinese cybercrime gang in Zambia

Lengthy jail terms have been handed to 22 Chinese citizens - and a Cameroonian man - for cyber-related crimes in Zambia.

The gang's only female convict, Gu Tianjiao, reportedly cried "papa, papa" as her seven-year sentenced was announced in the Lusaka Magistrates Court on Friday.

Some in the gang - including its mastermind Li Xianlin - received up to 11 years in prison.

The group's members were also fined between $1,500 and $3,000 (£1,180 and £2,360) each.

 

Victims as far afield as Singapore, Peru and the United Arab Emirates fell prey to their online scams, say Zambian authorities.

After a trial lasting several weeks, the perpetrators pleaded guilty on three charges - computer-related misrepresentation, identity-related crimes, and illegally operating a network or service.

 

The 22 people jailed on Friday were among a bigger group of 77 suspects arrested in April, in connection with what authorities called a "sophisticated internet fraud syndicate".

 

The swoop on a Chinese-run company in the capital, Lusaka, followed an alarming rise in internet fraud cases in the country, targeting people in countries around the world.

Growing numbers of Zambians losing money from their mobile and bank accounts through money-laundering schemes which extend to other foreign countries, the Drug Enforcement Commission (DEC) said in April.

 

Dozens of young Zambians were also arrested after allegedly being recruited to be call-centre agents in the fraudulent activities, including internet fraud and online scams, the DEC said during the arrests.

 

The 22 people convicted in Lusaka on Friday held different positions in the Chinese-run Golden Top Support Services, the company at the centre of the raid.

The company, located in Roma, an upmarket suburb of Lusaka, is yet to comment on the allegations.

The Zambian nationals were charged in April and released on bail so they could help the authorities with their investigations.

Authorities said the Zambians involved had been tasked "with engaging in deceptive conversations with unsuspecting mobile users across various platforms such as WhatsApp, Telegram, chatrooms and others, using scripted dialogues".

 

Among equipment seized were devices allowing callers to disguise their location and thousands of Sim cards.

During the raid, 11 Sim boxes were discovered - these are devices that can route calls across genuine phone networks.

More than 13,000 Sim cards, both local and foreign, were also confiscated, demonstrating "the extent of the operation's reach," according to the DEC.

Two firearms and about 78 rounds of ammunition were confiscated and two vehicles, belonging to a Chinese national linked to the business, were also impounded during the raid.-BBC

 

 

 

The rise and rise of fashion giant Shein

The biggest order 17-year-old Michaela says she ever made on Shein was for £150, when she bought "16 plus items".

Like millions of others, she's a huge fan of the ultra-fast fashion giant, mostly because of how affordable it is.

She also likes the way the influencers on YouTube she watches offer Shein discount codes, which makes her "buy more".

 

Over the last decade, Shein has gone from a little-known brand among older shoppers to one of the biggest fast fashion retailers globally.

The Chinese-founded firm - which also sells a huge range of beauty and home products - doubled its profits to more than $2bn (£1.6bn) last year, making more than the Swedish fashion group H&M and the UK’s Primark and Next.

 

Today, it ships to customers in 150 countries across the world.

However, as the company explores a plan to list its shares on the London Stock Exchange, it remains dogged by controversy over its environmental impact and working practices - including allegations of forced labour in its supply chain.

 

Michaela is aware of the backlash and particularly concerned by the amount of plastic Shein uses in its packaging.

But she feels most fashion brands face similar criticism and that "not everyone can afford high-end clothing".

"So at the back of my mind I feel quite bad when I purchase things, but at the same time it’s convenient," she tells the BBC.

 

 

Shein partners with influencers and reality TV stars, like Natalia Zoppa, to promote the brand

Shein, pronounced "she-in", was set up in China in 2008 by entrepreneur Xu Yangtian and started out selling wedding dresses online.

Since then it has grown into a global behemoth, best known for selling on-trend clothing, mostly to a Gen Z customer base.

A big part of the appeal? The price.

 

The average cost of a Shein-branded clothing item is just £7.90 and at any one time, it has as many as 600,000 items for sale on its online platform, dwarfing rivals like Zara or Boohoo.

It's also snapped up competitors like Missguided, while Xu Yangtian, who rarely gives interviews, is now said to be one of China's richest men.

The real turning point for the brand came during the pandemic, when online shopping took off and Shein's sales soared, says Louise Déglise-Favre from analysts GlobalData.

 

The firm has also made smart use of social media, recruiting popular influencers and university students to promote its clothing on TikTok and Instagram.

"The brand’s success coincided with a boom in TikTok usage in Europe and the US," says Ms Déglise-Favre. "The Chinese social media platform participated greatly in spreading awareness about the Shein’s ultra-affordable proposition."

It has drawn in shoppers by getting pop stars like Rita Ora and Katy Perry to perform at its virtual concerts, but it also attracts a vast amount of organic user-generated content.

You might well have scrolled past so-called "haul" videos of young women emptying out their newly-arrived packages and giving their frank reviews of crop tops, dresses or beauty blenders from the site.

 

'They keep coming back, making purchases'

Shein's business model is similar to Amazon's, in that it partners with thousands of third-party suppliers - many of them in China, Brazil and Turkey - to manufacture its clothes and then ships them from giant, centralised warehouses.

It has also sped up the "test and repeat" model made famous by other fast fashion giants including H&M and Zara owner Inditex.

This sees Shein suppliers produce items in small numbers, of between 100-200 pieces, and then produce more of any style that is a hit.

The brand can turn around a new item in just 25 days - something that would take other retailers months.

Shein to kick off plans for £50bn UK float

 

 

It also uses "gamification" strategies to boost customer engagement on its shopping app which is used by millions of people worldwide.

Users get points and discounts for logging in daily, sharing purchases on social media and referring friends.

"That encourages users to repeat such behaviours to earn more rewards and, as a result, they keep coming back, engaging with the app, and making purchases," says Vilma Todri, an associate professor at Emory University's Goizueta Business School in the US.

 

Getty Images A line of shoppers queuing outside a pop-up Shein storeGetty Images

But the criticism Shein has faced over its operating practices has been hard to shake off.

And those concerns are back in the spotlight as the Chinese firm explores listing its shares in London in a public offering that could value it at a reported $50bn.

There are worries about the environmental impact of mass producing low-cost clothes, and the waste it creates.

Last year, a group of US lawmakers also called for Shein to be investigated over claims that Uyghur forced labour in China is used to make some of the clothes it sells.

 

"We have zero tolerance for forced labour," Shein told the BBC at the time.

The firm has promised to investigate such issues and says it strictly enforces a code of conduct, which all of its suppliers must sign up to.

It has also launched a resale platform for shoppers in the US and France to boost its green credentials, while it says producing clothes in smaller batches means very little material goes to waste.

 

But some say it is not enough.

Jess Gavin Jess GavinJess Gavin

Jess Gavin has stopped buying clothes from Shein

 

Student Jess Gavin, 21, certainly used to shop at Shein, getting the bug during the pandemic when online fashion shopping was a fun way to pass the time.

She found the site good for tops and swimwear and liked the low prices. But the ethical issues began to concern her and now she won't shop there at all, opting instead for second-hand sites Vinted and Depop.

 

"I think you care a little less about these things when you’re younger, for sure. But I guess we’re now more aware of the issues and feel more responsible," she tells the BBC.

 

According to reports, Shein initially wanted to list its shares in the US but these plans were derailed due to political tensions.

It's now facing qualms in the UK, with some saying worries over environmental, social and governance standards could put off investors.

Others say that such a big listing in London could be very beneficial though. It may bring more attention to the company's operations and provide a boost for the UK economy, particularly as the London Stock Exchange has been struggling to attract fast-growing companies.

 

Michaela tentatively welcomes the idea of the fast fashion giant making Britain its financial home.

"I think it’s good, as long as they show that they are making an effort to improve their environmental and work practices."-BBC

 

 

 

 

US jobs surge casts doubt over interest rate cuts

Hiring in the US surged unexpectedly last month, continuing to defy predictions of a slowdown while raising fresh questions about when interest rates will fall.

Employers added 272,000 jobs in May, the US Labor Department said, above expectations of 185,000 new roles.

The larger-than-expected gain emerged despite the highest borrowing costs in more than 20 years, which analysts have been expecting to weigh on the economy.

The US central bank has raised interest rates sharply since 2022 to fight inflation, which measures the pace of price rises. The Fed has cited the strength in employment as a sign that the economy can handle the current rates.

 

The latest job figures undermine other data suggesting signs of softening and will bolster the case that talk of cutting borrowing costs is premature, analysts said.

"Today's data suggests the Fed is going to have to sit tight and wait a while longer before that first cut can be considered," said Richard Carter, head of fixed interest research at Quilter Cheviot, the investment management firm.

 

He added that the figures had the potential to take any move this year "off the table".

The European Central Bank and Bank of Canada announced rate cuts this week, part of a global shift to lower borrowing costs as the shock of inflation exacerbated by Russia's invasion of Ukraine starts to fade.

 

But in the US the Federal Reserve has said it wants more confidence that high borrowing costs are working to slow the economy and help ease pressures pushing up prices.

Will the UK and US cut interest rates like Europe?

Inflation in the US has come down sharply since 2022, but progress appears to have stalled in recent months. The most recent reading put inflation at 3.4% in April, compared with the Fed's 2% target.

 

Analysts said wage gains reported on Friday were likely to add to concerns that inflation may not return to the 2% target as quickly as hoped.

The Labor Department said average hourly pay increased 0.4% from April to May, the pace picking up again after several months of slowing.

Over the last 12 months, wages are up 4.1%, it said. Economists had expected a 3.9% increase.

While good news for workers, analysts said the figures were likely to give the Fed pause as it debates whether to reduce borrowing costs. It is looking to balance getting inflation under control with the risk that leaving interest rates too high for too long could trigger a more severe slowdown in economic growth.

 

"This report means the Fed will leave interest rates at their current high level for a few more months yet," said Ian Shepherdson of Pantheon Macroeconomics.

But he said that he still expected some weakening in the coming months, noting that the jobless rate, which is calculated using a different survey from the jobs figures, ticked up to 4%, from 3.9% in April.

 

Mr Shepherdson said he expected the Fed to cut rates in September, and make even more aggressive reductions in the months after.

"When the labor market turns, the Fed will be quickly left looking excessively cautious and short-sighted," he said.

Hiring in the US has surprised analysts with its strength for more than a year.

 

The resilience, supported in part by government spending and a wave of immigration, has raised hopes that the world's largest economy might avoid a downturn that can follow on from relatively high borrowing costs.

 

More recently, some data had raised questions about whether cracks might be starting to appear.

The economy grew at an annual rate of just 1.3% in the first three months of the year, down sharply from the prior three months as growth in consumer spending eased.

Though the hiring in recent months could ultimately prove weaker than currently estimated, the bigger-than-expected job gains in May will soothe fears that "the bottom had suddenly dropped out of the economy," said Paul Ashworth, chief North America economist at Capital Economics said.

 

"The Fed will remain focused on the upside risks to inflation rather than the downside risks to the real economy," he said.-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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