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Green Economy ‘ll Create Greater Prosperity for Investors – Agama

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By Tony Obiechina, Abuja

Stakeholders, intermediaries, issuers, investors, and regulators have been enjoined to take advantage of the enormous resources and potential of sustainable finance to build a green climate resilient economy in Nigeria and create greater prosperity for investors and Nigerians.

This was stated by Director General of the Securities and Exchange Commission, Dr.
Emomotimi Agama during a capacity building workshop for capital market operators on Green Finance in Lagos yesterday.
The workshop is part of an ongoing capacity building initiative administered by the African Development Bank Group and financed by the Capital Market Development Trust Fund (CMDTF) of the Bank.
The SEC DG represented by Executive Commissioner Operations SEC, Mr. Bola Ajomale, emphasised that the Commission is steadfast in its commitment to champion sustainable finance initiatives as the Rules on Green Bonds have already facilitated a couple of sovereign issues and multiple corporate issues.Agama said, “The Federal Government through the Debt Management Office (DMO) has led the way in Africa in this regard by issuing the first sovereign green bond in December 2017. It has since followed up with another N15bn issuance in June 2019 specifically to fund renewable energy, afforestation and transportation.”The Commission also approved two green bond issues by North South Power Services Ltd and Access Bank Plc worth N8.56bn and N15bn respectively to finance various infrastructural projects in the power, water and agriculture sectors of the Nigerian economy. The onus therefore lies with all of us distinguished ladies and gentlemen to continue to expand these issuances by locating a need and fashioning appropriate sustainable financing products to meet themThe SEC DG disclosed that the Commission continues to strongly support and champion efforts to deliver coordinated and coherent policy advice, capacity building and regulatory support to leverage actions across a broad spectrum of sectors to build the momentum for a green economy, which could bring socially inclusive and environmentally sound economic transformation.Agama said the workshop presents an opportunity to stakeholders in the capital market to enrich the discussion on Green Finance and more importantly, take concerted action on issues relating to climate change and sustainability.According to him, “The United Nations Environment Program (UNEP) defines a green economy as low carbon, resource efficient and socially inclusive economy. An economy where growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy resource efficiency, and prevention of loss biodiversity and ecosystem services.”Climate change, as we all know, is one of the major risks threatening the well-being of mankind. Since the Paris Agreement was reached in December 2015, international efforts in combating climate change have gathered enormous momentum. According to the IMF, in the past four decades, we have witnessed the warmest years on record and the number of natural disasters more than doubled in that same time frame.”The SEC DG said embracing green finance remains a critical approach to addressing these challenges adding that it is crucial to involve key stakeholders in conversations that promote green finance.”We are at a pivotal moment where we can shape the future of our investment practices to align with environmental, social, and governance (ESG) principles. Transitioning to a green economy is crucial for the sustainable development of Nigeria.”The primary objective of the workshop is to provide capacity building for capital market operators and stakeholders to enhance knowledge and understanding of green finance, promote collaboration and networking among stakeholders, support regulatory compliance with SEC Rules, and facilitate the funding of innovative, environmentally friendly projects that will drive sustainable economic growth.”He expressed excitement at the promising trend of sustainability-themed funds gaining prominence, especially in developed countries, saying this reflects a growing global adoption of green finance criteria within the investment community, and notably, green finance performance has shown a strong correlation with overall financial performance.

Agama urged stakeholders, intermediaries, issuers, investors, and regulators, to support this transition through their business activities by directing financial flows towards more sustainable and climate-friendly solutions, divesting from unsustainable practices, setting standards and frameworks, and integrating green finance into investment decisions and practices.In his remarks, Executive Director, Climate Transition Limited Mr. Olumide Lala said that Climate change is real adding that the transition to a green economy is essential for Nigeria’s sustainable development, and green finance is a critical component of this transition.”It is not just about the impact on a world that is far from us, it is here with us. The message today is for us to invest in assets, infrastructure assets that are climate efficient.”If you look around today, the impact of climate is upon us, it’s affecting our food security, it’s affecting our way of life. It is even affecting our country’s security as people are moving from place to place in search of a better life” he stated.Lala said the desertification of the Sahara is impeding the world, as people are moving towards the south, water resources is being compromised and there is climate risk associated with the financial investments people make.”There is the need to reduce emission, essentially the message today is change. The regulator is here trying to reassure investors that the governance structure is there to ensure the safety of the money they are investing. The governance structure is constantly being enhanced in line with global values.”We see this as a market development opportunity to educate the market on the benefits as well as the risks. But more importantly, how do you change the risks into opportunities? As the market changes and as we develop more opportunities for those coming behind us,” he added.

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Dangote Refinery Effects Another Reduction on Petrol from N835 to N825

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By David Torough, Abuja

The Dangote Petrol-chemicals Refinery has effected another reduction in the ex-gantry price of its Premium Motor Spirit also known as petrol below the publicly announced N835 per litre.Sources confirmed on Monday that the refinery has reduced its price to N825 per litre for its customers, through a rebate of N10 after successful loading of products at the refinery.

The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.
The covert price adjustment has allowed its customers and marketers to retail the product at a lower band of N830 to N835, outpricing importing marketers and private depot owners.
The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”Last month, the Dangote refinery effected a price reduction twice within the space of a week, crashing its gantry price by N45 from N880 to N835 per litre.This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.Efforts to get an official reaction from Dangote Spokesperson, Anthony Chiejina, on the price reduction were futile.

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Blood – letting Continues in Benue Communities as Renewed Attacks Claim 30

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From Attah Ede, Makurdi

No fewer than seven persons have been reportedly killed in two local government areas of Benue State by suspected armed herders.These incidents came on the heels of the killing of 23 persons at the weekend in Guma, Kwande and Ukum LGAs.Chairman of Buruku LGA Raymond Zege Aondoakura, confirmed these latest killings to newsmen on phone yesterday in Makurdi.

Aondoakura intimated that four young men and one little girl were murdered in an attack which occurred in the early hours of Monday with their bodies already deposited in the mortuary.
Also, the chairman of Gwer West local government area, Victor Ormin Torsar said two persons were killed on Sunday.Already, he has directed that movement of people into and out of the geographical territory of Gwer West LGA should not exceed 6:30PM daily.
This was contained in a statement by the Special Assistant Media and Publicity to the Chairman, Timothy Ajieje yesterday.According to the Statement, the directive takes immediate effect, averring that with the Executive directive, people coming into Gwer West LGA and those going out to other places are to do so within the stipulated time of 6:30PM.The Chairman said the restriction will be reviewed as the security situation improves.In the case of Buruku local government area, the attack occurred in Mbakundu Community in Mbaya Council Ward of Buruku of the Local Government area.The chairman said, “Yes they killed four young men and one little girl, so far five bodies have been discovered and deposited in the mortuary.An eyewitness, Gbakaan Kumzzy, who spoke to DAILY ASSET via a telephone call, recounted the harrowing ordeal, saying that the attackers stormed the community at exactly 12:00AM, shooting indiscriminately.Gbakaan confirmed that five lifeless bodies, including that of a minor, have already been discovered, while the search for more missing persons was still ongoing.He said, “As we speak, five bodies, including a little child, have been found. We are still searching for others who went missing during the attack.He also lamented the continued silence and negligence of government authorities in the face of unprovoked killings of defenseless Buruku people by armed herdsmen.”We are calling on the Benue State Governor, Rev. Fr. Hyacinth Alia, and the Buruku Council Chairman, Hon. Raymond Zege Aondoakura , to urgently intervene and avert further bloodshed”, Gbakaan pleaded passionately.All efforts to confirm the incident by the Police Public Relations’ Officer CSP Catherine Anene proved abortive as she refused to pick her calls or reply to text messages.Gunmen Abduct Immigration Personnel in Benue, Demand N20m RansomArmed men suspected to be kidnappers, have abducted an officer of the Nigeria Immigration Service(NIS) Benue State Command, identified as Simon Agbo at his residence in Makurdi, the state capital.A close relation of the victim, who disclosed this to DAILY ASSET on phone yesterday in Makurdi, said the officer was busy discussing with two of his direct neighbours on Sunday night at about 7:15PM before they came to kidnap him.He said the incident happened at the opposite NKST church Kuan, behind the modern market in Makurdi, after the kidnappers stormed the compound and took him away at gunpoint to an unknown destination.DAILY ASSET gathered that the kidnappers, who were well armed, first fired gunshots sporadically in the air to scare family members and neighbours of the victim before abducting him from his residence.It was further gathered that the victim was serving in Kwara State before he was redeployed to Benue command in February this year.Upon hearing of his abduction, youths in the whole community in collaboration with local vigilantes immediately launched a search throughout the night but the gunmen could not be caught.Younger brother of the victim, who simply identified himself as Agbo told DAILY ASSET that one of the victim’s neighbours have been apprehended in connection with kidnapping of the immigration officer, hence his role before the incident took place.According to him, the neighbour whom he refused to mention his name was consistently calling on the victim to come home or he should direct him to his location as at that time that they needed to see that fateful Sunday night by all means.”After persistent calls, that my brother should come home or if possible, describe his whereabouts, then, my brother came home and went straight to his neighbour’s compound.”While they were at the compound discussing, another of their neighbours came to join them and all of a sudden, the gunmen arrived at the compound and immediately went straight to the immigration officer, picking only him at gunpoint, leaving the remaining two people behind.”The neighbour’s action looks very suspicious and that is why we called for his arrest. He has been arrested and currently in police custody until our brother is released.”As I speak with you, the kidnappers have opened discussion with the family. They are demanding N20 million ransom for his release as at today”, he said.The Public Relations Officer of the Nigerian Immigration Service NIS could not be reached for comment as at the time of filing this report.Efforts to get confirmation from police were unsuccessful as the Benue State Command Police Public Relations Officer, Sewuese Anene, was yet to receive calls or respond to text messages sent to her cell phone.

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Nasarawa Gov, Others, Woo Dangote at Trade Fair

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Nasarawa state Governor Abdullahi Sule
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Nasarawa State Governor, Abdullahi Sule has urged Dangote Industries Limited to consider investing in more sectors of the State economy.The Governor, who spoke at the ongoing Nasarawa Trade Fair Exhibition said Nasarawa is home to solid mineral resources, adding that the strategic partnership between the duo will speed up Nigeria’s industrialization project.

Sule, who was represented by the Commissioner for Trade, Industry, and Investment, Hon.
Muhammed Sani Otto, commended the Dangote Group for its outstanding performance at the Nasarawa Sugar Company Limited (NSCL).He expressed confidence that, given this success, the company would be a valuable partner in exploring additional investment opportunities within the state.
In his remarks at the Dangote Special Day, Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, said the Trade Fair which was sponsored by the Dangote Group has been very impactful.The Chairman advised Dangote Group to scale up its investments in the State by considering other sectors.He added: “The Nasarawa Trade Fair Exhibition (NASTFE) is a vital catalyst for the State’s economic transformation. This strategic initiative by NASSI directly aligns with Governor Abdullahi Alhaji Sule’s vision to stimulate investment and unlock significant growth.”The Permanent Secretary, Ministry of Trade, Industry and Investment Hajiya Khadija Oshafu Nuhu said the state is strategically open for business, and that Dangote Group can be part of the compelling opportunities abound in the state.A statement from the Dangote Group’s Chief Branding and Communication Officer, Anthony Chiejina, said: “Nasarawa State is central to our overall investment in Nigeria. It is home to Dangote’s Nasarawa Sugar Company Limited (NSCL). The sugar project, when completed, will be one of the biggest sugar investments on the African continent.”The statement quoted the Senior Special Adviser to the Dangote Group’s President, Fatima Wali Abdurrahman, as saying that: “We are not taking this partnership for granted. Our Strategic Business Units (SBUs) are participating.According to her, some of the Strategic Business Units that are participating from the Dangote Group are: Dangote Fertilizer Limited (DFL), Dangote Peugeot Automobiles Nigeria Limited (DPAN), Dangote SinoTruck, Dangote Sugar Refinery, Dangote Salt (NASCON) and Dangote Cement Plc.

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