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11 Plc massive investment on operational facilities yields result posting 200% PAT



The ingenuity and long standing industry experience by the Executive Directors of 11 Plc, (formerly Mobil Oil) led by Dr. Tunji Oyebanji have turned the massive investment by the company’ s new investors into huge profit making downstream company.

The companies new operational facilites in Apapa, Lagos have now set 11 Plc top in the nation’s oil and gas downstream business posting Profit After Tax of 200 per cent about N18 billion in the year ended December 2022 as against N6.08 billion in the year 2021.

Explaining to the sharehorders of the company the operating business environment, Oyebanji who was the immediate past Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), said, “The Russia- Ukraine war, which is now more than a year old, has taken a toll on the Nigerian economy in many ways.

“The conflict caused disruptions to the global supply chains as prices of commodities such as crude oil, natural gas, aluminum, nickel, wheat, and other commodities soared to record levels, leaving markets in disarray.

“The price of a litre of diesel skyrocketed to a record high of N600, two weeks into the war, from around N420-N450, as oil prices climbed above $120 a barrel, worsening the inflation outlook in Africa’s biggest economy,” he said.

According to him Diesel prices have since risen to above N800 per litre and Nigeria has had to take a wrecking ball to its finances to keep up subsidies on petrol.

“Manufacturers, retail outlets, and small businesses that rely on diesel to power their machines have had to raise the prices of manufactured goods and services, even as consumers grapple with lower purchasing power.

“The Petroleum Industry Act (PIA) also entered its second year of effectiveness and continued its long journey towards implementation. The most notable step was the creation of regulatory bodies for the petroleum upstream, midstream and downstream sectors and the official ‘relaunch’ of The Nigerian National Petroleum Corporation as NNPC Limited in July in a high-profile ceremony led by President Muhammadu Buhari.

“Adding that the financial year in view also had the regrettable incident of the importation of adulterated petrol which took a toll on cars and the distribution of products across the country, especially in Lagos and Abuja. In 2022, Nigeria’s oil sector saw significant revenue leakages due to rising activities of crude oil theft as conservative estimates put the total leakages from oil theft and petrol subsidy to over N3.5 billion by the end of 20223,” he said.

Furthermore, he noted that despite the daunting challenging environment which 11 Plc operated in the 2022 financial year, the company continued to enjoy a cordial and seamless relationship with ExxonMobil and continues trade under the name Mobil trademark based on the agreement before its exit after the acquisition of the majority stake by NIPCO Investment.

“The new core investor is very bullish about Nigeria and has since stepped up its investment, subsequently raising the profile of our company as the gold standard in the hydrocarbon industry. We have made lots of investments in packaging to eliminate counterfeiting, especially our lubricants.

“The company is also working closely with the Standard Organisation of Nigeria (SON) on the issue of counterfeiting while law enforcement is assiduously working to checkmate perpetrators of this ignoble act,” he said.

Oyebanji commended the shareholder. Adding that it was with great pleasure that he welcomed them to the 45th Annual General Meeting (AGM) of their great company.

“11Plc, which has been growing in leaps and bounds over the years. The event offers a veritable avenue to appreciate the unalloyed support and cooperation of our esteemed shareholders and other stakeholders in the 2022 financial year as well as posit an insight into the future of the company.

“I cannot but agree with our Chairman, Mr. Ramesh Kansagra that the unflinching support of our everreliable shareholders has been the powerhouse of our success. Over the past years, I have had the privilege of leading the management team in translating the Board’s vision into deliverables that have added to shareholder value. I wish to thank the Board for their exemplary leadership that has helped us move the company to its present exalted position on the corporate ladder,” he said.


FG to deploy 100 electric buses



President Bola Tinubu has said Nigeria is taking a significant step towards a sustainable and eco-friendly future by introducing a pioneering initiative to deploy a fleet of 100 electric buses.

The President spoke at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme on Saturday in Dubai, United Arab Emirates, on the margins of the COP28 climate summit.

President Tinubu explained that the strategic initiative is aimed at significantly reducing Nigeria’s carbon footprint and modernizing the country’s transportation systems as part of a larger effort to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialization with a focus on natural gas as a transition fuel alongside other renewable energy sources.

To spearhead this transformative plan, the President announced the appointment of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Mr. Dahiru Salisu, to co-chair the Nigeria Carbon Market Activation Plan.

”This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.

”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.

”In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan,” the President stated.

The President assured prospective investors that this initiative transcends being a mere pilot project.

”It is a concrete manifestation of our unwavering dedication to a carbon-neutral future. I assure you; this is only the commencement of our ambitious plans, with many more impactful initiatives on the horizon,” he said.

President Tinubu, while acknowledging the pressing need for a comprehensive global collaboration on climate-related challenges, called on global partners to join hands in accelerating collective efforts towards a net-zero future.

”As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.

”In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.

”Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide. Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth,” the President concluded.

In his remarks, FIRS Chairman, Mr. Zacch Adedeji acknowledged the visionary leadership of President Tinubu as the guiding force behind Nigeria’s commitment to harnessing its vast carbon potential.

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At COP28, Sanwo-Olu seeks funding to address supply of clean water in Lagos



Governor of Lagos Babajide Sanwo-Olu has sought global support for funding in Lagos state to be able to provide clean water.

The Governor speaking at a side meeting with the theme: “Valuing Water: A Lifeline in Climate Transition”, organised by Business and Philanthropy Climate Forum and Sustainable Market Initiative at the ongoing 28th session of Conference of Parties (COP28) at Dubai Exhibition Centre pitched a sustainable funding proposal in order to raise private and philanthropic funding in addressing inadequate water infrastructure and supply shortages in Lagos.
Sanwo-Olu disclosed that Lagos, with 22 million population, has a daily demand of 700 million gallons of portable water, but said the State could hardly supply 210 million gallons per day due to shortage of infrastructure. 
The Governor said, although provision of clean water had been generally considered a social service, it was an essential element of economic necessity, given its importance to keeping humans healthy. 
Lagos, he said, is challenged by increasing demand for clean water. Sanwo-Olu said the inadequacy of supply infrastructure could raise disease vulnerability in underserved communities, pointing out that the State, despite being surrounded by abundant water bodies, could only manage to utilise 40 per cent of its installed water facilities.
He said: “Lagos has an investment of about $2.8 billion in water infrastructure, but there is a burden on the huge population, as we need to create an ecosystem where we can have access to basic needs in the 21st century. Given our meagre resources, it is really a challenge but we certainly cannot continue to give excuses. This gap is being felt by underserved communities and the risk to the public is high.”
“We have continued to allocate resources to this sector from our budget, but the intervention is hardly enough to serve the needs of the residents. Four years ago, I gave a commitment of $100 million, but this is like a drop, given the number of investments required to fully explore the potential in the sector. We have huge infrastructure that is not being utilised, making us to operate at less than 40 per cent of the installed capacity.”
“Out of the $1.7 trillion needed globally to address the gap in clean water adequacy, Lagos requires less one per cent of the funds to provide safe water. It is my belief that this conversation would lead to sustainable solution that would meet the needs of millions of people that want water adequacy. Our goal is making committed partners believe in economic viability of their investments.”
Sanwo-Olu listed the country’s energy crisis as another factor slowing down the provision of clean water, stressing that irregular power supply rendered resources allocated to the sector inefficient.
The Governor called for equity in global investment towards accelerating water adequacy, noting that humans, regardless of their gender and geographical location, need equal access to clean water.
With 65 per cent of its population made up of young people of under 30, Sanwo-Olu told the funders that Lagos remained an African asset on which viable investments could be made.

The side meeting, which was moderated by the Secretary General of Insurance Development Forum, Ms. Ekhosuehi Iyahen, had seven other panelists, including Chief Executive Officer (CEO) of WaterAid, Tim Wainright, Chief Sustainability Officer of PepsiCo, and CEO of Dalmia Cement in India, Mahendra Singh.
Others are Chief Operating Officer of, Vedika Bhandarkar, Managing Partner of AquaForAll, Josien Sluijs, Assistant Director General of Food and Agriculture Organisation at UN, Maximo Torero, and former CEO of Mars, Incorporated, Grant Reid.

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COP28: Gov Eno joins President Tinubu in Dubai



Akwa Ibom State Governor, His Excellency Pastor Umo Eno, is part of the delegation led by President Bola Ahmed Tinubu GCFR at the ongoing COP28 climate conference in Dubai, United Arab Emirates (UAE).

Delegates from nearly 200 countries, leaders in business and finance, and representatives of civil society are gathering in Dubai from November 30 to December 12 for the COP28 climate conference, aiming to fast-track the transition to a clean-energy future.

COP28 stands for the 28th meeting of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC), occurring annually.

Also in the President’s entourage are the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, President/Chief Executive of Dangote Group, Alhaji Aliko Dangote, Group CEO of NNPCL, Mele Kyari and the newly appointed Permanent Secretary, Federal Ministry of Finance, Mr. Okokon Ekanem Udo, among others.

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