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Geely secures $400m to accelerate green transformation

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Geely Automobile Holdings has become the first Chinese automaker to secure an overseas sustainable club loan.

Information obtained by journalists during the week explained that the three-year $400 million facility will be used to support Geely Auto’s R&D of technologies and production of vehicles in the new energy segment, enabling the company to achieve its carbon neutrality goal by 2045.

The oversubscribed club loan — in which multiple lenders collaborate with the borrower on financing sustainable initiatives — had HSBC as the Sole Global Coordinator and Joint Sustainability Structuring Bank as well as participation by six other global banks, namely BOC Hong Kong, BNP Paribas, Bank of America, Nanyang Commercial Bank, Standard Charter and ANZ Bank. The oversubscription for the club loan reflects lenders’ confidence in Geely Auto’s growth prospects as well as the company’s strong capital markets appeal.

The loan agreement follows the launch by Geely Auto in May 2022 of its “Sustainable Finance Framework,” outlining the company’s future issuance of green and sustainable development bonds and loans. The issuance of the US$400 million sustainable club loan is a milestone achievement under this framework. The loan showcases the innovation and expansion of the company’s financing channels, pioneering a new way forward in the financing of green projects.

The diversification of financing will further improve the company’s financial efficiency, reduce debt financing costs, and provide strong financial support for Geely Auto’s development as it continues to expand in the new energy vehicle market.

Geely Auto aims to integrate sustainable development into its corporate governance. The company has set a goal to achieve a 25% reduction in whole vehicle lifecycle carbon emissions by 2025 and carbon neutrality by 2045. To achieve its goal of carbon neutrality by 2045, carbon emissions reduction plans have been formulated for the supply, manufacturing and end-user elements of Geely Auto’s operations. To date, Geely has revealed a diversified technological development route to achieve carbon neutrality which includes pure electric EVs, hybrid powertrains, green methanol fuel power, and battery swapping.

This year, the company has released several new energy models including efficient hybrids (Xingyue L, Emgrand L Hi-P, Lynk & Co 01 EM-F, Lynk & Co 01 EM-P), pure EV (Geometry E, Geometry G6, Geometry M6, Zeekr 001ME), and methanol hybrids (Emgrand Methanol Hybrid). The introduction of new models has already had a positive impact on the company’s performance with new energy vehicle sales. From January to July 2022, Geely Auto’s new energy vehicle sales exceeded 140,000 units and in July, new energy vehicles by the company accounted for a record high 26.1% of all sales.

Geely Auto regards sustainable development and reducing carbon emissions as important strategic goals in its corporate development. The company’s ESG performance has been recognized by many around the world. To date, Geely Auto has been selected as a constituent of the “Hang Seng ESG 50 Index,” “Hang Seng Corporate Sustainability Benchmark Index,” and the “FTSE Social Responsibility Index.”

Geely Auto will continue to focus on the electric and intelligent transformation in the automotive industry, cooperate with global partners to improve its sustainable competitiveness and contribute to global sustainability.

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Mushin LG Chairman flags off construction of Yusuf Street road, promises solar lighting

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The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.

The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.

According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.

He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.

The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.

Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.

The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.

Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.

Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.

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Giving back to community — Prof Oyedokun speaks on motives

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Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.

He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”

He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.

“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”

The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.

It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.

According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.

“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”

The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”

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Airport tolls: Nigeria lost billions under old rules — Keyamo

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.

Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.

The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.

He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.

“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’

“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”

He added that free e-tags to the VIPs had in the past led to the loss of billions of naira

“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.

“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.

The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.

“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.

To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.

Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.

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