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Afreximbank, APPO sign MoU to establish African Energy Transition Bank



The African Petroleum Producers’ Organization (APPO) and African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to establish an African Energy Transition Bank.

This is contained in a statement signed by Afreximbank’s Media Contact, Mr Amadou Sall, on Friday.

Sall said the establishment of the energy bank was in support of an African-led energy transition strategy.

He said the new institution would accelerate Africa’s economic development while ensuring the progress was compatible with and complementary to, the Sustainable Development Goals,

Sall said that the new bank would also ensure compatibility with the continent’s long-term social and environmental objectives as set out in African Union’s Agenda 2063: The Africa We Want.

He said that the bank would address an urgent and existential need on the continent.

“Africa stands to experience profound effects from climate change, while the considerable poverty across the continent further disincentivises a focus on environmental care and sustainability for many populations.

“Moreover, Africa’s oil and gas industry faces growing pressures as international investment in hydrocarbons diminishes.

“While Africa’s transition towards alternative energy sources presents great opportunities for the continent, this transition must be carefully managed to minimise the short-term adverse impacts of the transition while maximizing its longer-term benefits,” he said.

Sall said the new bank’s responsibilities would include the management and encouragement of such a productive transition.

He said that APPO member states would be signatories to the Energy Transition Bank’s constitutional documents which would be structured in the form of a multilateral treaty, and invest equity into the new vehicle.

Sall said that Afreximbank would co-invest and advise on the establishment and implementation process.

The statement quoted Prof. Benedict Oramah, President of Afreximbank, as saying “we are delighted to be collaborating with APPO towards the establishment of the proposed African Energy Transition Bank”.

“These are challenging times when we must strive to strike the right balance between the imperatives of mitigating climate change and the urgency of averting social upheavals as a result of increasingly difficult economic and financial conditions in Africa.

“For us at Afreximbank, supporting the emergence of the African Energy Transition Bank will enable a more efficient and predictable capital allocation between fossil fuels and renewables.”

Oramah is quoted to have said that establishing the bank would also free human and other resources at Afreximbank that would make it possible to support its member countries more effectively in the transition to cleaner fuels.

“We thank the members and leadership of APPO for their confidence in Afreximbank to support them as they embark on this very important initiative,” he said.

The statement quoted Dr Omar Farouk Ibrahim, APPO Secretary General, as saying,
“Today’s event marks the beginning of Africa taking its destiny into its own hands.”

Ibrahim said for too long, Africa had looked outside for solutions to its challenges, access to finance, access to technology, access to markets, etc.

He said Africans had come to believe that without foreign support they cannot make any progress in addressing these challenges on the African continent.

Ibrahim, however, said that the resolve to establish the bank evidenced in the signing of an MoU between the two African institutions was a clear indication of the changing orientation of Africans on how to address their challenges.

“How else do Africans expect to harvest the 125 billion barrels of crude and over 500 trillion SCUF of gas when the traditional financiers have decided to abandon the continent?

“How else do we manage the impact of climate change on the continent without the resources to make the investment?

“How else can we give access to energy to 600 million people on our continent who have no access today?”

According to Ibrahim, Africa is fully supportive of the fight against climate change.

“This is because we bear the biggest brunt and we contribute the least carbon emissions but we must engage in the fight in a collaborative and just manner.”



NIMASA DG calls for contributory pension for dockworkers



…As agency hosts maiden ‘day of the dockworker’ event

By Seun Ibiyemi

It was a milestone event for the local maritime industry as the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted the maiden edition of the ‘Day of the Dockworker’ in Lagos recently.

With the theme of the event being “Healthy Dockworker, Better Productivity,” it was an opportunity for stakeholders gathered to not just appreciate the efforts of Nigerian dockworkers at the center of the nation’s import-dependent economy, but also to focus on ways of improving their health and general well-being.

Delivering his welcome address at the event, the NIMASA Director General, Dr. Bashir Jamoh OFR, charged employers of labor to ensure all dockworkers are enrolled on contributory pension schemes, while also emphasising the need for operators of Oil and Gas Terminals to allow only approved stevedores aboard their installations, to ensure compliance with relevant international guidelines and conventions.

According to Dr. Jamoh, “As we celebrate today, it is important to put in perspective the plight of dockworkers who spend the greater part of their working life at the ports, with little or nothing to show for it. As employers of labour, you must endeavour to put in place a Contributory Pension Scheme for dockworkers and ensure prompt remittances of both Employers and Employees contributions at the end of each month.”

Speaking on compliance with stevedore inspections, he stated, “This occasion presents me with an opportunity to express the need for operators in the private jetties and Oil & Gas Terminals to grant operational access to the Stevedoring Contractors appointed by the Honorable Minister of Transport, to carry out stevedoring activities in assigned operational areas.”

On his part, the President General of the Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in his address, thanked the NIMASA Management for organising the event to celebrate Nigerian dockworkers in recognition of the important role played by them.

In attendance at the event were representatives from the Federal Ministry of Labour and Productivity; Nigerian Ports Authority; Seaport Terminal Operators Association and the National Association of Stevedoring Operators (NASA).

Internationally, July 7th is marked as ‘The Global Day of Action’ and is organized by the International Dockworkers’ Council (IDC) and International Transport Workers’ Federation (ITF). It aims to raise awareness of port working conditions and emphasize the importance of collective bargaining rights.

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LCCI tasks govt on transparent FX regime, multinationals’ engagement



The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.

Recall that the Chief Financial Officer of Procter & Gamble, Andre Schulten, had said this move would effectively dissolve its on-ground presence in the country.

Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.

She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses in the country.

She recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.

“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.

 ”The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.

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Tinubu appoints Omatsola Ogbe as new ES of NCDMB



President Bola Tinubu has approved the appointment of Engr. Felix Omatsola Ogbe as Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB).

The President in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale appointed new board members for the NCDMB.

According to the Spokesperson to the President, the President in conformity with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010) approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).

The newly appointed board members include:Sen. Heineken Lokpobiri — Chairman / HMS, Petroleum Resources, Engr. Felix Omatsola Ogbe — Executive Secretary, Oritsemyiwa Eyesan — Member / EVP Upstream, NNPC Ltd, Gbenga Komolafe — Member / CEO, NUPRC, Bekearedebo Augusta Warrens — Member, Nicolas Odinuwe — Member, Rapheal Samuel — Member, Sadiq Abubakar — Member, Olorundare Sunday Thomas — Member.

Ajuri noted that the President expects the new appointees to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 percent indigenous content and participation in the nation’s energy industry during the lifespan of this administration.

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