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Nigeria gets 60% Afreximbank energy sector funding – Oramah

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 The African Export-Import Bank (Afreximbank), says  Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa.
The Afreximbank said it has been able to make modest contributions in the oil and gas sector because the bank was predominantly African in ownership and control.
Prof. Benedict Oramah, President of the African Export-Import Bank, said this on Wednesday at the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday.
The Afreximbank President spoke on “Sustainable Strategies for Energy Leadership: Navigating Security, Transition and Finance in a Changing World”.
“The support provided to the sector by Afreximbank is in excess of US$30 billion. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of the total funding of the sector.”
Oramah, represented by Haytham Eimaayergi, Executive Vice President, Global Trade Bank (GTBA), said the continent lacked extensive traditional energy infrastructure.
This, he said, presented an opportunity for leapfrogging in a more efficient way to renewable technology.
According to him, “our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control.”
He said with a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry had become limited with the corresponding impact on exploration and production.
“Afreximbank has intervened in a big way, quickly becoming the largest financier of oil and gas deals in the continent,” he said.
The president stated that Afreximbank and Africa Petroleum Producer Organisation (APPO) are in the final stages of setting up the African Energy Bank.
He explained that the Africa Energy  Bank which is being set up under a multilateral financial institution agreement will focus on providing funding for the energy sector in the continent.
He added that it was structured to ensure African origin and control.
“Afreximbank is committed to helping manage and operate Africa energy bank to ensure that it has the best possible chances of success.
“The strategic goal of the Africa Energy Bank is to play a leadership role in shaping the energy landscape in Africa, through strategic partnerships with proven African and international financial institutions and investors.
“It will also provide sustainable financing in the area of the oil and gas sector,” he said.
He, however, appealed for support from member states to achieve the level of capitalisation that would be adequate to support the energy sector.
NAN reports that Secretary-General of African Petroleum Producers Organisation (APPO), Dr Omar Ibrahim, had earlier announced that the decision on which country the proposed African Energy Bank will be sited, is to be taken by the end of first quarter of 2024.
Seven countries including Nigeria, Algeria, Egypt, Ghana, South Africa, Benin Republic, Cote d’Ivoire are jostling for it.

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Fidelity Bank MD commends Air Peace London service

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The Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, has commended Air Peace for its Lagos to London operations.

Onyeali-Ikpe gave the commendation in a statement signed by the airline’s Corporate Communications lead, Mr Stanley Olisa, on Monday in Lagos.

She commended the airline’s giant strides and financial discipline which it has upheld since inception.

She said, “Air Peace has been very loyal to us. We are grateful to have them as our client.

“We are celebrating their milestone of launching direct flight service to London and other milestones they will achieve,” Onyeali-Ikpe said.

The Chairman, Air Peace, Dr Allen Onyema, who said it was not easy to attain the current status, expressed unreserved gratitude to the flying publics, aviation stakeholders, media and government for the support shown so far.

He acknowledged the role played by former Director-General, Nigerian Civil Aviation Authority, Ben Adeyileka, in helping the airline secure its Airline Operator Certificate (AOC).

The Air Peace boss thanked Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

Onyema said Air Peace was committed to its Corporate Service Responsibility (CSR), to empower Nigerians economically by creating employment and not to profiteer.

He highlighted how the airline never fails to engage in humanitarian interventions for Nigerians, especially the numerous evacuation flights at critical times,

“Air Peace was not borne out of the intent to profiteer but to create jobs.

“Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation.”

Appreciating the bank for its support, Onyema said, “I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution.

“Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he added.

Onyema, therefore, called for the continued support of Nigerians to sustain the newly launched London service, adding that passengers can fly to London from any domestic airport.

“For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos.

“From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer,” Onyema affirmed.

The Air Peace boss also said that the airline would continue to fully adhere to safety standards, while lauding the management and staff for the efforts in realising the London dream.

He advised Nigerians to shun ethnic nationalism, stating that Air Peace is not an Igbo airline but a Nigerian airline belonging to over two hundred million people.

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Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch

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In a thrilling exclusive event on the 16th of April, 2024 at the Tingo place, Victoria Island, the Tingo Group launched its new products, Tingo Cola and Tingo Electric drinks. Present at the event was His Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife who was the official host and was accomplished by his wives, Traditional Chiefs, Senior government officials and media executives.

In his welcome speech, the Ooni who is also the Chairman of Tingo BV beamed with joy as expressed that the success of the product is a dream come true as he has always wanted to be a part of a team that will design, conceptualise and produce a drink that will bring pride to Nigeria and Africa and these products are on the right path to going global.

He also noted that the ingredients used in manufacturing the drinks were about 80-85 percent home sourced and efforts were made by the Tingo Group to ensure that it meets International standard. Ooni stated that he has taken up the responsibility of ensuring that the beverage is a success as he is the brand’s “number one ambassador.”

Founder of Tingo Foods, Dozi Mmobuosi, said the company has been existing for 23 years and Tingo Electric and Tingo Cola represent not only a “triumph in innovation but also a celebration of Nigerian ingenuity,” while also adding that “the team was proud to showcase these exceptional beverages to the world and are deeply grateful for the support of his Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife and all esteemed guests.”

The Ooni towards the end of the event requested everyone to have a taste of the beverages and the feedback was positive. Dr Reuben Abati stated that he felt electrified after taking the Tingo electric and casually joked that he is hoping that there will be many Tingo babies in the coming nine months.

The Executive Governor of Nasarawa State, His Excellency  Abdullahi Sule, ably represented by the Attorney General of the State, Barrister Shuaibu Labaran Magaji said he is proud to be a part of the product launch and to show his support. He promised to buy and way bill a large number of the product to Abuja and Lafia on the spot and that the product was launched at the right time as the second edition of the Nasarawa Investment Summit is at hand. He asked the Ooni for his presence at the summit  and the Tingo Group for collaboration.

On a personal note, the Tingo Cola didn’t have excessive gas and the Tingo Electric drink was mild in the mouth but gave a sensational feeling, both of which were excellent.

The Tingo BV Plc expressed profound gratitude after the feedback and assured the introduction of a variety of new flavours which include Tingo Electra energy drink, Tingo twist, Tingo booze, Ojaja bitters and Ojaja herbal drink.

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Nigeria to raise $30bn from inaugural forex bond

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Nigeria targets up to $30 billion from its inaugural foreign currency-denominated bond issuance planned for June, 2024.

Patience Oniha, Director-General of the Debt Management Office, disclosed this recently in an interview with newsmen.

Accordingly, the government authority said the sovereign domestic foreign currency issuance aligns with moves to attract more forex inflows to stabilise the naira, which had suffered immensely from dollar shortages.

“It’s when we appoint the advisers that we can probably do a projection.
Oniha said: “But the assumption is that many Nigerians hold dollars in their domiciliary accounts, and not just individuals but institutions including banks and Nigerians in the diaspora as well.

“So it’s a way of bringing dollar liquidity into the system; the federal government of Nigeria (FGN) will get needed dollar liquidity. The target investors are individual Nigerians and institutions, and if Nigerians in the diaspora want to invest, they can also.”

The development comes as the Minister of Finance and Coordinating Minister for the economy, Wale Edun, recently announced that a debut forex bond is planned for the second quarter of 2024 and will be a short to medium-term instrument.

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