UK Secretary-General, Kemi Badenoch meets US’s Wally Adeyeno
UK Trade Secretary, Kemi Badenoch meeting the US Secretary for Trade, Wally Adeyemo to discuss ways of boosting trade between their two countries.
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Fountain of Life Church Family G.O, Pastor Taiwo Odukoya dies in US
By Favour Nnabugwu
The Fountain of Life Church Family headquarters in Lagos has announced the death of their founding pastor, Taiwo Odukoya (67).
The church disclosed this via its official Facebook page on Tuesday, adding he passed on in the United States.
“The Fountain of Life Church Family, in total submission to the will of God almighty, announces the passing unto greater glory of our father, teacher, a great servant of the most high God, pastor Daniel Taiwo Odukoya, Founding Pastor of The Fountain of Life Church, who passed unto glory on the 7th of August 2023 in the USA.
“We are in total submission to you LORD!!! We thank the Lord for the gift of a greater leader!!!” the church wrote while not providing details of the cause of his details.
Recall that in November, 2021, his wife, Pastor Nomthi Odukoya, died after battling with cancer.
Africa’s population hit 1.5 bn, now 17.89% of world population
By Favour Nnabugwu
Africa’s current population is said to be at 1,463,378,937 as of August 1, 2023 with the continent population put at 17.89 percent of the total world population, according to the most recent United Nations projections
While the largest population growth between 2022 to 2050 is projected to come from the countries of sub-Saharan Africa, there are countries on the continent that currently have a substantial population.
More than half of the world’s predicted population expansion between now and 2050 will come from just eight nations, five of which are African: the Democratic Republic of the Congo, Egypt, Ethiopia, Nigeria and Tanzania while the three other are Pakistan, the Philippines, and India.
The world population is expected to reach 8.5 billion people by 2030, 9.7 billion by 2050, and 10.4 billion by 2080, where it will stay until 2100, according to the United Nations’ 2022 World Population Prospects report.
With over 140 million infants born each year, the world’s population is still growing, the pace of population growth has been gradually slowing for decades, even though the world’s population is projected to keep growing until around 2100.
For the first time since 1950, the pace of population growth on the planet dipped below 1 percent in 2020. The population growth rate maintains a downward trend that started in the 1970s when it was calculated in five-year intervals.
Africa currently stands as the fastest-growing economy in the world, boasting the youngest population of any region. As a result, the population growth prediction stated above juxtaposes numerous economic benefits with problems associated with poor management of population growth.
Africa’s status as a developing continent presents the opportunity to tap into its rapidly expanding population or stand the risk of running into massive socio-economic challenges.
40% of women in MSMEs – NBS
By Favour Nnabugwu
The National Bureau of Statistics (NBS) has unveiled a major milestone for women in Nigeria’s business landscape says 40% of women are into Micro, Small, and Medium Enterprises (MSMEs)
According to the report titled “Country Data Overview,” women now own a remarkable 40% of Micro, Small, and Medium Enterprises (MSMEs) nationwide, signifying a resounding triumph for gender equality and women empowerment in Nigeria’s business landscape.
The NBS findings highlight the momentous impact of women-owned MSMEs on the country’s economic growth and job creation. According to the report, these businesses, led by visionary women entrepreneurs, are emerging as pivotal drivers of Nigeria’s economic resurgence, contributing significantly to the nation’s development across diverse sectors.
From bustling urban hubs to remote rural
communities,
Further insights from the report revealed that Nigerian women are breaking barriers and redefining traditional gender roles in entrepreneurship. It noted that their unwavering determination and entrepreneurial acumen are reshaping the face of business ownership, inspiring a new generation of aspiring women leaders to take charge of their destinies.
The report also underscores the challenges faced by women entrepreneurs, particularly in accessing finance, technology, and business support. NBS urged industry stakeholders, policymakers, and financial institutions to unite to create an enabling environment fostering women’s entrepreneurship.
“Targeted support, access to capital, and mentorship programs can propel these trailblazing women to even greater heights of success,” the report noted.
This remarkable surge in women’s entrepreneurship is not merely a statistical triumph but an affirmation of the transformative potential of gender inclusivity in Nigeria’s economic growth. “As the nation strives for sustainable development goals, empowering women-owned businesses will play a pivotal role in shaping a more vibrant and equitable society,” the report added.
The return of large scale Oil and Gas & ramifications of Angola’s growing downstream sector
By Favour Nnabugwu
International oil companies (IOCs) are driving multiple exploration and production projects including Kaombo North, the Eastern and Western hubs at Block 15/06 operated by Eni Angola.
The IOC as well as CLOV Phase 2 and Dalia Phase 3 at Block 17 operated by TotalEnergies.
And earlier this year, Angola surpassed Nigeria as the top oil-producing country in Africa. In April, Angola produced 1.06 million barrels per day (bpd) of crude oil, while Nigeria and Algeria both produced 0.999 million bpd.
While the outlook for Angola’s upstream industry is more than optimistic, the country’s downstream sector still has some way to go. Currently, Angola’s sole operational refinery is the Luanda Refinery, which has only been able to meet 20% of the country’s demand for refined products.
As a result of this lack of infrastructure, Angola spends over USD1.7 billion annually on oil imports despite vast petroleum reserves totaling approximately 9 billion barrels of oil and 11 trillion cubic feet of natural gas.
But even here, the outlook is promising. Angolan President João Lourenço and Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo have made strengthening the country’s oil and gas refining capacity a priority.
Their objectives are to meet domestic energy demand, reduce oil imports, and maximize the monetization of energy resources for regional and global markets.
These efforts got off to a strong start in 2022, when Angola expanded the Luanda Refinery in cooperation with Italian oil major, Eni, increasing the plant’s daily production to 1,200 metric tonnes per day.
In addition, several new facilities, namely the Cabinda, Soyo, and Lobito refineries, are in the works
Phase 1 of the Cabinda refinery — a 30,000 bpd crude unit that produces diesel, heavy fuel, jet fuel, and naphtha — is expected to be operational in mid-2024. Cabinda’s capacity will double to 60,000 bpd when the final phase of construction is completed.
As recently as this month, Africa Finance Corporation and African Export-Import Bank (Afreximbank) announced a USD335 million credit facility for the project, which will cover the first phase of construction. The refinery is being developed by the UK’s Gemcorp Holding Limited (GHL) in partnership with Angola’s national oil company, Sonangol.
The Soyo refinery project is scheduled to be completed in 2025. Angola’s Ministry of Mineral Resources and Petroleum has awarded the tender for the construction of the 100,000-bpd refinery in Soyo to U.S.-based Quanten Consortium Angola LLC. The consortium will design, build, own, and operate the deep-conversion refinery. In addition to the refinery, Quanten will develop a tank farm, marine terminal, and infrastructure there.
Furthermore, a 200,000-bpd refinery in Lobito province is being developed, with services provided by Japanese conglomerate JGC Holdings. Sonangol has signed a memorandum of understanding (MoU) with China National Chemical Engineering (CNCEC) for the construction of this refinery. The MoU aims to secure financing for the project and may lead to a contract for construction by the Chinese company. The refinery, expected to be operational by 2026, will have a capacity of producing up to 200,000 bpd.
In 2022, Minister Azevedo said that building refineries and modernizing the existing one would allow Angola to sustain its energy supply and reduce the steep costs associated with energy imports. He and President Lourenço have continued to move the country closer to realizing those benefits — and several others.
Scaling up its refining capacity will enable Angola to maximize the monetization of its energy resources. With new projects like Eni’s Ndungu Early Production Project and TotalEnergies’ CLOV floating production, storage, and offloading unit, Angola aims to trade ready-to-use fuels with Europe, reducing Europe’s reliance on Russian resources.
Further, downstream activities such as marketing and distribution will set the stage for job creation and business opportunities, from running service stations to supplying lubricant oils.
Also important, Angola will be better positioned to meet regional energy demands. As more refineries come online, Angola can utilize such cross-border trade systems as the Central African Pipeline System and the Angola-Zambia pipeline to deliver refined products to other African countries
Driving growth in Angola’s downstream sector is only one example of the steps Angola’s government has taken in recent years to strengthen the country’s energy industry.
To attract investment and further encourage production, the Angolan government has implemented extensive reforms, including simplifying control mechanisms, offering fiscal incentives for the development of marginal oil fields, establishing regulations for well abandonment and decommissioning, and enacting the country’s first natural gas law.
The African Energy Chamber sees the efforts by President Lourenço and Minister Azevedo as major wins for Angola that will help ensure ongoing foreign investment, energy security, and economic growth.
AfDB appoints Ousmane Fall as Director, Non-Sovereign Operations, Private Sector,
By Favour Nnabugwu
The African Development Bank Group has appointed Ousmane Fall, a Senegalese national, as Director of Non-Sovereign Operations and Private Sector, effective from the 1st of August 2023.
Fall takes on this new role with 17 years of experience. He spent the last four years at the International Finance Corporation (IFC), where he provided strategic leadership on country planning and ministerial dialogue in the African infrastructure space.
At the IFC, Fall covered various sectors, namely water, waste and sanitation; transport and energy; logistics; and telecommunications. He also oversaw the establishment of the Municipal Financing Platform for Sub-Saharan Africa.
Fall developed and executed the first asset-backed securities investment for access to energy in Africa, as well as the first private sector investments in hydro and solar in Gabon and Benin. Other firsts were a gas-to-power strategy for the Senegalese government, and the first municipal financing strategy for the cities of Dakar, Cotonou, Abidjan, and Douala.
He also led business development efforts across Africa, building strong relationships with private sector clients, central and local governments, cities, and selected sovereign-owned entities on the ground.
Fall earlier worked at the African Development Bank Group for 10 years. He held several positions, including those of acting manager for the Strategy and Transactions Support Division, and officer in charge for the Non-Sovereign Infrastructure Division, providing key advisory services and transaction support to Non-Sovereign Operations origination departments. He oversaw project officers in such areas as debt and guarantee transactions design, project bankability assessment, capital structuring, project credit enhancement, financial leveraging, and financial modelling.
He also spearheaded knowledge management and training on non-sovereign operations. He established non-sovereign operations modules on project finance, corporate loans, financial modelling, technical assistance, client relationship management, and equity investments. Fall was a successful investment officer, delivering landmark private sector transactions at the Bank.
He has extensive knowledge of African debt and equity markets, guarantee products, derivatives, and credit enhancement instruments. Fall led the execution of the first African Development Bank Group non-sovereign operations transactions in agriculture, health and education, and the first port dredging and gas-to-power projects. He also served in the Bank’s Public Sector Department, where he worked on solar projects in Morocco, hydro projects in the Democratic Republic of the Congo, Sierra Leone, Cameroon, Guinea, and other transmission projects in Nigeria and Zambia. He also worked in the Risk Department, where he contributed to the definition and implementation of the Bank’s Capital Adequacy Framework and Exposure Management Policy.
Before joining the African Development Bank, Fall was an investment banker in the Structured Finance Division of Société Générale in Paris.
Fall holds a Master of Science in Finance from INSEEC Business and Management School in France (2005).
Commenting on his appointment, Fall said: “I am honoured and grateful that President Adesina appointed me to this position. I look forward to working under his leadership to serve the premier financial institution of the continent in its ambitious vision to transform the African continent through the private sector.”
African Development Bank president, Dr Akinwumi A. Adesina, said: “Ousmane has a proven track record of delivering results in private sector transactions. He will ensure the overall effectiveness of the Bank’s Private Sector operations through non-sovereign operations project and corporate portfolio management as well as transaction support to non-sovereign operations origination departments.”
Ajay Banga is 14th President of the World Bank
By Favour Nnabugwu
The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.
Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees. Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.
He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.
Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.
The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.
The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).
Tower Saghana’s son, Best Saghana Weds Deborah Adesoga in Lagos
Wedding ceremony of the first son of Tower and Celestina Saghana, Best Okesebulogue Saghana in Lagos on April 29, 3023
CAPTIONS
Best Saghana, his mother, Celestina Saghana and Deborah Temitooe Saghana after the wedding yesterday
The New groom and bride, Best Saghana and Beborah Adesoga now Saghana
Best Saghana and wife, Deborah Temitooe Saghana (Nee Adesoga
Mother of the groom, Celestina Saghana, the groom, Best Saghana and standing in as the father of the groom, Mr Monday Okoh
Father of the bride, Mr Mudashiru Oseni and mother of bride, Mrs Abosede Adesoga
Father of the bride, Mr Mudashiru Oseni, groom, Best Saghana and mother of the bride, Abosede Adesoga
Mr & Mrs Best and Deborah Saghana
L- Mrs Abosede Adesoga, mother of the bride and mother of the groom, Mrs Celestina Saghana
Kelvin Egerue lays mother to rest in Imo
The Mother of Kelvin Egerue, Managing Editor of Champion Newspaper, died on January 8, 2023 and was buried on April 12, 2023 in Ehime Mbano LGA of Imo State
CAPTION
L– Kelvin Egerue, Managing Editor, Champion Newspapers, his senior brother Godwin Egerue and wife Mrs Rosaline Egerue listening to advise from Very Rev Fr Patrick Iwuchukwu Egerue shortly after the burial of late Mrs Anne Chinyere Egerue which held on April 12, 2023.
NIS family produces the First Head of Mission, IPC-Nigeria – CGI Jere.
By Favour Nnabugwu
The Comptroller General , Immigration Service, Isah Jere Idris (MFR) has commended the World Chairman International Peace Commission for confirming the appointment of Amb Hussaini Haruna Coomassie as the Head of Mission International Peace Commission (IPC)-Nigeria.
This was made known when Dr Coomassie and his team paid a courtesy visit to the Immigration Boss at the Service Headquarters to show appreciation to the service for it’s effort during the process of his confirmation.
Jere appreciated the effort and doggedness of Dr Coomassie for being a worthy Ambassador of NIS and Nigeria. He promised to look into some issues brought up by the Head of Mission, International Peace Commission (IPC-Nigeria) to move the service forward.
He also promised that before the end of the Buhari administration, printing of passports would commence in Nigeria. And that staff welfare is one of his major focus areas of leadership for the Service.
“I would like to congratulate you on this appointment as an Ambassador of Peace. It is by the grace of God that you are there and NIS has played an important role in your confirmation because, we were contacted and we told them who you are, behold today, you are confirmed.”
” We are working hard to secure our borders and, thankfully, with the approval of Mr. President, the NIS has secured the go-ahead for E-Border. Because with the massive nature of our boarders, it is only with technology that we can effectively secure it.
“We pray that you support our efforts in asking for more fundings from the Federal Government and donour agencies too. We do not necessarily require money from them but logistics to enable us maintain the borders so we can be at peace”, he said.
Speaking earlier, Amb. Hussaini Coomassie called on the CGI to, as a matter of urgency, look into certain areas in the NIS that are of concern to Nigerians. On his own part, the Head of Mission promised to do everything in his power that will draw the attention of the government to increase funding for the NIS.
“Immigration needs more allocation to operate optimally in the 21st century. The lack of fundings for the NIS operations must not be allowed to continue. And we pray that you work on waiver and the printing of passports in Nigeria.
“Immigration need to be supported otherwise the borders will continue to be poor. In Katsina State for example, you cannot differentiate a Katsina man from a man that hails from Niger Republic. That is because the boarders are porous and they enter without checks.
“We will push for immigration to have more allocation to be very effective, with lots of operational vehicles and other logistics.