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FCMB Supports Internally Displaced Women in Maiduguri

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FCMB
  • FCMB Supports Internally Displaced Women in Maiduguri

As part of its corporate social responsibility (CSR) initiatives, First City Monument Bank (FCMB), in partnership with Sesor Empowerment Foundation recently gave succour to some internally displaced women in Maiduguri, Bornu State, under an economic empowerment programme aimed at alleviating poverty.

The first batch of beneficiaries, 60 women in all, were given initial start-off funds by the bank for the establishment of small scale businesses.

According to a statement, the gesture would help them cater for themselves and their immediate families.

The beneficiaries also went through training, skill acquisition and other capacity building activities prior to the disbursement of the funds, the statement.

“Thousands of women and children have been made homeless, and driven out of their socio-economic activities due to insurgency in the North East part of Nigeria in the recent years,” it added.

Commenting on the initiative, the Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo said: “Our bank is not unaware of the massive hardship faced by thousands of helpless and innocent Nigerians, victims, who have been affected in years of disrupting insurgency in the North-east.

“We are concerned about these people who have suffered serious lack, hunger-induced diseases and absence of adequate medical care, having been denied of peace and completely cut-off from their social life, farming and other economic activities. FCMB is motivated to support government effort in providing for them and forms part of our commitment to enhance the standard of living of the populace.”

He commended the government of Bornu State, the Federal Government of Nigeria, other organisations as well as well-meaning Nigerians who had made a lot of efforts towards providing succour for IDPs through donation of various materials and achieving sustainable peace to see an end to the crises. Mr. Olojo urged the beneficiaries to make judicious use of the funds.

Speaking at the fund disbursement ceremony, the Bornu State Commissioner for Poverty Alleviation, Hajia Inna Galadima, said: “It is gratifying to see corporate organisations support the state government in its effort towards resolving the current challenges faced by internally displaced persons in their various camps in Bornu State.

” What FCMB is doing today, is very commendable. We want to sincerely thank them and other organisations, who have done similar things, assisting our people while we rigorously search for a lasting solution. We also want to call on other well-meaning individuals and organisations to support the effort of government.”

On his part, the Project Officer of Sesor Empowerment Foundation, Mr. Rendrix Berepele, said they were all excited about the incredible project and what it meant for the amazingly strong women who have overcome so much to participate at the event.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

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The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

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Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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