- Businesses Should Not be Solely For Profit Making
The Special Adviser on Media and Publicity to the President, Femi Adesina, has urged business organisations to engage in Corporate Social Responsibility (CSR) rather than focusing solely on profit making.
He made this assertion at the weekend during the premiere of Airtel’s Touching Lives Season 3.Held at the Eko Hotel and Suites, Lagos, the popular philanthropy programme was attended by some of Nigeria’s most prominent public officials, celebrities, and captains of industry.
Adesina said people should at all level touch the lives of the needy in their environment by rendering help to them regardless of their financial capacity.
According to Adesina, there are social intervention programmes rolled out by the government, such as the Conditional Cash Transfer for the Poor, the M-Power programme, the school feeding programme among others, to alleviate the suffering of the needy in the country.
He said: “To all and sundry at corporate level, family level, individual level or whatever, in your little way you can, give, make impact in the lives of other people, you don’t have to have a basket full of money before you can give.”
He, however, urged business organisations not to rely solely on profit making, but positively impact the lives of their customers as well.The Managing Director and Chief Executive Officer of Airtel, Mr Segun Ogunsanya, said the programme had continued to record tremendous success since it was launched in 2015.
Over the years, these accomplishments, he added, became the encouragement the telecommunication company needed to keep the show coming back every year.
“We are inspired to continue to touch the lives of underprivileged Nigerians through this platform and to also motivate other privileged Nigerians to contribute their quota in making our society better,” he said.
Ogunsanya then called on like-minded Nigerians to “join this noble cause of giving back to the society because we believe that there are many kind-hearted, empathetic and selfless Nigerians that are willing to render succor to underprivileged people.”
Chairman, Airtel Networks Limited, Justice Salihu Modibo Alfa Belgore, former Chief Justice of Nigeria (CJN), who lauded the initiative of Airtel Nigeria in giving back to the society, condemned the motive of some business organisations, saying “Many companies are only interested in how to make profit rather than embarking on CSR.”
In the same vein, the Managing Director, Fidelity Bank, Nnamdi Okonkwo, called on companies to impact lives in the environment they operate and beyond, as the success of every business lies within the confidence of the people.
“Business should not just be about making profit, yes make profit and make return to shareholders, but you must realize you should do good as well to impact lives,” he noted.
The full TV schedule for the show will follow shortly, according to the Airtel Corporate Social Responsibility (CSR) Team.Airtel Touching Lives has been a reality television show broadcast on satellite and terrestrial networks across the continent. Each season, the programme follows the journey of who are nominated by email, SMS, or letters, and documents Airtel’s process of providing tailor-made assistance to each of them.
In the previous season, grantees included the Centre for Disability, a non-governmental organisation (NGO) whose work was to help physically challenged individuals access life-improving aid.
Other recipients of the touching lives assistance were, Mr Essien Obong, a mathematician and software engineer who had become blind from injuries inflicted on him by armed robbers.
The current series of the programme will feature another set of inspiring stories, everyday Nigerians who received much needed support from Airtel.Some of the dignitaries include, the wife of Ogun State Governor, Mrs Olufunsho Amosun; Lady Maiden Alex-Ibru, publisher, Guardian Newspapers; Chairman, Heirs Holdings, Mr. Tony Elumelu; Chairman First Bank, Mrs. Ibukun Awosika; Chairman, Senate Committee on Telecoms, Senator Gilbert Nnaji; Mr. John Momoh, CEO, Channels Television and Dr. Larry Izamoje, chairman Brilla FM; Chairman and many others.
Oil Inches Higher But Rangebound as COVID-19 Cases Soar
Oil prices edged higher in rangebound trade on Monday on optimism about a rebound in the U.S. economy as vaccinations accelerate, but rising COVID-19 cases in other parts of the world kept a lid on prices.
The prices have remained rangebound in the last three weeks, with Brent between $60 and $65 per barrel and WTI at $57 to $62.
“Oil prices are entering a consolidation phase after swinging wildly last month,” Stephen Brennock of oil broker PVM.
“While there are still plenty of reasons to be bullish, market players have become more cautious as infections have surged in Europe, India and some emerging markets, while vaccine rollouts have proved slower than anticipated,” he added.
India now accounts for one in every six daily infections worldwide, and other parts of Asia are seeing infection rates rise.
Asian oil demand remained weak and some buyers asked for lower volumes in May partly because of refinery maintenance and higher prices.
The United States has fully vaccinated more than 70 million people but U.S. gasoline demand has not picked up as much as expected.
The U.S. economy is at an “inflection point” amid expectations that growth and hiring will accelerate in the months ahead, but faces the risk of reopening too quickly and sparking a resurgence in coronavirus cases, Federal Reserve Chair Jerome Powell said in an interview broadcast on Sunday.
“There really are risks out there. And the principal one just is that we will reopen too quickly, people will too quickly return to their old practices, and we’ll see another spike in cases,” Powell said in a CBS interview, recorded on Wednesday.
On the production side, no new oil drilling rigs were started in the United States in the most recent week, a report published by Baker Hughes showed.
Equatorial Guinea to Launch Vision on Post-COVID Energy Transition Plans with Report and Film
The Africa Energy Series (AES): Equatorial Guinea 2021 campaign – comprising a report and a documentary – will serve as a critical tool to navigate the energy investment landscape in one of Africa’s more mature petroleum producing markets; Equatorial Guinea has largely been able to sustain its pace of engagement with global investors in the face of COVID-19, forecasting $1.1 billion in FDI in oil and gas activities in 2021; The third edition of the AES: Equatorial Guinea 2021 report will be released at Africa Oil & Power’s U.S. Africa Energy Forum 2021 networking event in Washington, D.C. this July.
Africa Oil & Power is proud to announce the upcoming launch of its Africa Energy Series (AES): Equatorial Guinea 2021 investment report and documentary, as part of a multimedia campaign set to champion the domestic energy sector and shape the West and Central African energy narrative.
The dual-language publication will target key developments driving a post-COVID-19 recovery in Equatorial Guinea – namely, the growth of petroleum and power industries; regional gas monetization initiatives; a clean energy transition; the impact of environmental, social and governance criteria; and expansion of the national diversification agenda.
A 30-minute documentary will provide a visual complement to the publication, featuring first-hand interviews with government officials, private sector players, industry regulators and energy experts discussing Equatorial Guinea’s unparalleled ambition and future plans.
“From spearheading regional gas monetization initiatives to drilling new exploration wells as early as Q2 2021, Equatorial Guinea continues to cement its reputation as a progressive, dynamic force on the African energy stage,” said H.E. Gabriel Obiang Lima, Minister of Mines and Hydrocarbons. “The Africa Energy Series publication in conjunction with a detailed documentary format, gives us the voice to showcase the depth of our full-stream investment opportunities to a global audience.”
Since the onset of COVID-19, Equatorial Guinea has been proactive in safeguarding opportunities for foreign investors and continuing to drive capital into its hydrocarbon resources. In February, Chevron achieved first gas flow from the successful execution of its Alen Gas Monetization project, a $475-million investment representing the first phase of Equatorial Guinea’s Gas Mega Hub masterplan.
The Ministry of Mines and Hydrocarbons is currently promoting several capital-intensive projects – including the construction of modular oil refineries, a gold refinery, liquefied petroleum gas strategic tanks, a urea plant and the expansion of a compressed natural gas project – which are open for investment. Last December, the Ministry of Mines and Hydrocarbons announced a forecast of $1.1 billion in foreign direct investment in oil and gas activities in 2021.
Active in Equatorial Guinea since 2015, AOP released its first AES documentary on the country in 2016, followed by investment reports in 2018 and 2019.
The AES: Equatorial Guinea 2021 investment report will be launched at the U.S. Africa Energy Forum 2021 online seminar and in-person networking event in Washington, DC. (July 12). The documentary will be launched at the U.S. Africa Energy Forum conference in Houston (October 4-5) and broadcast globally on news networks.
U.S. Africa Energy Forum 2021 Launches: Promotes U.S. Role as Primary Investor in African Energy
The U.S. Africa Energy Forum 2021 – organized by Africa Oil & Power, in partnership with the African Energy Chamber’s U.S.-Africa Committee – will foster alignment between U.S. and African governments’ energy policies and highlight African oil, gas, power and renewable projects across the energy value chain for U.S. investors; the multi-day forum unites U.S. and African policymakers, energy executives and industry leaders to create new linkages and foster discussions that drive long-term policy formation and project execution; the in-person, two-day summit and gala dinner will be hosted in Houston, Texas (October 4-5, 2021) and an online seminar and in-person networking event will be held in Washington D.C. (July 12).
Africa Oil & Power (AOP) and the African Energy Chamber are excited to announce the launch of the first-ever U.S. Africa Energy Forum (USAEF). This event aims to create deeper cooperation between the U.S. and Africa on energy policy, to reach alignment on long term sustainability goals, to stimulate greater American investment in the African oil, gas and power sectors, and to engage and reposition the U.S. as the primary partner of choice for African energy developments.
Under the theme “New Horizons for U.S. Africa Energy Investment” the forum will explore diverse foreign investment and export opportunities across the continent, including natural gas as a vital fuel for the energy transition; energy storage and battery minerals; Africa’s place in global energy supply chains; the benefits of the African Continental Free Trade Area; evolving energy technologies and how they relate to the future role of petroleum resources; and on-and off-grid power developments.
An online seminar and in-person networking event will be held in Washington D.C. on July 12, 2021, building up to the in-person U.S. Africa Energy Forum summit and gala dinner, to be hosted in Houston, Texas, on October 4-5, 2021. Africa Oil & Power and the African Energy Chamber invite all U.S.-based companies with an interest in engaging with African industry leaders and project developers to participate in the USAEF Houston summit.
This initiative comes at an important juncture in U.S.-Africa relations. The Biden Administration’s announcements of its intentions to proactively build a stronger U.S.-Africa partnership coincides with the fact that African projects are seeing rising interest from U.S. companies and lending institutions alike. The USAEF event is thus dedicated to enabling dialogue between its participants that advances these developments.
“Our mission has always been to showcase the resource potential that Africa has to offer while at the same time showing its growing preference for sustainable energy policies and technologies. Toward that end, we hope it becomes evident that Africa does not just want investment capital: it wants smart capital and an accompanying partnership with the investors,” says James Chester, Senior Director of Africa Oil & Power. “The U.S. Africa Energy Forum represents the first-of-its-kind opportunity to catalyze U.S. participation in Africa’s energy transformation – via technology, policy support, capital injection and skills development – and turns a new page in the chapter on global energy investment.”
In partnership with the African Energy Chamber’s U.S.-Africa Committee, AOP will introduce American companies to African opportunities and advance an agenda of sustainable, long-term investment in African energy and other sectors by U.S. organizations.
“The rise in support from the U.S. to the continent is a credit to Africa itself, which is increasingly viewed as a favored destination for global investors, multilaterals and export credit agencies,” says Jude Kearney, President of Kearney Africa and former Deputy Assistant Secretary for Service Industries and Finance at the U.S. Department of Commerce during the Clinton Administration. “Africa continues to command a healthy share of global FDI in oil and gas industries. It has for decades shown that investment in those sectors is favorable compared to other jurisdictions and can be successful by many measures. Even as Africa and the rest of the world wrestles with a global pandemic, Africa’s energy sector shows vitality and resiliency – not only in hydrocarbons but in regard to new opportunities in mining, liquefied natural gas, and agriculture.”
Both African governments and private sector sponsors of African energy projects value highly the combination of investment and partnership that US investors famously convey. The USAEF seeks to enable successful partnerships between its participants such that the energy development goals of U.S. investors and strategic partners and their African counterparts can be achieved.
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