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Businesses Should Not be Solely For Profit Making, Says Adesina

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Femi Adesina
  • 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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Dip Amidst Middle East Tensions, Market Reaction Limited

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Oil

Oil prices fell on Monday as market participants reevaluated their risk premiums in the wake of Iran’s weekend attack on Israel, which the Israeli government said caused limited damage.

Brent crude oil, against which Nigerian oil is priced,  dipped by 50 cents, or 0.5%, to $89.95 a barrel while West Texas Intermediate (WTI) oil fell by 52 cents, or 0.6%, to $85.14 a barrel.

The attack, involving over 300 missiles and drones, marked the first assault on Israel from another country in more than three decades. It heightened concerns over a potential broader regional conflict impacting oil traffic through the Middle East.

However, Israel’s Iron Dome defense system intercepted many of the missiles, and the attack resulted in only modest damage and no reported loss of life.

Warren Patterson, head of commodities strategy at ING, noted that the market had largely priced in the potential attack in the days leading up to it. The limited damage and the absence of casualties suggest that Israel’s response may be more measured, which could help stabilize the oil market.

Iran, a major oil producer within OPEC, currently produces over 3 million barrels per day (bpd) of crude oil. The potential risks include stricter enforcement of oil sanctions and the possibility of Israeli targeting of Iran’s energy infrastructure, according to ING.

Nevertheless, OPEC possesses over 5 million bpd of spare production capacity, which could help mitigate any supply disruptions.

Analysts from ANZ Research and Citi Research have suggested that further significant impact on oil prices would require a material disruption to supply, such as constraints on shipping in the Strait of Hormuz. So far, the Israel-Hamas conflict has not had a notable effect on oil supply.

The market remains watchful of Israel’s response to the attack, which could influence the future trajectory of oil prices and broader geopolitical tensions in the region.

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Nigeria’s Crude Oil Production Falls for Second Consecutive Month, OPEC Reports

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Crude Oil

Nigeria’s crude oil production declined for the second consecutive month in March, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC).

Data obtained from OPEC’s Monthly Oil Market Report for April 2024 reveals that Nigeria’s crude oil production depreciated from 1.322 million barrels per day (mbpd) in February to 1.231 mbpd in March.

This decline underscores the challenges faced by Africa’s largest oil-producing nation in maintaining consistent output levels.

Despite efforts to stabilize production, Nigeria has struggled to curb the impact of oil theft and pipeline vandalism, which continue to plague the industry.

The theft and sabotage of oil infrastructure have resulted in significant disruptions, contributing to the decline in crude oil production observed in recent months.

The Nigerian National Petroleum Company Limited (NNPCL) recently disclosed alarming statistics regarding oil theft incidents in the country.

According to reports, the NNPCL recorded 155 oil theft incidents within a single week, these incidents included illegal pipeline connections, refinery operations, vessel infractions, and oil spills, among others.

The persistent menace of oil theft poses a considerable threat to Nigeria’s economy and its position as a key player in the global oil market.

The illicit activities not only lead to revenue losses for the government but also disrupt the operations of oil companies and undermine investor confidence in the sector.

In response to the escalating problem, the Nigerian government has intensified efforts to combat oil theft and vandalism.

However, addressing these challenges requires a multi-faceted approach, including enhanced security measures, regulatory reforms, and community engagement initiatives.

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Oil Prices Edge Higher Amidst Fear of Middle East Conflict

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Crude Oil

Amidst growing apprehensions of a potential conflict in the Middle East, oil prices have inched higher as investors anticipate a strike from Iran.

The specter of a showdown between Iran or its proxies and Israel has sent tremors across the oil market as traders brace for possible supply disruptions in the region.

Brent crude oil climbed above the $90 price level following a 1.1% gain on Wednesday while West Texas Intermediate (WTI) hovered near $86.

The anticipation of a strike, believed to be imminent by the United States and its allies, has cast a shadow over market sentiment. Such an escalation would follow Iran’s recent threat to retaliate against Israel for an attack on a diplomatic compound in Syria.

The trajectory of oil prices this year has been heavily influenced by geopolitical tensions and supply dynamics. Geopolitical unrest, coupled with ongoing OPEC+ supply cuts, has propelled oil prices nearly 18% higher since the beginning of the year.

However, this upward momentum is tempered by concerns such as swelling US crude stockpiles, now at their highest since July, and the impact of a hot US inflation print on Federal Reserve rate-cut expectations.

Despite the bullish sentiment prevailing among many of the world’s top traders and Wall Street banks, with some envisioning a return to $100 for the global benchmark, caution lingers.

Macquarie Group has cautioned that Brent could enter a bear market in the second half of the year if geopolitical events fail to materialize into actual supply disruptions.

“The current geopolitical environment continues to provide support to oil prices,” remarked Warren Patterson, head of commodities strategy for ING Groep NV in Singapore. However, he added, “further upside is limited without a fresh catalyst or further escalation in the Middle East.”

The rhetoric from Iran’s Supreme Leader, Ayatollah Ali Khamenei, reaffirming a vow to retaliate against Israel, has only heightened tensions in the region.

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