- Elumelu Ranked Among Top 200 Global Philanthropists, Social Entrepreneurs
The founder of the Tony Elumelu Foundation (TEF)/Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu has been named among the top 200 ‘Most Influential Philanthropists and Social Entrepreneurs 2017’ by the Richtopia.com.
Elumelu was the only Nigerian on that list, which had few Africans.
However, Warren Buffet, Bill Clinton, Barack Obama, Bill Gates, George Soros,Richard Branson, Hilary Clinton, among others, made the list.
Richtopia.com said its list “is an automatic algorithm based on social media influence, Klout scores and a secret recipe. We take into account various metrics from Twitter, Facebook, Wikipedia, Youtube, LinkedIn and Instagram.”
Richtopia.com’s latest release on its website of a list of those it considers the most influential do-gooders in the world also included sitting and past heads of government, the like of India’s Prime Minister Modi, to sportsmen and women, entertainers, writers, journalist, high net worth business tycoons etc.
Elumelu’s TEF had seeded $100 million through the Tony Elumelu Entrepreneurship Programme, to champion entrepreneurship across Africa over the next 10 years.
The foundation recently shortlisted 1000 successful candidates for the 2017 programme.
Elumelu is an economist, investor, and philanthropist. He chairs privately held investment firm Heirs Holdings and Nigeria’s largest quoted conglomerate, Transcorp.
Elumelu invests across Africa, primarily in the oil and gas, financial services, hospitality and power sectors. His investments are informed by his philosophy of Africapitalism: the belief that the private sector can lead Africa’s economic renaissance and that investment should create both economic prosperity and social wealth.
Elumelu sits on several public and social sector boards including the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group Partners Forum (PCG). He is the Chairman of leading pan-African financial services group, United Bank for Africa, with presence in 19 African countries, and offices in Paris, London and New York.
Among his numerous roles, he serves as Co-Chair of the Aspen Institute Strategy Group on Global Food Security, sits on the Global Advisory Board of the Washington DC based think tank, the Wilson Center, and is a member of the Global Advisory Council of the Harvard Kennedy School’s Center for Public Leadership. He is also a member of the World Economic Forum Community of Chairmen.
A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site
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.
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
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