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Group Asks Oil Majors to Replace Expired Pipelines



Pipeline Vandalism
  • Group Asks Oil Majors to Replace Expired Pipelines

The new Chairman of the Ijaw Youth Council Worldwide, Central Zone, Mr. Tari Porri, has called on multinational oil companies operating within the zone to replace all the expired pipelines.

The zone comprises Bayelsa State and some local government areas in Rivers State.

Porri made the call on Tuesday in Yenagoa, Bayelsa State capital, during the swearing in of the executive committee members of the zone.

He lamented that the majority of the pipelines criss-crossing the zone had expired and that conscious efforts were not made by the relevant authorities and oil firms to replace them.

He also called on the international oil companies to relocate their headquarters to the zone if they were willing to operate within the vicinity of Ijaw land.

Porri said, “Most of the explosions, most of the things that happen in the environment are not caused by Ijaw youths. Ijaw youths are law abiding; Ijaw youths are not fighters; and we are hardworking.

“I want to say that all the multinational oil companies that are operating in our zone should please, as a matter of urgency, commence the process of replacing all the pipelines across the central zone that have expired as we will no longer tolerate corrosion, explosion and equipment failure.

“It is unfortunate that most of the pipelines criss-crossing the entire zone have expired. We therefore call on the oil companies to replace them in the interest of peace and security in the region.’’

He frowned on the situation whereby indigenes of Ijaw in the central zone were denied contracts by oil companies, saying the youth would no longer tolerate such development.

He added, ‘’These oil companies have a way of creating contracts for non-indigenes, for non-Bayelsans, for non-central zone businessmen and part of the enjoyment in the oil industry is through the pipeline arrangement; that is why they are deliberately causing explosion in our environment.

“So, we implore the oil companies to replace all the expired pipelines in our zone with immediate effect.’’

Meanwhile, stakeholders have lamented the spate of oil spillages and other environmental pollution in the Niger Delta.

They, therefore, called on the government to “stop gas flaring and clean up the Niger Delta as recommended by the United National Environmental Protection report”, and “enact good environmental laws” to protect the environment.

The stakeholders made the call in Yenagoa during a town hall meeting organised by Face Initiative and Mac-Jim Foundation.

They also urged the communities to engage in activities such as planting of trees to restore the environment and desist from harmful practices such as improper disposal of waste.

They called on the Federal Government to prevail on oil companies operating in the Niger Delta to evolve mechanisms to halt the continuous pollution in the region occasioned by extractive activities.

Two resource persons, Dr. Charles Oyibo, a Geography lecturer with the Niger Delta University and chairman, Nigerian Environmental Society, Bayelsa State chapter; and the Executive Director, Mac-Jim Foundation, Mr. Godson Jim-Dorgu, delivered papers on the ‘Role of Community in Environmental Protection and Management’ and ‘Negative Impact of Environmental Pollution’, respectively.

The participants, numbering about 100, comprised traditional rulers, community development committees, women and youth groups of host communities, representatives of security agencies and ministries of environment, education and agriculture, the Central Bank of Nigeria, civil society organisations and the media.

They were unanimous in their submissions that the people’s traditional means of livelihood, particularly fishing and farming, had been adversely affected by the environmental degradation caused by actions and inactions of the government and oil firms.

They also expressed concern that the youth of the region, instead of preaching against environmental pollution, had joined the fray by carrying out illegal oil bunkering and illegal refining in the creeks.

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

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Company News

Prestige Assurance Grows Profit by 25.17 Percent to N776.500 Million in H1 2021



Prestige Assurance - Investors King

Prestige Assurance Plc, one of Nigeria’s leading insurance firms, grew profit after tax by 25.17 percent from N620.348 million recorded in the first quarter (H1) of 2020 to N776.500 million in the first half of 2021.

The insurance firm disclosed in its unaudited financial statement released on Tuesday and obtained by Investors King.

Gross premium written increased by 38.86 percent to N5.434 billion in H1 2021, up from N3.913 billion achieved in the corresponding period of 2020.

Net premium income also grew by 34.82 percent from N1.916 billion in H1 2020 to N2.584 billion in H1 2021. While underwriting expenses expanded to N2.262 billion in the period under review, up by 51.43 percent when compared to N1.494 billion filed in the same period of 2020.

Similarly, interest income jumped by 59.40 percent from N232.924 million in H1 2020 to N371.279 million in H1 2021. Other investment income and other operating income appreciated by 30.96 percent and 83.74 percent from N145.803 million and N7.264 million in H1 2020 to N190.947 million and N13.347 million in H1 2021, respectively.

Profit before tax inched higher by 14.22 percent to N970.624 million in H1 2021 from N849.792 million in H1 2020.

Profit after tax rose by 25.17 percent to N776.500 million in the period under review.

Total assets expanded to N19.423 billion in the first half of 2021, representing 4.96 percent when compared to N18.505 billion.

Basic earnings per share and diluted earnings per share grew by 25.17 percent each to N5.86 each.

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Company News

Coca-Cola Creates Its First Collection Of Brand-Inspired NFTs



Coca-Cola NFT- Investors King

Coca-Cola has partnered with digital art and avatar company Tafi to launch its first collection of NFTs, or non-fungible tokens. NFTs are unique digital collectibles that exist on the blockchain and represent different types of files like images, audio, and video.

The collection, which Coca-Cola is offering to celebrate International Friendship Day on July 30, features an NFT “loot box” which contains digital wearables designed by Tafi.

Buyers can bid on the Coca-Cola Friendship Box, a digital version of a collectible vending machine, which comes with three one-of-a-kind digital assets: a custom Coca-Cola Bubble Jacket Wearable, which can be worn in virtual world Decentraland; The Sound Visualizer, which captures different audio cues like the pop of a bottle opening or the sound of the soda being poured over ice; and The Friendship Card, a digital design inspired by the company’s friendship-inspired trading cards released in the 1940s.

“Each NFT was created to celebrate elements that are core to the Coca-Cola brand reinterpreted for a virtual world in new and exciting ways,” said the president of the global Coca-Cola trademark, Selman Careaga. “We are excited to share our first NFTs with the metaverse where new friendships are being forced in new ways in new worlds.”

Besides the one-of-a-kind collectibles, the winning bidder will also have access to “additional unique and valuable surprises,” which will be unveiled when the loot box is digitally opened.

The sale, which will take place on popular NFT marketplace OpenSea, will open on July 30 and close on August 2. All bids must be placed with ETH.

All Coca-Cola proceeds from the auction will be donated to Special Olympics International, a global sports organization that provides children and adults with intellectual and physical disabilities, with year-round training and activities.

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Merger and Acquisition

PiggyVest Acquires To Expand Operations



PiggyVest- Investors King

The Nigeria-based wealth management app giant, PiggyVest announced that it has acquired a smaller competitor

Until the acquisition, was a wealth management app launched in 2018 that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.

According to the company, discussions to buy which started earlier this year has now been completed. However, the cost of acquisition was not disclosed.

Under the deal, all existing users will be automatically migrated to Piggyvest. was founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the other hand has got one million-plus downloads.

Speaking on the acquisition, PiggyVest says it is in line with its vision of providing financial freedom for all. “It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.

The team behind Savi are reputed to have solid expertise in finance and are savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup.

“Fintech is two things. Fin and tech. We believe we are as good at tech and customer acquisition so we need as many financial players as possible to consolidate what we are trying to do,” Chibueze adds.

The acquisition consolidates PiggyVest’s growth and capacity to dominate Nigeria’s hotly competitive savings and investment space. Last year, it paid back NGN90 billion ($220 million) to users which currently numbers up to 3 million.

The move also signals a positive trend for Africa’s local startup ecosystem – that it is possible to build for the sole purpose of selling to a larger player in the same sector.

Earlier this year, Piggyvest partnered uduX to help Nigerians invest in their favorite musicians. This shows how broadly the company is looking to expand its investment opportunities.

PiggyVest revealed that there are more acquisition announcements to come in the year.

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