- ‘India, Spain, France Bought Oil Worth N1.787tn from Nigeria in 2018’
The Nigeria Natural Resource Charter (NNRC), which is part of a global initiative designed to help governments and societies effectively harness the opportunities created by natural resources, has disclosed that three countries – India, Spain and France, were the biggest buyers of crude oil produced from Nigeria’s oil fields in the Niger Delta in 2018.
NNRC which promotes policy reform of the Nigerian extractive sector using its 12 economic principles known as ‘precepts’ as a guide, explained in a twitter chat that the three countries bought crude oil worth N764.88 billion; N522.12 billion; and N500.31 billion, respectively from Nigeria in 2018.
Combined, it stated that the monetary value of crude oil bought by the three countries was worth N1.787.31 trillion.
Also, five other countries – South Africa, Netherlands, Indonesia, Brazil and United Kingdom – bought oil worth N1.298.45 trillion, while the United States and Canada bought oil worth N400.66 billion from the country within the same transactional period.
“India is the highest importer of Nigeria’s crude oil, purchasing N764.88 billion worth of the commodity; followed by Spain with N522.12 billion and France, with N500.31 billion respectively.
“Other buyers are South Africa, Netherlands, Indonesia, Brazil and United Kingdom, valued at N335.28 billion, N276.37 billion, N256.3 billion, N226.2 billion and 206.3 billion respectively. United States and Canada bought crude oil worth N201.65 billion and N199.01 billion respectively,” said the NNRC on its confirmed official twitter handle.
Similarly, the NNRC has highlighted the need for Nigeria to adopt proper resource management framework in its oil and gas revenues.
It explained at a recent workshop in Lagos that whatever natural resource a country is endowed with, proper management of revenues accrued from it decides the rate of growth, and quality of development of that nation or otherwise.
The workshop which was organised in collaboration with the Nigeria Institute of Legislative and Democratic Studies (NILDS) deliberated on the needs for proper policy that would help Nigerians benefit maximally from its oil and gas resources.
At the workshop, Mr. Israel Aye, who is the founding partner and current managing partner of Primera Africa Legal, explained that the degree of prudency applied to the management of resources and revenues that accrue from natural resource will determine whether it will be a blessing or a curse to the people.
According to him, countries that just mine and trade their natural resource tend towards poverty because its economy will lose the benefits of the value-chain in processing of such commodity, while those who process the commodity before it is exported and also incorporate its use within the economy of that country tend towards prosperity as they enjoy the benefits of the value-chain.
He noted that the oil and gas resources in Nigeria have in the past six decades been poorly managed, which has deprived the country of its full potentials and benefits.
Among several issues that needed to be address for Nigeria to gain maximum potential in the petroleum industry according to a paper presented by Aye, included legislatives obsolescence and uncertainty; unclear terms for domestic refining; cost assessment control; lack of fiscal neutrality; high barriers to entry; zero royalty in deep offshore; non-value adding incentives; windfall from price increase; multiple taxation; insufficient clarity around Production Sharing Contracts (PSC); and declining competitiveness.
He urged Nigeria to learn from countries such as Norway, the state of Texas in the United States, Aberdeen in Scotland, the Gulf States, which he stated seemed to have gotten it right in terms of management of their petroleum resources.
Prestige Assurance Grows Profit by 25.17 Percent to N776.500 Million in H1 2021
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.
Coca-Cola Creates Its First Collection Of Brand-Inspired NFTs
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.
PiggyVest Acquires Savi.ng To Expand Operations
The Nigeria-based wealth management app giant, PiggyVest announced that it has acquired a smaller competitor Savi.ng.
Until the acquisition, Savi.ng 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 Savi.ng which started earlier this year has now been completed. However, the cost of acquisition was not disclosed.
Under the deal, all existing Savi.ng users will be automatically migrated to Piggyvest. Savi.ng 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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