- OPEC: Nigeria’s Bonny Light Among Top Price Earners
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil blend – the Bonny Light – was among the top price earners in its February Oil price Reference Basket (ORB), with a 7.7 per cent price gain from where it previously traded in January.
OPEC in the March edition of its Monthly Oil Market Report (MOMR), published on its website, explained that on the average the Bonny Light traded for $65.19 per barrel in February, up from the $60.51 that it was in January. It indicated that there was a $4.68 gain in this regards.
Similarly, other blends in the OPEC ORB that did well alongside Nigeria’s Bonny Light were Angola’s Girassol blend which recorded an 8.9 per cent price movement from $59.98 per barrel in January to $65.30 and thus making a gain of $5.32.
The report equally noted that the United Arabs Emirates’ (UAE) Murban blend recorded an upward price movement from $60.81 in January to close at $65.64, a difference of $4.83, which represented a percentage difference of 7.9.
“The basket value continued to increase during February, reaching $66.56/b, the highest daily settlement since last November. This came on the back of strong crude demand for March loading and concerns about tightening oil supply in the coming months, amid rising unplanned outages owing to technical and geopolitical factors.
“Oil prices also were supported by a more balanced oil market, which was helped by the start of OPEC and non- OPEC production adjustment in January and tightening supply from several regions.
“Market sentiments continued to improve in February, given the high conformity levels of the countries participating in the ‘Declaration of Cooperation,’ the report stated.
It further explained: “Light sweet crude ORB components from West and North Africa, including Bonny Light, Djeno, Es Sider, Girassol, Rabi Light, Sahara Blend and Zafiro, increased $4.86 on average, or 8.2 per cent m-o-m (month-on-month) to $63.93/b in February.
“West African crudes, particularly heavier Angolan crudes, increased strongly in February on robust buying interest from Asian refiners amid lower availability of similar grades in the market.
“The narrowing Brent/Dubai Exchange of Futures for Swaps (EFS) gave more support for crudes linked to Brent. North Africa crude differentials were also supported by lower supply as Libya’s El Sharara oil field remained closed.”
According to the report, while crude oil futures prices continued their upward trend in February to reach levels not seen since last November on a number of factors including the improving market balance, supply outages, better performance of equity markets and growing optimism that US-China trade talks would result in a deal, they were however capped by weak refining margins, refinery run cuts as well as persistent worries about global oil demand and economic growth as Asian key economies showed signs of slowing.
Standard Bank Appoints Sanni Chief Executive for Africa
The Standard Bank Group, Africa’s largest bank by assets has appointed Yinka Sanni as its new Chief Executive for Africa Regions and a member of the Group Leadership Council.
Sanni, the group’s Regional Chief Executive for West Africa, takes over from Sola David-Borha, who is retiring after 31 years of service to the banking group.
This was disclosed in a statement.
Sanni holds a B. Agric. (Hons) degree in Agricultural Economics from the University of Nigeria and an MBA from Obafemi Awolowo University. He attended the Advanced Management Programme at Harvard Business School in 2009, and the Global CEO Programme at the Wharton School in 2017. He has over 30 years of experience in the financial sector across wholesale, retail and asset management, and joined Standard Bank Group’s Nigerian subsidiary, Stanbic IBTC Bank Plc, in December 1990.
In a note to employees, Standard Bank Group CEO, Sim Tshabalala, congratulated Sanni on his appointment and thanked David-Borha for her extraordinary contributions to the group.
“Sola was appointed as the Chief Executive of Africa Regions in January 2017 and is one of the group’s most deeply expert and experienced bankers,” Tshabalala said.
“Under her leadership, the Africa Regions portfolio has grown remarkably in capacity, market share and contribution to the group’s headline earnings.”
David-Borha has been a passionate advocate of culture change and executive leadership development, having sponsored the ‘Last Mile’ programme, which has resulted in the successful promotion of talented people into both Regional Chief Executive and Country Chief Executive positions, including the appointment of two female Chief Executives in the Africa Regions business.
“It has been a great honour and privilege to serve and contribute to the growth of the Standard Bank Group,” David-Borha said.
“I am delighted to be handing over to Yinka Sanni, an exceptional, authentic and experienced leader who will take the baton forward in driving Africa’s growth.”
David-Borha will remain with the group until the end of June to ensure a successful leadership transition and handover process. Sanni’s appointment is effective from today, 15 April.
Experts to Provide Insights on Tech & Digital Transformation at MSME Dialogue 3.0
The third edition of MSME Dialogue will take place on Saturday, April 24, 2021 at 10am (WAT). Experts at the virtual event will provide insights while discussing the theme: Powering MSMEs with Technology and Digital Transformation.
The event, which is organized by MSME Africa, is expected to have owners and managers of Micro, Small and Medium Enterprises, Entrepreneurs and Business owners from different sector in attendance.
MSME Dialogue which holds every quarter, seeks to address, burning and relevant issues about entrepreneurship and running a small business as well as proffering solutions to those issues.
The event aims to provide the right knowledge and know-how for MSMEs, Entrepreneurs, and Startups to enable them to grow and thrive and features subject matter experts, seasoned entrepreneurs, professionals, and players within the MSME Ecosystem.
The speakers expected at the event are: Akeem Lawal, Divisional CEO, Interswitch Group, Rex Mafiana: CEO, FPG Technologies, Fatma Nasujo, Global Head of Operational Excellence at Sokowatch, Kenya, David Lanre Messan, CEO, FirstFounders, Bisoye Coker, CEO/Co-founder, Kiakia FX. The session will be moderated by Solape Akinpelu: CEO/Founder, HerVest.
According to the convener of the event who is also the founder of MSME Africa, Seye Olurotimi “Every business owner who is serious with their business would agree with me that technology and digital transformation are important factors for business growth and success. We all can’t all run or won Tech startups but we can always drive our businesses and operations with Technology and Digital Tools”
“Tech-driven Businesses are making waves and turning in almost unbelievable results against all odds. Businesses who have embraced technology, automation and digital transformation are enjoying unquantifiable advantages. It is because of this that I am calling on business owners and managers to join us at the 3rd Edition of MSME Dialogue, on Saturday April 24, 2021 at 10am ( WAT), as we bring in experts to provide insights on this theme” Olurotimi added.
MSME Africa is a multi-faceted resource platform for Micro, Small, and Medium Enterprises (MSME) in Africa providing capacity development, news, opportunities, business articles and other resources for MSMEs, entrepreneurs, and startups.
Olurotimi said the platform was poised to build the biggest network and community of MSMEs in Africa in the nearest future.
Ericsson Launches Automation Hub in Nigeria
Ericsson announces plans to create an Automation Hub in Nigeria to support operators for improved consumer experience.
Ericsson Automation Hub is an open innovation platform, inspired by lean startup methodology in which the Ericsson team works in close dialog with customers, users and partners to showcase and reach the high potential that network automation allows in configuration, provisioning, assurance and orchestration of network services.
This will enable service providers to gain the ability in their environments to govern, manage and orchestrate hybrid networks holistically and in real time and as a result, offer an enhanced consumer experience.
Fields to be covered include but not limited to 5G and Internet of Things (IoT) use cases, Network Slicing and Orchestration, Hologram Calls, Complex Standalone, Business Support System (BSS) and Operations Support System (OSS), Cloud and Core product cases, Automated Acceptance Tests demonstration and enhancements as well as complex charging scenarios for 5G and 4G networks.
Lucky La Riccia, Vice President and Head of Digital Services at Ericsson Middle East and Africa at Ericsson says: “As Industry 4.0 accelerates in Africa, automation in operations is proven to boost customer experiences. Ericsson continues to support the telecom industry players in setting #AfricaInMotion, and with the Ericsson Automation Hub in Nigeria, we will focus on driving business outcomes for our partners in Africa as they aim to leverage digital transformation to turn complexities into opportunities while offering a greater experience and value to consumers.”
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