Increasing deadly weather extremes around the world prove that mobilising private capital is “essential” and “urgent” in order to combat climate change, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The call-to-action from deVere Group’s game-changing chief executive, Nigel Green, comes as it is revealed the past seven years have been the hottest on record, according to new data from the EU’s satellite system. The Copernicus Climate Change Service said 2021 was the fifth-warmest year, with record-breaking heat in some regions.
Nigel Green comments: “With almost depressing predictability, a ton of new heat records were smashed in 2021 and we witnessed more and more shocking extreme weather events.
“From the deadly heatwave that struck the west coast of the U.S. in the summer to the severe winter storms that shut down the grid in Texas in February; from Kenya’s two consecutive failed rain seasons, to the central region of China being hit with more rain in three days than in a normal year, there’s no getting away from the fact that the situation is getting increasingly serious all over the world.
“How many more major, real-world incidents do we need to underscore what the experts have been saying for years? This is happening quicker than many had anticipated.”
He continues: “With a growing frequency of incidents and higher levels of severity, it’s clear that governments alone cannot combat the worst effects of human-triggered climate change.
“Governments are best-positioned to develop, implement and manage policy, incentives, standards, metrics and regulations. And, yes, they must also provide top-level funding.
“But due to the tens of trillions likely to be needed for disaster prevention and mitigation, there will remain a major funding gap if we rely solely on the public sector.
“This is especially true as governments are still battling with the unprecedented financial fallout of the Covid pandemic, for which no country was prepared and that upended economies globally.”
Therefore, says Nigel Green, it is “essential to enable, unlock and mobilise private capital as a matter of urgency.”
To do this, the deVere CEO suggests a three-pronged approach.
First, “We need cooperation between financial advisories, insurance firms, banks, wealth and asset managers, investment companies, fintech groups, banks and auditors, amongst others, to help unlock and mobilise the trillions of dollars of private finance that is urgently required. Without this, the level of funds required will simply not be there.”
Second, “A global regulatory framework for environmental, social and governance (ESG) investing is now urgently required to further boost confidence and protections for investors.”
And third, “All climate risk and vulnerability data must be made immediately available by governments and their agencies as it is concluded in order to further strengthen the case for ESG-orientated investments.”
deVere’s calls follow the organisation’s pledge to position $2bn of assets under advisement into environmental, social and governance (ESG) investments within five years.
The Group is also one of 18 founding signatories of the UN-backed Net Zero initiative, the international alliance of powerhouse global finance companies that will help accelerate the transition to a net zero financial system. Its membership means it is committed to “aligning all relevant products and services to achieve net zero greenhouse gases by 2050 and to set meaningful interim targets for 2025.”
Nigel Green concludes: “Climate change remains the most serious risk multiplier to our planet, to our communities, and to our way of life.
“Failing to understand the magnitude of it now is going to have catastrophic, irreversible consequences later.
“Urgent private finance inflows are essential.”
Npower Payment: November, December Stipend To Be Paid In February
There are indications that Npower Batch C volunteers might get their November and December 2021 stipend between the first or second week of February 2022.
Investors King gathered that the stipend has been approved by the Federal Ministry for Humanitarian Affairs but there might be a delay in payment due to Nigeria Inter-Bank Settlement Scheme (NIBSS) validation, as this validation takes quite a while.
Recall that Investors King had earlier reported that the minister for humanitarian affairs, disaster management, and social development, Hajiya Sadiya Umar Farouq disclosed that payment of October stipend was delayed to the Npower beneficiaries in order to sort out challenges which have resulted in some Npower beneficiaries’ Bank Accounts not being credited.
Meanwhile, pending October and September stipend payment is ongoing at the moment and volunteers who have not been paid are advised to continue to check their Npower payroll status until it changes from processing to paid.
However, if after payment, the stipend is still yet to be received, the issue emanates from the beneficiary’s bank.
Also, names mismatch also have a great role to play in the payment process. This means that if the beneficiary’s name does not correspond with the account name, payment might not be received. This is why the majority of Npower volunteers are not paid, as most volunteers did not supply the exact names on their BVN when filling the N-Power NASIMS portal.
N-Power is a scheme set up by the President of Nigeria, Muhammadu Buhari on 8 June 2016, to address the issues of youth unemployment and help increase social development.
The scheme is created for unemployed graduates and non-graduates between the ages of 18 and 35. It is a paid programme of two-year duration, aimed at engaging beneficiaries in their states of residence.
Recently, the Federal Government said it had concluded a plan to enlist additional 400,000 youths for the Batch C N-Power programme in the country.
Fresh N6bn Fraud: Popular Instagram Influencer Mompha Arraigned Again
Popular social media celebrity, Ismaila Mustapha, popularly known as Mompha is currently in the custody of the Economic and Financial Crimes Commission, EFCC, pending the hearing of his bail application in the N6 billion fraud charge filed against him.
The agency re-arraigned Mompha and his firm, Ismalob Global Investment Limited before Justice Mojisola Dada of an Ikeja Special Offences Court on eight counts bordering on the alleged offences.
The EFCC made this disclosure at Lagos Special Offences Court in Ikeja, on Wednesday.
The defendants were accused of conspiracy to launder funds obtained through unlawful activity, retention of such funds, transfer of funds for a suspect Olayinka Jimoh a.k.a Nappy Boy, and unlawful transfer of funds for a record label, among others.
The sums named in the charge are N5.9 billion, N32m, N120m and N15.9 totalling over 6 billion. The agency alleged that Mompha hid his wealth in wristwatches and other movable assets valued at over N70m.
However, the Instagram celebrity pleaded ‘Not guilty’ to the eight counts while Islamob Limited (represented also by Mompha) pleaded ‘not guilty’ to the first six counts.
Earlier on Monday, the anti-graft agency had arrested the internet celebrity and his firm, Ismalob Global Investment Limited for alleged money laundering. The agency, in a statement, had revealed that a fraudulent transfer slip of $92, 412, 75 was found in his iPhone 8 device.
“It will be recalled that Mompha had earlier been arrested on October 18, 2019 at Nnamdi Azikiwe International Airport while boarding an Emirates Airline Flight to Dubai by the staff of the Nigeria Immigration Service, following a watch list by the EFCC.
“Mompha is alleged to have used his registered companies to receive illicit funds on behalf of “yahoo yahoo” boys from across the world in return for commission.
“The account of one of his companies, Ismalob Global Investment Limited Bank, a Bureau de Change Company, domiciled in Zenith Bank Plc, was allegedly used to launder funds derived from unlawful activities”, the statement had read.
Meanwhile, this is not the first time the anti-graft agency would arraign Mompha.
Recall that sometime in 2019, Investors king had reported that Mompha was arraigned on 14 counts bordering on fraud, money laundering and running a foreign exchange business without the authorisation of the Central Bank of Nigeria.
The EFCC, in the charges against Mompha, said the suspect used his company’s bank account with the name Ismalob Global Investment to facilitate a combined N33 billion transfer between 2015 and 2018.
There are however reports that this fresh arrest is unconnected to the existing charges in court.
NPower Gives Reasons For Delayed Payments, Warns Public Against Fake Cash Investment Scheme
Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq has disclosed the reasons behind the delay in payment of October stipends to N-power beneficiaries.
According to the Minister, the payment was delayed to the Npower beneficiaries in order to sort out challenges which have resulted in some Npower beneficiaries Bank Accounts not being credited.
She added that the delay is also caused by instability in the network.
“In our quest to ensure Beneficiaries are paid at once, we adopted Bulk payment approach which was PARTIALLY SUCCESSFUL resulting to some accounts getting credited and some not, due to network instability.
“As a result, October payments were paused to get the challenge sorted out. Payment for the said month to all concerned shall RECOMMENCE at the shortest possible time. Please bear with us”, she stated.
She also restated her ministry’s resolve to clear the outstanding Stipends of October, November, and December owed to the 510,000 Stream 1 beneficiaries of the Batch C Npower Programme.
“We sincerely appreciate your patience throughout the moment payment has been processing. Be rest assured all outstanding will be cleared as November and December payment will soon commence”, she assured.
Furthermore, the minister warned N-Power beneficiaries not to participate in any unverified investment scheme.
She noted, in a statement, that the ministry is aware of the current fraudulent investment scheme trending on social media and therefore, urged N-power beneficiaries not to fall victim.
According to her, the ministry does not run an investment scheme and hence, the public should disregard such programme.
“The attention of the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq has been drawn to a fraudulent Cash Wealth Investment Programme asking the public to pay certain amounts of cash and get bumper Returns on Investment.
“This is to inform the public that the Ministry does not run such fraudulent programs and should be disregarded.
“The public is advised to always verify similar post from official channels. The public should please take note”, the statement reads.
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