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Djembe Consultants Announces 10th Anniversary Celebration Campaign 

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Djembe Consultants (Djembe), an award-winning consultancy focusing on the African and Middle Eastern (MEA) regions, today announced a six-month campaign that will celebrate the Consultancy’s 10 year anniversary by showcasing a diverse team and client partners, who together have delivered innovative communication programs in the MEA region and on the global stage. 

Since its inception, Djembe has effectively brought together a unique combination of home-grown talent from across the MEA region and a team of multi-disciplinary international communications experts. The Consultancy’s multinational approach, which combines local insights with global best practices, has seen it emerge as a trusted advisor to local, regional, and global organizations, helping them achieve their full potential within the MEA region and internationally.

This diverse client mix has enabled the Djembe team to support strategic communications and reputation management projects over the past ten years in 36 African and 13 MENA countries – in addition to global outreach in key international markets in the Americas, Asia, and Europe.

During the second half of 2023, Djembe will showcase a decade’s worth of success in supporting projects that have amplified a narrative of opportunity, growth, inclusion, and innovation. The celebratory campaign will highlight Djembe’s unique presence within the innovation ecosystem, showcasing the Consultancy’s work as a catalyst for growth and entrepreneurial opportunity throughout the ecosystem and across multiple industry sectors in the MEA region.

Djembe Consultants, Chief Executive Officer Mitchell Gary Prather, commented on the Consultancy’s 10th anniversary: “As Djembe Consultants celebrates our 10-year anniversary, we have a great opportunity to reflect on our successes. This is a major milestone and a testament to the strength of our client offering and the extremely high caliber of the Djembe team. Through our deep-rooted presence across Africa and the Middle East, we have conducted extensive incubator and accelerator program workshops, mentored hundreds of start-ups and innovators, and successfully secured over three million dollars of funding for MEA start-ups. Furthermore, the Djembe team has supported multi-billion dollar client commitments to enhance trade finance and socioeconomic development.”

In addition to reflecting on its successes, Djembe will use its tenth anniversary to look to the future and set out its plans for the next ten years. The firm continues to secure an ever-greater breadth of mandates from MENA-based organizations, leaving it well-positioned to continue supporting the region’s socioeconomic development through its work with a rich cross-section of clients in critical economic growth sectors while advancing a social development agenda.

From SMEs to trade finance and development corporations, sovereign wealth funds, promising start-ups, and innovators, the strong appeal of Djembe’s determined and enthusiastic approach to developing and executing communication programs has been incredible:

Djembe was recently re-selected as the agency of record for the International Islamic Trade Finance Corporation, which is a five-year client relationship
Over the past five years, Djembe has worked to promote the Zayed Sustainability Prize in Africa, and its reach has been extended to promote the prize across the Middle East.
Djembe’s expertise has been utilized in AfCFTA and AML campaigns, investment funding, product launches, trade finance and development initiatives, and SME accelerator programs

As a well-respected advisory and award-winning communications firm in the years preceding COVID-19, Djembe has worked closely with multiple organizations to support their emergence from the effects of the pandemic.

Prather explained, “As soon as the pandemic began to unfold, Djembe leveraged our extensive network to join forces with organizations large and small, public and private, to focus on helping communities receive the benefits emanating from meeting the UN Sustainability Development Goals.  Djembe’s extensive capabilities extend far beyond supporting client initiatives to advancing a social development agenda by addressing the digital divide, increasing financial know-how, encouraging the take-up of green initiatives, promoting inclusivity, and advocating rural community development. We are delighted to be able to showcase much of this work and results during our 10-year celebrations in the second half of this year.”

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NNPC E&P Ltd and NOSL Begin Oil Production at OML 13, Akwa Ibom State

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NNPC Exploration and Production Limited (NNPC E&P Ltd) and Natural Oilfield Services Limited (NOSL) have commenced oil production at Oil Mining Lease 13 (OML 13) located in Akwa Ibom State.

The announcement came through a statement signed by Olufemi Soneye, the spokesperson of NNPC E&P Ltd, highlighting the collaborative effort between the flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) and NOSL, a subsidiary of Sterling Oil Exploration & Energy Production Company Limited.

The production, which officially began on May 6, 2024, saw an initial output of 6,000 barrels of oil. The partners aim to ramp up production to 40,000 barrels per day by May 27, 2024, reflecting their commitment to enhancing Nigeria’s crude oil production capacity.

Soneye said the first oil flow from OML 13 shows the dedication of NNPC E&P Ltd and NOSL to drive growth and development in Nigeria’s oil and gas sector.

He stated, “The achievement does not only signify the culmination of rigorous planning and execution by the teams involved but also represents a new era of economic empowerment and development opportunities for the host communities.”

For Nigeria, the commencement of oil production at OML 13 holds immense significance. It contributes to the country’s efforts to increase its oil production capacity, essential for meeting domestic energy needs and driving economic growth.

Moreover, Soneye reiterated NNPC E&P Ltd and NOSL’s commitment to operating in a safe, environmentally responsible, and community-beneficial manner.

This partnership underscores their dedication to sustainable practices and fostering positive impacts in the local communities where they operate.

The commencement of oil production at OML 13 marks a pivotal moment in Nigeria’s oil and gas industry, signifying not only increased production capacity but also the collaborative efforts between industry players to drive growth and development in the nation’s vital energy sector.

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Manufacturers Grapple with Losses Amid Economic Strain

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In the first three months of 2024, some of Nigeria’s major manufacturers found themselves navigating treacherous waters as financial losses mounted amidst economic turbulence.

According to data compiled by BusinessDay, rising interest rates and a further devaluation of the naira contributed to the woes of these industrial giants.

The latest financial reports from 13 listed consumer goods firms paint a grim picture, with seven of them collectively recording a staggering loss of N388.6 billion in Q1.

Names such as International Breweries Plc, Cadbury Nigeria Plc, and Nigerian Breweries Plc were among those that bore the brunt of the downturn.

On the flip side, a few companies managed to buck the trend. BUA Foods Plc, Unilever Nigeria Plc, and Dangote Cement Plc reported a combined profit of N171.9 billion, showcasing resilience amidst the challenging economic landscape.

While the overall revenue of these manufacturers saw an impressive 79 percent increase to N2.27 trillion, it was overshadowed by soaring financing costs.

In Q1 alone, finance costs skyrocketed to N616.5 billion from N65.8 billion in the same period in 2023.

Analysts attribute these mounting losses to the confluence of factors, including the devaluation of the naira and escalating interest rates. With the naira experiencing nearly a 30 percent devaluation this year alone, coupled with a 40 percent devaluation last June, companies faced intensified pressure on their margins.

Moreover, the Central Bank of Nigeria’s decision to raise the monetary policy rate to 24.75 percent in March further exacerbated the situation.

This marked the second consecutive increase, following a 400 basis points hike in February, aimed at curbing inflation.

The adverse effects of these economic headwinds were felt across various sectors. Nestle reported the highest finance cost of N218.8 billion, followed closely by Dangote Cement and Dangote Sugar Refinery.

Commenting on the challenging business environment, Uaboi Agbebaku, the company secretary at Nigerian Breweries, highlighted how increased interest rates and FX volatility led to a staggering 391 percent rise in net losses compared to the same quarter in 2023.

Looking ahead, manufacturers remain cautiously optimistic but vigilant. Thabo Mabe, managing director at NASCON, emphasized the importance of navigating the turbulent waters while executing robust strategies to ensure sustained growth.

As Nigeria grapples with economic uncertainties, the resilience of its manufacturing sector will play a pivotal role in shaping the nation’s economic trajectory.

However, concerted efforts from both the public and private sectors will be needed to steer the industry towards stability and growth.

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Shell Nigeria’s $1.09 Billion Tax and Royalty Payments Power Economic Growth

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Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) paid a sum of $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023.

This figure, revealed in the recently published 2023 Shell Briefing Notes, shows Shell’s commitment to supporting Nigeria’s development through substantial financial contributions.

According to the briefing notes, SPDC disbursed $442 million in taxes and royalties, while SNEPCo remitted $649 million.

Despite a decrease from the $1.36 billion paid in 2022, these payments highlight Shell’s continued role as a key contributor to Nigeria’s revenue generation efforts.

Osagie Okunbor, Managing Director and Country Chair of Shell Companies in Nigeria said “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses.”

The briefing notes also provided insights into Shell’s ongoing operations and initiatives in Nigeria. The company’s investments span more than six decades, with a focus on powering progress and promoting socio-economic development.

Through collaborations with stakeholders and communities, Shell aims to provide cost-effective and cleaner energy solutions while fostering sustainable growth.

“It is important to emphasize that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses,” Okunbor reiterated, underscoring Shell’s long-term commitment to Nigeria’s energy landscape.

Shell’s contributions extend beyond financial payments, encompassing initiatives aimed at enhancing local capacity building, fostering job creation, and promoting social development. By prioritizing safe operations and environmental stewardship, Shell seeks to align its business objectives with Nigeria’s sustainable development goals.

As Nigeria navigates economic challenges and seeks avenues for growth, Shell’s substantial tax and royalty payments serve as a testament to the company’s enduring partnership with the Nigerian government and its commitment to driving economic progress.

Through continued collaboration and investment, Shell endeavors to play a pivotal role in Nigeria’s journey towards prosperity and sustainability.

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