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Coalition Protests EU’s Planned Ban of Palm Oil

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  • Coalition Protests EU’s Planned Ban of Palm Oil

A coalition of palm oil farmers, under the aegis of Farmers Unite, on Tuesday protested what it described as the discriminatory campaign and trade policy by the European Union against the producers of palm oil.

The farmers also objected to the ongoing campaign by the EU Parliament “to ban and restrict the use of palm oil in renewable energy programmes and the food sector.”

Members of the coalition, according to its promoters and a non-profit organisation, Initiative for Public Policy Analysis, have vowed to commit themselves to fighting threats against their livelihoods by western politicians, the political elite, media, and European- funded Non-governmental Organisations.

The coalition consists of small farmers and their families in Africa and Asia.

“Their campaign is based on junk science, deceit and falsehoods. If they succeed, this would have a chilling, negative impact on livelihoods, investment and trade for small farmers of oil palm across the world. Farmers Unite is organised to defeat them, their policies and to protect our way of life,” IPPA stated.

The project is supported by APKASINDO, National Association of Smallholders Malaysia, National Palm Produce Association of Nigeria, Palm Oil Smallholders Association of Nigeria, and Responsible Palm Oil Initiatives (Indonesia).

The Director of IPPA and Farmers Unite, Thompson Ayodele, in a statement, raised the alarm that organisations, including the European Commission and Parliament, were desperate to prevent the use of palm oil entirely, whether in food, biofuel or consumer goods.

He said, “They seek to define palm oil as socially unacceptable, unsafe and as risky.

“The goal of the elite at the European Commission and Parliament is to prevent the use of palm oil entirely, whether in food, biofuel or consumer goods.

“In doing this, they threaten the future livelihoods of tens of millions of small farmers in developing nations. African and Asian palm oil farmers and their communities must rise up against this threat to our livelihoods and families.

“Farmers Unite calls on the EU Commission to drop the discriminatory ‘deforestation criteria’ and end its efforts to impoverish African and Asian small farmers.

“Endorsement by European leaders and the European Commission of the ‘Deforestation Criteria’ is an endorsement of Donald Trump’s protectionist and isolationist trade policies.”

The coalition also protested the promotion of European sustainability rules, such as the Amsterdam Declaration, which discriminated against developing world farmers and harm the economic and social advancement of Middle Income and Least Developed Countries.

Other grievances of the coalition included EU’s ongoing efforts to increase barriers to palm oil exports, including developing risk-related criteria for palm oil based on flawed indirect land-use change models, high carbon stock, and ‘deforestation criteria’; failing to ban EU member states from using ‘no palm oil’ labelling; development of an EU regulation that will see the imposition of a European conceived certification scheme on palm oil producing countries.

Ayodele said, “We object to the European Union’s continued hostile actions, including blocking or restricting palm oil exports to the EU; funding organisations that make negative and unsubstantiated claims about palm oil; discouraging investment in oil palm farming, failing to acknowledge the contribution palm oil makes to achieving the United Nations’ Sustainable Development Goals; and failing to acknowledge that many other commodities have a much higher deforestation footprint.

“We object to the European Parliament’s ongoing campaign to ban and restrict the use of palm oil in renewable energy programmes and the food sector.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Federal Government Sets Two-Month Deadline for PoS Operators to Register with CAC

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Corporate Affairs Commission (CAC)- Investors King

The Federal Government, through the Corporate Affairs Commission (CAC), has issued a stringent directive mandating Point of Sales (PoS) operators to register their agents, merchants, and individuals within a two-month timeframe.

The move comes as part of efforts to comply with legal requirements and align with the directives of the Central Bank of Nigeria (CBN).

The decision was reached during a crucial meeting between representatives of the fintech industry and the Registrar-General of the CAC, Hussaini Ishaq Magaji, held in Abuja on Monday.

With over 1.9 million PoS terminals deployed nationwide by merchants and individuals, the registration requirement aims to bolster consumer protection measures and fortify the integrity of the financial ecosystem.

According to the Registrar-General, the initiative is in line with Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.

Speaking on the matter, Hussaini Ishaq Magaji emphasized that the registration deadline, set for July 7, 2024, is not intended to target specific groups or individuals but rather serves as a proactive measure to safeguard businesses and ensure regulatory compliance across the board.

In a statement released by the commission, it was highlighted that the collaboration between the Corporate Affairs Commission and fintech companies underscores a mutual commitment to upholding industry standards and fostering a conducive environment for financial transactions.

The decision to implement this registration requirement follows recent concerns over fraudulent activities involving PoS terminals, which accounted for 26.37% of fraud incidents in 2023, according to a report by the Nigeria Inter-Bank Settlement System Plc (NIBSS).

The directive from the Federal Government comes amidst a broader crackdown on financial irregularities, including the prohibition of cryptocurrency trading and heightened scrutiny of fintech operations by regulatory authorities.

Last week, major fintech firms were instructed by the CBN to halt onboarding new customers and to warn against cryptocurrency trading on their platforms.

The move by the CBN is part of a larger effort to enhance regulatory oversight and combat illicit financial activities, including money laundering and terrorism financing.

Prior to this directive, the Economic and Financial Crimes Commission (EFCC) had obtained court orders to freeze numerous bank accounts allegedly involved in illegal foreign exchange transactions.

In response to the directive, fintech firms have pledged to collaborate with regulatory authorities to ensure compliance with the registration requirement.

However, they have also stressed the importance of comprehensive sensitization efforts to educate stakeholders about the implications of non-compliance and the benefits of regulatory adherence.

As the deadline approaches, PoS operators are expected to expedite the registration process and ensure that all agents, merchants, and individuals are duly registered with the Corporate Affairs Commission, demonstrating a collective commitment to maintaining the integrity of Nigeria’s financial system.

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Onne Multipurpose Terminal Welcomes Largest Container Ship to Eastern Port

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Deep Sea port - Investors King

The Onne Multipurpose Terminal (OMT) recently played host to the largest container ship ever to conduct full operations at an eastern port.

The container vessel, named Kota Cempaka and owned by Pacific International Lines (PIL), measures an impressive 300 meters in length and boasts the capacity to carry 6,600 twenty-foot equivalent units (TEUs) of containers.

During its maiden call at the Onne Port in April 2024, the Kota Cempaka undertook the loading and discharging of over 2,000 containers, handling a mix of Nigerian imports and exports.

This achievement underscores the terminal’s capability to accommodate large-scale vessels, marking a significant advancement for both the Onne Multipurpose Terminal and the Nigerian Ports Authority (NPA).

James Stewart, the Chief Operations Officer of Onne Multipurpose Terminal, expressed pride in the successful berthing and operation of the Kota Cempaka at Onne Port.

He highlighted the trust placed by PIL in OMT’s handling capabilities, emphasizing the global trend of shipping lines deploying larger vessels to enhance efficiency and reduce transportation costs for Nigerian traders.

Jacob Gulmann, the Managing Director of OMT, acknowledged the collaborative efforts between OMT and the NPA to prepare for the influx of larger vessels.

He particularly commended the NPA’s initiatives to ensure adequate water depth at the port, a critical factor in accommodating the new generation of vessels.

Situated within the Onne Port Complex in Rivers State, OMT commenced operations in 2021 as a container terminal operator equipped with state-of-the-art infrastructure.

With 750 meters of deep-water berths, a water depth of 12 meters, and modern handling equipment, including mobile harbor cranes and terminal trucks, OMT stands as a vital player in Nigeria’s logistics sector.

The terminal’s utilization of advanced IT systems from Navis Terminal Operating System and SAP enables seamless cargo handling across various categories.

OMT’s commitment to efficiency and innovation reflects its dedication to supporting Nigeria’s maritime trade and economic growth.

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Seplat Energy Unveils Ambitious Drilling Program for 2024, Aims for 13 New Wells

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seplate to announce financial results on July 29, 2020

Seplat Energy, one of Nigeria’s prominent energy companies, has set its sights on an ambitious drilling program for 2024, with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

This announcement comes as part of the company’s unaudited results for the first quarter ending March 31, 2024.

The breakdown of the new wells reveals a strategic focus, with 11 dedicated to oil production and 2 aimed at gas production.

Seplat Energy highlights the successful commencement of its drilling program by delivering one well, Ovhor21, in the first quarter of 2024.

Also, two wells, Okporhuru-9 and Sapele-37, which were initiated towards the end of 2023, have been completed.

Both Okporhuru-9 and Sapele-37 have yielded promising results. Okporhuru-9 has discovered multiple hydrocarbon-bearing intervals in deeper formations, while Sapele-37 encountered hydrocarbons in deeper reservoirs, along with proving up a northern extension to the Sapele field.

Seplat Energy is now conducting further technical analysis to assess the commercial potential of these discoveries and the wider implications for OML 41.

Looking ahead, Seplat Energy is committed to delivering the remaining 12 wells on the 2024 drilling plan.

Three wells, namely Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter, with the aim of supporting production volumes later in the year.

Roger Brown, the Chief Executive Officer of Seplat Energy, expressed optimism about the discoveries, emphasizing the promising initial results and highlighting the quality of Nigeria’s geological resources.

He also acknowledged the progressive actions taken by President Tinubu and industry regulators to support the energy sector.

Furthermore, Seplat Energy has made strides in enhancing its operational efficiency and shareholder value.

The company has released the applicable exchange rate for determining its final and special dividend payout to shareholders who opt to receive their dividends in naira.

With an exchange rate of N1,309.88 per $1, shareholders can expect clarity and transparency in dividend payments.

Seplat Energy’s ambitious drilling program underscores its commitment to driving growth and innovation in Nigeria’s energy landscape while maintaining a strong focus on operational excellence and value creation for stakeholders.

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