Companies

South Africa, Sahara Group explore collaboration on energy in Davos

Industry experts say meeting current and future energy demand remains a major challenge in all African countries.

Published

2 years ago

January 28, 2019

South Africa, Sahara Group explore collaboration on energy in Davos

Enhancing the capacity, accessibility, reliability and safety of energy in its various forms were the key issues that dominated discussions between South Africa and Sahara Group, a leading international energy conglomerate in Davos, Switzerland.

The meeting had South African President, Cyril Ramaphosa, Minister of Energy, Jeff Radebe, Group Managing Director, Sahara Power Group, Kola Adesina and Director, Governance and Sustainability, Pearl Uzokwe in attendance.

Both parties decried the insufficient harnessing of the continent’s energy sector potential, adding that achieving a robust energy sector remained the most critical component of the levers Africa requires to leapfrog into the Fourth Industrial Revolution.

The South African Energy Minister said a collaborative approach involving all stakeholders on the continent should be adopted and driven by an empowered public private partnership. “The energy potential of Africa is immense and so much is being done to exploit this potential. However, what we need is properly defined machinery that would address the issue from a micro and macro level across the continent through cooperation. South Africa will be willing to partner with Sahara Group and other stakeholders to achieve this.”

Adesina said Sahara Group had since been leading the cooperation conversation and believes that South Africa has a lot to offer the continent as a frontline economy that has continued to demonstrate strategic leadership in the energy sector.

He explained that with an estimated 130 million African households still dependent on charcoal, kerosene, lantern, candles, fossil fuels, and over half a billion Africans without access to electricity, the continent would need to declare a state of emergency on the energy sector. “Energy is a critical component of driving economic growth and prosperity. Africa needs to have a common energy sector agenda that addresses the peculiarities of the various markets across the entire energy value chain. Sahara Group would be delighted to partner with South Africa to drive this agenda, working alongside all stakeholders.”

Adesina added that huge investment in technology would be required to expand the energy mix to include more modern renewable energy sources.

Also speaking at the parley, Uzokwe said the continent must ensure that any energy agenda adopted must have strong governance and sustainability components for continuity and longevity. “Supportive legislation, environmental consideration, safety and the sustainable development goals must be well articulated in the agenda. Transparency and the creation of a level playing field are also factors to be considered as we would be looking at applicability across markets with different capacities.”

Industry experts say meeting current and future energy demand remains a major challenge in all African countries with the continent’s population expected to hit 2.3 billion people by 2050.

NM Partners

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Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

Published

2 days ago

November 27, 2020

Chidi Emenike

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.

The key highlights of the recent notification include:

Annual General Meeting Date: 21st December 2020
AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
Proposed Distribution: ₦10/unit
Qualification Date: 9th December 2020
Closure of Register Date: 10th December 2020
Payment Date: 23rd December 2020

READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

What you should know

The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Explore Data on the Nairametrics Research Website

Companies

PZ Cusson announces retirement of Chairman, Kola Jamodu

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

Published

3 days ago

November 25, 2020

Omokolade Ajayi

The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.

According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.

What you should know

Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.

He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.

He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.

Companies

Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries

Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.

Published

5 days ago

November 23, 2020

Omokolade Ajayi

Jordi Borrut Bel, Nigerian Breweries Plc

The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.

This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.

However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.

He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.

However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.

What they are saying

The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:

“In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”

Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:

“It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.

“That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”