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Business News

PAC Holdings is set for green financing

PAC Holdings has taken a bold step on the campaign towards green finance.

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PAC Holdings

To ensure sustainable environmental projects, PanAfrican Capital Holdings (PAC Holdings) has taken a bold step on the campaign towards green finance.

[READ ALSO: SAHCOL sets record after listing on Nigerian Stock Exchange]

Green finance refers to any financial instrument or investment issued under contract to a firm, facility, person, project or agency, public or private, in exchange for the delivery of positive environmental externalities that are real, verified and additional to business.

PAC Holdings

L-R: Managing Director, PAC Capital Limited, Mr. Eric Okoruwa; Chairman, PanAfrican Capital Holdings, Mr, Dolapo Atekoja; Managing Director/CEO, Truebond Global & Investment Limited, Mrs. Lola Oshiafi, Deputy Governor, Lagos State, Dr. Obafemi Hamzat and Chief Executive Officer, PanAfrican Capital Holdings, Mr. Chris Oshiafi, at the PAC Holdings Forum 2019, themed The Earth, Our Business and Our Future, in Lagos, yesterday.

Mr Dolapo Atekoja, Chairman of PAC Holdings, while speaking during the PAC Holdings 2019 Green Finance and Environment Forum themed, ” The Earth, Our Business and the Future” held in Lagos, explained that fundamentals to driving sustainable environment informed the choice to allocation financial resources towards such projects.

He said, “As you may know, Green finance is aimed at increasing the level of financial flows (from banking, insurance and investments) from the public, private and not-for-profit sectors to sustainable environmental projects.

“As a company, we are strongly convinced that issues of climate change and environmental sustainability should be on the front burner. That is why we have always been a leading voice, both internationally and locally in promoting this very subject; so we are particularly glad that you are here to lend your voice today because the issues of enhancing the environment is one of collaboration rather than isolation.”

On his own part, the Chief Executive Officer, Chris Oshiafi, said the objectives of the forum is to emphasize the need to consider both financial gains and environmental benefits in the chase to take up opportunities.

“We think that as part of the responsibility to where we do business, we should all work towards protecting the earth, protecting our businesses and people who live in the environment.

“So, we thought this will become a dialogue on how important protection of the earth is and how important climate change and how seriously we should take the issue of climate change to deal with potential dangers ahead of us.” – Oshiafi

Deputy Governor of Lagos State, Dr Obafemi Hamzat – who represented  Governor Babajide Sanwo-Olu – thanked the company for looking beyond their primary interests.

He said, “It is a momentous opportunity for us to share ideas and proffer solutions to the menace of environmental degradation and denudation that is largely driven by our consumerist tendencies.

“The challenges we face today is about developing new business models that are environmentally friendly; yet profitable. It calls for an appraisal of the production chain and process, identifying those aspects that are harmful to the environment, and developing appropriate innovative technological solutions that can effectively address these challenges towards achieving our environmental goal of sustaining the earth while also ensuring that the vulnerable population are spared the agonies and pains of global warming.”

Dr. Hamzat also took the opportunity to launch the PAC Foundation, the Corporate Social Responsibility (CSR) arm of PanAfrican Capital Holdings Limited. He encouraged other private companies to borrow a leaf from PAC Holdings in adopting actions towards the sustainability of Lagos.

PAC Holdings is a proprietary investment company with special focus on key sectors across emerging and frontier markets in Africa.

Jaiz bank

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Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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