The Nigerian National Petroleum Corporation (NNPC) has disclosed that the collaboration of all stakeholders is critical to curbing pipeline vandalism and oil theft, which result in explosions.
The Group Managing Director, NNPC, Mele Kyari divulged this during his visit to the Oba of Lagos, His Royal Majesty, Oba Rilwan Babatunde Osuolale Aremu Akiolu 1, to commiserate with him on the loss of five lives and properties worth hundreds of millions of naira in the Abule-Egba pipeline fire.
The Oba, who condemned pipeline vandalism and oil theft, stated that the acts could be attributed to desires to get quick money. He added that individuals no longer want to work hard to earn a living but do all kinds of illegal activities to get quick wealth.
Meanwhile, the NNPC urged the Oba of Lagos to work with other traditional rulers in the state to help secure pipelines. The corporation added that the health, environmental, economic and other hazards caused by the vandals, especially the loss of lives, were not permissible.
Oba Akiolu pledged his support to organise other Obas in the state to help put pipeline destruction to a stop. The NNPC boss, on his part, called for synergy among security agencies, traditional leaders, residents and all well-meaning Nigerians in curbing this ugly trend.
However, the NNPC boss disclosed the pipeline was restored on Monday and had begun operation. In curing illegal mining of crude oil from pipelines, Mele Kyari said,
“However, we are also happy that we have restored the line after the break, we shut down the line to contain the damage it can cause but now we are back on stream. Petroleum products are flowing all the way from Atlas Cove to Ilorin as we speak. But what is important is to sustain this operation, and to sustain it, everyone should cooperate with us.
“We are working with all the security agencies including the NNPC to take out the bad elements in our midst. We agree there are compromises within the NNPC, the security agencies, communities and everyone involved in this.”
Achievement so far: “What we have done in the last two months is work with these agencies to make sure that we take out the bad elements out of us, resolve this issue and delete them if we need to do that and that is what we will do.
“For communities that harbour this act, the warning is that this act constitutes danger to all of us. For those who are particularly involved in tapping our petroleum products or laying pipes to their homes, the Governor and Lagos State Government have agreed we must take out these houses no matter who owns them or what they do. Once we establish that your property is involved in this, we take it out.
“We are already doing that. So far, the Nigerian Navy has taken out over 300 houses along our pipeline Right of Way (RoW) and we will continue to do this. By the time we are done with this, sanity will come to this line we assure Nigerians that it will be safe for all of us,” he stated.
US Capitol complex temporarily shut down
The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.
The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.
The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.
Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.
While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.
The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.
The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’
The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.
The fire department said, “There were no injuries. This accounts for smoke that many have seen.”
What you should know
- President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
- Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.
Kinyungu Ventures Research calls for changes to cut-and-paste VC strategy in Africa
The Paper recommends investment structures and approaches tailored to African operating conditions.
East African venture advisory firm, Kinyungu Ventures has published a white paper Chasing Outliers: Why Context Matters for Early Stage Investing in Africa that has found that there continues to be a wide misalignment between traditional venture capital models and the African market. The team behind the report is now calling for a broadening of approaches to institutional investment on the continent. Speaking with 100 Pan-African founders, investors, and LPs across 15 African countries, the research suggests investors should prioritize investing structures and practices that reflect the realities of operating in Africa. This includes adopting more flexible investing structures with longer time horizons.
According to the paper, there are multiple mismatches between key characteristics of Silicon Valley VC and African markets, which influence how startups and funds maneuver as well as what results they expect and produce. Findings show that African markets are large, but also fragmented, and its consumers have limited purchasing power. Furthermore, consumers on the continent are difficult to acquire and retain, yet the sheer size of the African market also presents a real opportunity for profit once the environment is clearly understood. The paper’s key recommendations for funds include:
- Adopting more focused investment strategies, such as investing in b2b companies or cross-subsidizing a portfolio with less risky, steady return assets.
- Considering non-unicorn investing models geared at more resilient companies, with returns distributed more widely across the portfolio
- Using flexible structures such as debt or PCVs to accommodate market-level changes, where feasible
- Allowing a longer time horizon for returns, understanding that growth could be slow and difficult to achieve for many companies
Kinyungu Ventures catalyzes resilient businesses for local intergenerational prosperity. The East African-centric investor focuses on entrepreneurship in East Africa, startups, seed funding, debt financing, impact investing and angel investing.
Speaking on the launch of the white paper, Tony Chen, Managing Director of Kinyungu Ventures and co-publisher of the report says, “Capital in Africa is scarce and pursuing a “growth at all costs” strategy where capital pools are shallow presents huge risks for companies. We’ve also found that many great businesses don’t fit the typical VC profile, but have tremendous unfulfilled potential”.
Tayo Akinyemi, lead researcher and writer of the report added: “In our conversations with numerous investors and founders, it is clear that nuances in variables such as consumer behavior, cultural norms, and business practices impact startups significantly and being on the ground is crucial for success. While African markets aren’t always able to provide the outsized returns that Silicon Valley typically looks for in high-growth companies, a more focused strategy here could unlock real gems, as has been proven by some of the startup successes the continent has seen over the years.”
Neimeth Pharmaceuticals to raise N5 billion in additional equity
The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.
The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.
In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.
What you should know
- The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
- The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
- The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
- The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.