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Appointments

Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC

Timipre Sylva has been appointed by the JMMC of OPEC as Special Envoy to some participating countries.

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Gas is the new petrol - FG to Nigerian car owners, intervention fund, NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

The Minister of State for Petroleum Resources, Timipre Sylva, has been appointed by the Joint Ministerial Monitoring Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) as Special Envoy to some participating countries in the ‘Declaration of Cooperation’ (DoC).

The mission, which is in line with the principles of fairness, transparency and equity, is to assist the Special Envoy to engage in further consultations with DoC participating countries which include Congo, Equatorial Guinea, Gabon and South Sudan.

According to a press statement from OPEC, this decision was taken at the 26th meeting of the JMMC, held on February 3, 2021.

READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report

At the meeting, the Chair of the Committee, HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-chair, HE Alexander Novak, Deputy Prime Minister of the Russian Federation, commended the positive efforts of all countries participating in the DoC for the monumental strides taken towards attaining full conformity with their voluntary adjustments in output.

The statement acknowledged that Participating Countries have been proactive and pre-emptive in measures taken to mitigate the devastating impact of the COVID-19 pandemic on the oil market.

OPEC, in its statement, said, “While progress has been achieved in introducing a greater degree of stability in the oil market since the historic decisions taken in April 2020, Participating Countries will not rest on their laurels. Sustainable oil market stability necessitates a continual renewal of effort, engagement and responsiveness to factors affecting the market.

READ: Oil Crisis: OPEC deal gets further boost from African Petroleum Producers’ Organization

“The purpose of this mission is to hold consultations with the respective leaders of these countries on the DoC market rebalancing efforts. In particular, the Special Envoy will discuss matters pertaining to conformity levels with the voluntary production adjustments and explore how Participating Countries can collectively support and assist each other in achieving full conformity with their supply adjustments.”

The statement also said that Nigeria’s Oil Minister, Sylva was expected to also discuss with relevant authorities about the compensation mechanism in accommodating underperformed volumes as agreed at the June ministerial meetings, and later amended in September 2020.

READ: Nigeria pegs crude oil production at 1.77mbpd

In addition, the mission will solidify the dialogue channels between Participating Countries, and enhance transparency and information exchange. Given the geographic proximity of these countries, it is a rare opportunity for Ministers and leaders to safely meet in person, following months of virtual conferencing.

What you should know

  • The Declaration of Cooperation constitutes an unprecedented milestone in the history of OPEC. For the first time ever, OPEC Member Countries collaborated with 11 non-OPEC oil-producing countries (now 10 – Equatorial Guinea became an OPEC Member in May 2017) in a concerted effort to accelerate the stabilization of the global oil market.
  • The DoC was an outcome of the Joint OPEC and non-OPEC Producing Countries’ Ministerial Meeting held on December 10, 2016, and was effective for an initial period of 6 months. The remarkable success realised through this unprecedented cooperation has led to its extension multiple times.
  • Building on the success of the DoC, its participants recognized the importance of establishing a more permanent platform focused on longer-term cooperation. Thus, at the 6th OPEC and non-OPEC Ministerial Meeting, held on July 2, 2019, OPEC Member Countries and attending non-OPEC oil-producing countries endorsed the ‘Charter of Cooperation.’ The Charter provides a platform to facilitate dialogue and exchange views regarding conditions and developments in the global oil and energy markets.
  • The goal is to contribute to a secure energy supply and lasting stability for the benefit of producers, consumers, investors and the global economy.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Appointments

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

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Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.

This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.

As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.

About Bayo Rotimi

Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.

What they are saying

Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

What you should know

  • Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
  • Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.

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Appointments

Africa Prudential announces appointment of Zubaida Rasheed as Director

Zubaida Rasheed has been appointed as an Independent Non-Executive Director by Africa Prudential Plc.

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African Prudential could be worth more than N4.55

The Board of Africa Prudential Plc has ratified the appointment of Mrs. Zubaida Mahey Rasheed as an Independent Non-Executive Director, effective February 24, 2021, subject to regulatory approval from the Securities and Exchange Commission.

This is according to a notification signed by the Company’s secretary, Joseph Jibunoh, and made available to the Nigerian Stock Exchange.

Given her profile and wealth of experience, the Board strongly believes that the appointment will strengthen the company by consolidating its digital transformation drive and ensuring its smooth transition from its core registrar business to providing digital solutions and technological services.

About Zubaida Mahey Rasheed 

Mrs. Zubaida is a distinguished technocrat with over forty years’ experience in the public and private sectors. A sizeable number of the aforementioned years were spent in NITEL Plc, where she served for 23 years, rising to the position of Executive Director.

Mrs. Zubaida is currently the Deputy Coordinator of Technical Working Group (TWG) for the preparation of Medium-Term National Development Plan (MTNDP) 2021-2025 & Nigeria Agenda 2050 (Business Environment, Trade, Competitiveness, and Product Space Mapping).

She is an alumna of Ahmadu Bello University (ABU), having obtained a BSC degree in Economics in the aforementioned institution. She holds professional membership in the Nigerian Institute of Management and National Institute of Marketing, Nigeria.

What you should know

  • Africa Prudential Plc had earlier declared a dividend of 50 kobo each, totaling N1 billion for its shareholders.
  • Africa Prudential Plc formerly known as UBA Registrars Ltd was incorporated as a private limited liability company on 23rd March 2006 to take over the registrar services formally operated as a department by its former parent – UBA Global Market Limited.
  • The company was listed on the Nigerian Stock Exchange on the 17th of January, 2013. It currently manages over 80 corporate clients in both the public and private sectors.

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