The Nation Newspaper

Author: The Nation

  • Saudi Minister assures pilgrims of comfort, safety

    Saudi Minister assures pilgrims of comfort, safety

    Saudi Arabia’s Minister of Hajj and Umrah, Dr. Tawfiq bin Fawzan Al-Rabiah, has assured pilgrims from across the world that the kingdom places the highest importance on their safety and welfare.

    Addressing a global media briefing in Makkah, Dr. Al-Rabiah said this year’s hajj would be held without the usual conditions or restrictions.

    The relaxation of limitations put in place three years ago to slow the COVID-19 pandemic’s development was the news that Muslims all around the world were most eager to hear this season.

    Saudi Arabia declared that it would welcome more than 2 million pilgrims from 160 countries if the restrictions were lifted.

    Compared to the pilgrimage held in 1440 AH (2019), there was an increase of 30 per cent more Umrah hujaj (pilgrims) this year.

    Read Also: 2023 Hajj: NAHCON conveys 43,817 pilgrims in 104 flights

    “Saudi Arabia will welcome pilgrims to perform Hajj this year in the same numbers as before the COVID pandemic,” the minister said.

    Dr. Al-Rabiah said the kingdom provided the best accommodation, transportation, healthcare services, and safe passageways for mobility around hajj sites and refreshment locations as part of its Vision 2030.

    To simplify the hajj rites for pilgrims, the minister said the kingdom would keep looking into technological improvements.

    He enlisted everyone’s help to make the hajj rites easy and warned that the kingdom had put in place measures to prevent any conduct that could endanger the public’s safety before, during, or after the rituals.  

  • Tinubu, INEC to open defence July 3 at presidential poll tribunal

    Tinubu, INEC to open defence July 3 at presidential poll tribunal

    The All Progressives Congress (APC) and President Bola Ahmed Tinubu will next week open their defence in the petition challenging the outcome of the February 25 presidential election.

    Tinubu secured 8,794,726 votes in the election to defeat Atiku Abubakar of the Peoples Democratic Party (PDP) who had 6,984,520, and Peter Obi of the Labour Party (LP) who polled 6,101,533.

    Subsequently, Obi, Atiku and their parties filed petitions before the tribunal.

    The Allied Peoples Movement (APM) also filed a petition and closed its case after calling one witness on Wednesday.

    While Atiku and the PDP closed their case after calling 27 witnesses, Obi and the LP presented 13 witnesses before closing their case on Friday.

    At the last tribunal session, counsel to all the parties told the court that instead of opening defence on June 31, as stated in the pre-hearing schedule, they had agreed that it was better to adjourn further hearing until after the Muslim holiday.

    Read Also: OPC tasks Tinubu on palliatives for fuel subsidy removal

    “My lords, all of us took into consideration some salient factors, especially the fact that some of us will love to travel to celebrate with our families and loved ones,” Wole Olanipekun, counsel to President Tinubu, said.

    “Moreover, there is likely to be a two-day public holiday next week (this week). We will, therefore, plead your lordships to adjourn the case till after the Sallah celebration.

    “We also want to assure your lordships that on our part, we will not exceed the days allotted to us.

    “We will start and close our case the same week.”

    The five-member panel of justices, led by Justice Harunna Tsammani, granted the request and adjourned to July 3 for continuation.

    The Independent National Electoral Commission (INEC) is expected to open its defence first.

  • Envoy: population of Nigerian students in UK rose by 107,000 in three years

    Envoy: population of Nigerian students in UK rose by 107,000 in three years

    • Nigeria accounts for 11 per cent of visas issued

    Eleven per cent of the three million visas issued by British high commissions and embassies globally in the last three years went to Nigerians.

    Also, the number of Nigerian students in the United Kingdom (UK) rose to 127,000 from 20,000 during the period.

    British High Commissioner to Nigeria Richard Montgomery revealed these during an interview with the News Agency of Nigeria (NAN) in Abuja yesterday.

    The UK Home Office had in May announced that from January next year, undergraduate and master’s students would no longer be allowed to take their dependents along with them. 

    The restriction, however, does not apply to research programmes students.

    Montgomery blamed the media for misinterpreting the policy and enjoined Nigerians to view it from a wider rather than narrow perspective. He said it was beneficial to Nigeria and his country.

    The envoy who lauded the Tinubu administration’s reforms,   also spoke on the areas the UK and Nigeria could improve their economic and security ties.

    He said that his personal interactions with President Bola Tinubu and Secretary to the Government of the Federation, Geroge Akume, had provided Britain with the opportunity to grow its trade, investment, and economic relations.

    The High Commissioner dismissed speculations that the visa restriction was to discourage Nigerian students from studying in the UK, saying it was primarily aimed at managing the pressure on social services for scholars in the UK.

    Montgomery said at the moment, Nigerians desiring to study in the UK have a 97 percent visa approval rate.

    Describing the policy as “positive for Nigeria and the UK,” he said: “Three years ago, there were 20,000 Nigerian students in British higher education institutions, and last year, the number increased to 127,000.

    “So, we had a five-fold increase in the number of students from Nigeria coming to UK universities. We are delighted that UK universities continue to attract the best and brightest from Nigeria.

    “And in the wider context, last year, the UK granted three million new UK visas of various types including students and other visitors.

    “Nigerians alone received 325,000 of those three million visas.

    “So, more than 10 per cent of the visas from the UK are to Nigerian citizens which is fantastic.

    “It goes back to the fact that the UK and Nigeria have strong people-to-people links.

    Read Also: Stakeholders stress mentorship for maritime students

    “The policy change is about people who are doing non-research degrees coming to the UK as undergraduates, or for a one-year master’s degree programme, and who decide to bring their dependents.

    “We have had a very significant rise in the number of people coming from all around the world, not just from Nigeria. This has caused some strain on the UK.

    “Sometimes,  it is difficult to find good accommodation as a student and there is real pressure on housing and social services for students.

    “If you looked at it, three years ago, only 1,500 dependants of students were coming to the UK from Nigeria, but now it was 52,000 last year. I am just trying to put it in proper context, that this is an adjustment.

    “The words that are being used in the media to describe the situation are misrepresenting. We are making an adjustment that enables us to manage the demands on services in university towns and elsewhere.

    “Nigerians are very successful in acquiring visas. We have a 97 per cent approval rate and so that is the big context.” 

    Montgomery, who also said that the UK was awaiting the appointment of ministers by President Tinubu, identified some areas in which both countries could strengthen cooperation.

    His words: “I will say that there are six areas we would like to explore. The first is long-standing development cooperation.

    “The second is economic area. We already have a good economic dialogue but we would like to take the next step and develop a form of a more enhanced trade and partnership. 

    “The third area is security and defence, which we would like to evolve and take forward. “Finally, we would like to have a more systematic dialogue on foreign policy.

    Pledging UK’s willingness to continue to support Nigeria in its fight against insecurity, the envoy said: “   UK government’s two levels of defence collaboration with Nigeria are strategic and practical.

    According to him, at the strategic level, a security and defence partnership exists.

    “This Security and Defence Partnership (SDP) is a strategic umbrella, it enlists the areas where we are collaborating.”

    Montgomery explained that the practical level deals with issues relating to things like Improvised Explosive Devices (IEDs).

    Montgomery also assured that Britain would back Nigeria’s economic reforms to ensure success and build on its economic relations to boost the trade balance between the two countries.

    “Years ago, the UK bought more oil from Nigeria and the trade balance might have been the other way.

    “But I think the UK buys less oil from Nigeria now. Nigeria’s oil is going to other countries.

    “This brings me to the key question which is, what is the content of your export?

    “We would like to help provide export opportunities for Nigerian businesses to the UK, partly as a component of your diversification strategy.

    “Nigeria has done a fantastic job to diversify its economy, particularly in the Southwest of the country.

    “I think there are lots of high-end and high-value potential in the creative industry, the artistic areas, and services.

    “There is an opportunity for Nigeria in the future to develop goods and services that can be exported based on the digital economy with abundant agricultural land if committed to national standards on export.”

    The High Commissioner underscored the need for the Federal Government to provide incentives to reduce plastic pollution in order to protect the environment.

    He described plastics as the largest, most harmful and most persistent fraction of marine litter that accounts for at least 85 percent of total marine waste.

  • REA boosts mini-grid for better electricity supply

    REA boosts mini-grid for better electricity supply

    • •To convert husk to energy

    The Rural Electrification Agency (REA) has intensified efforts at strengthening mini-grids to reduce the consumption of the Premium Motor Spirit (PMS) petrol for unserved and underserved communities to have electricity supply as alternative and palliative for the removal of petrol subsidy.

    The agency’s Managing Director, Ahmed Salihijo Ahmed, an engineer, made this known at the weekend during the inspection of the 200KWp Solar Hybrid Mini- Grid in Danchitagi community in Lavun Local Government Area of Niger State.

    The project supplies electricity to the community of about 2,670 people that are predominantly farmers.

     Of the 534 consumers of the energy, 13 put the supply to productive use like tailoring, welding, refrigeration, milling of rice and other farm produce.

    The project, which was developed by PowerGen Renewable Energy Nigeria Limited, is deployed under the Performance-Based Grant (PBG) program of the Solar Hybrid Mini-Grid component of the Nigeria Electrification Project (NEP).

    But, according to the REA boss, the feedback from the beneficiaries of the project, was that they had been depending heavily on petrol powered plants.

    Since the community is also connected to power from the grid, they have access to integrated supply and they can alternate to Abuja Electricity Distribution Company (AEDC), but the latter hardly comes.

    But with the mini-grid, said Ahmed, they could reduce their purchase of petrol, thus having the all-time supply from solar as their palliative for subsidy removal.

    His words: “From the feedback we are getting, most people actually rely on petrol generators and with this mini- grid, it means that they are going to buy less of that petrol.

    “That means with the subsidy removal, this could serve as a palliative that will help them cushion the effects of the removal of subsidy.”

    He added that being an agrarian community, the consumers are happy with the abundant power supply.

    He noted that the intervention is now having economic impacts on the community.

    He said with the opportunity for alternative energy, the beneficiaries can now save the money they used to spend on petrol and Diesel as their palliative for the stoppage of PMS subsidy.

    Asked to comment on the economic impact assessment of the project, he said, “ What has become clear is that they are going to be saving a lot of money from buying diesel or petrol and this also going to help us when it comes to subsidizing or when it comes to serving as palliative for the removal of the subsidy.

    So this is a clear example of what this impact is on this kind of community.”

    Read Also: NLC cautions against electricity tariffs hike

    He said from the feedbacks from the project assessment, the agency realized that the beneficiaries are using high consumption equipment.

    He revealed that another component of its project with the African Development Bank will be used to provide grants for the productive use of the appliances.

    Ahmed said since the major productive use of the solar project is for milling of farm produce, mostly rice, the waste – rice husk – will be recycled to generate more power.

    He pledged to request project developers to deploy the plants (technologies) that can generate energy from the husk for integration into the mini-grid.

    Ahmed said, “Firstly, these equipment being used some of them have high consumption.

    “We  are working with another component of project with the African Development Bank to provide grants for productive use of these appliances.

    “So we have taken note of that. And secondly you will be surprised because this is also a rice mill, it is one of the major use we have seen in this community. And that waste coming from the rice can also be used to generate power.

    “ So we are going to also talk to the developers to see if they can invest in the sort of plants that can help them use the husk from rice to actually turn it to energy so that they can integrate it into this mini grid.”

    He also revealed that the project expansion will depend largely on the demand for the metered solar power.

    Speaking with The Nation, Hon. Jibrin Giwa, one of the consumers, said people from other communities are now relocating to Danchitagi because of the constant power supply.

    According to him, the supply has addressed their energy needs for business.

    He said, “I use this solar for powering my rice mill. I no longer waste my money on diesel or petrol. All I need is to recharge N1,000 in my meter and once I exhaust it, I recharge it.” 

     Another beneficiary, a tailor called Auwal Mohammed said he was happy that with the constant power supply from solar, he would not disappoint his Salah customers.

    “This one is better for me because I have 24/7 light to sew clothes for my customers. I will not disappoint them this Salah.”

  • Gates: renewable energy has prospects

    Gates: renewable energy has prospects

    • Nigeria has enormous potential in the global transition to renewable energy.

    Bill Gates, the founder of Breakthrough Energy Ventures and Co-founder, Microsoft, stated this during a tour of the Arnergy’s manufacturing facility in Lagos, where he discussed with the Arnergy management, financiers, and  experts the challenges and prospects of adopting renewable energy in Nigeria.

    During the visit, a portfolio company of Breakthrough Energy Ventures (BEV), and experts called for partnerships with financiers and collaboration with industry leaders to accelerate the adoption of renewable energy in Nigeria, especially in light of the removal of petrol subsidies and the increase in electricity tariffs.

    They also said the petrol subsidy removal and increase in electricity tariff have opened a new market for the renewable energy sector.

    “I see a huge energy transition opportunity where distributed solar solutions like Arnergy’s displaces gasoline generators for millions of SMEs in Nigeria given the recent fuel subsidy removal,” Gates said.

    Realizing a large number of Nigerians rely on petrol generators, Gates said that it is a huge thing for the renewable energy market.

    He also pointed out that financing customers and reducing cost of systems will be critical for scale.

    Chief Executive Officer, Arnergy, Femi Adeyemo, highlighted the modular Arnergy’s 5,000 lithium battery energy storage systems (BESS) and its proprietary energy management hardware and solarbase software that were developed by the company’s young Nigerian engineers with an average age of 26 years.

    Read Also:REA, Oando sign MoU on renewable energy

    He explained that the technology allows financiers, channel partners, and consumers to lease and pay for energy at a cost cheaper than  the money spent on diesel and petrol generators.

    According to him,  customers are in love with her real-time Internet of Things (IoT) remote monitoring and control of the power systems that allow remote shut-down and turn- on and energy efficiency advisory from anywhere in the world on Android and IoS platforms.

    He emphasized that their cost-competitive and durable technology can provide viable alternatives, enabling numerous small and medium-sized enterprises (SMEs) and businesses to transition from fuel generators to BESS, hedging themselves against the effect of petrol subsidy removal.

    “Our goal is to ensure that millions of SMEs are provided a platform to transition their businesses seamlessly to clean energy on the back of the petrol subsidy removal,” Adeyemo said. “With the solutions we have developed, SMEs can see 30 to 40 percent savings monthly compared to petrol expenses,” Adeyemo said.

    For Rotimi Thomas, CEO, SunFi, it is not just access to finance or how cheap the product is but the speed in providing renewable energy to customers and the trust the customers have of purchasing a reliable product with great customer experience that Arnergy offers. “Customers want it now. That speed and the trust that the system won’t break are two important factors for the customers,” he said.

    Partner, Breakthrough Energy, Bunmi Adekore said that the micro-economic environment enables the acceleration of renewable energy.

    “The challenge that needs to be uncovered is to get more commercial banks to participate in financing the customers removing the upfront cost barrier,” Adekore said.

    According to Adekore, modularization and decentralization in Nigeria’s energy sector are key.

    Former special adviser on innovation & technology to the Lagos State governor, Tubosun Alake said the central control of the grid over the past couple of decades led to underinvestment. Now that there is unbundling going on with the new electricity act, there is a big opportunity for renewable energy to ramp up and play a big part in the country’s energy infrastructure development.

  • Aircraft recycling to hit $14.35b by 2032

    Aircraft recycling to hit $14.35b by 2032

    The global commercial aircraft disassembling, dismantling, and recycling market size valued at $5.95 billion in 2021 is projected to grow to $14.35 billion  by 2032, exhibiting a CAGR of 7.85 per cent  during the forecast period.

    The value chain was $6.47 billion last year.

    The global COVID-19 pandemic has been unprecedented and staggering, with commercial aircraft disassembling, dismantling and recycling experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

    Global  commercial aircraft disassembling, dismantling and recycling market exhibited a decline of 12.13 per cent  in 2020 as compared to 2019.

    Experts familiar with trend say aircraft  decommissioning is a multidisciplinary process that includes many features,  including environmental, safety, legal, operational and economic.

    Decommissioning, the experts say  takes place after the aircraft has passed the end of its useful life.

    It includes processes such as aircraft disassembling, engine disassembling, and component disassembling.

    Furthermore, the increase in commercial aircraft disassembling, dismantling and recycling facilities is becoming  one of the key market trends.

    The industry is becoming greener and more cost-effective. Therefore, recycled aircraft parts from end-of-life aircraft are becoming more and more popular.

    Read Also: Furore over aircraft repossession

    Engine Maintenance, Repair, and Operations (MRO) service providers and lessors are finding increasing demand for some types of older engines or parts in their portfolio.

    These requirements create opportunities for Used Serviceable Material (USM) suppliers.

    Recent advancements in machine learning and robotics, experts say  have paved the way for new and efficient methods for aircraft disassembly, dismantling, and recycling processes.

    In 2020, some experts  developed a robotic system for aircraft disassembly, dismantling, and recycling.

    According to Aircraft Fleet Recycling Association (AFRA), nearly 12,000 commercial aircraft would retire in the next two decades.

    Moreover, commercial aircraft possess a lifespan of 20 to 25 years on average. An aircraft runs nearly 40 million kms before its estimated end of life.

    Commercial aircraft disassembly, dismantling and recycling has witnessed major improvements in the last few years, which led to the development of the process that can recycle nearly 80 percent  of components.

    Among the scrapped aircraft, narrow body accounts for nearly 50 percent  of the total retiring fleet whereas wide body accounts for approximately 28 percent. Investigations reveal that the rising number of retiring aircraft and enhanced scrapping process will propel the market growth in near future.

    The USM segment , experts will  day dominates the market in the base year due to the growing number of aged aircraft fleet and early aircraft retirements led by COVID-19.

    Increasing focus of major airlines on reusing used serviceable materials in their maintenance activities to drive down operational costs will lead to surplus supply of Used Serviceable Material (USM), which will contribute to the segmental growth.

    The rotable parts segment will witness moderate growth during the forecast period.

    Rotable components are parts that can be used many times by repairing or refurbishing them.

    With rising demand for an efficient and cost-effective supply chain for rotables, there have been great efforts within the aviation industry to improve rotable inventory systems and overall inventory management.

    Furthermore, recycling and storage segment is anticipated to grow at a moderate pace during the study period owing to the growing number of recycling activities and storage operations for commercial aircraft around the world.

    The narrow body aircraft segment is anticipated to lead due to a rise in early retirements of single aisle aircraft by all the major airlines around the world.

    Wide body segment will witness significant growth during the forecast period owing to the increasing demand for dismantling and recycling services for wide body and jumbo aircraft.

    For instance, in 2021, British Airways, the world’s largest operator of Boeing 747s, grounded its entire fleet of jumbo jets shortly after air travel plunged into free fall due to the COVID-19 pandemic.

    The regional jet segment is anticipated to show moderate growth during the study period of 2018-2032.

    The high emergence of regional jets in the past has led to high retirement rates for regional jets over the forecast period.

    For instance, in 2020, Delta retired over 200 aircraft, which include both mainline and regional aircraft, including CRJ-200s.

    Europe held the second-largest commercial aircraft disassembly, dismantling and recycling market share in 2021.

    The high growth of the market is attributed to the presence of a large number of aircraft lessors in the region. Moreover, the country has a presence of some major players involved in the market, including Aircraft End of Life Solutions and Air Salvage International, which will aid the regional market proliferation.

    The market in Asia Pacific is one of the major emerging markets of commercial aircraft disassembly, dismantling and recycling.

    This growth is attributed to the expansion of the airline industry in India and China. The growing aftermarket industry in economies such as India and China will drive market progression in this region. Moreover, India is one of the biggest importers of aircraft scrap, which will also contribute to regional growth.

    The market in the Middle East will witness substantial growth in the near future owing to increasing number of retired aircraft fleet in the region.

    Moreover, the demand for these services is increasing owing to the increase in investment in aircraft dismantling facilities and presence of key players such as Falcon Aircraft Recycling, Aircraft Solutions Middle East, and others.

    The South America region is anticipated to witness moderate growth during the forecast period.

    The growth in the region is owing to the increase in attention toward aircraft recycling and dismantling due to the high cost associated with aftermarket components and high economic life. Furthermore, a large number of aircraft operators having expertise in engine teardown is anticipated to boost the market growth.

    For instance, in Brazil, LATAM is the biggest domestic airline with the largest fleet.

  • FAO inducts 30 for disease control, others

    FAO inducts 30 for disease control, others

    The Food and Agriculture Organisation of the United Nations (FAO), through the Emergency Centre for Transboundary Animal Diseases (ECTAD), has trained and graduated 30 cohorts to enhance the capacity of frontline veterinarians in epidemiologic surveillance, field investigation, professional ethics and emergency preparedness and response.

    The 30 cohorts, who received certificates of graduation following months of In-Service Applied Veterinary Epidemiology Training (ISAVET), were trained on field level preparedness, early detection and rapid effective response to transboundary animal diseases, emerging infectious diseases and antimicrobial resistance within an integrative one health approach.

    ECTAD country team lead, Dr Otto Vianney Muhinda, said the training supports an establishment of local professionals capable of work in a network of diseases control and reporting.

    Muhinda, who represented the FAO Representative to Nigeria and the Economic Community of West African States (ECOWAS), Fred Kafeero, said the organisation will do whatever is possible to strengthen and enhance the achievements and bring more innovations to contribute to the best future of the country.

    Read Also: FAO, Lagos eye $414.98b global red meat market

     He added that the ECTAD is focusing on three major areas which include Control of Zoonotic diseases, Laboratory strengthening and Workforce development.

    National Coordinator of the programme, Prof Hannatu Lombin said the 30 ISAVET trainees have completed the one-month didactic classroom learning and three months of field activities including submission of 12 weekly surveillance reports, two data quality audits, one disease outbreak investigation and field project reports.

    Through the training, she said the country is building a critical mass of frontline veterinarians that is changing the narratives of disease surveillance and reporting in Nigeria.

    She said:  “We are building a critical mass of frontline Veterinarians that is changing the narratives of disease surveillance and reporting in Nigeria”

    She charged the trainees to utilize the knowledge acquired and make an impact.

     “On this note, I would like to specially congratulate this special group of Frontline Veterinarians for being a part of this milestone in the history of the veterinary Profession.

  • ‘Nigerians, others need food assistance’

    ‘Nigerians, others need food assistance’

    Famine Early Warnings Systems network (FEWS NET)  has warned that by this December, the number of people in need of humanitarian food assistance will be highest in  Yemen, Nigeria, Ethiopia, the Democratic Republic of the Congo, and Sudan.

     Of the projected total of about 110 million people in need across FEWS NET-monitored countries, the group noted that Yemen and Nigeria are each expected to contribute over 10 per cent of total food assistance needs.

    According to it,  Ethiopia, the Democratic Republic of the Congo, Sudan, South Sudan, Afghanistan, and Somalia are  expected to contribute five to nine  per cent of total food assistance needs.

    The study noted: “The removal of the petrol subsidy in June triggered spikes in the price of petrol, transportation, and food, decreasing mobility and households’ physical and financial access to food during theongoing lean season, particularly across the North. By December, the main harvest is anticipated to partially alleviate high food prices and improve food access; however, the macroeconomic crisis and persisting conflict will continue driving Crisis (IPC Phase 3) outcomes in the north and Emergency (IPC Phase 4) outcomes in inaccessible areas in the Northeast.”

    In comparison to last December, FEWS NET projected that the number of people in need of food assistance would be higher in Sudan, Nigeria, the Democratic Republic of the Congo, Malawi, and Haiti.

    In contrast, FEWS NET projects the number of people in need of food assistance will be lower in Afghanistan, Ethiopia,Somalia, Kenya, Madagascar, Venezuela, and Angola. In all other countries, FEWS NET expects food assistance needs will be similar to last year.

    Read Also: Norway okays fresh $4.5m for food security, others in Nigeria

    In Ethiopia, the group maintained that In December, the availability of meher harvest is expected to drive a large decline in the acutely food insecure population. “However, needs will likely remain elevated based on the anticipated, below-average June to September kiremt rainy season in central and western meher-producing areas, which will reduce income from crop sales and labor and increase food prices.

    The areas of highest concern will likely remain Tigray and the pastoral south and southeast. “

    According to it, the ongoing conflict in Sudan  is expected to continue to cause significant disruption to humanitarian aid, trade flows, and market functionality in the medium-term, significantly reducing household access to food and income.

    FEWS NET is a leading global provider of timely, accurate, evidence-based, and transparent early warning information and analysis of current and future acute food insecurity. FEWS NET informs decisions on humanitarian planning and responses in 30 of the world’s most food-insecure countries.

    It relies on a global network of partners to report and provide insightful information on the severity of food insecurity in 30 countries. The United States Agency for International Development (USAID) established FEWS NET in 1985 in response to devastating famines in East and West Africa and a critical need for better and earlier warning of potential food security crises. For nearly four decades, FEWS NET and its partners have continued to monitor the increasingly complex factors influencing food insecurity, such as weather and climate, conflict, agricultural production, markets and trade, and nutrition.

  • IHS frets over takeover as board crisis deepens

    IHS frets over takeover as board crisis deepens

    African tower company, IHS Holding Limited is caught in panic fear of hostile takeover owing to governance changes sought by MTN Group Limited and Wendel SE, which together own about 45 per cent of the firm.

    The company is consulting with JPMorgan Chase & Co. for advice on the escalating standoff with its largest shareholders over how the African tower operator is run, according to sources, who asked not to be identified because the information is private.

     Shareholders representing about 48 per cent of IHS shares submitted the proposals to bring its governance in line with best practice at US-listed companies and to improve market perceptions, Wendel said in a statement.

     “Members of the IHS Board and Management team seem to be portraying these uncontroversial governance-oriented proposals as a takeover effort by a small number of shareholders. That’s disingenuous and an attempt at misdirection,” Wendel said in the statement.

     IHS, MTN and JPMorgan declined to comment on the matter.

    Read Also: IHS’s shareholders bicker over board composition

    The shareholder dispute comes as IHS shares have lost about 60 per cent since the company’s 2021 initial public offering in New York. Tower firms in Africa are facing demands for major investment in their networks as broadband and smartphone use surges on the continent.

    In addition to governance issues, some shareholders are also concerned about capital allocation and high prices of assets as IHS seeks to diversify away from its biggest market, Nigeria, to Latin America and Persian Gulf countries, said the people.

    MTN, the firm’s biggest shareholder with a 26per cent stake, this week requested an extraordinary shareholder meeting to vote on the governance proposals, which would boost its presence on the board.

    IHS said MTN doesn’t have the right to call such a meeting and that the mobile operator’s voting rights were capped at 20per cent in a 2014 agreement.

    Before going public, IHS management clashed with Wendel and MTN over post-IPO voting rights in a dispute that delayed the share sale, according to a Bloomberg report.

  • OPEC Fund, IRENA to commit $250m to renewable energy in Nigeria, others

    OPEC Fund, IRENA to commit $250m to renewable energy in Nigeria, others

    The OPEC Fund for International Development (the OPEC Fund)  has signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments.

     The OPEC Fund plans to support the platform with  about $250 million financing until 2030 to finance renewable energy solutions in Nigeria and other  partner countries.

     Nearly 60 per cent of Nigeria’s energy demand in 2050 can be met with renewable energy sources, saving 40 per cent in natural gas and 65 per cent in oil needs at the same time, according to a new report by the International Renewable Energy Agency (IRENA).

    IRENA’s Director-General Francesco La Camera said, “Nigeria can provide sustainable energy for all its citizens in a cost-effective manner. Nigeria has a unique opportunity to develop a sustainable energy system based on renewables that support socioeconomic recovery and development, while addressing climate challenges and accomplishing energy security.”

    Read Also: OPEC agrees on production cut to stabilise oil prices

    La Camera said: “Accelerating a renewables-based energy transition is imperative in the fight against climate change, as it enables us to simultaneously tackle pressing energy challenges and alleviate persistent social inequalities. We are proud to announce the OPEC Fund’s decision to join IRENA’s ETAF Platform, which will significantly strengthen the Platform’s role as an effective and agile mobiliser of capital for the most vulnerable economies.”

    The OPEC Fund Director-General said: “This collaboration marks an important milestone in our joint efforts to tackle the twin challenges of climate change and energy poverty thanks to this innovative platform. It will help to progress an inclusive and just energy transition that leaves no one behind with investments, new technologies and knowledge sharing.”

    The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilise at least USD 1 billion of capital by 2030. Now, with the commitment from the OPEC Fund and contributions from all other existing ETAF partners, this initial target has been surpassed, with total commitments amounting to USD 1.15 billion. The partnership between the OPEC Fund and IRENA also further reinforces the platform’s global reach and impact in attracting interest from other international financing institutions, multilateral development banks, development financial institutions, donors, and corporate sector entities.