Connect with us


Osinbajo Calls For Redemption Of Pledges From OECD Countries Towards Net-Zero Emission



Osinbajo Calls For Redemption Of Pledges From OECD Countries Towards Net-Zero Emission

Vice President Yemi Osinbajo has called on Organisation for Economic Co-operation and Development (OECD) countries to fulfill their promise of $100 billion to developing countries towards achieving Net-Zero Emissions.

Net -Zero Emission entails removing all man-made greenhouse gas emissions from the atmosphere through reduction measures by 2050.

Osinbajo made this call while featuring in a conversation session at the closing ceremony of the 27th Nigeria Economic Summit (NES 27) under the theme: “Securing Our Future: The Fierce Urgency of Now’’, on Tuesday, in Abuja.

READ ALSO: e-Naira: CBN’s Guidelines For Newly Launched Digital Currency

He said that being aware of the challenges of defunding fossil fuel projects was important.

“Frankly, a lot of African countries, especially African petroleum and gas producing countries have been like someone asleep at the wheel on these questions of defunding of fossil fuel projects and all that.

“ I think that what is crucial is for us to pay attention to this because the world is confronted by the climate crisis and we are part of the world.

“But, we are also confronted with an existential crisis of poverty and even of maternal mortality and all of the various challenges that come with extreme poverty.

“So, while the wealthier countries are focused on climate change and climate change alone, we have to focus, not just on climate change, but access to energy, which is the major constraint that we have.’’

He said that what the developing countries contributed was a minor fraction of what the rest of the world was responsible for, citing the U.S as accounting for 15.5 tons per capita of emissions.

“We, here in Africa is about 0.1 percent and we have far less power; we have far less access to energy.

“So, the truth of the matter is that this transition to zero-emission by 2050 or 2060 or whenever, must be based on fairness, equity, and justice.

And I think it is important for us to keep emphasizing this and to also negotiate this; so, we should not be negotiating just national contributions, which is what we spend a lot of our time doing; we must negotiate the terms of this transition.

“We must ensure that the $100 billion dollars a year that the OECD countries promised as funds towards a transition of developing economies, they are faithful to that promise; I think that really it is time for hard bargaining.

Osinbajo said developing countries must insist that although they were part of the movement for zero-emission and believed in it, they were not the worst polluters and were being asked to make the greatest sacrifice.

“Today, we are experiencing severe manifestations of climate change, flooding in various parts of our country, but these manifestations of climate change were not caused by us.

But, we receive practically all of the problems associated with it,’’ he said.

Presenting a summary of the outcomes of the summit earlier, Mrs. Adenike Adeyemi, Vice-Chair, NES 27, Technical Committee, said there were key thematic areas of focus.

She listed the areas as High and sustained growth, Quality of life, National security, Political economy, and digital transformation.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Air Peace Announces Flights Into Anambra Airport



Air Peace Announces Flights Into Anambra Airport

Air Peace has stated that it would commence scheduled flights operations into the Anambra International Cargo and Passenger Airport on Tuesday, December 7, 2021.

The airline’s decision to commence flight operations into the airport followed the recent approval of the airport by the Nigerian Civil Aviation Authority.

This development was disclosed by Air Peace’s spokesperson, Stanley Olisa, in a press statement issued on Saturday.

Olisa said, “This is great news for the people of Anambra State as we are launching four flights weekly into the new airport on Tuesday. For a start, we shall be operating on Tuesdays, Thursdays, Saturdays and Sundays, and as operations gather momentum, we shall increase frequencies to daily flights”.

The airline’s spokesman further said that passengers can start booking flights via their website or mobile app. He added that Air Peace plans to connect Anambra to other cities asides from Lagos and Abuja.

By the end of January 2022, we will have commenced the following connections: Anambra-Kano-Anambra, Anambra-Ibadan-Anambra and Anambra-Port Harcourt-Anambra. Air Peace is unwaveringly determined to interconnect Nigeria, providing connections which facilitate seamless economic exchanges and foster unity.

Continue Reading


UBA Group Dominates the 2021 Banker Awards, Wins ‘African Bank of the Year’



uba bank of the year

Africa’s global bank, United Bank for Africa (UBA) Plc yet again, reaffirms its leadership position across Africa, as the bank has been globally recognised as the African Bank of the year 2021 by the Banker Magazine, a leading global finance news publication published by the Financial Times of London.

UBA’s solid financial performance, its excellent service delivery to customers and its continuous role of facilitating rapid economic growth across the African continent were some of the reasons that led to the bank being named best bank in 12 of its African subsidiaries and in Nigeria. UBA Nigeria Plc, UBA Benin, UBA Burkina Faso, UBA Cameroon, UBA Chad, UBA Congo Brazzaville, UBA Cote D’Ivoire, UBA Gabon, UBA Guinea, UBA Liberia, UBA Senegal, UBA Sierra Leone and UBA Zambia all came out top as the best banks in their respective countries.

This will not be a first for UBA.  In 2020, six of its subsidiaries in Benin, Cote D’Ivoire, Chad, Liberia, Sierra Leone and Zambia were winners of the Best Bank award. This year, the UBA Group is breaking a record with its exceptional wins as African Bank of the Year and Bank of the year in 13 countries.  The total 14 awards makes it the first time ever in the history of the almost 100 years of The banker, that any banking group will be clinching as many as 14 wins in a single year.

At the Virtual award ceremony which was held on December 1st 2021, the Middle East and Africa Editor for The Banker, John Everington, explained at the event that a rigorous and highly analytical process is made annually to reach the decision for each Bank of the Year award and the institution’s reputation for independence, authority and integrity is thoroughly applied to each submission.

“While several African banks impressed the judges this year, there was no doubt as to the worthiest recipient of the Bank of the Year for Africa – UBA Group – a clear winner across a wide range of criteria. UBA has performed impressively across its footprint with a strong financial performance across most of its markets,” Everington said.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who expressed delight over the recognition from The Banker stated “Like I always say, at UBA, we must be doing something right. Winning 14 total awards in13 subsidiaries and the Bank of the Year on the African continent is a big achievement.’ 

Continuing, Uzoka said, “The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning’

Since1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence. The 2021 edition highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.

The Banker Magazine is a publication of the Financial Times – a leading global finance news publication which has been in existence since 1888. The Banker magazine is the definitive reference in international banking for high level decision makers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

Continue Reading


FBNQuest Gets New Non-Executive Director



FBNQuest Gets New Non-Executive Director

FBNQuest Capital Ltd., a subsidiary of FBN Holdings, has announced the appointment of Alhaji Abdullahi Ali Gombe, as an Independent Non-Executive Director.

The Chairman, FBNQuest, Mr. Oyewale Ariyibi, disclosed this in a statement made available on Wednesday in Lagos.

Ariyibi said the company had received all relevant regulatory approvals for the appointment.

READ ALSO: Court Strikes Out Case Against Soludo’s Election

He said that Gombe was joining the board of the company with over 28 years of professional experience.

Ariyibi said he had served several institutions in various professional capacities and had been involved in key transactions that added significant value to the organizations where he served.

He added that prior to joining the board of FBNQuest, Gombe served on various boards including Nigalex Nigeria Ltd., FBN Bureau De Change Ltd., and FBN Bank (DRC) Ltd.

“On behalf of the board, management, and staff of FBNQuest Capital, I am delighted to welcome Alhaji Gombe, MNI to the Company as he brings on board his wealth of experience cutting across various industries and institutions.

“We are certain that his experience will have an immediate and positive long-term impact on the business.

“FBNQuest remains committed to recognizing strong corporate governance as a key driver in ensuring sound business practices are entrenched in the core of its operating model for transparency and the inclusion of all stakeholders,” he added. 

Continue Reading