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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.

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UBA Upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram




Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced the expansion of the services of Leo, its Artificial Intelligence chatbot to Google Business Chat and Instagram.

Leo – UBA’s AI-powered chatbot, which enables customers to make use of their social media accounts to carry out key banking transactions – was first introduced in January, 2018. It has since evolved to become a custom-fitted, personalised virtual banker to several UBA Customers across its 20 African countries. Before now, UBA’s Leo was servicing customers on Facebook Messenger, Whatsapp and Apple Chat.

The bank also announced an interesting upgrade to the existing features of Leo, where customers can now carry out their activities in a 3D animated format. Armed with this upgrade and with its recent expansion to Instagram and Google Business, customers will now be able to carry out more transactions from the comfort of their homes and can now perform more activities such as funds transfer, checking balances, buying airtime and data, and getting their bank statements with ease, from any of these social media platforms. 

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who spoke about the upgraded features of Leo, explained that the bank was always on the lookout for innovative ways to develop strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

He said, “At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA, have collaborated with the very best to actualise this unbeatable innovation that is capable of revolutionising the way banking is done in Africa.”

He disclosed that Leo’s activities has aptly spread across Africa, changing the face of e-banking in other key African locations including Cameroon, Zambia, Cote D’Ivoire, Senegal, Congo DRC, Tanzania, Kenya, Uganda, Sierra Leone, Gabon, Chad, Congo Brazzaville, Benin, Mozambique, Zambia, Guinea, Burkina Faso, Mali.

Uzoka emphasised that the uniqueness of Leo lies in the convenience. “Customers can initiate transactions without leaving their favoured phone applications. By bringing Leo to the comfort zone of its customers, UBA’s chat banking became a pioneer innovation and has since enjoyed leadership status in the chat banking space,” he explained.

Since inception, Leo has been effortlessly enhancing the digital customer experience in banking and also achieving a range of other benefits like 24/7 availability as the chatbot Leo stays available round the clock to assist customers and handle the common financial queries asked by the customers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London and Paris, 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.

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Dangote Cement best Performing Stock – Nigerian Exchange



Dangote Cement

Africa’s largest Cement manufacturer, Dangote Cement Plc Dangote Cement Plc has emerged the Best Performing Stock of the Year 2021 by the Nigeria Exchange Group (NGX).

Dangote Cement pride as the most capitalized company on the Nigeria Stock Exchange was named the best stock ahead of BUA Cement Plc and CAP Plc, during the 2022 Nigerian Investor Value Award (NIVA) organized by the Businessday in collaboration with the Nigeria Exchange Group

The coveted award meant for two classes of companies namely, the listed companies segment and the Next Bull segment with Dangote cement leading the pack in the Listed Companies best performing stock, in the Industrial goods category having been adjudged to have recorded stellar performance in creating value on the Nigeria Stock Exchange on the basis of criteria such as share price, dividend payments, sustainability, brand value, market leadership and business strategy against its peers during the period under review.

In his address on the occasion, the Chief Executive Officer, Nigeria Exchange Limited, Mr. Temi Popoola, who was represented by the Divisional Head, Capital Market, Mr. Jude Emeka said the award by the Businessday Media Limited underlined Nigeria Exchange Group’s goal of promoting actionable and effective multi-stakeholder dialogue on issues central to a well-functioning finicial system.

While acknowledging that the winner organizations are worthy and truly deserving the honour, he clarified that the winners were selected from among companies that are active and the investors have expressed strong demand to own their shares.   

“As a responsible entity, known for aligning with best global practices, we recognize the importance of corporate governance and effective board leadership in driving sustainability on the business front. That is why we choose to not only recognize listed companies who are blazing the trail in investors relations but those also contributing to building a sustainable socio-economic standard in governance, regulation and compliance.

The Nigeria Exchange boss said the leveraging of investments in business innovation and its diversified range of products and services coupled with robust engagement, we re well on our way to achieving our aspiration to be Africa’s preferred exchange hub especially given the number of advances that have been implemented recently including the launch of the NGX Exchange Traded Derivates Market which saw the listing of two Equity Index Futures Contracts, NGX30 Index Futures and the NGX Pension Index Futures. 

He assured that the NGX remained resolute in its commitment to the provision of a scalable and enterprising platform for issuers and investors to meet their financial objectives irrespective of the prevailing conditions.

Mr. Popoola said “we will continue to consolidate on the advances by focusing on key initiatives aimed at creating growing the capital market for the benefit of all key stakeholders.

In his address of welcome, the Publisher, Businessday, Mr Frank Aigbogun said the NIVA formerly known as the Top 25 CEOs Award recognizes leaders of private and public companies who have created sustainable alpha-generating value for their shareholders through strategic priorities, operation efficiency, organizational values and marketing engagement activities.

He explained that Covid-19 was what most companies, including Nigerian businesses never envisaged but the reality today is that Russian-Ukraine crisis has again emphasized the urgent need for backward integration and value addition to the nation’s primary produce. Aigbogun expressed happiness that the Nigeria capital market has remained strong in the mix of the global realignment that is going on consequent upon the Ukrainian crisis.

Mr. Obu Oliver, the Group Financial Controller, Dangote Cement Plc. who received the award thanked the organizers for the award and assured that the companies would not rest on its oars in sustaining the strategies that make the stock the best performing.

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Dollar To Naira Exchange Rate Today (Mon. May 16, 2022)



Dollar To Naira Exchange Rate Today (Mon. May 16, 2022)

Dollar to naira, on Monday, May 16, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose against the United States dollar, as foreign exchange (forex) trading closed at N414.74 per $1 on Friday, May 13.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N570 and sold for N586 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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