BU$IN€SS Firm donates two million cocoa seedlings to Ondo farmers

From Abubakar Yunusa, Abuja

As the planting season begins in Ondo State, an agro-allied firm, Outspan Nigeria Limited, has donated a total of 2.2 million cocoa seedlings to farmers in the state.

The firm said the gesture was part of its efforts to improve agricultural sector of the state, adding that it had formed a partnership with the state government to assist the farmers in getting quality and quantity cocoa harvest.

The firm made the donation at the flag off of 2023 cropping season held at Imafon Community in Akure South Local Government Area of the state.

Speaking on the gesture, Head of Sustainability, Olam

Edo assembly summons Seplat Energy, host community leaders over land dispute

From Abubakar Yunusa, Abuja

The Edo house of assembly has summoned the management of Seplat Energy and leaders of Orogho community over a dispute regarding the land on which the company’s field is domiciled.

The house invited both parties during plenary on Monday.

Leaders of the community had earlier petitioned the house, asking that ‘Edo land’ be saved from being ceded to Delta through the activities of the firm.

Nosayaba Okunbor, the state house standing committee chairman on chieftaincy and community affairs, presented the report of the committee (on the petition) to the assembly for consideration.

Presenting the committee’s findings, Okunbor said the land on which the firm was operating belonged to Edo, according to documents obtained from the National Boundary Commission and Edo Geographic Information System (GIS).

He said the panel’s findings also revealed that the management of Seplat Energy paid royalty to Delta government rather than Edo government.

Contributing to the findings, Marcus Onobun, the house speaker, said no organisation would be allowed to “set the two sister-states against each other”.

He, therefore, directed Yahaya Omogbai, the clerk of the house, to communicate in writing to management of the firm and Orogho community to interface with the lawmakers on April 13, 2023.

Seplat Energy has a 45 percent working interest in oil mining leases (OMLs) 4, 38, and 41 which are located onshore in Edo (OML 4) and Delta (OMLs 38 and 41).

Food and Ingredients, Outspan Nigeria Limited, Miss Agatha Ewolor, said the gesture was part of the Cooperate Responsibility and Sustainability commitment of the organisation to always support farmers and the business environment.

She said, “We will continue to do this as long as we can. Last year, we were able to donate 2.2 million cocoa seedlings and we’ve been able to do the same thing this year, it is something we will always do.

“It is important that we partner with Ondo State Government because, if we don’t partner with them, our farmers will not really feel our impact. The collaboration with the state government will show that we are there for our farmers”.

The state governor, Mr Rotimi Akeredolu, who declared the programme open, stated that the event was put in place to intimate farmers with detailed information on the commencement of year 2023 farming activities and to acquaint them with key government interventions in the agricultural sector.

Represented by his deputy, Mr Lucky Ayedatiwa, Akeredolu revealed that the government was doing all within its powers to alleviate the challenges confronting farmers by creating a conducive and enabling environment to operate their farm businesses in the state.

“To a very large extent, farmers can now go about their activities in their respective farms with reduced fear of molestation or attack. This has been made possible through the establishment of the Amotekun Corps that is putting in their best to protect lives and property of our dear residents.

“Our intervention cuts across all areas in order to enhance productivity and ensure that farmers have good returnsfor their sweat. Very soon, you will begin to witness the rehabilitation of rural roads to improve access to farming communities by some of these intervention agencies. This is to facilitate the transportation of farm produce to areas where they can easily be sold in order to guide against post-harvest losses”

Akeredolu also warned all encroachers and land grabbers against carrying out illegal activities on government land and forest reserves, saying “we shall not fold our arms and watch people plunder our forest resources and convert our commonwealth to personal use and gains”.

In his remarks, the state Commissioner for Agriculture, Mr Olayato Aribo, explained that the occasion was an annual event where the farmers were being educated and exposed to the various opportunities available to them on improved varieties of crops, livestock, planting materials and good agricultural practices.

He added that the present administration in the state would leave no stone unturned to ensure that farmers in the state as well as their investments in the farm were well-protected.

DMO lists 4 FGN bonds valued N360 billion for subscription

From Abubakar Yunusa Abuja

The Debt Management Office (DMO) has listed four Federal Government of Nigeria (FGN) bonds valued at N360 billion for subscription at N1,000 per unit.

The first offer is a February 2028 FGN Bond valued at N90 billion, at interest rate of 13.98 per cent per annum (10-year reopening).

IMF: Public, private sectors should collectively invest to address climate challenges

By Abubakar Yunusa,Abuja

TheInternational Monetary Fund (IMF) says the public and private sectors need to unite in their investment towards tackling climate change.

In a statement on Tuesday, Maria Candia Romano, the IMF press officer, said the body made this statement during a roundtable discussion cochaired by Kristalina Georgieva, IMF managing director, Sultan Al Jaber, COP28 president-designate, and Mark Carney, UN special envoy for climate action and finance.

The statement said that capital is the most important enabler of climate action, adding that there is a need for more private capital mobilization to broaden investor base, especially in developing economies.

“Climate change is one of the most critical macroeconomic and financial policy challenges that IMF members face in coming decades,” the statement reads.

“Capital is among the most important enablers of climate action, but not enough is getting to the people and places that need it most.

“As massive global investments to reduce emissions and boost resilience are required — we need a major shift to harness public and, especially, private financing.

“That includes substantially more concessional finance that can lower risk and drive private sector finance more efficiently to emerging and developing countries. It also requires that both the public and private sectors finance all components of the energy transition, including both the scaling of clean energy and the managed phaseout of fossil fuels on an accelerated time frame.

“To achieve this objective, all countries need robust climate policies that accelerate the green transition and stronger mechanisms to promote cooperation and risk-sharing among stakeholders.

“For example, improved policy, regulatory, technological and information frameworks and financial toolkits could support private capital mobilization, and broaden the investor base, especially in emerging and developing economies.”

Georgieva was quoted as saying that the financing approach for climate challenges must be made to redirect monies to vulnerable communities.

“The impacts of global warming are already destroying lives and livelihoods, so we need a step change in our financing approach to redirect trillions of dollars towards meeting the climate challenge. To get there, stronger cooperation and partnerships across the public and private sector are vital – there is no time to waste,” she said.

Carney said: “To ensure that the impact of the net-zero revolution underway in private finance benefits all countries, we need a more efficient and effective multilateral financial architecture. I salute the leadership of Kristalina Georgieva, Managing

Director of the IMF, and Dr. Sultan Al Jaber, President-Designate of COP28, on this imperative, and look forward to partnering with them and other stakeholders to deliver progress this year.”

On his part, Al Jaber said the world needs to triple the money available for clean tech investment, adaptation finance, and a just energy transition by 2030 in emerging and developing countries.

He said that as the United Arab Emirates (UAE) prepares to host the UN climate conference (COP28), he would ensure to apply an actionoriented approach to enable the transformational progress the world needs.

“Capital and finance are among the most important enablers of climate action and sustainable economic development, but not enough is getting to the people and places that need it most,” he said.

“For vulnerable communities, across the global south, climate finance is nowhere near available, affordable, or accessible enough.

“Only 20 percent of clean tech investment is going to developing countries that make up over 70 percent of the global population, and the least developed countries receive less than 2 cents on every dollar spent.

“Behind every number, there are individual lives, people and communities who should have the right to fulfill their potential and contribute to sustainable global prosperity.”

The second offer is an April 2032 FGN Bond, valued at N90 billion, with an interest rate of 12.50 per cent per annum (10-year re-opening).

There is also the Jan 2042 FGN Bond valued at N90 billion, with an interest rate of 13.00 per cent per annum (20-yearre-opening).

The fourth offer is the March 2042 FGN Bond, also valued at N90 billion, at an interest rate of 12.98 per cent per annum.

Auction date is April 17, and settlement date is April 19.

“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

“Interest is payable semiannually, while bullet payment is made on maturity,” the DMO said.

It said that FGN Bonds were backed by the full faith and credit of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds among other investors,” it said.

According to DMO, the bonds are listed on the Nigerian Stock Exchange Limited and FMDQ Securities Exchange Limited.

“All FGN Bonds qualify as liquid asset for liquidity ratio calculation for banks,” it said.