Economy
Yokogawa Acquires Soteica Visual Mesa
By Modupe Gbadeyanka
Yokogawa Electric Corporation has announced the acquisition of Soteica Visual Mesa (SVM), a leading energy management technology provider, further delivering on a number of key objectives of Yokogawa’s Transformation 2017 mid-term business plan, namely, expansion of Yokogawa’s advanced solution business, focusing on customers and creating new value.
This announcement marks completion of the SVM acquisition as a wholly-owned subsidiary and initiation of the integration of SVM and the cloud-based Data-as-a-Service (DaaS) provider Industrial Knowledge (IK) into KBC Advanced Technologies (KBC), which was acquired by Yokogawa in April 2016.
The IK business unit was established to enhance the cloud-based advanced solution business based on the technology of Industrial Evolution (IE), which was acquired by Yokogawa in December 2015. A pioneer in the use of cloud-based solutions in the process industries, IE developed a market-leading real-time DaaS solution that is deployed at many of the world’s major energy and chemical companies.
Yokogawa’s acquisition of SVM follows an earlier minority equity investment in SVM made in December 2012. SVM has a solid track record in the energy management solutions (EMS) field, and provides production accounting and scheduling solutions to the refining industry.
After acquiring KBC, Yokogawa formed a post-merger integration team that has been charged with the task of identifying various measures and setups that will create synergy and derive maximum benefit from the integration of the companies’ operations, and thereby enhance our ability to offer new value to our customers.
As a result of their deliberations, Yokogawa has decided to integrate the operations of Soteica, a leading company in the EMS field, and Industrial Knowledge, a business unit with expertise in advanced cloud solutions, with those of KBC.
By leveraging KBC’s premier energy consulting and Visual Mesa, SVM’s best-in-class real-time energy optimization technology, it is anticipated that the combined entity will be able to expand its position in the rapidly growing EMS market in the process industries.
In the immediate term, SVM’s advanced Visual Mesa utility optimization software combined with KBC’s premium energy consultancy will provide comprehensive and best-in-class energy management solutions, underpinned by leading technologies and human performance improvement. Over the longer term, this acquisition supports KBC’s vision of seamlessly integrating utility system and supply chain optimization into KBC’s industry-leading process simulation platform for hydrocarbon processing facilities, Petro-SIMTM.
KBC, SVM, and IK will be led by KBC Chief Executive Officer, Andy Howell, and will be integrated under the KBC brand.
This will significantly enhance KBC’s solutions portfolio and the energy management solutions business, enhance KBC’s ability to develop new cloud-based services, and accelerate KBC’s efforts to create and sustain new value for customers.
This acquisition and integration of these businesses into KBC is fully aligned with KBC’s mission to make and keep its clients world-class in terms of operational excellence and profitability through the actions of its people and the application of its technology.
These actions also materially accelerate delivery of KBC’s vision of becoming the No.1 trusted advisor in the energy and chemical industries, delivering best-in-class operating performance to its clients.
Regarding the acquisition and integration of these businesses, Satoru Kurosu, executive vice president and head of Yokogawa’s Solutions Service Business Headquarters, commented: “Key strategic objectives of Yokogawa’s Transformation 2017 plan are to expand the solution service business, focus on customers, and co-create new value with customers through innovative technologies and services.
“By integrating SVM and IK with KBC, we will bring together deep and rich business, process, and operational domain knowledge across the energy and chemicals sectors, and will connect this with the cloud-based, real-time representation of plant, business, and supply chain operations to identify and implement solutions that will sustain and continuously improve performance. The benefit to our customers is unprecedented.”
Oscar Santollani, founder of SVM, commented: “We are delighted to have been acquired by Yokogawa and in doing so, unite our Visual Mesa real-time energy optimization and production accounting and scheduling technologies with KBC’s industry-leading energy and supply chain consulting practices.
Furthermore, the progressive DaaS capabilities of IK enhance our offerings and enable us to be more innovative, disruptive, and agile by leveraging the cloud in delivery of solutions and sustainability services. This is the future.”
Simon Wright, founder of Industrial Evolution, commented: “The unique capabilities of these combined organizations and their respective offerings mean that for the first time customers can be confident that the investments they make today will pay off now and for the long term. We have provided real-time data as a cloud service for over 15 years.
“The cloud-enablement of SVM’s solutions and KBC’s energy and supply chain consulting services is a very attractive proposition for any asset owner or operator.”
Andy Howell, chief executive officer of KBC, commented: “At KBC, we holistically harness people, processes, and technology to deliver a sustainable competitive advantage to our clients. We are all about helping and empowering our clients to meet their business goals. Imagine having expertise that was previously only available on an occasional basis, continuously unleashed in an unprecedented yet very tangible way by harnessing our technologies and those of Yokogawa with a state-of-the-art yet proven cloud service model. Not only that, but new possibilities such as continuous model updating, mobile delivery, and seamless hand-off between rigorous simulation and big data analytics are also truly exciting.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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