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Experts Provide Roadmap to Advance Nigeria’s Lubricant Market

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Nigeria's lubricant market

By Adedapo Adesanya

As part of the efforts to address the influence of technological developments on the Nigerian lubricants industry, stakeholders gathered at the virtual 2022 Nigeria edition of the International Lubricants Conference (ILC) to share insights on global trends as well as practical suggestions to improve the state of the industry.

The ILC is a bi-annual conference organised to enlighten relevant stakeholders on key industry developments and advancements while connecting manufacturers with key stakeholders.

This year’s edition was held on April 28 and 29, 2022, and had in attendance Mr Taiye Williams, Managing Director of Lubcon Limited; Mr Indu M Gupta, Director for Product Research and Development, Innova Specialty Chemicals; Niket Shah, Director Openspace Services Pvt Ltd; Mrs Lilian Ikokwu, Chief Marketing Officer OVH Energy Marketing; Mr Roberto Vargas, Technical and Commercial Consultant for the Lubricant Industry in Latin America; Mr Godwin Gabriel-Ejeh, General Manager Operations, Pacegate Limited amongst others.

Although Nigeria’s lubricant market currently accounts for about 20 per cent of Africa’s total lubricant demand, the industry is still in its infancy. The adoption of innovative technological advancements, favourable regulations, increased stakeholder collaborations, and consumer education will boost performance strengthening the industry.

The conference themed Technology and its application to the lubricants industry featured panellists and speakers who shared insights on technological advancements in the lubricants industry, the influence of digital technology on the lubricant industry value chain, global regulatory changes as well as an analysis of the raw material supply chain and logistics in Nigeria.

Commenting on the impact of the conference, Mr Williams, the keynote speaker, commended the organisers, noting how insights shared will affect the decisions of stakeholders.

He further commented on the technology and its application to the lubricants industry, noting that, “As manufacturers push the boundaries of engine development, the pursuit of performance has placed new demands on the lubricants required by modern machines.

“With the application of technology, the lubricant industry will produce top quality products, build the capacity of the industry and increase output for Nigeria to remain relevant in the lubricant market.”

Speaking at the conference, Mrs Lilian Ikokwu, the Chief Marketing Officer, OVH Energy Marketing, she said technology is a tool to curb the proliferation of substandard lubricants in Nigeria.

“75 per cent of the lubricants consumed in this country is produced locally which is encouraging. We do hope that in a very few years we would do 100 per cent of what we produce. Out of the 25 per cent being imported, 64 per cent of that volume is substandard. In total, we have 70 per cent of Total Lubes consumed in Nigeria being substandard,” she said.

On his part, Mr Godwin Ejeh, the General Manager, Operations for Pacegate Limited, who spoke on Evolve, Adipro’s CSR said, “the vision of Evolve is to educate the girl child by providing school supplies, thereby giving back to the community. This initiative was birthed from two of the studies ranked 6th (educating women) and 7th (Family Planning) out of 100 in making an impact on reducing the CO2 emissions in the atmosphere.”

One of the panellists, Mr Franklin Oranusih, General Manager, Sales and Technical, Pacegate Energy and Resources Limited, addressed the presence and causes of adulterated lubricants in the market.

He said “the reason for having substandard lubricants is not farfetched. Most of the blenders present in Nigeria do not put many factors into consideration during the product formulation process.”

He concluded that with an understanding of the right proportions of components, blenders will produce standard lubricants for the Nigerian market.

This edition of the programme also recognised outstanding industry players with the presentation of awards. The 2022 ILC Prime Player award was presented to Ammasco International Limited for the second time in a row, Total Energies also received the 2022 ILC Impact Award, Bestaf Trading was awarded the 2022 ILC Best Production Technology while Seahorse Lubricants was awarded the 2022 ILC Quality award.

The ILC, being one of the largest lubricant conferences held annually in Nigeria, continues to offer industry professionals the valuable opportunity to develop long-lasting business partnerships and learn about the latest advancements, challenges, and opportunities within the sector.

The South Africa Edition of the ILC will be taking place on November 17 and 18, 2022, and will attract stakeholders across the world to drive conversations and topical issues in the lubricants industry.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Binance Gets Digital Asset Service Provider Licence in France

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Binance

By Adedapo Adesanya

Binance, the world’s largest crypto and blockchain infrastructure provider, has been granted a Digital Asset Service Provider (DASP) registration to operate in France.

The green light was given by Autorité des marchés financiers (AMF), which regulates the French financial markets, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority responsible for supervising the banking and insurance sectors in France, especially AML Regulations.

The landmark achievement for Binance represents its first DASP registration in the European Union and demonstrates its commitment to being a compliance-first exchange.

The registration allows Binance France SAS to operate as a DASP in France and provides regulatory protection for local users with regard to the implementation of French AML/CFT and customer identification requirements.

This came just after the platform received licenses to be a crypto service provider in Dubai, the United Arab Emirates and Bahrain, a key milestone for the world’s largest digital-asset exchange as it set up the stage for a major push in the Middle East.

According to Binance, compliance and regulation are critical to the development and maturation of the crypto and blockchain industry.

Mr Changpeng Zhao (CZ), founder and CEO of Binance, said: “Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.”

“We are grateful to the AMF and ACPR who both demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process. Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France,” he added.

Mr David Princay, CEO of Binance France added, “The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market which will be welcomed by users and the community in particular.”

Following the registration, Binance will significantly expand its operations and intends to recruit more people focused on cryptocurrency and blockchain infrastructure development.

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Economy

We’ll Sustain High Level of Corporate Governance—Seplat

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Seplat

By Aduragbemi Omiyale

The immediate past chairman of Seplat Energy Plc, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, has assured that the company will continue to sustain a high level of corporate governance.

Speaking last Thursday at the closing gong ceremony to honour him and introduce his successor, Mr Basil Omiyi, to the market, the energy expert applauded the Nigerian Exchange (NGX) Limited for insisting on transparent and accountable corporate governance for issuers on its platform.

According to him, this has been critical to the company’s growth, assuring that this trend would be maintained in the interest of the firm’s stakeholders.

“The high level of corporate governance promoted by NGX for its listed companies was a key attribute that motivated Seplat Energy Plc to become part of the market.

“Since our acceptance into the market, Seplat Energy Plc has continued to deliver a corporate governance structure that is accountable and transparent to our investors, employees, government and all other relevant stakeholders.

“We are committed to sustaining these high levels of corporate governance through our collaboration with NGX as we implement market-leading measures towards ensuring Nigeria achieves a sustainable energy sector,” he said.

Corroborating him, Mr Omiyi, said, “NGX has played an instrumental role in Seplat Energy Plc’s growth within the domestic and international markets. Our history with the exchange dates back to 2014 when the shares of Seplat Energy Plc were listed in the market and over the years, Seplat has benefitted immensely from its collaboration with NGX.

“As we celebrate another milestone on the Trading Floor of the Exchange, we look forward to strengthening our partnership with NGX for the fulfilment of our joint goal of leveraging capital to empower sustainable initiatives that positively impact our investors, employees, and the environment.”

The chairman of NGX, Mr A.B. Mahmoud, in his address, congratulated Mr Orjiako for his exemplary leadership and outstanding performance of Seplat Energy for well over a decade, during which the company was listed on both NGX and the London Stock Exchange.

“The notable acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants under his leadership positioned the company as the largest indigenous domestic supplier of gas,” Mr Mahmoud, who was represented by a director on the bourse, Mr Kamarudeen Oladosu, he noted.

On his part, the CEO of NGX, Mr Temi Popoola, said, “The exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion.

“We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.”

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Economy

JUST IN: CBN Raises Benchmark Interest Rate to 13%

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killing interest rate

By Dipo Olowookere

For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent.

Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today.

While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing to do after holding them for about two years.

According to the central bank chief, one of the reasons for raising the rate is to control liquidity ahead of the 2023 general elections as politicians would be expected to flood the system with cash in a bid to woo voters.

However, the other parameters were left unchanged by members at the gathering as the Asymmetric corridor remained around the MPR at +100/-700bps, the Cash Reserve Ratio (CRR) at 27.5 per cent and the Liquidity Ratio (LR) at 30.0 per cent.

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