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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

Sterling Bank Assures Shareholders More Value With New Structure

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sterling bank logo

By Aduragbemi Omiyale

Recently, shareholders of Sterling Bank Plc authorised the board of the company to transform its organizational structure into a holding firm to be known as Sterling Financial Holdings Company.

A holding company or Holdco is a company set up for the purpose of making and managing, for its own account, equity investment in two or more companies, being its subsidiaries, engaged in the provision of financial services, one of which must be a bank.

The Chief Executive of Sterling Bank, Mr Abubakar Suleiman, said with the new arrangement, shareholders would have value for their money as the company would have the opportunity to increase its income streams because of its involvement in new ventures.

He disclosed that the advantages of the newly formed holding company include value creation to maximise earnings through new businesses, agility to optimise for opportunities and adapt to a rapidly changing market, maximise current and future talent potential with opportunities within the group and subsidiaries to nurture and engage its wealth of young and innovative talent.

According to him, the holding company also affords Sterling another opportunity to leverage its successful HEART strategy, which has seen the bank make consolidated investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors, growing the company’s year-on-year profits to record highs despite strong economic headwinds.

With the adoption of a Holdco structure, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and non-interest banking subsidiaries, Sterling Bank and The Alternative Bank.

In recent times, the bank has doubled down on digitisation with specialised products through the development and introduction of Specta, OneBank, I-invest, Gazelle and Omni X to fulfil the market’s needs for innovative retail and commercial banking solutions.

On his part, the Chairman of Sterling Bank, Mr Asue Ighodalo, said, “Following the implementation of the scheme, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank, which will be a regulated entity for CBN purposes.”

He added that the scheme would provide several benefits to the shareholders of the bank, some of which include facilitating diversification into other permissible business lines, thereby promoting growth and enhancing shareholder value and facilitating a consolidated financial strength of the group, which will improve access and ability to raise capital.

It was gathered that upon the final ratification by the regulators, the commercial banking subsidiary of the holding company, Sterling Bank; will continue to operate with its current name as a limited liability company, with shares transferred from the publicly traded company transferred to the newly formed Sterling Financial Holdings Company.

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Economy

Friesland Extends NASD OTC Securities Growth by 0.98%

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Friesland shares

By Adedapo Adesanya

FrieslandCampina WAMCO Nigeria Plc extended the bulls’ presence at the NASD Over-the-Counter (OTC) Securities Exchange by 0.98 per cent on Tuesday, September 27.

This expanded the market capitalisation of the bourse by N9.38 billion to N963.94 billion from N954.56 billion and jerked the NASD Unlisted Securities Index (NSI) up by 3.19 basis points to end the day at 762.12 points as against the 765.31 points it recorded in the previous session.

FrieslandCampina WAMCO Nigeria Plc appreciated yesterday by N4.90 to sell at N78.00 per unit compared to the N73.10 per unit it was transacted a day earlier.

Despite the growth posted yesterday by the NASD OTC securities, there was a price loser and it was Niger Delta Exploration and Production (NDEP) Plc, which declined by N1.00 to settle at N199.00 per share compared with Monday’s value of N198.00 per share.

During the session, there was a rise in the volume of securities traded by 408.8 per cent to 189,296 units from the 37,205 units transacted by market participants in the preceding session.

In the same pattern, there was a rise in the value of shares traded by 129.1 per cent to N6.2 million from the N2.7 million recorded on Monday.

These transactions were completed in 18 deals, the same amount of deals carried out in the previous trading session.

At the close of trades, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with the sale of 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc stood in second place with 687.6 million units worth N14.3 billion, and Mixta Real Estate Plc was in third place with 178.1 million units worth N313.4 million.

The most traded stock by value on a year-to-date basis was CSCS Plc with the sale of 687.6 million units worth N14.3 billion, VFD Group Plc was in second place with 27.7 million units valued at N7.4 billion, as FrieslandCampina WAMCO Nigeria Plc was in third place with 14.3 million units valued at N1.7 billion.

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Economy

Naira Appreciates at P2P, Falls at I&E, Stable at Black Market

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Naira devaluation

By Adedapo Adesanya

The value of the Naira appreciated against the United States currency in the Peer-to-Peer (P2P) segment of the foreign exchange market on Tuesday by N2 to close at N740/$1 compared with the previous day’s value of N742/$1.

However, it depreciated against the American Dollar at the Investors and Exporters (I&E) window of the FX market yesterday by 33 Kobo or 0.08 per cent to trade at N436.33/$1 in contrast to Monday’s value of N436.00/$1.

Data from the FMDQ Securities Exchange disclosed that the value of forex transactions recorded at the spot market yesterday went up by 27.31 per cent or $21.33 million to $99.43 million from the $78.10 million reported a day earlier.

In the interbank segment of the market, the Naira closed flat against the Pound Sterling at N463.96/£1 and against the Euro, it also remained unchanged at N416.15/€1 on Tuesday.

In the same vein, the exchange rate of the local currency paired with the greenback closed flat at the parallel market yesterday at N722/$1.

Meanwhile, the digital currency market was bearish yesterday, with Bitcoin (BTC) falling below the $20,000 mark again after it managed to rise above that level a day earlier.

On Tuesday, its value went down by 6.5 per cent to close at $18,765.50 as Ripple (XRP) recorded a 10.1 per cent slump to trade at $0.4282.

Ethereum (ETH) saw its value go down by 6.9 per cent to sell at $1,284.29, Solana (SOL) recorded a 6.5 per cent slide to quote at $32.44, Cardano (ADA) recorded a 5.6 per cent decline to settle at $0.4312, Binance Coin (BNB) shed 5.1 per cent to sell for $270.03, Litecoin (LTC) went down by 5.0 per cent to trade at $52.07, and Dogecoin (DOGE) saw a 4.5 per cent slump to trade $0.0594.

But Binance USD and the US Dollar Tether (USDT) closed flat at $1.00.a

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