Economy
Group Accuses Okomu Oil of Using Fake RSPO Certification
By Dipo Olowookere
Nigeria-based company engaged in processing of oil palm, Okomu Oil Plc, has been accused of deceiving members of the public by falsely saying it has the Roundtable on Sustainable Palm Oil (RSPO) certificate.
RSPO certification is an assurance to the customer that the standard of palm oil production is sustainable.
Palm oil producers are certified through strict verification of the production process to the stringent RSPO Principles and Criteria for Sustainable Palm Oil Production by accredited Certifying Bodies, and can be withdrawn at any time in case of infringement of the rules and standards.
At a press briefing in Benin City, Edo State on Tuesday, a group known as the Environmental Rights Action/Friends of the Earth (ERA/FOEN) alleged that Okomu Oil Plc has not met the RSPO requirements and asked the firm to stop parading the certificate.
“Okomu Oil Plc, RSPO certification is a false solution because it does not address environmental and socio problems in a community. The oil firm should stop parading itself as having RSPO certified compliance.
“They are not meeting RSPO guidelines and standards yet they continued to enjoy the advertisement and putting this logo on their signpost. We called on them to remove the RSPO certification from their narrative forthwith,” the group told newsmen at the briefing.
According to the Executive Director of ERA/FOEN, Mr Godwin Uyi Ojo, who addressed the media, Okomu Oil Plc is not amongst the over 3,500 companies, who are worldwide members of RSPO.
He explained that the palm oil giant was not certified by RSPO, but pointed out that its mainstream shareholder firm, Socfin, which controls its major shares, is an RSPO member.
Recall that Okomu Oil Plc and other investors in the palm oil industry in the state last April presented and launched the Nigeria National Interpretation of Round table on Sustainable Palm Oil (RSPO) to the public in Benin-City.
The communities are located in Ovia South-West, Ovia North-East, Uhunmwode and Owan West local government areas.
“On Socfin’s website there are some certifications Okomu Plc has in Nigeria, but are not directly linked to RSPO certification, covering its acclaimed 36,000 hectares plantation. Okomu Plc is not known to have formally applied to be a member.
“Okomu Oil Plc has no RSPO certification. Still, it publicly claims to uphold RSPO certification procedures in its operations, whereas this does not amount to direct RSPO membership. It does not also suggest the certification of its plantations and socio-economic gauges. Evidently, the company was part of RSPO meeting. The company is not certified by the RSPO.
“Okomu Oil palm company Plc asserts to have been given some certification in the category of International Organization for Standardization (ISO), through a bureau Veritas. Nevertheless, Okomu Plc’s certification status with the main Roundtable on Sustainable Palm Oil (RSPO), is vague, but the company is hesitant declaring its true standing,” he informed journalists.
Mr Ojo noted that the RSPO categorically state that there shall be no deforestation in areas of oil palm, whether new or expanding plantation, stressing that from Odiguette community in Ovia North-East, Igbobazuwa, Okomu communities in Ovia South-West to Sabo-Gida community in Owan West and Uhunmwode local government deforestation has taken massively.
He maintained that with the continued deforestation, Okomu Oil Plc cannot parade itself as having RSPO certificate.
He further admonished Okomu Oil Plc to stop all forms of oil palm plantation expansion that are detrimental to community farmlands, biodiversity hotspots and historical sites, settle all outstanding cases of compensation arising from destroyed crops and farmlands, halt environmental and rights violations and evictions of communities in its areas of operation and halt using any form of armed military personnel to molest and intimidate the people among.
Meanwhile, efforts by Business Post to reach out to the management of Okomu Oil Plc proved abortive as at the time of filing this report.
However, we promise to intensify our efforts to reach the company to have their reaction to this issue.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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