Economy
International Breweries Donates Projects to Ogun, Osun, Oyo Communities
By Modupe Gbadeyanka
Projects worth millions of Naira were recently handed over to some communities in Ogun, Osun and Oyo States by International Breweries Plc, a member of the world’s largest brewer, ABInBev.
During the commissioning of the projects, Legal and Corporate Affairs Director of International Breweries, Mr Michael Daramola, said the aim of the donations was to positively impact communities and improve their overall wellbeing
The projects were provided for by the brewery giant under its corporate social investment initiatives (CSI) and were completed in the last quarter of 2018.
They were part of the company’s strategic policy of impacting the communities where it operates, especially in the areas where basic amenities are either lacking or inadequate. The projects included solar-powered boreholes, an adequately equipped primary healthcare centre and a sanitary facility.
A newly renovated primary health centre was donated to Esa-Odo community in Osun state along with critical equipment including weighing scales wheelchairs, mattresses, a generator, among other hospital equipment, to facilitate the efficient running of the facility. Ilase-Ijesha community in Ilesha Osun State; Obafemi-Owode and Orile-Imo Logbara communities in Sagamu, Ogun State; and Christian Mission School for the Deaf in Onireke, Ibadan, Oyo state, each received a solar-powered borehole. Omi-Asoro Elementary Primary School, also in Osun State, received a newly built sanitary facility.
“We are here to hand over completed projects as promised. At International Breweries, we strive to impact every community where we operate and make it better than we met it.
“As a result, our projects are designed to be beneficial to the whole community and this is the essence of our give-back policy as encapsulated in our CleanerWorld and BetterWorld programmes, comprising water, health, culture and economic empowerment,” Mr Daramola said at the event.
“We are glad we are able to play our own little role as a business, and hope it will make a difference in the lives of the people, especially women, children and the vulnerable in the society,” he added.
In their remarks, the royal fathers present commended International Breweries for providing the facilities and always responding positively whenever it was called upon by the people.
They urged the organisation not to relent in supporting the efforts of the government in providing basic amenities for those at the grassroots and promised to continue to maintain peaceful and cordial relationships with the organisation.
Speaking on behalf of Obokun East Local Community Development Area, Osun State, the chairman, Mr Omole Ishola, said: “It has always been the government’s plan to equip every health centre and hospital, as well as provide drugs for patients in the state but the plan has always been hampered by lack of funds.
“The intervention of International Breweries, especially as it caters for pregnant women, is a welcome development. We are indeed grateful.”
At the Obafemi Owode Primary Health Centre, Director of Investment, Ministry of Commerce and Industry, Ogun State, Mr Adedayo Somoye what International Breweries had done for the community was very commendable noting that the company has operated in Ogun State for less than a year.
“I enjoin the community to protect this project for the good of everyone. We should also allow International Breweries to grow and make profit before they are bombarded with requests,” Mr Somoye continued. He encouraged a cordial relationship between the community and the brewer.
International Breweries, through its CleanerWord and BetterWorld programmes, has been touching lives in communities across the country and these newly commissioned projects mark the beginning of its 2019 corporate social investment drive, according to the brewer.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN