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Economy

International Energy Insurance Records Half-Year Loss of N76.7m

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International Energy Insurance

By Dipo Olowookere

All is still not well with International Energy Insurance (IEI) Plc as its half-year results have revealed that it is still running at a loss despite efforts put in place to put it back into profitability.

Details of its unaudited financial statements for the first half of 2022 indicated that the underwriter recorded pre and post-tax losses.

In the first six months of the fiscal year, the company declared N74.5 million as its loss before tax compared with the N73.9 million pre-tax loss posted in the same period of last year, while the loss after tax was N76.7 million versus a post-tax loss of N88.0 million in the corresponding period of 2021.

Business Post observed that IEI put up this poor bottom line despite an improvement in its top line as gross written premium went up by 37.28 per cent to N415.0 million from N302.3 million a year ago.

Also, the insurance firm witnessed an increase in the gross premium income to N387.5 million from N323.7 million, as net premium income grew to N373.7 million from N288.2 million due to a significant reduction of 61.13 per cent in the reinsurance costs to N13.8 million versus N35.5 million in H1 of 2021.

However, the commission income moderated to N2.8 million from N3.0 million, leaving the net underwriting income at N376.5 million, in contrast to N291.2 million in the first half of 2021.

In the period under review, the team cut down the total underwriting expenses by 27.08 per cent to N134.4 million from N184.3 million as a result of a significant slash in the claims costs (N33.7 million versus N97.0 million in H1 2021). This offset the slight jump in the acquisition and maintenance expenses in the first six months of the year under consideration.

The N7.3 million generated from interest on bank and statutory deposits jerked the interest income of the company higher in the period under review from the N3.4 million generated from the same source a year ago, while earnings from other income streams, mainly from rental income, went down to N18.1 million from N63.2 million as a result of the absence of revenue from sundry income.

A look at the management expenses showed that N343.7 million was expended in the first six months of this year compared with N243.6 million in the same period of last year.

The reason for this rise was due to an increase in personnel cost (N182.3 million versus N130.9 million), filling fees (N43.5 million versus N0 million H1 2021), NAICOM levy of N4.2 million versus N3.0 million, and oil and diesel costs of N6.6 million compared with N4.7 million, among others.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Nodepay Airdrop: A Strategic Move or Just Another Token Giveaway?

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Nodepay Airdrop

By Anastasia Chabaniuk

The crypto landscape is increasingly cluttered with airdrops, but Nodepay’s approach appears more calculated than most. By integrating with major exchanges like OKX and offering a browser extension, Nodepay is building an ecosystem rather than simply distributing tokens. The TU website analysis shows that projects with comprehensive utility frameworks surrounding their airdrops tend to retain value 60% longer than pure marketing-driven distributions.

Nodepay’s multi-phase airdrop ties token distribution directly to platform growth metrics and user engagement. Unlike many competitors who simply drop tokens to generate temporary hype, Nodepay has implemented a feedback loop where airdrop participation drives actual product adoption.

The integration with OKX provides Nodepay instant credibility, while the browser extension strategy mirrors successful models previously implemented by established projects like Brave.

What Is the Nodepay Airdrop and How Does It Work?

The Nodepay airdrop represents a calculated token distribution event where eligible users receive free tokens based on specific qualifying activities and wallet interactions. Unlike random giveaways, Nodepay has implemented a tiered qualification system that rewards users based on their engagement level with the platform’s ecosystem.

To qualify, users must complete several actions:

  • Install and actively use the Nodepay extension for a minimum period
  • Complete KYC verification through the official platform
  • Hold a minimum threshold of cryptocurrency in compatible wallets
  • Engage with the Nodepay ecosystem through transactions or staking

Cryptocurrency strategist Marcus Chen explains, “Nodepay’s qualification requirements serve dual purposes—they filter for genuine users while simultaneously encouraging platform familiarity.” The distribution formula reportedly weighs early adopters and consistent users more heavily, creating an incentive for sustained engagement rather than speculative participation.

The airdrop will be distributed across multiple phases, with tokens being released gradually to prevent immediate selling pressure. Integration with major exchanges like Nodepay OKX ensures that recipients have immediate liquidity options while maintaining token price stability through controlled distribution mechanisms.

Key Benefits of the Nodepay Airdrop for Investors

The Nodepay airdrop offers several strategic advantages for investors beyond the immediate token acquisition. By participating in this distribution event, investors position themselves on the ground floor of a potentially transformative payment ecosystem.

Primary benefits include:

  1. Early Ecosystem Access: Participants gain privileged positioning within the Nodepay network before wider adoption occurs
  2. Potential Governance Rights: Token holders may receive voting privileges on future platform developments
  3. Network Effect Advantages: Value appreciation correlates with user growth, benefiting early participants

Integrating the Nodepay extension and major exchanges like OKX creates a seamless experience for token management post-airdrop. Unlike many projects that struggle with liquidity, the OKX partnership potentially provides immediate trading options for participants seeking to optimize their positions.

For strategic investors, the airdrop represents an opportunity to diversify cryptocurrency holdings with minimal capital risk while maintaining exposure to innovation in the payment processing sector.

Is Nodepay’s Airdrop a Smart Growth Strategy?

Analyzing Nodepay’s airdrop from a strategic perspective reveals a multifaceted approach to ecosystem development. Unlike many token distributions focusing solely on creating short-term price action, Nodepay’s methodology appears designed for sustainable growth metrics.

The strategy leverages several key principles:

  • Community Building: By requiring active participation through the Nodepay extension, the project filters for engaged users rather than opportunistic participants
  • Product Adoption: The airdrop incentivizes direct interaction with core products, generating valuable user feedback before wider release
  • Market Positioning: Partnership with established exchanges like OKX provides immediate credibility and liquidity pathways

From a network economics perspective, this approach creates positive feedback loops – each new participant increases platform utility, potentially attracting additional users. The requirement to use the Nodepay extension ensures that participants experience the actual product value proposition rather than merely speculating on future worth.

However, the actual test will be post-distribution retention metrics. Successful growth strategies convert airdrop participants into permanent ecosystem contributors through genuine utility and continuing engagement incentives.

Potential Risks and Concerns About the Nodepay Airdrop

Despite promising aspects, the Nodepay airdrop carries several risks that potential participants should carefully evaluate before commitment. The cryptocurrency landscape is littered with failed projects that initially generated significant excitement through token distributions.

Critical concerns include:

  • Regulatory Uncertainty: Token distributions increasingly face regulatory scrutiny in multiple jurisdictions
  • Dilution Risk: Future token releases could significantly impact value for early participants
  • Adoption Barriers: The requirement to use the Nodepay extension could limit mainstream access
  • Exchange Dependency: Over-reliance on specific partnerships like OKX creates potential centralization vulnerabilities

The project’s emphasis on the Nodepay extension also introduces technical risk factors, as browser extensions represent potential security attack vectors if not properly audited and maintained. Additionally, some participants report compatibility issues with specific operating systems when installing the required extension.

claim Nodepay Airdrop

While the partnership with exchanges like OKX provides legitimacy, it also creates a dependency on third-party infrastructure that remains outside Nodepay’s direct control.

How to Claim the Nodepay Airdrop and Maximize Returns

Successful participation in the Nodepay airdrop requires a methodical approach that maximizes qualification potential while positioning for optimal post-distribution outcomes. The process involves several key steps:

  1. Preparation Phase
  • Install the official Nodepay extension from authorized sources only
  • Connect to supported wallets with appropriate transaction history
  • Complete KYC verification if required (see Nodepay TU website for requirements)

      2. Qualification Activities

  • Conduct eligible transactions through the Nodepay platform
  • Participate in OKX-Nodepay integrated features
  • Maintain consistent activity throughout the qualification period

     3. Post-Distribution Strategy

  • Consider staking options for additional yield
  • Participate in governance to enhance token utility
  • Monitor market conditions for optimal position management

Anastasiia Chabaniuk – author and financial expert at Traders Union, advises: “The participants who typically extract the most value from airdrops like Nodepay’s are those who approach them as ecosystem entry points rather than one-time windfalls.”

For comprehensive guides on maximizing qualification scoring, users should reference the official Nodepay documentation and technical update bulletins. Community resources offer additional insights into optimizing participation strategies and post-claim management techniques.

Conclusion: Is Nodepay’s Airdrop Worth Your Attention?

The Nodepay airdrop represents an interesting case study in token distribution strategies that attempts to balance marketing objectives with genuine ecosystem development. While many airdrops in the cryptocurrency space ultimately deliver limited long-term value, Nodepay’s structured approach and integration with established platforms like OKX suggest more substantial foundations.

For potential participants, the decision ultimately depends on individual investment objectives and risk tolerance. Those willing to engage actively with the platform through the Nodepay extension and complete the required qualification steps may find value beyond the immediate token acquisition. The partnership with OKX potentially provides an immediate utility that many airdrop projects lack.

However, prudent participants should maintain realistic expectations and understand that even well-designed airdrops carry inherent risks. The most successful approach combines opportunistic participation with careful evaluation of the underlying project fundamentals, team credentials, and market positioning.

As with all cryptocurrency projects, diversification remains essential – the Nodepay airdrop should represent just one component of a balanced digital asset strategy rather than a primary investment focus. By approaching the opportunity with clear objectives and appropriate due diligence, participants can maximize potential benefits while managing downside exposure.

About the Author

This article was written by Anastasia Chabaniuk. She brings 17 years of expertise in finance and content marketing to her advisory role. She firmly believes that investors and new traders thrive when equipped with reliable information and expert guidance.

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Economy

British Savannah Energy Completes Acquisition of Sinopec Assets in Nigeria

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Sinopec

By Adedapo Adesanya

Savannah Energy Plc, a British independent energy company, has announced the completion of its acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC).

SIPEC’s principal asset is the 49 per cent non-operated interest in the Stubb Creek oil and gas field which is operated and 51-per cent owned by Universal Energy Resources Limited, a Savannah affiliate company.

According to the company, the SIPEC acquisition increases Savannah’s reserves and resources base by approximately 30% from 151 million barrels of oil equivalent (MMboe) to 197 MMboe.

The deal is highly accretive to the group net asset value management, with an estimated value of $194 million on a pre-debt basis.

There is material production upside as Savannah now intends to commence an 18-month expansion programme which is anticipated to increase Stubb Creek Field gross production from an average of 2.7 Kbopd in 2024 to approximately 4.7 Kbopd.

The acquisition adds 227 Bscf of 2C gross gas resources at Stubb Creek Field, securing significant additional long-term feedstock gas available for sale to Accugas customers.

Savannah said the transaction was fully funded through a drawdown under a $60 million reserve-based lending debt facility arranged by the Standard Bank of South Africa Limited.

At completion, the cumulative consideration paid was approximately $35.1 million, inclusive of approximately $19.5 million of cash available to SIPEC, with $2 million in deferred cash consideration payable in eight quarterly instalments post-completion.

Stubb Creek Field, located in Akwa Ibom State, Nigeria, is a producing oil field with considerable undeveloped, non-associated 2C gas Resources. Oil produced at Stubb Creek field is processed through production facilities onsite and then exported to the Qua Iboe terminal via a 25-km pipeline.

The field was converted to a 20-year petroleum mining lease, PML20, in accordance with the Petroleum Industry Act 2021 and effective from Dec. 1, 2023.

Speaking on the deal, Mr Andrew Knott, Chief Executive Officer of Savannah, said: “We are delighted to announce the completion of the SIPEC acquisition, the achievement of one of our core business priorities for 2025.

“Our focus at the Stubb Creek Field will now turn to progressing the expansion project, which we expect to increase production by almost three quarters throughout 2025/26.

“I look forward to updating shareholders on this in the coming months, as well as on the progress we make towards achieving the other core business priorities we outlined to shareholders earlier this month.

“I would like to thank the Government of Nigeria for the support that they have shown our Company in approving the SIPEC acquisition and I extend a warm welcome to the SIPEC employees joining Savannah today.”

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Economy

Renaissance Finally Completes Acquisition of Shell Onshore Assets

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SNEPCo workers Shell

By Adedapo Adesanya

Renaissance Africa Energy has finally completed the acquisition of the entire 100 per cent equity holding in Shell Petroleum Development Company of Nigeria (SPDC).

This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings, Mr Tony Okonedo who said the acquisition was completed on the same day.

“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.

The deal had hit a snag last year October because the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raised issues about the ability of the firm to takeover the $1.3 billion asset.

However, it was then approved in December.

Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc, First Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.

Speaking on the deal, Mr Tony Attah, the Managing Director/CEO of Renaissance noted that “We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’

“We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act.”

“We extend our appreciation to the Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development,” he added.

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