Economy

Moody’s Reaffirms Commitment to Support Financial Empowerment

Published

7 years ago

28/07/2018

By Dipo Olowookere

Moody’s Corporation’s (NYSE:MCO) newly released Corporate Social Responsibility (CSR) Report details the company’s progress in delivering on its goal of empowering people around the world to create a better future for themselves, their communities and the environment.

“Moody’s CSR strategy is focused on finding challenges that we can solve by creating paths to knowledge and opportunity,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “I am proud that Moody’s employees have dedicated their time and expertise to addressing these challenges – from supporting small business owners to nurturing the environment — in ways that have changed the world around us for the better.”

As part of its focus on empowering people with financial knowledge, Moody’s recently announced Reshape TomorrowTM, an initiative to partner with organizations around the world to help small business owners overcome the challenges of growing their enterprise.

“Our CSR strategy builds on Moody’s unique business strengths to make a lasting difference in people’s lives by helping them thrive in the evolving global economy,” said Arlene Isaacs-Lowe, Global Head of CSR at Moody’s. “We look forward to building our Reshape Tomorrow program to empower small business owners – especially women and members of untapped communities – to help them access the expertise and credit they need to grow.”

The report details Moody’s ongoing initiatives to support financial empowerment, as well as in each of its other areas of focus: activating an environmentally sustainable future, helping young people reach their potential, and sharing our passion and purpose with the world.

Activating an environmentally sustainable future

Moody’s Investors Service incorporates environmental, social and governance (ESG) considerations into its credit analysis, with a dedicated team that helps global investors, governments and issuers understand the links between sustainability and credit risk.

In addition, Moody’s Green Bond Assessments (GBAs) provide vital information to investors on the governance of new green bond issuances, including the disclosure of information and how the proceeds are used. As of June 30, 2018, Moody’s had assessed 40 green bonds worth almost $19.5 billion, empowering investors with the information they need to confidently make investments in projects that benefit the environment.

In addition, the Moody’s Foundation supports Trees For Life, which aims to preserve and restore Scotland’s Caledonian Forest. Moody’s established a grove of 3,600 native trees and adds to the grove each time a GBA is published.

Moody’s also maintains a clear focus on its own environmental impact. In 2017, despite a 7% increase in physical footprint, Moody’s Scope 1 and 2 greenhouse gas emissions fell by 9%, the equivalent of keeping 355 cars off the road for a year.

Helping young people reach their potential

Moody’s supports a range of initiatives to help young people reach their potential through mentoring, skills-development programs and internships. Moody’s sponsors a computing and professional skills program with Girls Who Code for high school students in San Francisco and New York, encouraging women to bring their talents to careers in finance, technology and economics.

Sharing our passion and purpose with the world

Moody’s employees play an integral role in driving CSR through volunteer efforts, contributions of pro bono expertise and board service on behalf of nonprofits.

The report details ways in which Moody’s employees demonstrated their commitment to local communities, from helping a South African primary school provide fresh vegetables for its students, to offering data analytics expertise to the Hetrick-Martin Institute, which supports LGBTQ young people in New York and New Jersey.

Economy

TotalEnergies Sells 10% Stake in Renaissance JV to Vaaris

Published

4 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.

In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.

Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.

The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.

Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.

“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.

The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

14 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.

Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.

The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.

“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.

Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.

However, with the latest development, the firm is no longer authorised to perform this function.

Economy

NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months

Published

14 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.

In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.

According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.

The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.

The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.

The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.

“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.

“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.

NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.

It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.

This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.