Economy
Yokogawa Acquires Soteica Visual Mesa
By Modupe Gbadeyanka
Yokogawa Electric Corporation has announced the acquisition of Soteica Visual Mesa (SVM), a leading energy management technology provider, further delivering on a number of key objectives of Yokogawa’s Transformation 2017 mid-term business plan, namely, expansion of Yokogawa’s advanced solution business, focusing on customers and creating new value.
This announcement marks completion of the SVM acquisition as a wholly-owned subsidiary and initiation of the integration of SVM and the cloud-based Data-as-a-Service (DaaS) provider Industrial Knowledge (IK) into KBC Advanced Technologies (KBC), which was acquired by Yokogawa in April 2016.
The IK business unit was established to enhance the cloud-based advanced solution business based on the technology of Industrial Evolution (IE), which was acquired by Yokogawa in December 2015. A pioneer in the use of cloud-based solutions in the process industries, IE developed a market-leading real-time DaaS solution that is deployed at many of the world’s major energy and chemical companies.
Yokogawa’s acquisition of SVM follows an earlier minority equity investment in SVM made in December 2012. SVM has a solid track record in the energy management solutions (EMS) field, and provides production accounting and scheduling solutions to the refining industry.
After acquiring KBC, Yokogawa formed a post-merger integration team that has been charged with the task of identifying various measures and setups that will create synergy and derive maximum benefit from the integration of the companies’ operations, and thereby enhance our ability to offer new value to our customers.
As a result of their deliberations, Yokogawa has decided to integrate the operations of Soteica, a leading company in the EMS field, and Industrial Knowledge, a business unit with expertise in advanced cloud solutions, with those of KBC.
By leveraging KBC’s premier energy consulting and Visual Mesa, SVM’s best-in-class real-time energy optimization technology, it is anticipated that the combined entity will be able to expand its position in the rapidly growing EMS market in the process industries.
In the immediate term, SVM’s advanced Visual Mesa utility optimization software combined with KBC’s premium energy consultancy will provide comprehensive and best-in-class energy management solutions, underpinned by leading technologies and human performance improvement. Over the longer term, this acquisition supports KBC’s vision of seamlessly integrating utility system and supply chain optimization into KBC’s industry-leading process simulation platform for hydrocarbon processing facilities, Petro-SIMTM.
KBC, SVM, and IK will be led by KBC Chief Executive Officer, Andy Howell, and will be integrated under the KBC brand.
This will significantly enhance KBC’s solutions portfolio and the energy management solutions business, enhance KBC’s ability to develop new cloud-based services, and accelerate KBC’s efforts to create and sustain new value for customers.
This acquisition and integration of these businesses into KBC is fully aligned with KBC’s mission to make and keep its clients world-class in terms of operational excellence and profitability through the actions of its people and the application of its technology.
These actions also materially accelerate delivery of KBC’s vision of becoming the No.1 trusted advisor in the energy and chemical industries, delivering best-in-class operating performance to its clients.
Regarding the acquisition and integration of these businesses, Satoru Kurosu, executive vice president and head of Yokogawa’s Solutions Service Business Headquarters, commented: “Key strategic objectives of Yokogawa’s Transformation 2017 plan are to expand the solution service business, focus on customers, and co-create new value with customers through innovative technologies and services.
“By integrating SVM and IK with KBC, we will bring together deep and rich business, process, and operational domain knowledge across the energy and chemicals sectors, and will connect this with the cloud-based, real-time representation of plant, business, and supply chain operations to identify and implement solutions that will sustain and continuously improve performance. The benefit to our customers is unprecedented.”
Oscar Santollani, founder of SVM, commented: “We are delighted to have been acquired by Yokogawa and in doing so, unite our Visual Mesa real-time energy optimization and production accounting and scheduling technologies with KBC’s industry-leading energy and supply chain consulting practices.
Furthermore, the progressive DaaS capabilities of IK enhance our offerings and enable us to be more innovative, disruptive, and agile by leveraging the cloud in delivery of solutions and sustainability services. This is the future.”
Simon Wright, founder of Industrial Evolution, commented: “The unique capabilities of these combined organizations and their respective offerings mean that for the first time customers can be confident that the investments they make today will pay off now and for the long term. We have provided real-time data as a cloud service for over 15 years.
“The cloud-enablement of SVM’s solutions and KBC’s energy and supply chain consulting services is a very attractive proposition for any asset owner or operator.”
Andy Howell, chief executive officer of KBC, commented: “At KBC, we holistically harness people, processes, and technology to deliver a sustainable competitive advantage to our clients. We are all about helping and empowering our clients to meet their business goals. Imagine having expertise that was previously only available on an occasional basis, continuously unleashed in an unprecedented yet very tangible way by harnessing our technologies and those of Yokogawa with a state-of-the-art yet proven cloud service model. Not only that, but new possibilities such as continuous model updating, mobile delivery, and seamless hand-off between rigorous simulation and big data analytics are also truly exciting.”
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
