Total Energies shareholders approve N8.5bn dividend payout for 2022 financial year

Shareholders of TotalEnergies Marketing Nigeria Plc have approved N8.49 billion dividend payout for 2022 financial year that translated to N25 per ordinary share for shareholders.

The sharholders gave the approval at the company’s 45th Annual General Meeting (AGM) held on Thursday in Lagos, while approving all resolutions.

The shareholders of the company commended the Board and management for an impressive result.

The company, despite inflationary pressure, recorded N141.12 billion or 41 per cent increase in 2022 turnover to close at N482.47 billion when compared with N341.35 billion recorded during the corresponding period of 2021.

However, Profit After Tax (PAT) decreased by four per cent from N16.86 billion to N16.11 billion due to rising costs.

They also congratulated Mrs Bunmi Popoola- Mordi, former Company Secretary of Totalenergies for being appointed as an Executive Director, which took effective from April 1.

Speaking at the AGM, the Chairman of the company, Mr Jean-Phillipe Torres, said in 2022 financial year, the environment was replete with incidents of insecurity, gunmen attacked and insurgency and banditry across the nation.

According to him, the development was a huge challenge in the country.

Torres said that the negative effect of inflation had been far-reaching, as the company saw prices rise exponentially across food, goods and services, while inflation surged dramatically month on month.

“By December, inflation had risen to 21.34 per cent year-on-year and the Consumer Price Index (CPI) had increased to 18.85 per cent year-on-year. The Naira continued on a downward spiral.

“The Russia Ukraine war which began in February 2022 had reaching implications well beyond security, the borders of the two countries and several continents.

“Nigeria was not exempted from the impact of the war as there were significant increases in wheat and energy prices in the country.

“The price of bread and some other wheat-related products increased by as much as 100 per cent. Coupled with supply chain challenges AGO opened the year at N350 per litre and close at N850.

“On the local aviation market, we saw air fares double in response to inflation and rising costs of aviation fuel,” he added.

He, however, reiterated the company’s ambition to become the responsible energy major and a world class player in sustainable energy, saying that “this what we will continue to focus our efforts”. (NAN)

Source: News Agency of Nigeria

New petrol price in force

A litre of petrol will cost, as of this Friday, with the entry into force of the new rate, that is 300 kwanzas (USD 0,51) per litre, against the previous 160 Kwanzas (roughly USD 0,27).

The measure, announced on Thursday by the Executive, does not cover taxi drivers and motorcycle taxi drivers, who will continue to pay 160 kwanzas/litre of petrol.

The Executive made it known that the remaining fuels derived from petroleum, such as diesel and kerosene, will maintain current prices.

After the announcement of the new price of petrol, until the last minutes of Thursday, there was intense demand for the aforementioned fuel at gas stations, leading some drivers to wait for more than three hours to get served.

The minister of State for Economic Coordination, Manuel Nunes Júnior, who was speaking at a press conference, explained that, in 2022, the State expenditures with fuel subsidies were in the order of USD 3.8 billion. This amount, he explained, represents 92% of total spending last year on education and health, stressing that this is an unsustainable situation.

He also alluded to the price that Sonangol pays in the international markets, in the order of 583 Kwanzas (USD 0,98) per litre of petrol (gasoline), with its sale at the pump being KZ 160, which means that the difference is borne by the State, that is, at first line by Sonangol.

According to Manuel Nunes Júnior, the money that the State will retain with the gradual end of fuel subsidies will allow the country to observe social improvements” with the resolution of serious problems, pointing to housing and social security as an example.

The minister also warned that “the effects will not be immediate, but they are guaranteed in the long term, namely in health and education”.

With the withdrawal of the gradual subsidy on the price of petrol, the State saves 400 billion kwanzas (USD 673.6 million), with a weight of 40% in fuel subsidies.

The government refers that the attribution of subsidies to fuel prices is an economic and social measure, resulting from a combination of fiscal policy and income and price policy, supported by Presidential Decree n.º 206/11, of July 29, which approves the General Bases for the Organization of the National Price System and by Presidential Decree No. 283/20, of 27 October.

Until December 2022, market prices stood at 452%, 578%, 202% and 279% above the prices set, respectively for LPG (kitchen gas), Illuminating Oil, Petrol and Diesel, having generated subsidies at prices of Kz 551 billion Kwanzas (USD 927.7 million), 1.2 trillion kwanzas (USD 2.01billion), and 1.98 trillion kwanzas (USD 3.34 billion), respectively in the years 2020, 2021 and 2022, totaling Kz 3.73 trillion (USD 6.3billion) for the aforementioned period.

Source: Angola Press News Agency (APNA)

Government delivers cards to exempt taxi drivers from new petrol price

The first 200 exemption cards for taxi drivers and motorcycle taxi drivers began to be delivered Friday (June 2) in Luanda by the Government.

Taxi drivers and motorcycle taxi drivers are receiving personalised cards with the vehicle registration number and are non-transferable.

The cards allow the holders to continue paying a liter of gasoline at the price of 160 kwanzas, instead of 300, announced according to the new tariff.

The measure, announced on Thursday by the Executive, does not cover taxi drivers and motorcycle taxi drivers, who will continue to pay 160 kwanzas per liter of gasoline.

The Executive, on the other hand, clarified that the prices of remaining oil-by products, such as diesel and kerosene will remain unchanged.

Source: Angola Press News Agency (APNA)

President denies alleged political persecution in fight against corruption

Angolan head of State João Lourenço denied alleged political persecution, as part of the ongoing fight against corruption in the country, since September 2017.

The President João Lourenço reacted during an exclusive interview with Jornal Expresso and Agência Lusa, adding that there are also many citizens appearing before justice.

The Angolan Statesman recognised that, despite efforts, the problem of corruption will take time to disappear.

“You cannot expect to end corruption in five years, I don’t even know if any country has ended, in the true sense of the word, with corruption”, he said, stressing that the problem “is not that there is corruption, it is that there is impunity”.

The Holder of the Executive Power said that Isabel dos Santos is “just one” among several citizens who must face justice and is not her political rival.

“I don’t see her as my political rival. Political persecution? An opponent is persecuted and MPLA’s opponents are known,” said President João Lourenço.

As for the process concerning the former Vice-President of the Republic, Manuel Vicente, the Head of State said that it was a case of sovereignty and that it was not Angola that caused what became known as “annoying” between the two countries.

Investigators allege Vicente paid Portuguese magistrate Orlando Figueira to drop two investigations that involved alleged money-laundering and Angolan investments in Portugal.

But the defense appealed, alleging that the former Vice-President has not been made defendant or notified of the accusation.

Still in Portugal, the Public Prosecutor’s Office accused Manuel Vicente of crimes of active corruption, money laundering and forgery of documents as part of Operation Fizz.

In May 2018, the Lisbon Court of Appeal decided to send Manuel Vicente’s case to Angola and admitted that the former Vice-President of the Republic enjoyed immunity, so he could not have been made a defendant or accused.

He underlined that it was the Portuguese judicial authorities who decided to take a senior official to the court.

I am not imagining Angola, said the President of the Republic, having the audacity, for example, to take José Sócrates to court if, eventually, he had committed a crime in Angola.

“Fortunately, the outcome was good (…) if it had taken longer, it might have left wounds, but I must guarantee that it didn’t leave any”, noted the Head of State.

As for the relationship with Álvaro Sobrinho, a Portuguese-Angolan businessman and former director of Banco Espírito Santo in Lisbon and of the BESA bank, he needn’t stop having relationships with people unless there are reasons to do so.

“He was not tried, he was not convicted, if he appears here I will not turn my back on him for sure, until proven otherwise he is a free citizen”, he said.

In his interview, João Lourenço stated that “in Europe it is not normal to ask heads of State to account for cases of corruption, nobody asks President Marcelo about the José Sócrates case”.

However, said the holder of the Executive Power, sometimes it is understood that Africa is different, particularly in Angola “, which he described as unfair. “This type of differential treatment is not fair”, concluded the president João Lourenço

Source: Angola Press News Agency (APNA)

Angola and Sudan evaluate bilateral cooperation

Angola and Sudan assessed, in Luanda, the level of bilateral cooperation, with emphasis on political and diplomatic issues, in addition to issues linked to peace and security on the African continent.

The approach took place on Thursday, during a courtesy meeting between the Angolan Foreign Affairs minister, Téte António, and the Special Envoy of the President of the Sovereign Transitional Council of Sudan, Daffa Alla Elhag Ali Osman.

The Sudanese emissary is in the Angolan capital to participate in the Extraordinary Summit of the International Conference on the Great Lakes Region (ICGLR), on Saturday, June 3rd.

Angola and Sudan maintain excellent relations of friendship and cooperation. Both are part of the ICGLR, an organization created in 1994 with the aim of solving issues of peace and security in the region.

Source: Angola Press News Agency (APNA)

Under-20 W/C: Flying Eagles deserve accolades for beating host Argentina – Manu Garba

Former Golden Eaglets coach, Manu Garba, said on Thursday that the Flying Eagles deserved more accolades after they knocked out hosts Argentina from the ongoing Under-20 FIFA World Cup.

The News Agency of Nigeria (NAN) reports that the Flying Eagles, against all odds, produced two classical goals to defeat the South American team in the round of 16 match played on Wednesday night.

Garba told NAN in an interview on Thursday that beating Argentina was like winning the World Cup, considering the challenges involved in playing a host country in any tournament.

He also said that the Technical crew, led by Ladan Bosso, worked on the grey areas noticed in previous matches, especially at the Under-20 Africa Cup of Nation (AFCON) which produced Senegal as Champions.

“The Flying Eagles deserve all accolades to have come out from the group to beat host Argentina which have won the Under-20 World Cup on six occasions.

“Most importantly, the coaches worked on the grey areas of the team so to speak. The team deserves praises because you can see that the Senegalese team who are the African Champions, did not progress from their group.

“Right from the time of the draws, the Flying Eagles group comprising of Brazil, Italy and Dominican Republic was tagged ‘the group of death’.

“Just like we had in the Under-17 in 2013 when we had in our group defending champions, Mexico and Sweden playing in the final and third-place match.

“Nigeria went ahead to win the Under-17 World Cup with Mexico winning the silver and Sweden, third; all from the same group.

“We now have the three teams in the Flying Eagles group making it to the quarter-finals which means that their group was truly the strongest,” Garba said.

According to him, Bosso deserves more accolades having headed to advice of many stakeholders and dropping some players after the Under-20 AFCON tournament.

Garba, however, disagreed with the argument that the Flying Eagles players displayed individual talents and strength against Argentina as there was no technical input from the coaches.

“You know they dropped some players after the AFCON tournament, especially in the midfield and the attacking line.

“In coaching, selection of players is part of the coaches input and they must be reading the match as it progresses, so one cannot say that the team depended only on the strength of the players.

“Though Argentina didn’t qualify for the World Cup from South America, they qualified as the host nation, but all South American team are technically good.”

He urged the players and their coaches to do their best in winning their encounters in the regulated period to avoid penalties.

He noted that with penalties, the game can go to either side.

Garba also urged Nigerians to continue to pray for the team for more victories.

“Government should try and motivate them further. They need more motivations and I know NFF will do just that.”

Source: News Agency of Nigeria

Tinubu appoints Gbajabiamila, Hadejia, Akume

President Bola Tinubu has approved new appointments into his cabinet few days after inauguration.

Femi Gbajabiamila, Speaker of the House of Representative, is the new Chief of Staff to the President, while Sen. Ibrahim Hadejia, a former Jigawa state deputy governor, is the Deputy Chief of Staff.

This is disclosed by Abiodun Oladunjoye, Director Information, Office of the Special Adviser to the President on Media and Publicity on Friday in Abuja.

He said that the president also appointed Mr George Akume, the former Governor of Benue, as the Secretary to the Government of the Federation (SGF).

Source: News Agency of Nigeria

Naval chief lays foundation for NOWA event centre, inaugurates shopping complex

Chief of the Naval Staff, Vice Adm. Awwal Gambo, on Friday laid foundation for the construction of the Naval Officers Wives’ Association (NOWA) Event Centre in Admiralty Estate, Navy Town Asokoro.

Gambo also inaugurated NOWA Shopping Complex in Navy Barracks Kuje.

He said that the projects were part of the NOWA’s giant strides and numerous contributions to the well-being of the service and wider society.

Gambo identified one of the landmark projects of the organisation as the ongoing 200-bed Women and Children Hospital that NOWA commenced construction in June 2022.

“Again, today we are here on 1.9 hectares of land to initiate the construction of NOWA event center at the Admiralty Estate, Asokoro.

“I consider this project and others as direct interventions in support of Nigerian Navy’s welfare objectives,” the CNS said.

He added that the state-of-the-art event center would provide comfortable and secure environment for personnel and their families when completed.

“In addition, the edifice on completion is expected to provide affordable and accessible facility with associated services to meet personal needs.

“Fortunately, various welfare projects of NOWA are enduring legacies which have endeared the leadership of the association to well-meaning and good spirited individuals across Nigeria, especially as a key contributor to national development,” he said.

The naval chief added that the center would boost socio cultural interactions that would enhance the morale of personnel and their families, as well as civilian population.

Gambo also hailed the association’s commitment to providing quality education and vocational training, as well as charitable and economic empowerment programmes for women, orphans and children.

In her speech, the President of NOWA and Wife of the CNS, Hajiya Nana Gambo, said the projects were conceived to promote socioeconomic life, love, harmony and well-being of wives of naval personnel and their families.

She said that when completed, the centre would host weddings, concerts, corporate and nonprofit events and meetings, as well as skills development programmes.

“Accordingly, here we are starting heavy investment projects that will certainly express and define an important landmark in the life of the NOWA family.”

The centre being built on 1.9 hectares of land will have the capacity to host 1,200 people, and will have lounges and skills development centre.

Mrs Gambo who acknowledged and appreciated the support of the naval chief, said that the shopping complex in Kuje would boost economic activities in the barrack.

The President, Nigerian Army Officers Wives Association, Mrs Salamatu Yahaya, congratulated the NOWA President for conceptualising the projects to boost socio-economic activities

Source: News Agency of Nigeria

Licence revocation: NAMB begins recapitalisation appraisal of MFBs

The National Association of Microfinance Banks (NAMB) has directed all licensed Microfinance Banks (MFBs) nationwide to update it on their recapitalization status for assessment and follow-up actions with the regulatory authorities.

The Executive Secretary of the NAMB, Mr Shikir Caleb, said this in a statement on Tuesday in Abuja.

The decision is coming barely a week after the revocation of 179 MFBs licences by the monetary authorities and the negative implications for its financial inclusion drive.

Caleb said that the decision was taken in Abuja at an emergency meeting of the leaders of the NAMB after vigorous deliberations on the latest licence revocation action of many MFBs by the CBN.

According to him, the meeting had in attendance the Board of Trustees, the Past Presidents and members of the National Working Committee.

He said that the meeting had its main agenda the revocation of the licences of the affected MFBs and how to proactively forestall future negative occurrence in the MFB sub-sector of the financial system.

“Following the review and deliberations on the licence revocation matter, the top leaders of the NAMB directed that the various state chapters should categorize the affected micro lenders into MFBs that have fully re-capitalised but yet to be approved by CBN.

“MFBs that have not been fully re-capitalised but had ongoing discussions for funding; MFBs that were yet to re-capitalise; and MFBs that have long closed shop”.

According to Caleb, the leaders further advised any MFB that had fully re-capitalised but yet to be approved by CBN to present its submissions to the Secretariat with a summary of its recapitalization status as at date.

He stated that thereafter, the leaders also agreed that the association would review the submissions and have a meeting with all MFBs this Thursday in Abuja “with a view to collating all submissions for engagement with the management of CBN.”

Commenting on the licence revocation the NAMB National President, Mr Joshua Ukute, rued the ugly development and promised that the “leadership of the association will continue to intensify its self-regulation activities in all MfBs nationwide to forestall this type of occurrence.

“We have also mandated the Secretariat of the NAMB to do more by enlightening the public, especially all stakeholders in the association’s financial inclusion drive value-chain with the aim of building confidence in the MfB sub-sector of the financial system.

“As you all know, the MFBs have over the years remained at the forefront of the financial inclusion strategy agenda’s implementation and they will continue to do their best to deepen financial services, especially in remote communities that the big players are not ready to go,” the banker added

Source: News Agency of Nigeria

President discusses Great Lakes situation

Angolan head of States João Lourenço analysed the political and military instability in the Great Lakes region during an audience he granted to the special envoy of the Secretary-General of the United Nations for that region, Huang Xia, on Friday.

Speaking to journalists, after the meeting, the Chinese diplomat described the situation in the Great Lakes region as “very serious”.

“The situation is very serious, so it is up to us to join-up thinking. And I have come to speak to the Angolan President on his expectation around the Saturday Summit,” he said.

Huang Xia has been in Angola to take part in the Extraordinary Summit of the Heads of State and Government of the International Conference on the Great Lakes Region (ICGLR) scheduled for Saturday (03) in Luanda, under the chairmanship of Joao Lourenço.

The UN senior official defended combined effort involving partners in the search for peace, stability and security in the region, starting with the leaders of the organisation’s member States.

“We have to work more and more towards objectives that can bring solutions to the latent problems in the region at the moment,” he stressed.

ICGLR was created in 1994, after the political and military conflicts that marked the Great Lakes Region in the early 1990s.

The institution brings together Angola, Burundi, the Central African and Democratic Republics of Congo, as well as Congo, Kenya, Uganda, Rwanda, Sudan, South Sudan, Tanzania and Zambia.

Envoy from Sudan

President Lourenço discussed the internal conflict in Sudan with Daffa Alla Elhag Ali Osman, Special Envoy of the President of the Sovereign Council of Transition, Abdel Fattah Al-Burhan.

After the meeting, held at the Presidential Palace, the Sudanese envoy, who is in Luanda to participate in the Extraordinary Summit of the ICGLR, did not speak to journalists.


Sudan is currently an unstable country in economic and political terms, with frequent internal conflicts.

The latest clashes in Sudan began on 15 April, when paramilitary forces tried to seize power and came face to face with the army.

Over four hundred people are reported dead and an undisclosed number of people fled the country

Source: Angola Press News Agency (APNA)

125 new buses for urban mobility in Luanda

At least 125 additional new buses were announced this week, in a move meant to boost urban mobility and strengthen the road transport network.

Announcing this on Thursday, the State Secretary for Land Transport, Jorge Bengue, explained that of this number, 50 will be delivered to the Urban Collective Transport Company of Luanda (TCUL).

He added that the remaining 75, already in the possession of the Provincial Government of Luanda (GPL), will enter circulation in the next few days.

Speaking at a press conference, Jorge Bengue said the decision to boost the fleet follows the announcement by the Government to increase the price of a liter of gasoline, which went from 160 to 300 kwanzas.

The Ministry of Transport has announced plans to buy new buses, with a view to increasing the supply capacity, to reduce the constraints of access to public transport.

Official data show that the province of Luanda has more than 570 buses, for a universe of nine public and urban transport operators.

Source: Angola Press News Agency (APNA)

Angola foresees Kz 589. 92 billion in capitalisation of Employment Fund

Angola has announced the capitalisation of National Employment Fund in Angola (FUNEA), with an initial value of 589.92 billion kwanzas (kz), from the National Treasury and other sources of income.

FUNEA comprises a set of financial assets, mainly term and demand deposits.

The objective is to create and support public and private projects and initiatives that generate employment.

The Presidential Decree nº.133/23, of June 1, which creates the Fund is already in the Official Gazette (Diário da República).

The measure was approved on Tuesday by the Economic Commission of the Cabinet Council, chaired by the president João Lourenço.

For the 2023 financial year, 25 billion kwanzas is available for FUNEA.

This value will be executed in the current six-month period.

ANGOP learnt that now FUNEA’s revenues are annually registered with the General Budget (OGE), up to the limit of the capitalisation referred to in accordance with the financial programming of the Executive.

Subject to regular annual audits, the management body of FUNEA submits to the ministerial departments in charge of the Public Finance, Economy and Labour Sectors the quarterly reports containing information that ensure the evaluation of the management of the financial resources made available to them, as part of the management agreement.

The Fund is also subject to control by the General State Administration Inspectorate (IGAE).

Source: Angola Press News Agency (APNA)

De Klerk to appear before South African court on extradition

Namibian lawyer Marén de Klerk, who is implicated in the Fishrot scandal, will appear in the Paarl Magistrate’s Court in South Africa on Friday for an extradition inquiry.

He was arrested on Thursday by South Africa’s Directorate for Priority Crime Investigation (the Hawks) and the South African Police Services (SAPS).

On Thursday, Namibian Police Force (NamPol) spokesperson, Deputy Commissioner Kauna Shikwambi, informed Nampa that De Klerk is wanted by the Namibian government on charges of corruption, fraud, theft, and money laundering. He stands accused of using his trust account to distribute unlawfully obtained funds to various accounts in the Fishrot corruption case involving Namibia’s former fisheries minister, Bernhardt Esau.

“De Klerk was arrested today (Thursday) in Paarl, Western Cape. The arrest was carried out by SAPS and the Hawks, also known as the Priority Crime Investigation. He is scheduled to appear in court tomorrow in Paarl for the extradition inquiry,” she said.

In 2022, the Paarl Magistrate’s Court issued an arrest warrant for De Klerk, which was followed by the publication of a red notice by Interpol, the international police organisation.

Source: The Namibian Press Agency

Bidvest Prestige Cleaning Services staff demand salary increment

The employees of Bidvest Prestige Cleaning Services conducted a peaceful protest outside their corporate headquarters here on Friday.

They marched from the main police station along Independence Avenue to the offices while chanting the phrase, ‘We don’t want to be oppressed’.

The employees have petitioned management for a 50 per cent salary rise and improved working conditions twice in the span of almost three months.

According to payslips reviewed by this agency, it has been observed that certain employees earn a monthly salary of N.dollars 1 062.04 and N.dollars 2 074.55 respectively.

Saima Amaambo, the employee representative, stated that the grievances were submitted but disregarded.

“They promised us that they will meet with management in South Africa and revert back to us, but no response till now,” noted Amaambo.

According to her, instead of dealing with the issues raised, the management chose to “bully, threaten and mistreat” the employees.

Amaambo further elaborated that these actions had a “terrifying” effect on the staff.

The employees insisted on having a meeting with the management to discuss matters such as transport allowances and salary increments.

“Stop threatening, intimidating, and victimising employees for exercising their rights,” she stressed.

During a meeting with the employees, company General Manager, De Wet Jacobs informed them that he has communicated their demand to the Head of Office in South Africa and requested that they come to meet the employees.

Jacobs clarified that due to the absence of a minimum wage for the cleaning service industry in Namibia, they cannot do much regarding salary increments.

He further explained that the company’s profits are greatly dependent on payments from clients, which are determined by what the clients pay, leaving “very little room” for salary increments.

Source: The Namibian Press Agency

Capricorn Foundation concludes Food Waste Challenge phase two applications

The Capricorn Foundation has announced the successful conclusion of entries for phase two of its Food Waste Challenge (FWC).

In line with its vision to be Connectors of Positive Change, the foundation previously called for innovative solutions that can create or expand self-sufficient social enterprises (businesses) to address the issue of food waste in Namibia and create employment for Namibians when it officially launched the challenge in April 2023.

In a press release on Thursday, Rikus Grobler, the manager of the Capricorn Group’s Innovation and Challenge Project, stated that the FWC was based on an open innovation platform, offering a cash prize of N.dollars 100 000 from the Capricorn Foundation, as well as a branding refresh and marketing package worth N.dollars 50 000 from Synergi Marketing. Business Box Windhoek and the Gondwana Care Trust were also project partners.

The Capricorn Foundation sought ideas that would use social entrepreneurship to radically reduce food waste, while also creating employment opportunities, with the result of new possibilities in addressing the most vulnerable people’s basic need for food security, while positively impacting society to improve the quality of life for many Namibians.

“We are excited to announce that we have received 277 registrations for the challenge and that 152 submissions were formally entered,” Grobler said.

He stated that the majority of the entries came from Namibia and Botswana, and that many were from students and young adults with diverse ideas, some of which focused on technological solutions, using food waste as compost to grow and produce other value-added products and animal feeds, collecting and distributing food, raising food waste awareness, and others on specific communities and areas.

“The Capricorn Foundation verified that they are now busy with round one evaluations conducted by seven internal Capricorn group judges to get to the top five entries or semi-finalists, which will be announced on 07 June 2023,” he said.

The five semi-finalists will then be coached and mentored by Business Box from 08 to 16 June 2023 to prepare and polish their business pitches for the final round titled “The Eagles Den” on 22 June 2023, where they will present their business proposals to the judging panel in a live environment, he said.

Source: The Namibian Press Agency