Business
Dangote Cement donates 25,000 pieces of 100kgs bags for agro-waste management
Dangote Cement donates 25,000 pieces of 100kgs bags for agro-waste management
Dangote Cement Plc., Ibese Plant, says it has donated 25, 000 pieces of 100kg waste bags for the management of agro-waste in communities across Nigeria.
The Ibese Plant Director, Mr Azad Nawabuddin, made this known on Sunday in a statement signed by Mr Francis Awowole-Browne, the Media and Communication Officer, Dangote Group.
Nawabuddin said that this was part of the company’s social investment to restore the ecosystem.
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He restated the plant’s commitment to providing a total of 100,000 pieces of waste bags to positively engage and stimulate the communities and their youths to the use of agro-waste as alternative fuel in 2023.
“The company is irrevocably committed to the use of alternative fuel to eliminate carbon emission by discarding fossil fuel and the donation is part of our efforts to actualise the goal,” Nawabuddin said.
Receiving the bags, the Chief Executive Officer, Niels Deck Nigeria Ltd., Mr Daniel Akpan, said the donation would greatly improve the waste management drive in the communities and create more employment.
Akpan said the development would also guarantee sustainability of the livelihood of hundreds of people across the agro-waste management value chain.
He added that the company, as an advocate of decarbonisation, had been at the forefront of the implementation of global initiatives for sustainable environment in communities across the country.
“The partnership with Ibese Plant for partial substitution of fossil fuel has not only improved agro-waste management across Nigeria, but also helped to economically empower numerous youths engaged for sourcing, packing and bagging the wastes.
“The effort has also helped to reduce carbon footprint of the plant and is a demonstration of the company’s strong commitment to activities geared toward reduction of global warming in line with the international best practices,” he said.
Dangote Cement donates 25,000 pieces of 100kgs bags for agro-waste management
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.
The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).
Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.
Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.
Naira rebounds, gains N28.15 against dollar
The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.
The percentage increase is significant when compared to the previous trading date on Monday, April 29.
The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.
The success story was replicated in the volume of currency traded, as the total daily turnover increased.
The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.
Naira rebounds, gains N28.15 against dollar
Naira appreciate, gains further by 1.8% against dollar
The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.
Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.
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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.
Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira appreciate, gains further by 1.8% against dollar
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