The Department of Petroleum Resources (DPR) granted licences to 14 private investors to build refineries in the country last year.
The agency disclosed this in its latest report on the list of valid refineries obtained by Ripples Nigeria on Sunday.
The 14 refineries, according to DPR, have the capacity to refine 362,000 barrels of oil per day, (bpd).
This was in addition to the 579,000 bpd capacity refineries approved by DPR between 2017 and 2019.
The report revealed that the refineries are to be located in four states.
These are – Delta (7), Bayelsa (3), Akwa Ibom (3) and Ogun (1).
Ripples Nigeria gathered that out of the 14 investors, three got the Licences to Establish (LTE).
This means that DPR has approved and confirm their proposed project, market plan, products specifications and site selection of proposed crude oil.
10 investors got the Approval to Construct (ATC), a licence that gives the investors a period of 24 months to record at least 50 percent mechanical erection otherwise the revalidation of the approval to construct refineries will become necessary.
The remaining investor got the Approval to Relocate (ATR) licence, meaning the investor can relocate and construct its refinery in Nigeria.
The National Petroleum Investment Management Services, (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) has disclosed it incurred N126.17 billion expenses in January.
Out of the sum, N21.47 billion was spent on oil search in the frontier basins, rehabilitation of the nation’s refineries, and the Nigeria-Morocco gas pipeline.
NAPIMS disclosed this in its February presentation to the Federation Account Allocation Committee (FAAC).
Giving a breakdown of the expenses, NAPIMS revealed N8.33 billion was spent on rehabilitation of refineries; pre-export financing received N5 billion.
Other funded items listed include N1.96 billion funding for the frontier exploration services involves the search for hydrocarbons in inland basins, especially in the north, N3.17 billion for the National Domestic Gas Development and Gas N2.39 billion on Infrastructure Development.
Also, Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing cost N402.69 million; Renewable Energy Development financing gulped N119.83 million while N83.33 million financing was provided for the Nigeria-Morocco pipeline.
Compared with the previous month, the NNPC spent a total of N20.23 billion on all the projects, with the refineries getting N8.33 billion while N4.19 billion and N3.17 billion were spent on the national domestic gas development and gas infrastructure development respectively.
Despite the expenses, the report revealed that N90.85 billion was remitted to the federation account in January.
Nestle S.A invested N3.69 billion into Nestle Nigeria to tighten its control at the Nigerian food and beverage company.
The capital investment increased the Switzerland-based holdings in Nestle Nigeria.
The company made three share purchases in March, with accumulated shares valued at N3.69 billion. The most recent acquisition was the 562,796 shares purchased at N1374.92 per share on Friday, March 12, 2021.
This put the new capital invested in the Nigerian subsidiary by Nestle S.A at a total of N773.79 million, according to analysis of a filling sent to the Nigerian Stock Exchange (NSE).
Out of 836,141 shares traded on Nestle Nigeria at the trading floor, on Friday, Nestle S.A acquired 562,796 shares. This is one of many capital investment Nestle S.A have made into the local fast moving consumer goods.
In the first week of March, Nestle S.A purchased shares on two occasions. It acquired 2.16 million shares within two days. The first acquisition was on Tuesday, March 2, when it bought 1,980,370 shares of Nestle Nigeria worth N1,348.84 per share.
The company made another purchase on Wednesday, March 3, acquiring 186,277 shares at N1,349.74 per share. This brings the total number of shares bought to 2,166,647 at an aggregate price of N1,349 per share, a statement sent to investing public reported.
This means to strengthen its hold on Nestle Nigeria as a majority shareholder, Nestle S.A invested N2.92 billion in the Nigerian subsidiary, but Ripples Nigeria gathered the shares were bought at a cheap price when compared with the previous day share price on Nigerian bourse.
On Monday, March 1, Nestle share price was N1,450 before crashing on March 2, to settle at N1,350 per share, and traded flat till Thursday, March 4. Nestle S.A had bought most of the shares traded by Nestle Nigeria investors between March 2 and 3, 2021.
On March 2, Nestle Nigeria traded share volume was 2,023,973 shares (Nestle S.A; 1,980,370), while the next day, it was 229,087 (Nestle S.A; 186,277).
As of December 2020, Nestle S.A held 527.08 million shares in Nestle Nigeria, which represents 66.50 percent hold on the Nigerian subsidiary. This makes Nestle S.A the largest shareholder in the company.
Other shareholders in Nestle Nigeria are Stanbic IBTC Nominees Limited with 6.28%. No other shareholder held 5% or more of the paid-up capital of the company as of December 31, 2020.
Aside from investing capital into Nestle Nigeria, the foreign shareholder will also receive a dividend payment of N29.72 billion from the subsidiary, the company’s financial statement for the period ended December 31, 2020, report.
The additional share purchase of Nestle Nigeria comes on the back of revenue growth in 2020 full year, with the company generating N287.08 billion to surpass the N284.03 billion grossed during the corresponding period of 2019.
Although, profit before tax declined to N60.63 billion in 2020 full year, below the N71.12 billion recorded during the same period in 2019. Also, profit after tax plunged to N39.21 billion during the period under review, failing to surpass the N45.68 billion reported for the 2019 full year.
The United Kingdom has reiterated its commitment towards supporting the Federal Government to promote the growth of Nigeria’s tech ecosystem and close the digital divide in the country.
Ben Llewellyn-Jones, OBE, the British Deputy High Commissioner to Nigeria, stated this on Thursday, March 11, in Lagos.
This was during a virtual technical conference facilitated by the UK’s Digital Access Programme on Digital Inclusion for Underserved/Unserved Communities and Persons Living with Disabilities (PLWDs).
“As our fight against the pandemic goes on, our focus is on supporting a sustainable and resilient recovery across Nigeria,” he told participants at the conference.
Llewellyn-Jones added, “Tech has the ability to help us tackle some of the greatest social challenges of our time – from protecting our environment and reducing carbon emissions, to transforming health systems, saving lives through diagnosing diseases earlier, to aiding economic inclusion by deepening access to underserved populations.
“To drive this growth, Nigeria needs a combination of increased access to faster and better quality internet connectivity infrastructure, and upskilled tech talent pool, a vibrant start-up ecosystem, access to investment, and partnership opportunities both regionally and internationally.”
Furthermore, the UK envoy explained that the conference was organised as a catalyst to aggregate views and develop quick-win strategies to resolve the issues of populations without access to digital, in order to bring poor and excluded people into the digital economy, reducing poverty and stimulating economic growth.
MTN group says it is yet to repatriate R4.2bn (over N106bn) profits made from Nigeria back to South Africa due to the challenge of accessing foreign currency.
The MTN Group President and Chief Executive Officer, Ralph Mupita, disclosed this while announcing strong results across its twenty-one African markets.
According to Mupita, as at 31 December 2020 only R286 million (about 707.1million) out of the profits made from Nigeria has been successfully sent back to South Africa.
MTN group posted an impressive double-digit growth in earnings in 2020, doing especially well on its medium-term targets.
The group financial statements shows about 29 million new subscribers were added during the year under review, bringing MTN’s group subscriber base to 280 million in Africa.
In 2020, MTN also revealed new 19 million data users were added and nearly 12 million Mobile Money users, to reach totals of over 114 million and 46 million respectively.
The company said these numbers helped grow its service revenue by 11.9 percent to R170-billion and earnings before interest, taxes, depreciation and amortisation (Ebitda) increasing by 13.4 percent.
MTN also reported a 52 percent increase in adjusted headline earnings a share, a four-percentage point increase in return on equity to 17 percent and a more than doubling in operating cashflow to R28.3 billion.
Basic earnings a share increased by 87 percent, good operational performance and an improved contribution of the share of profits from associates and joint ventures.
MTN Group’s capital expenditure was R28.6bn and its net debt was reduced by R12bn to R43bn.
However, MTN announced suspension on its full year dividend for 2020.
The board said it would communicate a revised medium-term dividend policy after the announcement of its 2021 financial year results in March 2022.
On assessment of the progress of cash upstreaming from Nigeria, ARP delivery and COVID-19 impacts, the board will consider returning further cash to shareholders in the form of special dividends or share repurchases after the release of FY2021 result,” the statement noted.
Justice Oluremi Oguntoyinbo of Federal High Court, Lagos, on Tuesday refused to vacate her interim Mareva injunction made on January 25, 2021 directing 20 banks to block accounts of Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries.
The judge made the order in her ruling on three applications in a suit marked FHC/L/CS/52/2021, filed by Aiteo Eastern E&P Company Ltd against SPDC and four others sequel to AITEO’s bid to recover from Shell, the cash equivalent of more than 16 million barrels of crude oil allegedly diverted by the oil giant.
Other respondents in the suit are Royal Dutch Shell Plc; Shell Western Supply and Trading Ltd; Shell International Trading and Shipping Company Ltd; and Shell Nigeria Exploration and Production Company Ltd.
Aiteo is claiming about $2.7 billion against SPDC over alleged problems with the Nembe Creek Trunk Line (NCTL) pipeline it bought from the Anglo-Dutch group in 2015 and over claims that Shell undercounted its oil exports.
Justice Oguntoyinbo granted the Mareva injunction, directing 20 commercial banks to block SPDC and its subsidiaries’ accounts and barring Royal Dutch Shell’s Nigerian subsidiaries from withdrawing money at the banks until it “ringfences” potential damages in the lawsuit brought against the firm by Aiteo.
Seventeen of the banks are said to have complied with the order while three of the banks’ have been summon for allegedly disobeying the order made on January 25, 2021.
The court has therefore ordered secretaries of the defaulting banks and their chief financial officers to appear before it on the next adjourned date of March 29, 2021, warning that their failure to appear would result in a warrant for their arrest.
Interest expense of United Bank for Africa (UBA) fell by 7.9 percent in 2020, analysis of the company’s financial statements showed.
Interest expense, which is a cost incurred on borrowed funds hit N168.39 billion.
The N168.39 billion in twelve months showed a difference of -7.9 percent when compared to the N182.95 billion reported as interest expense in the corresponding period of 2019.
During the same period of dip in interest expense, UBA grew its payment of interest (Interest Income) to customers, after borrowing fraction of account holders’ deposit to fund loan applicants.
According to the financials obtained by Ripples Nigeria, UBA’s Interest Income rose to N427.86 billion in 2020 full year, surpassing the N404.83 billion paid to customers in the same period in 2019.
The financials also reported that UBA grew its profit before tax (PBT) and profit after tax (PAT) during the twelve months period of last year. PBT ended closed the year 2020 with with N131.86 billion, surpassing the N111.28 billion reported for 2019 period.
PAT rose to N113.76 billion during the twelve months period of last year, rising above the N89.08 billion UBA reported during the corresponding period of 2019.
The Federal Airports Authority of Nigeria (FAAN) has called for the stoppage of its 25 per cent revenue contribution to the Federation Account to enable it address some infrastructure gaps.
Mr Rabiu Yadudu, General Manager, FAAN, made the appeal during an oversight visit of the Senate Committee on Aviation at the Lagos Airport on Sunday, March 7.
Yadudu explained that one way to ensure development in the industry was to allow revenue generated by agencies in the sector to be ploughed back.
The managing director said that the practice was obtainable across the globe and was also part of the international standard and recommended practice.
Yadudu decried accumulated airline debt to aviation agencies particularly FAAN, adding that a particular airline owed N13 billion for services rendered and unpaid for.
“The industry is still having infrastructure gap to stabilise, therefore the government’s support in stabilising the industry is needed.
“This can be achieved by suspending the contributions to the Federation Account in compliance with ICAO Standards and Recommended Practices (SARPs) Doc 9562.
This document on airport generation provides that; revenue generated by the airport should be transparently re-invested wholly in operating and developing airport facilities,” he said.
Yadudu said revenue generation was low as only two airports – the Murtala Muhammed International Airport (MMIA) and the Nnamdi Azikiwe International Airport (NAIA) mainly sustained other airport expenditures.
He also highlighted the global economic challenge both national and international which had affected airline operators causing them to reduce fleet, frequencies, or totally withdraw operations thus affecting the agency’s revenue generation.
Yadudu decried the rising operating and maintenance cost of the new terminals and existing ones due to inflation and the devaluation of the naira.
The managing director, however, said the agency was tweaking its plans to make other airports that were not breaking even perform.
He also said the airport management had embarked on aggressive debt recovery while it had introduced a Pay As You Go system, adding that it had also commenced a cashless policy among other loophole blockage areas.
Responding, the Chairman of the Committee, Sen. Smart Adeyemi said the idea was commendable noting that the issue was constitutional and would require a constitutional review to achieve.
Adeyemi commended Yadudu for the work done on the runways such as that of Enugu and Abuja but stressed that emphasis needed to be placed on airports that had not had any form of rehabilitation since established, especially those in need of refurbishing.
“I was happy when we went to Enugu and saw the improvements on the runway and I want to also commend the Minister of Aviation for the rehabilitation of Enugu runway.
“However, there are quite a lot of airports that we need to start looking at budget inclusion for next year, not this year.
“We will not wait till there is a mishap before we start looking at fixing the runways which are in bad shape, a number of them since they were constructed have not been touched and at times when you land in some of these airports, you don’t need to be a pilot to know that the plane will not maintain a balance,” he said.
Adeyemi said the committee would carry out more oversight functions in 2021.
Crude oil price opened the week on Monday trading at $70 per barrel more than two percent it traded on Friday following reports of attacks on Saudi Arabian facilities.
This is the first time since 2019; the price of oil has went past the $70 mark. The last time was in May 2019 according to data from oil price.
However, worries remained that higher prices could mean some Organization of Petroleum Exporting Countries (OPEC) members will want to pump.
The Organization of Petroleum Exporting Countries and its allies including Russia had been debating whether to restore as much as 1.5 million barrels a day of output.
Nevertheless, with the oil pricing rising above record level, this could mean more income for Nigeria at least for the near term.
Nigeria’s 2021 approved budget oil prices benchmark is $40 a barrel and 1.86 million barrels a day of crude production.
Indian companies’ financial commitments to their subsidiaries and joint-ventures in Nigeria reached $1.44 million (N591.84 billion) in the first two months of this year.
Data from Reverse Bank of India (RBI) obtained by Ripples Nigeria revealed that the investments were made in construction, agriculture, mining, retail, restaurants, and hotel.
However, all the financial commitments made are in form of loans.
Analysis of the data revealed that $596,000 worth of loan was issued out by Damodar Agro Industries Private Limited, Lloyd Insulations (India) Limited, and Transrail Lighting Limited to their Nigeria subsidiaries in January.
Transrail Lighting Limited gave another $750,000 loan to its subsidiary, Transrail Lighting Nigeria Limited while Ecovista Industries Pvt Limited got $100,000 from its parent company in India, Damodar Agro Industries Private Limited, in February.
For year-on-year, the total transactions for February represent a 175 percent increase over the $308,000 transaction recorded in February 2020.
Financial experts and businessmen have criticised the “Naira for dollar” incentive initiated by the Central Bank of Nigeria (CBN). The apex bank had directed deposit money banks to reward beneficiaries of diaspora remittances.
In a memo dated March 5, 2021, the CBN directed commercial banks to pay recipients of diaspora remittances N5 for every one dollar in a bid to channel foreign exchange into the official market.
The incentive is also a drive to reduce inflow of dollars into the black market where rates are higher. While the CBN expects the Naira for dollar incentive to boost participation in the official exchange market, financial analysts and businessmen think otherwise.
Financial planner, Kalu Aja, in his reaction to the CBN incentive, said the action by the apex body doesn’t line up with its policy. He said CBN should devalue the naira in order to match with the black market price.
“Clearly the CBN wants Dollar inflow. It has devalued, it has prohibited, it has issued numerous circulars. However it has offered to sell its biggest contributor of FX to Mr Dangote in Naira not $ (dollar). Actions do not line up with policy.” Aja said in a note on his Twitter platform.
In his series of comments, Aja said, “CBN is not blind. The black market rate is higher than the CBN rate. Why would anyone send $ (dollar) via official means?If you want access to the diaspora funds, then devalue your currency to match the “street”. The laws of men cannot usurp the laws of economics.”
Aja added, “Remember the $ (dollar) CBN rate of N140 excludes the demand of 44 banned items. The black market $ (dollar) rate includes the full demand from all importers in Nigeria. The CBN exchange is artificial. If u can receive cash in $ (dollar) and sell to who I prefer, why is there an official rate?”
“On numerous wassapp (WhatsApp) groups, you see messages like”I have $5000, need N (naira)”. Those transactions are concluded in private.Paying N5 will not move those transactions to banks. 44 items are still banned from CBN fx auction, CBN told them to “go source their forex” They have. Why N5?” Aja said.
Another critic of the CBN initiative, Aloy Chife, Managing Partner or Saana Capital, said as long as gap remains between the official rate and black market, the incentive will not result to projected outcome.
Chife advised that the Naira should be floated, “As long as the delta between the official rate and the parallel market rate of the Naira remains negative, incentives like the CBN BOGOF (buy one get one free, or thereabouts) will not move the needle.
“Float the Naira. Let’s swallow the bitter pill in one gulp.” Chife suggested in a comment he made in reaction to the CBN naira for dollar incentive.
They would then sell the assets as soon as Mr McAfee’s endorsements saw prices rise, according to the US Department of Justice and the US Commodity Futures Trading Commission.
That amounted to having “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception,” US Attorney in Manhattan Audrey Strauss said.
The Central Bank of Nigeria (CBN) has extended its forbearance on intervention loans obtained from the apex bank. A new regulatory directive was issued following the expiration of the previous deadline.
In March 2020, CBN offered businesses COVID-19 palliatives in form of reduced interest rates on its intervention funds to companies from 9 percent to 5 percent per annum.
This was meant to assist businesses affected by the government’s measures against COVID-19 outbreak, and clear their financial constraint.
The reduced interest rate was meant to last for a year, same as the moratorium which was tied to the intervention loans. The low interest rate and the moratorium expired at the beginning of March 2021.
However, the CBN won’t enforce payment of debt, as the regulatory body extended the palliative by twelve months, until February 28, 2022.
But the grace provided by CBN won’t affect all debtors, only businesses that obtained CBN loans in Deposit Money Banks and credit facility from Bank of Industry (BOI).
Following the expiration of the above timelines, the CBN hereby approves as follows: 1) The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities; 2) The roll-over of the moratorium on the above facilities shall be considered on a case by case basis.” CBN said in a statement on Wednesday.
The nominee for United States’ Securities and Exchange Commission (SEC), Gary Gensler, has described bitcoin as a catalyst for change.
Gensler said while SEC under his leadership will protect investors, the commission also intends to support the usage of bitcoin.
Gensler’s comment on bitcoin has given the cryptocurrency some weight following criticism from the Central Bank of Nigeria (CBN), which said cryptocurrency is used for criminal activities.
The CBN governor, Godwin Emefiele and the apex body, had stated that no serious and credible investor wants to associate with cryptocurrency, but the statement of Gensler has proven otherwise.
Gensler spoke of his plan for cryptocurrency during the US Senate confirmation hearing.
He said bitcoin and other cryptocurrencies have redefined financial inclusion as the digital assets provided new method for payment. With the high level of risk investors are exposed to, Gensler said investors protection will be a priority.
“These innovations have been a catalyst for change. Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend t,” he said.
In curbing the risk cryptocurrency poses to investors, Gensler said, “I’d work with fellow commissioners to both promote the new innovation, but also at the core, ensure for investor protection.
If something were security, for instance, it comes under the securities laws, comes under the SEC. If there are exchanges that trade those, to ensure that there’s the appropriate investor protection on those exchanges, so promote technology but still stay true to our core values of investor protection and capital formation,” Gensler said.
The leadership of Cattle and Foodstuff dealers under the aegis of Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) has agreed to end the blockade of supplies to the south.
They reached the agreement at an ongoing meeting with Governor Yahaya Bello of Kogi State in Abuja on Wednesday.
Abdullahi Tom, a youth leader of the cattle dealers who is attending the meeting, told Daily Trust that the union has agreed to shelve the strike.
Femi Fani-Kayode, former Aviation Minister, is attending the meeting.
Last week, the union commenced strike to protest the attack on some of their members during the #EndSARS protests and the recent Shasha market crisis in Ibadan, Oyo state capital.
They had initially given the federal government a seven-day ultimatum to weigh into the situation and look into their demands.
Baskets of tomatoes waiting to be loaded for movement to the southern parts of the country at Kwanar Gafan Tomato Market in Kano State.
The Union had demanded protection of its members, and payment of N475 billion compensation for lives of members and properties lost during the #EndSARS protest and the Shasa market crisis.
They also demanded the dismantling of all roadblocks on federal highways where their members are harassed and money extorted from them by security operatives.
The strike entailed closing all routes between the North and South for vehicles conveying cattle and food items. Such vehicles were stopped from reaching the Southern region.
Both sides have been affected by the strike. Food prices soared in the South, while farmers in the North complained of poor patronage.
Daily Trust had reported how onion traders lamented over the crash in the price of the item.
A bag of onion which sold at N35,000 before the strike, plummeted to N7000
Shoprite employees have protested unpaid gratuity, as they accuse the South African-owned supermarket of selling off the Nigerian subsidiary without seeing through their memorandum of understanding (MOU).
According to one of the protesters in a video shared online, Shoprite and the national body for the employees were supposed to meet last month, February, over wages of the employees, but the meeting didn’t hold.
The protesters blocked the entrance of Shoprite in Ikeja City Mall (ICM) to make their displeasure known concerning how the management of Shoprite was handling the situation.
The protesters alleged that the Nigerian subsidiary has been sold to new owners, who are expected to takeover Shoprite Nigeria next month, April 2021. The revelation of new ownership corresponds with Shoprite’s announcement in 2020, that it will exit the Nigerian market.
Shoprite said it wants to divest its holdings in Retail Supermarkets Nigeria – owners of Shoprite Nigeria – to focus on its homefront, which is South Africa.
This means about 26 outlets owned by Shoprite South Africa in Nigeria will go under the new ownership.
Shoprite Nigeria is worth about N24 billion according to its financial statements, this reveals the amount range new owners will pay to takeover Shoprite. The company had planned 2020 for its exit, although the South African retailer hasn’t confirmed it has fully exited thevNigerian market.
Volvo Cars is only going to sell electric vehicles by 2030, the Swedish firm has said.
It will phase out all car models with internal combustion engines by then, including hybrids.
The carmaker is also planning to invest heavily in online sales and simplifying its products.
It is trying to capitalise on growing demand for electric cars, including in China, which is already one of its biggest markets.
Carmakers are also responding to pressure from governments around the world to beef up their electric car plans.
New cars and vans powered wholly by petrol and diesel will not be sold in the UK from 2030, for example.
Volvo’s chief technology officer, Henrik Green, said the company needed to switch focus: “There is no long-term future for cars with an internal combustion engine.”
Bjorn Annwall, head of Europe for Volvo, told the BBC’s Wake up to Money programme the plan fitted with both Volvo’s image and commercial interests.
“At Volvo our customers expect high levels of us when it comes to human safety and they are starting to expect exactly the same thing when it comes to planetary safety, we aim to live up to that, it’s the right thing to do,” he said.
“The fully electric premium segment will be the fastest growing part of the automotive market, so it’s very natural to focus on that.”
Its online push means customers will be able to order cars to their own specification online, but also through a dealership.
Volvo will not be investing in cars with hydrogen fuel cells, as it does not think there will be enough demand from customers. There is also a question mark over hydrogen’s availability in comparison with charging points for electric cars, a spokesman said.
Volvo previously announced that by 2025, half of its sales would be fully electric, with the rest being hybrids.
Last month, Volvo abandoned plans to merge with Chinese car giant Geely. But the two companies said that they would form a partnership instead to make components for electric cars that would be used by both firms.
Global carmakers continue to pursue alliances to spread the cost of the transition to electric cars, tougher emission rules and autonomous driving, as well as pooling expertise and resources.
In January, shareholders approved a merger between Fiat Chrysler and France’s PSA Group, creating the world’s fourth biggest carmaker. The new group, Stellantis, would be able to “bet big on new innovations in electric, connected and autonomous vehicles”, analysts said at the time.
Zoom boss Eric Yuan, whose business exploded during the pandemic, says working from home is here to stay.
The video conferencing company expects sales to rise more than 40% this year, reaching more than $3.7bn (£2.66bn).
The forecast pushed shares in the company up more than 6% in after-hours trade in New York.
Investors have been watching for clues as to how the firm would fare as more people get vaccinated and social distancing restrictions lift.
Eric Yuan
Zoom said it did not expect growth to continue at the pace it enjoyed last year, but so far business remains strong.
The firm’s sales in the last three months of 2020 were up 370% compared to the same period in 2019, hitting $882.5m.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” company boss Eric Yuan said. “As the world emerges from the pandemic, our work has only begun.”
The pandemic, which prompted an abrupt shift to remote work for many businesses around the world, transformed Zoom into a household name practically overnight.
The firm, which charges businesses for its remote meeting software in addition to more limited free use for the general public, saw sales soar 326% to $2.6bn in 2020. Profits jumped from just $21.7m in 2019 to $671.5m.
While some companies have started to ease staff back into the office, many others have said they expect that some of the increased flexibility introduced during the pandemic will linger.
“The future is here with the rise of remote and work from anywhere trends,” Mr Yuan said in prepared remarks for investors. “We recognize this new reality and are helping to empower our own employees and those of our customers to work and thrive in a distributed manner.”
Susannah Streeter, analyst at Hargreaves Lansdown, said Zoom’s fate would depend on how it manages to compete against firms such as Microsoft and Google, which have introduced similar features.
“Although it stole an early march on other players in the first few months of the crisis, it does now have much stiffer competition from the likes of Microsoft and Google who have significantly upped their game,” she wrote in a research note.
“It may be that we have become so used to pandemic habits that we will stick with our virtual social lives, particularly for long distance friendships and work relationships. But just how large a slice of the live video pie Zoom manages to hang on to will depend on how it matches up to its powerful rivals.”
“A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the Covid-19 pandemic.”
“Our organisation faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today.”
“I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.
These are the expressions of the WTO Director General, the Naijapremiumgist’s PERSONALITY OF THE MONTH.
LIFE AND FAMILY Okonjo-Iweala was born in Ogwashi-Ukwu, Delta State, Nigeria, where her father Professor Chukwuka Okonjo was the Obi (King) from the Obahai Royal Family of Ogwashi-Ukwu.
Okonjo-Iweala was educated at Queen’s School, Enugu, St. Anne’s School, Molete, Ibadan, and the International School Ibadan. She arrived in the US in 1973 as a teenager to study at Harvard University, graduating magna cum laude with an AB in Economics in 1976.
In 1981, she earned her PhD in regional economics and development from the Massachusetts Institute of Technology with a thesis titled Credit policy, rural financial markets, and Nigeria’s agricultural development.
She is married to Dr. Ikemba Iweala, a neurosurgeon. They have four children and three grandchildren
She received an international fellowship from the American Association of University Women (AAUW), that supported her doctoral studies.
CAREER Dr. Okonjo-Iweala served twice as Nigeria’s Finance Minister, from 2003-2006, 2011-2015, and briefly Foreign Minister in 2006, the first woman to hold both positions. During her 25 years at the World Bank, she is credited with spearheading several initiatives to assist low-income countries, in particular raising nearly $50bn in 2010 from donors for the International Development Association (IDA), the World Bank’s fund for the poorest countries.
Dr Ngozi Okonjo-Iweala a global finance expert, is an economist and international development professional with over 30 years of experience working in Asia, Africa, Europe and Latin America. Currently, Dr Okonjo-Iweala is Chair of the Board of Gavi, the Global Alliance for Vaccines and Immunisation.
Since its creation in 2000, Gavi has immunized 680 million children globally and saved ten million lives. She is also a Senior Adviser at Lazard and sits on the Boards of Standard Chartered PLC and Twitter Inc.
HONOURS AND ENLISTMENTS
Dr Okonjo-Iweala has been listed as:
One of Transparency International’s 8 Female Anti-Corruption Fighters Who Inspire (2019)
One the 50 Greatest World Leaders (Fortune, 2015)
Top 100 Most Influential People in the World (TIME, 2014)
Top 100 Global Thinkers (Foreign Policy, 2011 and 2012)
Top 100 Most Powerful Women in the World (Forbes, 2011, 2012, 2013 and 2014)
Top 3 Most Powerful Women in Africa (Forbes, 2012)
Top 10 Most Influential Women in Africa (Forbes, 2011)
Top 100 Women in the World (The UK Guardian, 2011)
Top 150 Women in the World (Newsweek, 2011)
Top 100 most inspiring people in the World Delivering for Girls and Women (Women Deliver, 2011). She has also been listed among 73 “brilliant” business influencers in the world by Condé Nast International.
In 2019, Dr Okonjo-Iweala was elected to the American Academy of Arts and Sciences.
In 2017, she received the Madeleine K. Albright Global Development Award from the Aspen Institute, the Women’s Economic Empowerment Award from WEConnect International, and the Vanguard Award from Howard University.
In 2016, she received the Power with Purpose Award from the Devex Development Communications Network and the Global Fairness Award from the Global Fairness Initiative in recognition of her contribution to sustainable development.
She was also conferred High National Honours from the Republic of Cote d’Ivoire and the Republic of Liberia. She is also the recipient of Nigeria’s third highest National Honors Commander of the Federal Republic (CFR).
In addition, Dr Okonjo-Iweala has been awarded the David Rockefeller Bridging Leadership Award (2014), the President of the Italian Republic Gold Medal by the Pia Manzu Centre (2011), the Global Leadership Award by the Chicago Council on Global Affairs (2011) the Global Leadership Award by the Columbia University School of International and Public Affairs (2010), and the Bishop John T. Walker Distinguished Humanitarian Service Award (2010).
She is also the recipient of the TIME Magazine’s European Heroes Award in 2004, named Finance Minister of the Year (Africa InvestorMagazine, 2014), Finance Minister of the Year for Africa and the Middle East (THE BANKER, 2004), Global Finance Minister of the Year (EUROMONEY, 2005), Finance Minister of the Year for Africa and the Middle East (Emerging Markets Magazine, 2005), and Minister of the Year (THISDAY, Newspaper2004 and 2005).
Dr Okonjo-Iweala is the founder of Nigeria’s first ever indigenous opinion-research organization, NOI-Polls. She also founded the Center for the Study of Economies of Africa (C-SEA), a development research think tank based in Abuja, Nigeria. Dr Okonjo-Iweala is a Distinguished Visiting Fellow at the Center for Global Development, and also at the Brookings Institution, premier Washington D.C. think tanks.
She has received honorary degrees from 15 universities worldwide, including some from the most prestigious colleges: Yale University, the University of Pennsylvania, Brown University, Trinity College (University of Dublin), Amherst College, Colby College, Tel Aviv University, and Northern Caribbean University, Jamaica. She also has honorary doctorate degrees from a host of Nigerian universities including Abia State University, Delta State University, Oduduwa University, Babcock University, and the Universities of Port Harcourt, Calabar, and Ife (Obafemi Awolowo).
She is the author of numerous articles and several books, including Fighting Corruption is Dangerous: The Story Behind the Headlines (MIT Press, 2018), Reforming the UnReformable: Lessons from Nigeria, (MIT Press, 2012), Mobilizing Finance for Education in the Commonwealth (Commonwealth Education Report 2019), Shine a Light on the Gaps – an essay on financial inclusion for African Small Holder Farmers (Foreign Affairs, 2015), Funding the SDGs: Licit and Illicit Financial Flows from Developing Countries (Horizons Magazine, 2016), and The Debt Trap in Nigeria: Towards a Sustainable Debt Strategy (Africa World Press, 2003). She also co-authored with Tijan Sallah the book Chinua Achebe: Teacher of Light (Africa World Press, 2003).
Okonjo-Iweala will take up her new post as the DG of WTO on March 1st 2021 and her term, which is renewable, will run until August 31, 2025.
Microblogging site, Twitter, has announced intent to place charges on exclusive tweets and contents.
The development, which was revealed on Thursday during the company’s annual Analyst Day event, will see users paying for contents on the app after launch.
According to the American social media giant, one such charge is the Super Follows subscription where creators and publishers can monetise exclusive tweets and contents via Twitter.
Explaining the terms, Twitter further noted that the new offering would be designed in such a way that only subscribed users can gain access to exclusive content, deals and discounts, community access, amongst other offering plans in the pipeline.
Analysts have speculated that while this development has been presented as a system and service upgrade, it boarders more on measures to help Twitter scale up on revenue as it has recorded new lows in recent financial sheets.
During the annual event, the company had hinted on the need for the company to double total annual revenue in coming years, citing how the coming can move from $3.7 billion in 2020 to $7.5 billion or more in 2023.
Speaking, tentatively, on the idea of the charge, the social media company proposed a subscription fee of $4.99 per month (roughly #2000 ) for the Super Follows subscription.
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