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Necessity, they say, is the mother of invention, but it takes forward-looking vision, deep thinking and boldness to create innovations that change our world.

 

Governor Sheriff Oborevwori’s plan to introduce electric and compressed natural gas powered vehicles to transform the public transportation sector resonates that mode.

 

Speaking at the swearing-in ceremony of Commissioners, he noted that consequent upon the removal of fuel subsidy and the galloping exchange rate of the dollar against the naira, so much hardship has been brought upon the people, and in addition to various immediate palliative measures he has unwrapped to provide economic relief for Deltans, his administration has set up a committee headed by the Secretary to the State Government to look “at the possibility of acquiring electric vehicles for public transportation.”

 

The committee, he said, has equally been mandated to initiate the process of converting the Tricycle Assembly Plant in Asaba, in which the state shares equity with Stallion Group, into a dual-purpose factory to produce gas-powered tricycles in addition to those running on petrol.

 

“If this is done,” he reasoned, “it should significantly drive down the cost of transportation.” Indeed, it essentially will provide an enduring cost operation solution for both public transporters and commuters.

 

The removal of fuel subsidy came with spiral inflation. The cost of transportation from Asaba to Warri which used to be around N2,500 jumped to N5,000 while Asaba to Lagos which was N7,000 went up to N15,000. So too has the cost of intra-city movement risen, with biting effect on workers who must commute daily to and from offices. The incidence on traders is passed on the public with the inflation of the price of goods, especially foodstuffs.

 

What we need to know is that petrol engines are only 20 to 30 per cent efficient in fuel utilisation while the remaining 70 to 80 per cent are wasted in combustion. This means for every N10,000 petrol, only about N3,000 of it is used by the engine while N7,000 is wasted. The efficiency is even lower in older vehicles with only about 15 to 25 per cent utilisation and higher harmful gas emission.

 

Given this fact of physics, we can imagine the financial waste occasioned by the increase of fuel price from N185 to now above N600 per litre. Worse is that 99 per cent of vehicles on Nigerian roads are petrol and diesel powered and with average age of between 15 and 20 years compared to between five and seven years in Europe and America.

 

On the other hand, electric vehicles have energy utilisation efficiency of between 70 and 80 per cent while only about 20 to 30 per cent goes to waste. Needless to add that they are cleaner and more environmentally friendly as against the harmful gas emission of petrol vehicles.

 

While the utilisation efficiency of compressed natural gas is the same as petrol engine, the difference is that autogas is relatively cheaper, has less noisy and smoother engine and emits almost 70 per cent less carbon dioxide.

 

The foregoing analysis shows why the top 20 automobile producers in the world are fast embracing the manufacture of e-vehicles even as many advanced nations are targeting the phasing out of petrol vehicles in not too distant years.

 

The Nigerian government had recognised this, but it is sad that the action plan for conversion of Nigerian vehicles announced at about 2020 is still in the dream pipe while countries like South Africa, Morocco, Tunisia, Egypt, Rwanda and Kenya have not only set up enabling infrastructures but are already in partnership with various leading e-vehicle manufacturers in setting up local productions in their countries.

 

This opens new channels for direct foreign investments, introduction of new technologies, generation of new jobs and, most importantly, reduction in the price of new cars with the elimination of freight, clearing and forwarding costs and pressure on foreign exchange for importation.

 

It is therefore great foresight that Governor Oborevwori’s thought is in the direction the world is advancing. Even though his immediate approach is geared towards purchasing manufactured e-vehicles for immediate relief on operational cost in public transportation, he will ultimately lead a disruption, for good, in not just Delta but Nigeria’s public transportation scene.

 

Interestingly, he has been actually in engagement with Jet Systems, an e-vehicle provider, to work out the feasibility.

 

“Everybody is trying to go in that direction. It will also be economical and the good thing about this is that I am putting together a team headed by the Secretary to the State Government to study and see if it is something the state can do to support the transporters and reduce cost of transportation,” he said during one of the engagements.

 

Apart from the possible mass migration of public transporters to e-vehicles for cheaper operational cost, the agenda can manifest in the attraction of manufacturing partners for local production and new revenue stream for the government, even if it begins only with the conversion or manufacture of two and three wheeler electric vehicles for workers to commute to and from work and for intra-city commercial transportation as is the case in countries like India, Brazil, China and various European nations.

 

Expectedly too, the initiative will necessitate deliberate action for the intensification of generation, transmission and distribution of electricity across the state to sustain the new order and empower other industries.

 

Thankfully, Sheriff knows the street and where it pinches the people. He also knows that if we don’t shoot, we can’t score, and that is why the NIKE sports brand says: “Just Do It.”

 

(Fred Edoreh is Senior Special Assistant on Media to the Governor of Delta State)

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Business

GTCO Plc Releases 2024 Q1 Unaudited Results -Reports Profit Before Tax of ₦509.3billion

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Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

 

The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.

 

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem.

 

Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios i.e., pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%. GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

 

Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.Corporate Communication

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Business

BREAKING NEWS! MRS Oil is now selling Diesel AGO N1,050 across ALL its retail outlets nationwide

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Sayyu Dantata’s MRS Oil @MRSOilNigeria is now selling Diesel AGO at N1,050 across ALL its retail outlets nationwide. AGO had reached as high as N1,700 last month, now N1,250 to N1,350 in Kano.

MRS Oil, owned by Sayyu Dantata, is now selling Diesel AGO at N1,050 across all its retail outlets nationwide, a significant reduction from previous prices. This move is attributed to the vision of Aliko Dangote. MRS urges customers to report any outlet selling above N1,050. It’s hoped that other retailers will follow suit, benefiting the masses with lower prices.

 

This is remarkable news, thanks to the vision of one @AlikoDangote, the gamechanger!

As per MRS’s post, if any outlet sells higher than N1,050 to you, report them!

 

I hope that other retailers will follow suit and slash their prices nationwide for the benefit of the masses!

 

 

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