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US Cuts Monthly Oil Imports from Nigeria by 89%

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The United States’ crude oil imports from Nigeria plunged to 539,000 barrels per day in February from 4.87 million bpd in January.

The US imports of Nigerian crude have dropped in recent months, hitting almost a four-year low in February.

The country bought 5.18 million bpd in December, down from 10.03 million bpd in January 2018, the latest data obtained from the Energy Information Administration on Friday showed.

Its imports of Nigerian crude oil dropped by 48.87 million barrels or 43 per cent in 2018, the EIA said.

The US imports of Nigerian crude fell to 64.06 million barrels last year from a five-year high of 112.92 million barrels in 2017.

The EIA data showed that the country imported 75.81 million barrels of Nigerian oil in 2016, up from 19.85 million barrels in 2015.

US imports of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of shale oil boom.

Light sweet Nigerian crude is very similar to the light oil produced in US shale. As US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.

In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in US imports of its crude to 21.24 million barrels.

For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 as well as June 2015, according to the EIA data.

In 2010, the US bought as much as 358.92 million barrels from Nigeria, but slashed its imports to 280.08 million barrels in 2011.

With the sharp increase in its production, the US oil exports averaged 1.9 million bpd in 2018, about twice the amount that was exported in 2017, according to the EIA.

Crude oil exports from the US to the United Kingdom overtook supplies from other countries including Nigeria for the first time since such shipments began in 2015.

In January this year, the US supplied the equivalent of almost one in every four barrels of crude processed by UK oil refineries, or 264,000 bpd, according to the Financial Times.

That level was more than Norway, Russia, Nigeria or Algeria, according to data from the cargo-tracking company Kpler, which have all been major suppliers to the UK in recent years.

South Korea overtook China as the number-two destination for US crude behind Canada in 2018, as shipments to South Korea soared to a record high of 558,000 bpd in December, according to the EIA.

The US sent an average 236,000 bpd of crude to South Korea and 228,000 bpd to China in 2018.

Canada remained the top customer on an annual basis for 2018, but South Korea took the top spot for December. The US sent an average of 378,000 bpd of crude to Canada in 2018, with December exports at 431,000 bpd.

The Punch

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Stanbic IBTC Showcases Strong CSI Through Together4ALimb Initiative, Others

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As a socially responsible organisation, Stanbic IBTC Holdings PLC is big on positively impacting lives within its host communities in Nigeria through its Corporate Social Investment (CSI) initiatives.

Stanbic IBTC’s CSI is hinged on three core pillars: education, health, and economic empowerment, and aims to meaningfully contribute to enhancing the wellbeing of Nigerian communities, especially at the grassroots.

One of such is the Together4ALimb initiative, where the company provides support to enhance the quality of life of children with missing limbs. Through the provision of prosthetics and educational trust funds worth millions of naira, Stanbic IBTC ensures these young people can live a normal and productive life like their counterparts.

The Organisation understands the need to make an impact in the lives of children living with missing limbs, either by birth or via accidents, and is determined to do so through its signature CSI. It is important to give these children hope for the future, and enable them see the endless possibilities for greatness in life, irrespective of societal prejudices they face owing to their circumstances,  which could pose a threat to the achievement of their dreams and aspirations. The educational trust support provides a platform for  young people to access quality education needed to enable them maximize their potential and become whatever they want to be.

The signature CSI comes with an awareness drive, “Together4ALimb charity walk”, which is designed to draw attention to this health challenge and hopefully garner financial and government support for survivors. The annual Together4ALimb walk has recorded over 5,000 participants since inception.

Stanbic IBTC reiterates its commitment to empowering and creating better narratives for communities in Nigeria. In 2021, the Organisation took on several value-driven charitable initiatives such as  school renovations, orphanage, nursing homes and special needs centre visitations, , all targeted at empowering and enriching the lives of less privileged Nigerians.

A memorable CSI initiative taken on last year by the organization was a visit to the Ketu Special Children Centre, where the organisation presented medical and physiotherapy equipment to the facility. The donations made will go a long way to help improve the wellbeing of children living with cerebral palsy, a condition which causes other health issues like vision impairment, hearing and speech problems, and learning disabilities.

Other CSI initiatives taken on by Stanbic IBTC last year include the presentation of hospital equipment to Batagarawa Primary Health Care, Katsina; presentation of a CT Scan room and other medical facilities to Mother and Child Hospital, Kano State; the donation of medical items to Mother and Child Hospital, Ebonyi State; the commissioning of a borehole donated to the LEA Primary School FCT Abuja; renovation of the Antenatal Care Unit at General Hospital, Mushin, Lagos, as well as empowering young people via financial knowledge on the World Savings Day in various schools nationwide and mentoring sessions for students at Estate Senior Grammar School, Ilupeju, amongst others

Stanbic IBTC is focused on delivering relevant and impactful CSI projects in communities where development is most needed. In 2022, Stanbic IBTC promises to deliver more social and economic initiatives to facilitate growth and improve the welfare of the Nigerian communities, especially those in rural areas.

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Future Face Africa: Ecobank Leads As 18 Models Qualify for Grand Finale in Lagos

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Ecobank Nigeria says it is a proud partner of the Future Face Africa (FFA) model talent search as preparation reaches concluding phase to host the grand finale of the competition in Lagos, Nigeria. After a rigorous selection process involving physical castings in 8 African countries, as well as thousands of digital applications from all over the world, the Future Face Africa judges have selected 18 finalists who will be flown into Lagos, for a shot at turning their modelling aspirations into a reality.

The Grand Finale event will be taking place on Sunday, 30th January 2022 at Eko Hotel & Suites, where models will be competing for a chance to win a 2-year modelling contract with a top international modelling agency, as well as a $5,000 USD cash prize.

Commending the FFA project, Head Marketing and Corporate Communication, Ecobank Nigeria, Babajide Sipe said Ecobank has increasingly shown that it means well in its intent to promote Africa’s finest in lifestyle vis-a-viz giving talented young people the opportunity for global stardom and to become African Fashion Icons.

“Future Face Africa aligns with Ecobank’s commitment to providing a veritable platform for actualizing the dreams of many young talents who will participate in the competition by gracing the international stage and ultimately interested in the fashion and beauty industry”.

Future Face Africa, no doubt Africa’s largest model search competition is headed by Elizabeth Isiorho, a pioneer in the African modelling industry and the founder of Beth Model Management Africa, Africa’s largest modelling agency, and the organisation behind Future Face Africa. Over the past 17 years, Beth Model Management has served as an industry pacesetter, helping to launch the careers of dozens of internationally placed models, and has cultivated some of the best talents in the industry, such as Mayowa Nicholas and Davidson Obennebo.

Elizabeth Isiorho previously organised Elite Model Look Nigeria, but after a 2-year hiatus, re-emerged with Future Face Africa to expand her model search beyond the borders of Nigeria alone, and offer a wider range of hopefuls a chance at success.

FFA will be giving opportunities to people from various countries, backgrounds and skin tones, aiming to go beyond the buzzwords of “diversity” and “inclusivity” to create an initiative that truly celebrates the range of beauty that the industry has to offer.

FFA will be equipping selected models with the knowledge and skills to achieve international success and to have long-lasting careers in a very competitive industry. For these models, Future Face Africa will be a once-in-a-lifetime opportunity that could change their lives forever.

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Nestlé Wins 2022 Top Employer Award, Promises More Safety, Wellbeing Practices

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The 2022 Top Employers have been announced and Nestlé has been recognised as a Top Employer in Nigeria.

Being certified as a Top Employer showcases an organisation’s dedication to a better world of work, exhibited through excellent HR policies and people practices.

Mr. Wassim Elhusseini, MD/CEO of Nestlé Nigeria PLC says, “We are pleased with the recognition as a Top Employer 2022 and will continue to focus on the wellbeing and safety of our people who are indeed our greatest assets.”

The Top Employers Institute programme certifies organisations based on the participation and results of their HR Best Practices Survey. The survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Well-being, Diversity & Inclusion and more.

David Plink, CEO, Top Employers Institute says: “Reflecting on the demanding year that has, like the year before it, impacted organisations across the world, Nestlé Nigeria has continued to show that it prioritises maintaining excellent people practices in the workplace. The company continues to meet the challenges of the changing world of work while working tirelessly to make a positive impact on the lives of their workforce.

We are pleased to celebrate and applaud the organisations that have been certified as Top Employers in their respective countries this year.”

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