Recall that on Thursday, April 28, 2022, OCEL and LAMATA,
the Lagos State Government Agency tasked with planning, implementing,
regulating and franchising sustainable integrated public transport in Lagos,
signed a Memorandum of Understanding (MoU) to enable the successful deployment
of an Electric Vehicle (EV) Infrastructure Ecosystem (electric buses, charging
stations, and other supporting infrastructure) towards the attainment of a
sustainable road transport system in Lagos State.
The MoU will also bridge the gap in the current mass transit
bus system for the increasing number of Lagos commuters and make up a
significant part of the State Government’s larger drive to improve mass transit
infrastructure.
In line with its culture of excellence, OCEL, partnered with
Yutong Bus Co Limited (Yutong), the world’s largest electric vehicle
manufacturer to produce the electric buses, equipped with air conditioning and
Wi-Fi. In addition to the arrival of these electric buses, OCEL has also taken
delivery of the charging stations and spare parts necessary to ensure their
effective operation.
Consequently, and in line with the provisions of the
partnership between OCEL and LAMATA, the receipt of both the buses and charging
stations marks the commencement of our Sustainable Transport Initiative, which
is one of the Company’s pipeline projects to support Nigeria in meeting her
goal of net zero by 2060.
The Company’s strategic vision is to decarbonize the
transport system in Nigeria and in the process, strengthen the socio-economic
impact of transportation within the country. Over the next seven years, and
through the rollout of over 12,000 buses, this initiative will transition the
current combustion mass transit buses to electric, starting in Lagos State and
eventually across the country.
In the medium to long term, and in line with our ambitions,
our efforts within sustainable transport will lead to improved air quality,
enhanced public health, enable the employment of at least 3,000 new drivers and
an additional 2,000 workers to support bus maintenance, depot management, etc.
as well as estimated economic cost savings of US$2.6bn (3.6% of Lagos’s GDP).
Notably, the company’s EV roll-out plan is strategically
aligned with the Nigeria Energy Transition Plan (NETP); specifically supporting
the Government’s roadmap for EV implementation across Nigeria and its ambition
to boost local capacity in the medium term through the construction of EV
assembly plants.
The company said the Oando -Yutong Joint Venture Partnership
is to enable it realise among others: The manufacture and deployment of
additional electric buses during the Pilot and Roll-out phases of the
partnership with Lagos State through LAMATA; Design and facilitate training
programs targeted at the following critical stakeholders – bus drivers, bus
operators, and regulators including but not limited to LAMATA and the Ministry
of Transport; Provide technical support and after-sales service; Manage a
supply chain network to support the availability of spare parts as and when required;
and The construction of a local EV assembly plant to boost indigenous capacity.
Commenting, managing director, Yutong West Africa, Frank
Lee, stated: “This is a watershed moment for Yutong. It’s our first delivery of
electric mass transit buses in Sub-Saharan Africa and the first step in the
large-scale deployment of an electric powered public road transport system in
Nigeria. We are excited to be embarking on this journey in partnership with
Oando, an organization with a history of stellar performance in the energy
sector and are hopeful to see a quick turnaround in our joint plans to advance
all facets of the country’s transition to eco-friendly vehicles, including the
development of local capacity through the delivery of, and exposure to extensive
training programs for all stakeholders, from drivers to operators and the
regulators. Our foray into Sub-Saharan Africa has transformed us into a global
supplier of EVs with customers across the Middle East, Europe, South America
and Asia. Our electric vehicles offer outstanding performance due to their
advanced technology capabilities and testing for different terrains; all of
which make our buses particularly well suited for use as a public
transportation option in Nigeria”.
In her comments, the managing director of LAMATA, Engr. Mrs.
Abimbola Akinajo said: ‘’The arrival of the electric buses confirms Lagos State
Government’s commitment to the reduction of greenhouse gas effects, using
modern rolling stock, powered by clean energy, in the State’s transport
operations. It is for this reason we are partnering with the private sector to
facilitate the transition to the use of cleaner energy in public transport
thereby actualizing our vision of a transport system that provides options to
the people and improves their lifestyle by reducing carbon emissions generated
by fossil fuelled rolling stock, through the gradual phasing out of vehicles
contributing to the pollution of the environment.”
Commenting further, the chairman, OCEL, Adewale Tinubu,
said: “Audacity and innovation have always been key tenets in our journey to
transform Nigeria’s energy future. It’s this spirit that has brought us to this
juncture today – at the forefront of propelling Nigeria towards realizing her
net-zero targets. The arrival of our electric mass transit buses and
development of an EV infrastructure ecosystem is a reminder that the only way
to remain ahead of the curve is by being unafraid to break new ground and
consistently looking for opportunities to leapfrog. Furthermore, this project
underscores the African saying, ‘If you want to go fast, go alone; if you want
to go far, go together.’ Public-Private Partnerships have been critical to
getting the project to this point and will continue to fuel our expansion
across the entire country. I must commend the collaborative efforts of the
Lagos State Government through LAMATA in seeing this project through. The
commencement of this project gives us a platform to showcase to other States
what is possible and open the door for engagements on bespoke solutions to suit
their local needs as well as act as a model to be adopted by other
organizations looking to venture into sustainable transportation.”
In his remarks, the president/ CEO, OCEL, Dr. Ainojie Irune
said: “This is a pivotal moment for Lagos State and the country at large. The
development of a sustainable transport ecosystem is much more than the
deployment of electric vehicles; it’s about reducing the carbon footprint of
the seven million public transport commuters and positively impacting the
socio-economic indices surrounding transportation. The EV infrastructure, built
to facilitate optimal efficiency of the buses, will form the artery of
tomorrow’s EV utilisation in Nigeria by providing charging stations, servicing,
spare parts, skills development, and knowledge transfer. The transition from an
idea proposition to an operational initiative is validation of our collective
commitment to realizing the country’s ambition of becoming a net-zero carbon
emitter by 2060. For us at OCEL, Lagos State is only the beginning, we look
forward to replicating this model nationwide through strategic partnerships
across the public and private sectors.”
OCEL is the renewable energy business subsidiary of Oando
Energy Resources, a part of the Oando Plc group of companies. Headquartered in
Lagos, Nigeria, our agenda is to invest in climate friendly and bankable energy
solutions across the African continent; meeting our demand through the
exploitation of green and renewable sources, as we strive towards the
achievement of a carbon neutral Africa.
Our core areas of interest include Sustainable Transport,
Solar Energy Solutions, Gas & Biofuels, Waste to Energy, Wind Farms,
Geothermal Power Plants, Hydro Energy and other emerging technologies.
Wema Bank’s shareholders are to get N3.857 billion or 30
kobo per share dividend, while Jaiz Bank declared a dividend of N1.727 billion
or 0.05 kobo for the year ended December 31, 2022.
Capital market analysts lauded 2022 corporate earnings and
dividend payout of banks, stating that financial institutions in Nigeria are
resilient to overcoming domestic and foreign challenges and declared dividends
from their earnings.
The chief research officer, InvestData Consulting Limited,
Mr. Omordion Ambrose said, the 2022 performance of these companies are
impressive and their dividend returns are more attractive when compared to
yields on money market instruments.
He said: “from the results we have seen so far, Zenith Bank
proposed N2.90 final dividend and GTCO declared N2.80 final dividend payout on
the NGX. Some of these companies over the years have been consistent in
dividend payout to shareholders.”
The managing director of HighCap Securities Limited, Mr.
David Adonri said, an investor who wants to receive a steady income should
consider investing in established companies which are mainly concerned with
keeping their shareholders happy with dividend payments either interim or final
dividend, saying, investors also regard dividend payment as a sign of a
company’s strength.
The founder of Tradelines DotBiz Investment Limited, Mr
Tunde Jeariogbe said, the tier-one banks, over the years, have been
consistently paying dividends and 2022 dividend payout from them are
impressive.
The managing director/CEO APT Securities and Funds Limited,
Mr. Garba Kurfi commended listed financial institutions for releasing
impressive results and accounts for 2022, expressing concerns that the declared
dividend by these companies did not reflect in the trajectory of the stock
market in Q1, 2023.
According to him, these companies have declared impressive
dividend payout to investors but I do not know why the NGX Bank index did not
respond to dividend payout in the financial sector.
“Investors on the Exchange were concerned over political
unrest, among other factors, and opted to sell some of these banking stocks. We
hope these banking stocks will bounce back in the second quarter of 2023 once
unaudited first quarter results and accounts are released to the investing
public,” he stressed.
Speaking on GTCO audited results for 2022, the group chief
executive officer of GTCO, Mr. Segun Agbaje, said: “our ability to successfully
navigate the peculiar challenges in the different markets where we operate
underscores our strong business fundamentals and unwavering commitment to sound
business strategies.
“Despite the varying challenges and headwinds that weighed
on growth in 2022, we were determined to deliver a decent performance and scale
effectively to strengthen our competitive edge and drive long-term growth.”
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