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Aishah Ahmad, Dr Dere Awosika, Others Billed To Speak At Access Bank’s IWD Fireside Chat On Workplace Stereotypes, Gender Balance

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In commemoration of International Women’s Day, the W Initiative of Access Bank Plc has announced that its International Women’s Day Fireside Chat will hold on Thursday, March 11th, 2021.

The Fireside chat is themed: ‘Take the Center Stage: Speak Up!’. Through the event, the Bank seeks to analyze and offer solutions to how women can maintain assertiveness in the workplace, own their voice as well as identify and handle imposter syndrome. Other conversation areas include the importance of flexible work environments in encouraging engagement and retention for women in the workplace and leveraging intersectionality in the workplace.

Speaking on the event, the Group Head, W Initiative at Access Bank, Ayona Trimnell, stressed the need for “increased discussions about real challenges that affect women in the workplace.”

“The peculiarities of the global community today mean that we are awakened to the successes women can achieve given the right systems and platforms for expression. We are also aware of the gaps and stereotypes that need to be challenged if we are to achieve the ultimate goal of this month’s commemoration – gender balance and equality.

Women daily are seen through the lens of stereotypes that exist in the society, marketplace, in the government, corporate organizations, to name a few. Hence to achieve our objectives as women, we need to champion conversations that will cause changes in the various spheres of society. At Access Bank, we do not only support women but also promote safe spaces for conversations that will further improve lives and the forthcoming Fireside chat is a testament to this fact. We look forward to hosting remarkable women across all walks of life to discuss the best way to chart a course for change”, she concluded.

Amongst the confirmed speakers and panelists for the event are Aisha Ahmad, CFA, Deputy Governor, FSS, CBN; Dr Dere Awosika, Chairman, Access Bank Plc.; Pearl Uzokwe, Director for Governance & Sustainability, Sahara Group Limited; Adenike Adebola, Marketing Director, Guinness; Rabi Adetoro, Senior Manager, Talent, and Career Management, MTN Nigeria, and Folake Adeniyi Adeleye, Int’l HR Leader, Certified Executive Coach, Founder, Coachivate.

Interested participants can join the virtual conversation at 11 am on March 11, 2021, using the link: https://thewcommunity.com/international-womens-day-2021/

BIG STORY

Dollar Weakens, Stocks Fluctuate Amid Trump-Powell Clash

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Gold prices reached a new high on Tuesday, while the US dollar weakened and stock markets experienced mixed results. This followed US President Donald Trump’s latest criticism of Federal Reserve Chairman Jerome Powell, which heightened concerns about the central bank’s independence.

Adding to the existing market uncertainty caused by US tariffs, investors are now worried that President Trump might attempt to remove the head of the Federal Reserve.

Trump criticized Powell last week for suggesting that the tariffs could lead to higher inflation. He implied that Powell’s removal couldn’t happen soon enough and expressed his dissatisfaction, stating he would remove him if he wanted to.

While this initial criticism raised concerns, Trump’s subsequent call on Monday for the Fed to cut interest rates, labeling Powell a “major loser” and “Mr Too Late,” caused significant market anxiety.

In posts on his Truth Social platform, Trump argued that inflation was “virtually” nonexistent, citing lower energy and food costs and pointing to the European Central Bank’s rate cuts.

These comments have fueled speculation that Trump is planning to remove Powell, with his economic advisor Kevin Hassett indicating on Friday that the president was considering his options.

In response, Wall Street investors sold off US assets, resulting in all three major indexes closing about 2.5 percent lower on Monday.

“While the market barely reacted to Trump’s initial comments on Thursday, Monday’s renewed attack triggered a significant ‘sell America’ trend,” noted Tapas Strickland of National Australia Bank.

“Regardless of whether President Trump has the legal authority or intention to act against the Fed, his actions highlight a decline in US market stability and increased policy risks for investors.”

Investors seeking safe-haven assets drove gold prices to a new record above $3,500. Although the dollar stabilized after Monday’s sell-off, it remained under pressure against other major currencies.

Stock markets experienced fluctuations between gains and losses on the first full trading day after the Easter holiday.

Markets in Tokyo, Sydney, Seoul, Wellington, Taipei, Manila, and Bangkok saw declines, while Hong Kong, Shanghai, Singapore, Mumbai, and Jakarta recorded gains.

London’s market showed little change, and Paris and Frankfurt saw slight decreases.

However, analysts cautioned that any attempt by Trump to fire the Fed chairman could trigger another significant market downturn and erode confidence in the US economy.

Pepperstone strategist Michael Brown warned, “If Powell were to be fired, the immediate reaction would be a massive surge in financial market volatility and an unprecedented flight from US assets.”

He added, “Equities would fall sharply, Treasury bonds would be sold across the board, and the dollar would plummet.”

Brown further stated, “Any indication that the long-standing independence of the Fed is under threat would lead global investors to sell off all US-based assets and raises the genuinely alarming possibility of disrupting the entire global financial system.”

Below is a summary of key market figures:

* Tokyo – Nikkei 225: Down 0.2 percent at 34,220.60 (close)

* Hong Kong – Hang Seng Index: Up 0.6 percent at 21,527.95

* Shanghai – Composite: Up 0.3 percent at 3,299.76 (close)

* London – FTSE 100: Flat at 8,275.99

* Euro/dollar: Down at $1.1500 from $1.1510 on Monday

* Pound/dollar: Up at $1.3389 from $1.3377

* Dollar/yen: Down at 140.38 yen from 140.89 yen

* Euro/pound: Down at 85.88 pence from 86.03 pence

* West Texas Intermediate: Up 1.1 percent at $63.78 per barrel

* Brent North Sea Crude: Up 1.0 percent at $66.95 per barrel

* New York – Dow: Down 2.5 percent at 38,170.41 (close)

 

Credit: AFP

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BIG STORY

NNPCL Generates N336bn From Crude Sales In Q1 2025, Dangote Refinery Accounts For 32% — Report

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The Nigerian National Petroleum Company Limited (NNPCL) reported earnings of N336.37 billion from crude oil sales in the first quarter of 2025. The Dangote Petroleum Refinery contributed over 32% of this figure, with crude supply transactions worth N107.44 billion.

Internal documents submitted at Federation Account Allocation Committee meetings revealed that the crude sold to Dangote was priced between $74.87 and $80.34 per barrel, using exchange rates from N1,501.22/$ to N1,562.91/$, based on African Export-Import Bank (Afreximbank) recommendations.

The naira-for-crude initiative—designed to reduce the demand for US dollars and stabilize fuel prices—was introduced by the Federal Government in July 2024. It mandated the sale of crude oil in naira to local refineries, including the Lagos-based 650,000 barrels-per-day Dangote facility, for six months starting October 1, 2024.

Although the Dangote refinery temporarily paused naira-based petroleum product sales in March 2025 due to currency mismatch issues, the Federal Executive Council reinstated the policy, declaring it a long-term solution to boost local refining.

Following this, the refinery reduced the ex-depot petrol price to N835/litre—its third cut in under six weeks—reflecting the benefits of naira-priced crude.

According to the documents, seven shipments totaling 915,821 barrels were delivered to Dangote from the Okwuibome field, operated by Sterling Oil Exploration & Energy Production Company (SEEPCO). The crude was supplied under Production Sharing Contracts.

Despite SEEPCO’s critical role, the Nigerian Content Development and Monitoring Board (NCDMB) continues to investigate the company for alleged anti-labour practices and expatriate quota abuses, with support from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

The NCDMB had previously sanctioned SEEPCO for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and scheduled a performance review for March 2025 after incomplete commitments made in 2020 and 2022.

The invoices showed due dates between January 16 and March 22, 2025. One early shipment on December 2, 2024, aboard the Gulf Loyalty, included 149,737 barrels sold at $74.87 per barrel, bringing in N17.52bn. Other shipments followed aboard Almi Voyager and Sonangol Kalandula, with a combined total value of $70.54 million or N107.44 billion in naira.

In the same quarter, NNPCL earned N228.93 billion from the export of 1.95 million barrels to international buyers. These exports, involving Egina, Erha, and Forcados Blend crude, were sold under Production Sharing Contracts through NNPC Trading.

Key international transactions included a 990,158-barrel Egina cargo aboard the Apache in February 2025, which brought in N120.04 billion. Exchange rates provided by the Central Bank of Nigeria ranged from N1,477.22 to N1,535.82, lower than the rates used for domestic sales.

This exchange rate discrepancy underscores the challenges NNPCL faces balancing foreign exchange revenue with domestic fuel supply. A technical subcommittee has been set up to improve pricing, address currency mismatches, and ensure continued supply to local refineries under the revised naira-for-crude policy.

 

Credit: The Punch

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BIG STORY

Fuel Marketer Defends N899 Pump Price, Cites Economic Pressures

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Fuel distribution company, SGR, has justified its N899 per litre price for Premium Motor Spirit, attributing the figure to prevailing economic conditions and increasing operational costs in Nigeria’s deregulated petroleum sector.

This statement came in response to criticisms from the Independent Petroleum Marketers Association of Nigeria (IPMAN), which described the price as excessive and potentially harmful to market stability.

In a release issued Monday by its Corporate Communications Team, SGR explained that its pricing decisions are influenced by various factors, including the cost of fuel acquisition, transportation logistics, and the need to sustain quality service delivery across its national network.

“Pricing in a deregulated sector is influenced by several market forces,” the statement read. “Our pricing reflects these realities and is not intended to disrupt the market or disadvantage other marketers.”

The company reiterated its commitment to fairness, transparency, and consumer protection, clarifying that the price point is a result of real-world supply chain and operational challenges rather than arbitrary markups.

SGR also expressed willingness to engage with stakeholders such as IPMAN to ensure a more stable and sustainable fuel supply framework nationwide.

“We are open to constructive discussions and collaborations with all stakeholders to maintain a balanced and efficient fuel distribution system that serves the interests of all Nigerians,” the statement added.

The price increase has fueled public debate around fuel costs following the full deregulation of Nigeria’s downstream petroleum sector.

Several industry players have attributed rising pump prices to forex instability, logistics hurdles, and surging transportation expenses.

SGR concluded by reaffirming its dedication to delivering high-quality service and sustaining the trust of its customers over the long term.

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