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Category: Opinion Piece

  • Global fintech giant invests in sustainable communities in West and Southern Africa 

    Global fintech giant invests in sustainable communities in West and Southern Africa 

    Having pioneered the development of online trading and digital investment solutions 22 years ago, global fintech company Admirals is today considered a market-leading provider of an innovative range of online trading and investment products.  

    The Admirals suite of products includes leveraged Contracts for Difference (CFD) products in the over-the-counter market, including Forex, indices, commodities, digital currencies, stocks, and ETFs, as well as listed instruments to retail, professional, and institutional clients. 

    The company is steadily increasing its footprint in Africa, having opened its first African office in Cape Town, South Africa in July 2022, followed by the launch of its Lagos office in Nigeria in February this year.

    Admirals currently serves clients across 176 countries world-wide.  

    With a physical presence in 18 countries across developed and emerging economies, Admirals is deeply committed to bridging the financial inclusion gap that spans across continents, economies, and societies. 

    “Financial freedom is a universal objective,” says Boriss Gubaidulin, Admirals Africa Director. “By offering simplified retail trading and investing processes and solutions, supported by accessible financial literacy and education material, we aim to encourage greater access to global financial markets in a transparent, secure, and sustainable manner,” he says.  

    “As we continue to expand our footprint, we are constantly witnessing the many social, economic, and environmental challenges affecting societies the world over,” he continues. “As a reputable neobroker with a growing base of savvy and socially conscious clients, Admirals is actively living its commitment as an ethical, and socially and environmentally responsible global citizen to drive the betterment of communities in which we operate,” Gubaidulin says. 

    In 2020, Admirals developed and rolled out its global environmental, social and governance (ESG) program which directs its strategic corporate social investment initiatives. These projects range from tree planting and reforestation, clean ocean initiatives, investing in renewable energy and scarce resource management projects, recycling, and the development of better living conditions for local communities. 

    Admirals’ ESG philosophy 

    Admirals has been at the industry forefront by engraining the principles of ESG as part of its strategic business imperatives. Incidentally, Admirals has taken on a carbon-neutral status in 2020, which is firmly integrated into the Admirals overall business model.  

    The company engaged a global third-party rating agency, ClimatePartner, to verify its carbon footprint, as well as certify the CSI projects in which Admirals is involved. 

    Here on the African continent, Admirals has been involved with two sustainable water management and renewable energy initiatives in Sierra Leone and South Africa respectively.  

    Project 1: Clean drinking water in Kono, Sierra Leone  

    Sierra Leone is a largely rural country where households typically use wood fuel on inefficient three-stone fires to purify their drinking, cleaning, and washing water. This process results in the release of greenhouse gas emissions from the combustion of wood. 

    However, these emissions can be avoided by using efficient borehole technology that does not require fuel to supply clean water. 

    Admirals’ support is helping communities in the Kono region to restore 57 wells. In cooperation with the local population, damaged wells are repaired and regularly maintained, which secures the regional water supply. The availability of clean drinking water eliminates the need to boil water, saving an average of 10,000 tonnes of CO2 emissions per year. 

    Not only does this initiative contribute to climate action but it also has a major social impact. In these rural areas, water sources are often located far from residential areas. Women and children, who are primarily responsible for fetching water, may have to travel long distances, sometimes several kilometres, to access water. This not only consumes their time and energy but also poses safety risks, especially for women and girls. 

    Project 2: Investing in the future of South Africa’s sustainable clean energy generation 

    South Africa has been in the grip of a severe energy supply shortage in recent years, and every effort possible is being made to generate additional electricity capacity. Admirals has heeded the call for investors to help drive clean energy projects by pledging its support to one of the country’s largest wind projects.  

    Close to the rural town of De Aar in South Africa, 96 wind turbines have been producing an average of 439,600 MWh of electricity per year since 2017, which is being fed into the South African grid. The aim of the project is to harness the region’s wind energy potential to balance its energy needs in a sustainable way. This diversifies the power supply and improves energy security in regions that are frequently affected by power shortages and outages. 

    The share of electricity now supplied by the wind farm would have otherwise been generated by fossil fuels. The wind power project avoids about 433,920 tonnes of CO2 emissions per year, which makes an important contribution to a clean energy supply and sustainable development with respect to the UN Sustainable Development Goals (SDGs). 

    In addition to the environmental benefits, the project assists the local community by creating jobs and improving the access to healthcare through its Mobile Health Clinic. Offering primary healthcare, dental, eye care services, more than 36 000 residents and members from nearby communities have been screened and serviced by this clinic. 

    The project supports local football clubs by funding equipment, events, travel and much more. It also provides financial funds to the Richmond Untied Ladies Football Club, the only female club in De Aar playing in the premier league. 

    The project supports a math enrichment programme for pupils in 10 primary and 4 high schools to encourage interest in this subject. Three Early Childhood Development Centres were renovated to support about 155 children between 2 and 6. About 108 students are currently on the project’s bursary scheme that covers tuition, accommodation, books, food, and laptops. 

    “Contributing meaningfully to society is one of the cornerstones of our business,” Gubaidulin says. “Admirals considers the environment, our actions, and the influence we can create as global leaders. We are deeply committed to leaving a legacy through shared success and by creating flourishing communities across the globe,” he concludes. 

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    Admirals Group AS 

    Admirals Group AS is a global growing FinTech company, offering a wide range of products and services worldwide, meeting people’s needs and making personal financial management easy-to-use, affordable and secure through its regulated investment firms. 

    The online investment service providers that are owned by Admirals Group AS, are authorized to offer their clients with the ability to trade Forex, and CFDs on, inter alia, indices, metals, energies, stocks, bonds and digital currencies, but also to invest in Stocks and ETFs (product offering may vary depending on each investment service provider’s license obligations and the client’s country of residence). 

    Over the years, Admirals has received internationally recognized and respected awards and recognitions, including the ‘Best Broker of 2022’ awards from both Area de Inversion and Traders.com, as well as the Traders.com award for ‘Best Financial analyst of 2022’.  

    Since founded in 2001, Admirals continues to experience worldwide growth and evolution and is committed to providing its clients around the globe with advanced trading tools, access to financial security and various customer care policies.  Admirals is licensed in the Seychelles, UK, Cyprus, South Africa, Australia, Jordan, Canada and Kenya. 

    For more information about Admirals visit admirals.com. 

    Trading involves risks.  

  • The Seeds Some Still Throw Away Series

    The Seeds Some Still Throw Away Series

    Part 2-Avocado Seed Oil Benefits  in Focus

    By: Mohammed Abu

    After consuming fresh avocado fruits many think they are done and they condemn its seeds to the dust bean as garbage worth only being discarded and nothing more.

    An afterthought approach is needed for one to come to appreciate the hard fact that, one is actually not discarding waste, but rather throwing away a nutrition power house that offers uncountable goodies albeit, out of nativity.

    The avocado seed like many other fruit seeds, is never a waste material that should be left to waste and to become  an environmental hazard but should rather be best appreciated as an  important raw material that could be put to good use for the benefit of humanity.

    It is indeed an invaluable raw material that could be  used to manufacture edible cooking oil, health and beauty care products, food supplements, organic medicinal products for hypertension (supported with scientific research studies results  by Ethiopian scientific researchers on avocado seed use).

    From the emerging Circular economy perspective, the world must strive towards ensuring resource use efficiency and that, nothing should be fancied as waste but rather as raw materials for setting up additional industries in order to generate employment and wealth in line with the UN Sustainable Development Goals (UN SDGS)

    Indian organic beauty care producers and their counterparts in other parts of the world, have since unlocked the benefits of avocado seeds oil and therefore aren’t treating the seeds as waste as many still do in Ghana, Africa today.

    For them and many others, avocado seeds are an invaluable raw material for manufacturing useful products with immense benefit to humanity.

    Juicy Chemistry, an Indian organic beauty care products manufacturer producing avocado seed oil based products through a blog article, provides some insights, your favourite, the Ecoenvironews Africa magazine, wish to share with you today. Now read on:

    10 Benefits of Using Avocado Oil for Hair and Skin

    The avocado fruit has various health benefits and its oil is often used in salad dressings, smoothies, and cooking. Avocado oil is rich in β-carotene, lecithin, minerals, and vitamins A, C, D, and E which make it a beneficial addition in your skin care and hair care routines too.

    Cold pressed avocado oil is extracted from the pulp of the avocado fruit which contains about 60% of oil content, making it an abundant source of essential fatty acids such as oleic acid, palmitic acid, palmitoleic acid, linoleic acid, and alpha-linolenic acid. The fruit is first dried and then mechanically pressed to extract the rich oil.

    Since it contains high amounts of essential nutrients, antioxidants, and fats, you can use organic avocado oil for hair care and skin care to utilize its wonderful benefits. It provides emolliency to your skin and is especially nourishing for dry skin and scalp.

    10 Avocado Oil Benefits for Your Skin

    • Moisturizes Dry Skin –

    Using organic avocado oil on your face helps keep it soft and moisturised. It is a rich emollient that helps prevent moisture-loss and keeps your skin’s suppleness intact by forming a protective barrier on the outermost layer.

    • Soothes Inflammation –

    Organic avocado oil has anti-inflammatory properties. It helps reduce signs of inflammation such as itching caused due to eczema, dermatitis, psoriasis, or dry skin.

    • Heals Wounds Faster –

    Studies show that avocado oil can accelerate the wound-healing process. It increases collagen synthesis and reduces skin-irritation which helps your wounds repair faster.

    • Protects Skin from Environmental Damage –

    Daily exposure to ultraviolet radiation, smoke, and pollutants can lead to the formation of free radicals in your skin. Cold pressed avocado oil is rich in antioxidants such as carotenoids, vitamin C and vitamin E that minimise environmental stress on your skin.

    • Soothes Sunburns –

    Cold pressed avocado oil is a rich source of oleic acid, an essential fatty acid that soothes, protects and repairs sunburnt skin. It strengthens your skin’s barrier function, reduces redness, and promotes skin repair to minimise the symptoms of sun damage.

    • Anti-Aging Benefits –

    One of the many benefits of using organic avocado oil on your face is reduced signs of ageing. By fighting off free radicals and increasing collagen synthesis in your skin, it helps reduce fine lines, wrinkles, and dark spots. It also helps retain your skin’s elasticity.

    • Nourishes Chapped Lips –

    If you have dry, chapped lips, cold pressed avocado oil can prevent moisture loss by keeping them well-moisturised. Avocado oil also forms a protective barrier over your lips and protects them from environmental stressors.

    • Improves Scalp Health –

    Using organic avocado oil in hair care helps keep your scalp healthy. Its nutrients nourish the hair follicles while the antioxidants prevent oxidative stress promoting healthy hair growth. Its fatty acids deeply moisturize your scalp to reduce dryness, itching and flaking.

    • Tames Frizzy Hair –

    You can use organic avocado oil in your hair care routine if you have dry, frizzy, and unmanageable hair. The oil forms a protective coating over your hair strands and seals the cuticle to prevent moisture loss. This helps tame flyaways and frizzy hair and makes your hair softer and shinier.

    • Reduces Hair Breakage –

    The nutrients from cold pressed avocado oil repair, protect and strengthen your hair. Using it as a hair oil makes detangling easier and reduces breakage and split ends by moisturising and smoothening dry, brittle hair.

    Different Forms of Avocado Oil

    Avocado oil is a carrier oil and can be applied directly to your skin and hair. It has a light green or emerald green colour and can have a nutty aroma. There are different types of avocado oil available due to variation in extraction techniques, choice of fruits, and levels of processing.

    • Extra virgin avocado oilis considered the best avocado oil in terms of quality since it is made by cold-pressing superior-quality avocado pulp, and no chemical solvents or processing is involved here.
    • Virgin avocado oilis also made through the cold-pressed extraction technique and without any chemical solvents or processing. But the quality of avocados used to extract the oil is lower than the previous variety.
    • Plain avocado oilis the least beneficial for skin care and hair care needs since it is refined. It goes through a deodorisation and bleaching process to alter its colour and smell which deteriorates its nutrient level

    Credit (Juicy Chemistry Blog Article on Avocado Oil)

    Photo: Credit: Modern Ghana Online

     

     

  • The Essence of Ramadan and Its Heath Benefits

    The Essence of Ramadan and Its Heath Benefits

    By: Sadik Mohammed

    Ramadan is the holy month of fasting for Muslims, during which they abstain from food, drink and all others that were hitherto permitted them by Allah from sunrise to sunset as divine obligation.

    The month long fast serves as the Special Purpose Vehicle(SPV) for seeking forgiveness and nearness to Allah, their Lord who loves piety and righteousness.

    Spiritual and Moral Importance

    It is indeed an annual opportunity for Muslim to do stock taking, pursue moral and spiritual rejuvenation and seek for re-alignment with their Grand Creator.

    This is underpinned by learning to cultivate self-restraint, good manners and behavior, loving kindness through stepping up of charitable activities and doing additional supererogatory worship and prayers in addition to the five daily salat.

    These are all important towards drawing Muslims closer to their Lord, Allah and beefing up their spirituality for that matter.

    Socio-economic

    The Ramadan fast also has a socio-economic dimension. In the society we have the poor and the rich. In the houses of the rich they are not in want and have plenty to eat and could chose to eat as many times as they chose to.

    Conversely, in the house of the poor, even one square meal is sometimes a problem. How then does the rich also get to taste hunger and feel the pangs of it? Ramadan fasting is the answer.

    The Ramadan fast seeks to also inculcate sympathy in the rich for the poor which is good for the maintenance of social equilibrium.

    A society where the rich live in extravagance and affluence and are least sensitive to the plight of the poor, risk the generation of bad blood between the rich and the poor the resultant effects of which could be social tensions and undesirable conflict.

    Health Benefits of Ramadan Fast

    In addition to the foregoing religious and socio-economic significance, Ramadan is also associated with several health benefits. Here are five health benefits of Ramadan:

    Weight loss: Fasting during Ramadan can lead to weight loss, as the body uses stored fat for energy when it is not receiving food. However, it is important to maintain a healthy and balanced diet during non-fasting hours to avoid overeating and unhealthy weight loss.

    Improved insulin sensitivity: Fasting has been shown to improve insulin sensitivity, which can reduce the risk of developing type 2 diabetes. During Ramadan, the body’s cells become more responsive to insulin, which helps to regulate blood sugar levels.

    Reduced inflammation: Fasting has been shown to reduce inflammation in the body, which is linked to many chronic diseases such as heart disease, cancer, and Alzheimer’s disease.

    Improved mental health: Ramadan is also associated with improved mental health. Fasting has been shown to reduce stress, anxiety, and depression, and can improve overall mood and emotional wellbeing.

    Many people find that fasting during Ramadan increases their sense of spirituality and connection to their faith. This can provide a sense of purpose and meaning, which can have positive effects on mental health and overall wellbeing.

  • Equatorial Guinea’s New Minister of Mines & Hydrocarbons Is a Competent Leader Taking the Reins in a Challenging Era — Here’s What Needs to Happen Next

    Equatorial Guinea’s New Minister of Mines & Hydrocarbons Is a Competent Leader Taking the Reins in a Challenging Era — Here’s What Needs to Happen Next

    Antonio Oburu Ondo, former Managing Director of national oil company, GEPetrol, has been named Minister of Mines and Hydrocarbons. He is succeeding well-respected leader Gabriel Mbaga Obiang Lima, who assumed the role of Ministry of Economy and Planning.

    By NJ Ayuk, Executive Chairman, African Energy Chamber

    Equatorial Guinea’s cabinet has seen a changing of the guard.

    Antonio Oburu Ondo, former Managing Director of national oil company, GEPetrol, has been named Minister of Mines and Hydrocarbons. He is succeeding well-respected leader Gabriel Mbaga Obiang Lima, who assumed the role of Ministry of Economy and Planning.

    We at the African Energy Chamber are confident that Minister Ondo will do an excellent job. He brings years of industry experience to the table and has worked extremely hard to strengthen Equatorial Guinea’s national oil company. We do not doubt that Minister Ondo will be successful in fostering growth in the energy sector and the national economy as a whole provided that energy industry stakeholders — from international oil companies (IOCs) to the government to other African energy ministers —  join us in supporting him.

    We Need a Strategic Response to Natural Decline of Maturing Oil Fields

    It’s no secret that Equatorial Guinea’s energy industry faces some challenges. For one, production in existing oil and gas fields has been in decline. It is not because of the action, or the inaction of anybody: This is a natural decline and to be expected in any production site.

    What is needed right now is reinvestment in energy growth. And to achieve that, Equatorial Guinea will need to create an enabling environment for new oil and natural gas exploration projects. Equatorial Guinea must remember that it is competing for capital and investment with Gabon, Guyana, and other countries that offer attractive fiscal terms to entice IOCs. If Equatorial Guinea can’t match that alluring environment, it will be difficult to sustain oil and gas production.

    Consider this: There have been no major discoveries in Equatorial Guinea since the introduction of the 2006 hydrocarbon law. In late 2021, Obiang Lima said Equatorial Guinea was revising that law. He recognized that fact that the country needed to give greater consideration to the needs of, and current challenges, facing energy companies if it was going to convince them to make significant investments there.

    “Our hope is that it will enable us to attract more regional and international energy participants and incentivize investment across the entire value chain,” Obiang Lima said at the time. “That will allow us to realize the potential of our offshore natural gas industry and become increasingly competitive in the gas sector.”

    The decision to revise the law was the right choice. I encourage Equatorial Guinea to complete those efforts promptly. Meanwhile, the Ministry of Hydrocarbons and Mines should be taking practical steps to demonstrate that Equatorial Guinea is investor friendly. Oil majors will notice, for example, how the ministry handles the upcoming departure of ExxonMobil, which has announced plans to leave the country, and West Africa, after its license expires in 2026.

    While it may be hard to watch the departure of this excellent partner for the country, it is equally important that Minister Ondo recognize the value of a clean break and an orderly transition to their successor. A diplomatic response will enhance Equatorial Guinea’s reputation as a good country for energy companies.

    What’s more, while there’s no question of sunsetting wells, let’s not overlook the successful producers in the country who are working to ensure the longevity of aging fields and investigating new finds. Trident Energy and Kosmos Energy, for instance, continue to have successful output in the Ceiba conventional oil field: Although production peaked in 2002 at 51.7 thousand barrels per day (bpd) of crude oil and condensate, the field continues to account for some 4% of the country’s daily output. Meanwhile, U.S.-based VAALCO Energy and Atlas Petroleum are successfully proceeding with the development of the Venus discovery in Block P and there is no longer an exclusive operation. All signs point to a promising yield: The results of its initial discovery well and reservoir modeling anticipate 15,000 bpd from the two development wells and injector well.

    Minister Ondo must continue to establish and promote fiscal incentives for investors like these to drive up further production in Block P and other promising hydrocarbon-rich zones. Creating and maintaining ongoing positive relations with these and other companies can go a long way toward developing a reputation as a country serious about its hydrocarbon industry.

    Gas Is the Way Forward

    I believe Equatorial Guinea’s 1.5 trillion cubic feet of natural gas will become the driving force in the country’s energy industry. To enable natural gas production and monetization to lead to economic development and industrialization, Minister Ondo needs to embrace a pragmatic approach to welcoming credible investors, eliminating red tape, and making good deals.

    With this in mind, Minister Ondo will likely find that closing the deal with Chevron regarding a joint development of the YoYo and Yolonda natural gas fields in Equatorial Guinea and Cameroon is going to be critical. Developing this cross-border gas mega-hub could truly transform the economy of both the nation and the region. The LNG market continues to be important and Equatorial Guinea is well positioned to be an active player.

    Let’s also consider Golar LNG and the Fortuna floating liquefied natural gas (FLNG) vessel owned by New Fortress Energy. The partners are negotiating about EG-27 (formerly Block R) to develop an easier, fast-tracked system for moving LNG into the market. This a difficult project and requires really highly skilled companies and deep financial pockets to make this work.  The discussions center around bringing LNG from Nigeria or Cameroon to be processed in Equatorial Guinea. Such developments are critical now more than ever, and the ministry would be wise to do everything in its power to make them happen.

    Keep it Local… But Balanced

    Another challenge Minister Ondo faces is to prioritize keeping markets stable, taking a very market-driven approach both at home and abroad. It’s a delicate balancing act: creating an atmosphere where companies will want to invest in Equatorial Guinea while, at the same time, advocating for the needs of local people and businesses.

    This is not the time to leave local content behind. Minister Ondo will want to make certain that his country establishes a platform that develops its homegrown businesses and businesspeople. This is more than just enabling the local residents and businesses to take commissions from service companies – it is about ensuring that they become an integral part of the industry. Indeed, local content should be seen more as enterprise building and management.

    At the same time, Minister Ondo will be wise to follow in his predecessor’s footsteps in denouncing the currency control rules that the Bank of Central African States (BEAC) adopted in June 2019. While the BEAC’s intention was to promote financial transparency and ensure that oil revenues stay within local economies and local banks, these stringent restrictions create a very unwelcoming environment for foreign investors by causing transaction delays and preventing the repatriation of proceeds. These are job killing regulations and it is bad for jobs, bad for local companies and bad for investments.

    “The FX regulations adopted in June 2019 make it very difficult for our companies to compete and create employment, and render our business environment very unattractive for foreign investors,” Obiang Lima said shortly after their enactment, while calling on the industry to take immediate action to encourage a reversal of the regulations.

    Perhaps a collaboration of the Ministry of Mines and Hydrocarbons and the Ministry of Economy and Planning is in order – a collaboration of outgoing and incoming ministers who can use their expertise and political savvy to overcome these kinds of job-killing and industry-damaging regulations.

    I am confident that Minister Ondo has what it takes to make it work. Companies can rest assured: He may be new to the office, but he’s not new to the game. We have all grown accustomed to his predecessor, and now we all need to welcome new ideas from the new minister. Let’s offer him our full support as he works to help Equatorial Guinea’s energy industry get its groove back.

     

  • Making Compelling Case for Natural Gas

    Opinion Piece

    By: NJ Ayuk

    When most people hear the word “gas,” they’re automatically inclined to think about the type of gas that pumps directly into their fuel tank. But although petroleum gas is the most common gasoline fuel we encounter daily, it is only one “type” of gas.

    By speaking of gas, we also may refer to “natural gas,” which (although it shares similarities) is intrinsically different from petroleum-based gasoline as a whole.

    Like oil, natural gas is a resource that is extraordinarily abundant in Africa and many other countries around the globe. As a result, I’ve observed a renewed interest in natural gas in the last several months.

    The need for alternative energy doesn’t require us to overlook fuel sources at our fingertips entirely. For example, despite being commonly roped in with petroleum-based fuel, natural gas burns significantly cleaner than oil and coal.

    Being an emission-friendly fuel, natural gas can absolutely serve us in our objective of building a greener future.

    Redefining Natural Gas

    It’s easy to overlook things that we don’t have direct involvement with. For example, most people only think about natural gas when their stove or water heater ceases working.

    As a result, many people aren’t even aware of how natural gas is derived — let alone its molecular composition.

    In my objective to help educate people and empower them with knowledge about the vast and varied world of energy, it wouldn’t hurt to provide a refresher on what natural gas actually is and how it is obtained.

    Put simply, natural gas (like crude oil) is an energy source formed by fossil fuels under pressure deep beneath the earth’s surface. Natural gas is made up of many different compounds, but the largest of these is methane, a compound composed of one carbon atom and four hydrogen atoms.

    The process of extracting natural gas involves drilling into subsurface rock formations. Modern advancements in hydraulic fracturing (colloquially known as “fracking”) have allowed us to draw upon immense volumes of subsurface natural gas.

    Natural gas can be used as a clean-burning fuel to power many of the same devices and operations as oil-based petroleum and can burn with significantly higher efficiency and cleanliness.

    Electricity Powered by Natural Gas

    Electricity is the end product needed for our lifestyles to carry on in the way we’re used to. But what are the sources required to generate electricity?

    Solar may be highlighted as the most renewable energy source of them all. Still, natural gas-powered plants can produce vast amounts of electricity with much higher output than coal-burning power plants.

    Although natural gas is a hydrocarbon that produces the pollutant carbon dioxide, it outputs around 50-60% less carbon dioxide than coal and approximately 30% less carbon dioxide than oil.

    Working With Today’s Materials to Build Tomorrow

    Natural gas reservoirs are abundant and ready to serve our objectives in developing manageable, environmentally friendly energy technologies.

    While we sculpt our plans to build a more energy-efficient future via solar and other innovative technologies, we can make intelligent use of the materials at our disposal today — resting comfortably with the knowledge that they are also serving our goals toward lowering global emissions.

    Hearing global leaders and corporations carry out more serious discussions about natural gas’ role in our future’s ecosystem offers reassurance that there may indeed be a way to make a just transition between our present and future.