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African Energy Chamber Welcomes Vince Trovato As New Board Member, Strengthening Africa-U.S. Energy Relations

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The African Energy Chamber proudly announces the appointment of Vince Trovato, CEO of Global Strategies, as its newest Board Member.

The African Energy Chamber (AEC) is delighted to welcome Vince Trovato, the Chief Executive Officer of Global Strategies, as its newest Board Member.

This appointment reinforces the AEC’s commitment to advancing Africa’s energy sector and fostering stronger partnerships with key stakeholders.

With a focus on global geopolitical and energy issues, Trovato’s extensive leadership background in both the public and private sectors makes him an invaluable addition to the Chamber.

Vince Trovato’s Impressive Track Record In Energy and Diplomacy

Trovato’s remarkable career spans various high-profile positions, underscoring his significant influence in Africa’s energy landscape.

As a Senior Advisor in International Affairs for the United States Department of Energy, Trovato supervised energy innovation projects and played a pivotal role in securing investments for projects worldwide.

His dedication to expanding commercial prospects in emerging markets contributed to the United States becoming a net energy exporter for the first time in nearly half a century.

Political Consultancy Successes And Expertise

Before his tenure in the United States government, Trovato established himself as a sought-after political consultant in both the United States and various regions across Africa, the Caribbean, and the Middle East.

Notably, he spearheaded a victorious campaign for a Republican candidate in Wisconsin, marking the first triumph since 1984.

Trovato’s experiences in the realm of politics and consultancy have honed his expertise in state affairs and diplomatic relations, providing him with a comprehensive understanding of the intricacies of these fields.

Guiding Firms To Success And Creating Trade Partnerships

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Trovato’s influence extends beyond the public sector, as he has effectively guided and advised companies across diverse industries and structures.

With an unwavering commitment to cultivating relevant trade partnerships abroad, Trovato has demonstrated a profound understanding of international business dynamics.

His track record of success showcases his determination to foster growth and facilitate mutually beneficial relationships for companies operating in emerging markets.

CEO of Global Strategies: Pioneering Energy Projects In Emerging Markets

After contributing to the United States’ resurgence as a global energy exporter, Trovato transitioned back to the private sector and assumed the role of CEO at Global Strategies. This consulting company specializes in energy projects within emerging markets.

Through his leadership, Trovato continues to explore innovative strategies to strengthen the relationship between the United States and African nations.

His vast experience in this domain will prove instrumental in bolstering Africa-U.S. relations and positioning the AEC as the primary advocate for the African energy industry.

Heading: The AEC’s Vision And Trovato’s Role In Advancing It

The African Energy Chamber is dedicated to empowering the African energy sector and cultivating a business environment that produces tangible results for energy companies. The board members play a crucial role in driving the AEC’s mission across the continent and beyond.

Trovato’s decision to join the AEC Board underscores his commitment to advancing the advocacy efforts for Africa’s energy industry. With his wealth of experience, expansive network, and industry insights, Trovato will undoubtedly bring immense value to the Chamber and its initiatives.

AEC’s Welcome Message And Commitment To Energy Poverty Eradication

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NJ Ayuk, the Executive Chairman of the AEC, expresses his pride in welcoming Vince Trovato as the newest Board Member.

Ayuk highlights the importance of having industry professionals and executives on the AEC Board, particularly as Africa’s energy sector stands on the brink of transformation.

Trovato’s expertise and dedication align perfectly with the AEC’s mission to facilitate investment and development, ultimately eradicating energy poverty in Africa and worldwide.

The African Energy Chamber eagerly anticipates the positive impact that Vince Trovato’s appointment will have on Africa’s energy sector. With his vast knowledge, global insights, and unwavering commitment, Trovato will play a pivotal role in fostering stronger Africa-U.S. relations and driving the AEC’s agenda of sustainable growth and development in Africa’s dynamic energy landscape.

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Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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