Prof Osinbajo is correct, the West is seeking a good thing in terms of a clean earth, but the path to a clean earth is a loss of jobs and economic growth in the poorer developing world where renewables are more expensive.
This brings us back to who moved our cheese. I watched a video of a session of the Nigerian Senate, from 2019. Two senators were debating. One Senator argued for electric cars, he has a Tesla and charges it via solar. The other Senator is the one that interests me, he argued that Nigeria should “frustrate” the adoption of electric cars because Nigeria sells crude oil and gas, thus electric cars will hurt the export sales of Nigerian oil and gas.
That Senator is Hem. There are many Nigerians like him. Right before their eyes, Shell has divested from onshore oil in Nigeria, banks and nations are publicly pledging not to invest in oil and gas, yet they are focused on oil and gas, they are asking who moved their crude oil.
Like Hem, the questioning is on the rationale for the West to stop fossil fuels funding, you hear the pleading and self-pity as well. To be clear, I agree, should the West decide to move too quickly on renewables, it will cause massive social upheaval, what will Saudi Arabia do?
So, let us look at Saudi Arabia.
In the book, Who Moved My Cheese, there is another mouse called Sniff who sniffs out change and acts.
Saudi Arabia is a swing producer of crude oil, they produce a lot. Yet Saudi Arabia is divesting away from crude oil into renewables. The Saudi Sovereign Wealth Fund, the PIF, invested $1.3 billion in Lucid, an electric automaker three years ago. Today, that holding is worth about $47 billion, yes, forty-seven billion USD. The Saudis also own stakes in Tesla and hold stakes in Uber. Saudi Arabia’s oil Minister said:
“In Saudi Arabia, we recognize that eventually, one of these days, we are not going to need fossil fuels. I don’t know when, in 2040, 2050 or thereafter.”
He then continued, “The kingdom planned to become a global power in solar and wind energy and could start exporting electricity instead of fossil fuels in coming years.”
So, let’s back up.
Saudi Arabia who has more crude oil than Nigeria recognizes that their cheese has been moved, then they take action to find new cheese, they are not seeking to frustrate electric cars to export more crude oil, no, they are investing in electric cars.
Nigeria is investing in the Dangote Refinery, it has approved $2.7 billion for this, the bulk of the cash to invest will be borrowed. Nigeria is not ready to let go of her cheese.
Two oil and gas producing nations, same pressures, yet two very different responses. Saudi Arabia has found new cheese, Nigeria is still wondering who moved her cheese.
Change is hard. But l end with this quote from the book, “Adapt to Change Quickly: The Quicker You Let Go of Old Cheese, The Sooner You Can Enjoy New Cheese.”
Germ Traps in the Kitchen
From fridges to coffee makers, these are 5 germ traps in your kitchen.
We all want our homes to feel sparkly clean, but there are some areas that may not be making it onto your household chores list.
Aisha Pandor, whose on-demand home services company SweepSouth helps people to keep their homes spotless, lists the places we often forget to clean.
In a study by global health organisation NSF International looking at where the highest concentration of germs can be found in the average household, three of the top five germ hot spots were in the kitchen – which leads to the first area that needs a good clean.
The back of your fridge
Topping the list of places in the home that rarely gets cleaned is the back of the fridge – that’s the exterior back, not inside! The coils located there work to cool the air down, but they can’t do so efficiently if they’re coated with grime. To reach the coils, Aisha advises you to unplug your fridge, pull it away from the wall and gently brush off any dirt and dust on the coils.
Do this annually and it will help you save on power costs. A fridge is one of the top energy-using appliances in the home, and simply cleaning its exterior coils can reduce the amount of energy it uses by up to 30%. Remember to leave space between your fridge and the wall once you’ve pushed it back into position, to allow air to freely circulate.
Tiled backsplashes are often overlooked during cleaning, but they’re notorious for attracting grease and grime. That grease acts as a magnet for dust and dirt, says Aisha — not exactly the type of environment where you want to be preparing food.
To clean backsplashes using natural products, mix two cups of distilled white vinegar with a cup of water and 15 drops of eucalyptus oil. Dab a cloth into the mixture and rub over the tiles to clean. You can use this cleaning mixture on any shiny non-porous surface, like sinks, too.
Ovens and hobs
At the very heart of the kitchen’s food preparation, ovens are prime real estate for germs. Clean the interior regularly, and line the bottom with foil to catch any drips and spills. When the foil becomes grimy, simply peel off and throw it away.
It’s not just the inside that needs cleaning, though — stove knobs are in the top 10 for common places where germs hide. To clean, remove the knobs and wash in hot soapy water. Rinse well, allow to dry, and reinstall. On a gas hob, dismantle the gas rings and clean separately in hot soapy water.
Chances are that you seldom take a close look at your can opener, yet it’s surprising how grimy this kitchen aid can become. Can openers can harbour bacteria like salmonella and e.Coli, and should be washed after every use to clean the gears and cutting wheel.
Dry thoroughly to prevent rust. If there’s a build-up of dirty residue in your can opener’s wheel, Aisha has a nifty trick to clean it: simply clamp the wheels onto a piece of dry paper towel and turn the handle to get rid of any gunk.
Coffee maker cleanse
Coffee machines’ water tanks or reservoirs usually have lids to stop dust, dirt and insects from getting in. However, a study by a health organisation, NSF International, of where the highest concentration of germs can be found in the average household, showed that coffee machine water tanks are the fifth most germ-ridden place in the house.
A tank’s moist, dark, location is a prime place for germs and bacteria to grow. In fact, the study discovered that 50% of households had yeast and mould in their coffee maker water tanks, and one in 10 had traces of coliform, a bacteria found in animal and human faeces that can cause gastrointestinal upset and flu-like symptoms. If you regularly make coffee, Aisha advises that you rinse the water reservoir regularly — if not daily, at least every week.
While experts do say we need some exposure to germs to help build strong immune systems, we need to limit being around germs that cause serious illnesses, says Aisha. By cleaning the above areas regularly, you’ll help keep your kitchen more hygienic and safer.
Dangote Cement Plc obtains SEC approval for late filing of Audited Statements
Dangote Cement Plc has filed a notice announcing that the Securities and Exchange Commission (SEC) has granted the company approval to file its Annual Audited Financial Statements on or before February 28, 2022, which is within sixty days of its year-end.
In addition, the regulator granted approval for Dangote Cement not to file its Fourth Quarter Unaudited returns within thirty days of its ending period.
This notice which was signed by the company’s deputy secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX) stated that, “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end”.
This means that the company will be filing its Audited Financial Statements for the year ended December 31, 2021, on or before February 28, 2022.
What you should know
- In its nine months financial statement for the period ended September 30, 2021, the cement manufacturer generated N1.02 trillion, just 1.16% below what it generated in its full-year 2020 report. Compared to the nine months of 2020, the company increased its revenue by 34.24%.
- In Q3 2021, however, the financial result revealed that revenue grew by 16.53%, while net income for the period appreciated by 4.94% from N82.54 billion in Q3 2020 to N86.62 billion in the current period.
- Recently, the company concluded a two-day share buy-back program, repurchasing a total of up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued shares, less treasury shares.
- The repurchase scheme saw share prices jump to an all-time high of N284.90 per share, increasing the company’s market value by 253 billion.
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