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Germany’s Uniper Posts $12.5 Bln Net Loss, Pummelled by Gas Crisis

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Germany’s Uniper Posts $12.5 Bln Net Loss, Pummelled by Gas Crisis

German utility Uniper, which secured a 15-billion-euro state bailout last month, reported a net loss of 12.3 billion euros ($12.5 billion) for the first half, mainly due to lower Russian gas supplies that forced it to buy at higher prices elsewhere.

“Uniper has, for months, been playing a crucial role in stabilizing Germany’s gas supply – at the cost of billions in losses resulting from the sharp drop in gas deliveries from Russia,” Chief Executive Klaus-Dieter Maubach said.

Shares in the company were indicated to open 2.6% lower.

Uniper, Germany’s largest importer of Russian gas, said more than half of the net loss was due to significantly reduced gas deliveries from Moscow, which has cut flows via the Nord Stream 1 pipeline to just a fifth.

The loss also includes 2.7 billion euros in impairments related to the canceled Nord Stream 2 pipeline, which Uniper backed financially, in addition to the goodwill of its Russian business Unipro (UPRO.MM).

“The most urgent task for Uniper is to find alternative gas supplies,” Third Bridge analyst Allegra Dawes said, adding it expected deliveries of liquefied natural gas (LNG) via a planned Uniper-led terminal in Wilhelmshaven by the first half of 2023.

As part of the state bailout, Germany will take a 30% stake in Uniper and has pledged 9 billion euros of credit lines via state-lender KfW (KFW.UL), 5 billion euros of which have been drawn.

“This will prevent a chain reaction that would do much more damage. Our top priority now is to swiftly implement the stabilization package,” Maubach said.

Uniper expects the package to be approved at an extraordinary general meeting in the autumn.

Uniper also said it was unable to give an outlook for 2022, only saying it expected a loss. Profits are forecast to improve next year, and the aim is to leave the “loss zone” in early 2024, Chief Financial Officer Tiina Tuomela said.

($1=0.9821 euros)

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Atiku Honored On 77th Birthday As AUN Marks Founder’s Day

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Atiku Honored On 77th Birthday As AUN Marks Founder’s Day

Atiku Honored On 77th Birthday As AUN Marks Founder’s Day

By Ibrahim Abubakar

Yola, the capital city of Adamawa State and its environs, was in a festive mood to celebrate the 77th birthday of its illustrious son, Atiku Abubakar, who was being honored by the American University of Nigeria (AUN), the institution that he established to advance the course of education in Nigeria, on its founder’s ceremony.

In his address, Atiku did a critical appraisal of the performance of the university in its 19 years of existence.

He noted that 19 years is the age of accountability, stating that it is time for stock-taking.

Quoting Socrates, the legendary Greek philosopher, he said that: “unexamined life is not worth living.”

The 2023 PDP presidential candidate raised some fundamental questions about whether the school has followed the vision of its founder in providing American-styled educational system that focuses on leadership development, critical thinking and problem solving and skills, noting that even if the school is not established for profit making purposes, it should generate enough revenue for self-sustenance and to plough back for future development.

Atiku declared that part of his vision was to make the university grow and serve humanity and not to make money for him, stating that he has never collected any money from the school in the 19 years of its establishment.

He said the school is a gift from him to the society and humanity to provide world-class educational platform to develop future leaders.

Atiku therefore enjoined the university administration to be more dynamic and align more proactively to the changing economic and technological world.

He charged them to re-examine their strategies, define their priorities and look for new ways and tools to generate revenue to be self-sustaining.

The high point of the occasion was the commissioning of the Law Faculty of the university by the founder.

In the welcome address at the event attended by many dignitaries from across the country, the Chairman of the Governing Council of the university, Senator Ben Obi welcomed the guests while wishing Atiku Abubakar a happy birthday.

He explained that the purpose of the occasion was to celebrate the founder and the former vice president of the country (1999-2007) and to inaugurate the new president of the university.

Speaking at the occasion, the keynote speaker, Dr. Steven Titus, who is a veteran college administrator and the President Emeritus of the Iowa Wesleyan University, hinted on the importance of the occasion.

He praised the founder for his commitment to education and the vision of establishing the university.

And while presenting a birthday gift to Atiku on behalf of his family, he said that he was moved by the founder’s passion and love for education, describing Atiku as a gift to the world of education.

In his own speech, Professor De Wayne Frazier who is installed as the 6th President of the University thanked Atiku for his vision, generosity for establishing the University, and the opportunity given to him to be part of that vision.

He also thanked the chairman of the governing council for the support, stating that his inauguration marks the beginning of a new era in the history of the university.

He promised to uphold the values of excellence and integrity as enshrined in the foundation of the university, pledging to build on the already laid foundation to move the institution to greater heights.

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NEMA, SEMA distribute food items to Sokoto flood victims

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NEMA, SEMA distribute food items to Sokoto flood victims

NEMA, SEMA distribute food items to Sokoto flood victims

The National Emergency Management Agency (NEMA) in collaboration with the Sokoto State Emergency Management Agency (SEMA) has commenced the distribution of food and non-consumables to victims of the 2023 flood in the state.

This was disclosed in a statement signed on Wednesday and made available to newsmen by SEMA’s Information Officer, Abubakar Abdullahi.

According to the statement, the distribution which started on Tuesday, was part of efforts to leverage the pains suffered by residents of the Kebbe Local Government Area of the state over the flood.

SEMA Special Adviser,  Nasiru Kalambaina, who was represented by the Director, Relief and Rehabilitation, Mustapha Umar, urged the beneficiaries to make use of the items judiciously.

While speaking in his remarks before the flag-off, the Sole Administrator, Kebbe LGA, Sanusi Kebbe, used the medium to thank and commend the Sokoto SEMA for the quick facilitation of items brought to them by the NEMA.

Read Also: NEMA, SEMA begin sensitization against floods in Adamawa

Some of the beneficiaries who spoke with newsmen commended NEMA and the state government for the timely arrival of the items.

Meanwhile, SEMA and the state’s NEMA  operation office jointly assessed the situation of banditry incidents that led to the displacement of various communities in the Sangi, Ungushi, Girkau and Margai wards of the LGA.

During the assessment, the joint team discovered that over 200 households were affected by the banditry incidence out of which many were said to be killed by the bandits.

Speaking during the inspection, Kebbe commended the joint team for coming to assess the situation.

In his remarks, Umar sympathised with the affected communities on behalf of the state government and assured them that after the assessment, a report would be compiled by both agencies to be forwarded to the appropriate concerned authorities for further necessary actions.

The assessment was witnessed and also coordinated by SEMA’s Director of Finance, Kabiru Garba, while NEMA Sokoto’s head of operation was represented by Amìnu Ambursa.

NEMA, SEMA distribute food items to Sokoto flood victims
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Appeal Court declares Natasha winner of Kogi Central Senatorial election

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Natasha sworn in as Kogi Central Senator

Appeal Court declares Natasha winner of Kogi Central Senatorial election

The Court of Appeal in Abuja, on Tuesday, declared Natasha Akpoti-Uduagan of the Peoples Democratic Party (PDP) as the winner of the Kogi Central Senatorial Election held in February 2023.

The court further dismissed the appeal filed by Abubakar Ohere of the All Progressives Congress (APC) for lacking in merit.

Recall that the state’s Election Petitions Tribunal, in September, had invalidated the victory of Ohere and declared Akpoti-Uduagan winner of the Kogi Central Senatorial election.

Read Also: Tribunal declares Natasha winner of Kogi Central Senatorial election

The Tribunal Chairman, Justice K. A. Orjiako, delivered the unanimous judgment of the three-man panel, revealing that Ohere’s results were inflated in nine polling units in the Ajaokuta Local Government Area.

He added that the Independent National Electoral Commission reduced Natasha’s results in those areas and omitted the results of three other polling units meant for Natasha in the same LGA.

The Tribunal judgment led Ohere to seek redress. However, the Appeal Court further maintained that Akpoti-Uduagan won the election.

Reacting to the appeal court verdict, Akpoti-Uduagan posted on her official Facebook page “We won the Appeal. Joy amidst tears. Thank you Kogi Central. This is us together 🙏🏽”

Appeal Court declares Natasha winner of Kogi Central Senatorial election
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