MSGBC Conference to Feature Roadshow on Mauritanian Exploration Opportunities.

A special session on Mauritania’s exploration prospects during the MSGBC Oil, Gas & Power 2023 conference will delve into a range of topics, from geology to investment incentives and ongoing developments.

Mauritania is making great strides to attract foreign investment across its untapped upstream market, introducing a 15-block offshore licensing round; strengthening geological surveying and data acquisition; while promoting collaboration between Mauritanian and global partners. The country’s upstream prospects will be further explored during the MSGBC Oil, Gas & Power 2023 conference and exhibition (https://apo-opa.info/479O0lz), scheduled for November 21-22 this year.

In an exclusive panel session titled, ‘Focus on Mauritania: Road Show on Exploration & Opportunities’, a suite of Mauritanian policymakers, global E&P investors and regional stakeholders will engage in pivotal discussions and strategic planning on Mauritania’s upstream sector. For potential players looking at tapping into one of the world’s final frontiers for offshore exploration, the Mauritanian exploration roadshow is a not-to-be-missed event.

The Mauritanian Coastal Basin, an area with an extensive 2D and 3D seismic data coverage – covering more than 100,000 km, respectively – has become a focal point for exploration in recent years. The discovery of the Chinguetti oilfield in 2001 marked the opening of the tertiary petroleum system in the basin, while the 2015 GTA gas discovery in Block C8 unveiled deeper Cretaceous petroleum systems. These breakthroughs, coupled with growing global demand for oil and gas, emphasize the country’s evolving energy potential and growing prominence, and the Mauritanian roadshow will provide insight into the country’s unique offshore geological features.

The exploration session will serve as a bridge connecting government decision-makers, data experts, and industry players, providing a unique platform to exchange insights, share vital information, and outline the future trajectory of energy exploration and development in Mauritania. The panel of experts will delve into a series of essential topics that collectively form a holistic view of Mauritania’s exploration perspectives.

Serving to connect investors with Mauritanian opportunities, the session will provide an overview of Mauritania’s business environment and investor safeguards, showcasing the country’s commitment to creating a secure investment climate. The legal investment framework and the benefits and exemptions in promotional zones will be highlighted, emphasizing how these incentives can foster business growth. Correspondingly, details of the country’s latest bid licensing round, which features 15 offshore blocks, will be provided, connecting new players to the country’s promising yet untapped acreage.

Under efforts to promote exploration and production, the Mauritanian Government revised the legal and regulatory framework, implementing tax rules and exemptions to entice foreign and regional players. Through the Petroleum Code – introduced in 1998 and revised in 2011 – the Government sought to incentivize foreign investment in upstream activities, enhancing transparency, clarity and productivity across the hydrocarbons market. Regulatory revisions continue to be made, and in addition to geological insight, the Mauritanian session this November will provide a comprehensive overview of the country’s investment environment, equipping potential investors with the information they need to make informed decisions.

Efforts to enhance investment attractiveness have already translated into several key milestones, with a number of foreign players exploring the offshore market. International heavyweights to the likes of bp, Kosmos Energy, TotalEnergies, Shell, and many more now operate in this region, signaling the growing significance of Mauritania in the global energy landscape. These and many other players are looking at fostering new partnerships, and the session will offer insights into promising prospects and collaborations, illustrating the exciting potential of Mauritania’s energy sector.

MSGBC Oil, Gas & Power 2023 is a crucial milestone for the energy sector, bringing together key stakeholders, policymakers, and industry experts to discuss the most recent exploration opportunities in the region. The Mauritanian exploration roadshow, for its part, acts as a catalyst for information exchange and partnerships, and will greatly contribute to the MSGBC region’s long-term energy success.

Organized by Energy Capital & Power, the conference takes place under the patronage of the President of the Republic of Mauritania Mohamed Ould Cheikh El Ghazouani and in partnership with Mauritania’s Ministry of Petroleum, Energy and Mines; the Mauritanian Oil and Mining Company; Petrosen; COS-Petrogaz; and the African Energy Chamber. Register now to secure your place!

Stellantis to Become a Strategic Shareholder of Leapmotor with €1.5 Billion Investment and Bolster Leapmotor’s Global Electric Vehicle Business.

Stellantis will leverage Leapmotor’s tech-first EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, while remaining open to exploring further synergies with its partner.

Leveraging the strengths of both companies, Stellantis (https://www.Stellantis.com​) and Leapmotor give birth to a strategic global relationship that aims at creating a highly competitive and highly efficient EV mobility powerhouse in China and around the world; Companies intend to establish the Leapmotor International joint venture designed to accelerate and expand global sales of Leapmotor’s high-tech, cost-efficient products by leveraging Stellantis’ extensive assets and commercial know-how around the globe; Leapmotor is among the fastest growing Chinese pure-play new energy vehicles (NEVs) tech leaders with a unique vertical integration model and full-suite of in-house R&D and manufacturing capabilities; Stellantis is one of the largest mobility companies, ranking among the most profitable and efficient automakers worldwide; Stellantis will leverage Leapmotor’s tech-first EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, while remaining open to exploring further synergies with its partner; Stellantis’ investment enables it to acquire approximately 20% equity stake, making it a significant shareholder and giving it two Board of Directors seats.

Stellantis N.V. and Leapmotor today announced that Stellantis plans to invest ca. €1.5 billion to acquire approximately 20% of Leapmotor, making Stellantis a significant shareholder. The deal also outlines the formation of Leapmotor International, a 51/49 Stellantis-led joint venture that has exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. This will be an industry-first global electric vehicle relationship between a leading automaker and a Chinese pure-play NEV OEM.

The partnership aims to further boost Leapmotor’s sales in China, the biggest market in the world, while leveraging Stellantis’ established global commercial presence to significantly accelerate Leapmotor brand sales in other regions, starting with Europe. Stellantis intends to leverage Leapmotor’s highly innovative, cost-efficient EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, with the possibility to further explore mutually beneficial synergies. The joint venture expects to begin shipments in the second half of 2024.

The two companies consider Leapmotor’s EV product offering to be complementary to Stellantis’ current technology and portfolio of iconic brands and will bring more affordable mobility solutions to global customers. Stellantis will have two seats on Leapmotor’s Board of Directors and will appoint the CEO of the Leapmotor International joint venture.

“As consolidation unfolds among the capable electric vehicles start-ups in China, it becomes increasingly apparent that a handful of efficient and agile new generation EV players, like Leapmotor, will come to dominate the mainstream segments in China,” said Stellantis CEO Carlos Tavares. “We feel it’s the perfect time to take a leading role in supporting the global expansion plans of Leapmotor, one of the most impressive new EV players who has a similar tech-first, entrepreneurial mindset to ours. Through this strategic investment, we can address a white space in our business model and benefit from Leapmotor’s competitiveness both in China and abroad. I want to thank Mr. Zhu Jiangming and the teams from both sides of our great companies for their leadership and collaboration in creating this new opportunity for both of us.”

“Today it is a great milestone in Leapmotor’s history, and I am thrilled to witness this moment together with Mr. Tavares and his team,” said Leapmotor Founder and CEO Zhu Jiangming. “Developed with our in-house, full-suite technology capabilities, Leapmotor brings to the market the best-in-class EV products in a most cost competitive way. We believe in win-win partnerships formed by strong players in the fast-evolving environment. Working with Stellantis, we will continue to be innovative and creative in technology and business synergies and will bring Leapmotor EV cars to the global market.”

Focused on the mid-to-high end market, being the largest and fastest-growing segment in China, Leapmotor delivered approximately 111,000 NEV units in 2022, putting it into the first tier among China’s NEV pure-play automakers. In the next three years, Leapmotor’s product plan is expected to cover the full range of A- to-E segments, based on one technical architecture with three highly scalable platforms with BEV and Range Extender EV powertrains.

Leapmotor was the world’s first pure-play EV company to implement Cell-to-Chassis technology (https://apo-opa.info/491mto2) on a large scale, and its ‘Four-Leaf Clover’ (https://apo-opa.info/46Mt1Fu) Leap 3.0 central-controlled new electric and electronic architecture achieves seamless and efficient collaboration within the core components of smart EVs. Its unique vertical integration model maximizes scalability, enabling Leapmotor to quickly respond to customer needs.

Founded in early 2021, but combining more than a century of experience, Stellantis (https://www.Stellantis.com/) has 14 iconic automotive brands and two mobility businesses that aim to provide clean, safe and affordable freedom of mobility to all leveraging industrial operations in more than 30 countries with customers in more than 130 markets. In 2022, Stellantis shipped over 6 million vehicles with Net revenues of €179.5 billion and Net profit of €16.8 billion. In the first half of 2023 (https://apo-opa.info/40cc0SM), the Company had Net revenues of €98.4 billion and Net profit of €10.9 billion and one of the highest Adjusted operating income (AOI) margins in the industry at 14.4%.

Stellantis is investing more than €50 billion over the next decade in electrification to deliver on the Dare Forward 2030 (https://apo-opa.info/3SbMOK3) targets of reaching a 100% passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in the United States by 2030. To achieve these sales targets, the Company is securing approximately 400 GWh of battery capacity, including support from six battery manufacturing plants in North America and Europe. Stellantis is on track to become a carbon net zero corporation by 2038, all scopes included, with single-digit percentage compensation of remaining emissions. In parallel to this strategic move, Stellantis remains committed to its asset-light business model for its foreign brands in China.

The transaction is subject to customary closing conditions, including regulatory approvals.

Investment Community Conference Call

Stellantis and Leapmotor will each separately host conference calls for their respective analysts and investors. Details on timing and instructions for accessing these events are available on the respective corporate websites’ investor relations pages (www.Stellantis.com and www.Leapmotor.com).

Laws Governing Money Lending Companies In Nigeria

By offering accessible credit to individuals, small businesses, and even corporations, money lending play a crucial role in the Nigerian financial system. However, the Nigerian government has established a number of laws and regulations governing the operations of money lending companies in order to ensure consumer protection and maintain stability in the lending sector. In addition to giving a thorough overview of these laws, this article aims to clarify the legal ramifications of lending activities in Nigeria: “Laws Governing Money Lending Companies In Nigeria.”

Meaning And Background

The concept of money lending, also referred to as peer-to-peer lending or microfinance in Nigeria, entails the borrowing and lending of funds between Nigerian individuals or small businesses. For those who might not have access to conventional banking services, it offers an alternative source of funding.

The idea of currency Due to the rising demand for financial assistance and the expansion of the informal sector, lending has significantly increased in popularity in Nigeria over the past few years. It is frequently viewed as a means of bridging the gap between banks and people or small businesses who are unable to meet the stringent criteria of conventional lending institutions.

Money lending in Nigeria can take many different forms, such as unofficial lending groups, cooperative societies, and online marketplaces that link lenders and borrowers. These online lending platforms give people a simple and convenient way to borrow money without a lot of paperwork or security.

Overview of LITHIUM Mining And Buying Licence In Nigeria

The interest rates that lenders charge are an essential component of money lending in Nigeria. owing to the greater risk involved in lending to individuals or small businesses Lenders frequently impose higher interest rates than traditional banks on companies with weak financial stability. The lender, the loan amount, and the length of the repayment period can all have a significant impact on these interest rates.

In Nigeria, different lenders have different terms for making repayment. Some lenders provide short-term loans with repayment terms typically between a few weeks and a few months, while others might offer longer-term loans with terms up to several years. In order to repay the loan in full, borrowers must make consistent payments, typically in the form of monthly installments.

Borrowers in Nigeria typically need to meet certain eligibility requirements, such as having a consistent source of income, a valid form of identification, and a good credit history. However, Depending on the lender and the specific platform being used for borrowing, the requirements might change.

In Nigeria, money lending has largely developed into a crucial source of funding for people and small businesses that might otherwise find it difficult to secure financing. It gives them the chance to conveniently and quickly access money, allowing them to invest in their companies, cover last-minute expenses, or fulfill other financial commitments. To make sure they are partaking in a legal and ethical money lending transaction, it is crucial for both lenders and borrowers to exercise caution and carry out in-depth research.

Forms of Money Lending In Nigeria

In Nigeria, lending comes in a variety of forms, including:

1. Traditional Banks: The most popular sources are commercial banks and microfinance banks. in Nigeria of credit. They provide a range of loan products, including mortgage loans, business loans, and personal loans.
2. Non-banking financial institutions, such as credit unions, cooperative societies, and finance companies. They provide loans to private individuals and small businesses, frequently with more accommodating terms than traditional banks.
3. Peer-to-peer lending platforms: These platforms connect individual lenders and borrowers directly, doing away with the need for a traditional financial institution. Through these platforms, people can lend money to other people in exchange for interest payments.
4. Money Lending Apps: As Nigeria’s fintech sector expands, a number of mobile applications now provide digital lending services. Through their smartphones, users can quickly and easily borrow money using these apps.
5. Money Lenders: Besides official In addition to formal lenders who work within the traditional banking system, there are also informal lenders. These people or organizations give people short-term loans, frequently with high interest rates and less regulated terms.

Nigerian Laws And Institution Controlling Money Lending Entities

1. Cash Lenders Act: The main piece of legislation governing money lending in Nigeria is the Money Lenders Act, passed in 1958. This law outlines the conditions and obligations for people or organizations involved in public money lending. It describes the Registration procedures, license specifications, interest rates, and sanctions for non-compliance.
2. Regulations of the Central Bank of Nigeria (CBN): As the top regulatory body for the financial industry, the Central Bank of Nigeria is heavily involved in monitoring money lending activities. The CBN has issued a number of regulations that money lending businesses must follow in order to maintain the stability of the lending market. The CBN’s corporate governance code, credit risk management system, prudential guidelines, and anti-money laundering measures are some of the rules that fall under this category.
3. Bank and Other Financial Institutions Act (BOFIA): The BOFIA, enacted in 1991, provides the overarching legal framework that guides the activities of all financial institutions, including money lending companies. Under this act, money lenders are required to maintain an acceptable level of liquidity, adhere to capital adequacy requirements, submit regular reports, and undergo routine inspections by the Central Bank of Nigeria.
4. Consumer Protection Acts: The Nigerian government is aware of the importance of safeguarding consumers in their financial transactions. As a result, particular legislation has been passed to protect the rights and interests of borrowers. These laws include the Money Lenders (Amendment) Act, the Contracts and Commercial Transactions Act, and the Consumer Protection Act. These laws encourage openness, forbid unethical behavior, and offer channels for resolving disputes between borrowers and lenders.
5. National Office for Technology Acquisition and Promotion (NOTAP): The NOTAP regulates the inflow and outflow of foreign exchange for technological services rendered by money lending companies. This ensures that such transactions comply with the Nigerian laws, contribute to the country’s economic growth, and safeguard the intellectual property rights of both borrowers and lenders.

 The Steps Taken To Found A Money Lending Company In Nigeria

In Nigeria, establishing a money lending business entails a number of steps and conditions. The following are the essential steps you would need to take:

1. Business Registration: Register your company as a Limited Liability Company with the Corporate Affairs Commission (CAC). You can either do this in person at their office or online through the CAC website.
2. Office Space: Locate a good spot for your office and get the required licenses and permits from the appropriate local government agencies.
3. Capital Requirements: A money lending business must have a minimum 20 million Naira capital base. Make sure to possess the necessary capital, either personally or by luring investors.
4. Incorporation Documents: Create the necessary incorporation documents, including the articles of association and memorandum, as well as form CAC 1.1 and other pertinent paperwork. During the registration process, the CAC will receive these documents.
5. Name Reservation: Through the CAC’s online portal, reserve a name for your business. The name must be original and distinct from those of any other businesses.
6. Tax Registration: Register with the Federal Inland Revenue Service (FIRS) to obtain tax identification numbers (TINs). This is necessary for tax compliance and purposes.
7. Obtain Regulatory Approvals: The Central Bank of Nigeria (CBN) must be contacted in order to obtain the necessary regulatory approvals. To do this, submit an application and any necessary supporting documentation.

• Presenting proof that your business can meet the mandated capital requirements.
• Showing that your business complies with the CBN’s rules on money lending.

8. Financial Preconditions: Create your company’s three years’ worth of audited financial statements, including a statement of comprehensive income, a statement of financial position, and a cash flow statement.
9. Kyc And Anti-money Laundering Procedures: Create effective Know Your Customer (KYC) and anti-money laundering (AML) policies to ensure compliance with applicable laws and reduce risk.
10. Insurance: To protect your financial interests, secure the necessary insurance coverage, such as fidelity insurance and professional indemnity insurance. business and customers.
11. Marketing and Advertising: Create a marketing plan to reach potential borrowers and adhere to any applicable legal requirements.
12. Staffing: Employ competent individuals with knowledge of lending operations, risk management, compliance, and customer service.
13. System and Processes: Create a thorough loan management system to monitor client information, loan activity, and collections.
14. Compliance: Implement and abide by all laws, rules, and policies that apply to money lending activities in Nigeria.

And finally, it’s advisable to seek advice from experts who are knowledgeable about the particular requirements of establishing a money lending company in Nigeria, such as legal experts, accountants, and consultants. See

Conclusion

The Nigerian government has implemented a thorough legal framework to guarantee openness, consumer protection, and stability in the financial system. lending industry. Money lending businesses can reduce risks related to predatory lending, fraud, and monetary instability by abiding by laws like the Money Lenders Act, BOFIA, CBN regulations, and consumer protection acts. This regulatory environment promotes fair lending practices and builds trust between lenders and borrowers, which helps the Nigerian financial system grow sustainably.