Economy
Skymark Energy Chief Urges Stakeholders to End Fuel Scarcity
By Adedapo Adesanya
The Chairman of Skymark Energy and Power Limited, Mr Muhammad Saleh-Hassan, has called on oil marketers and other stakeholders in the energy sector to cooperate with the federal government in order to end the biting fuel scarcity in Nigeria.
Speaking in Abuja, Mr Saleh-Hassan stressed that oil marketers have a major role to play in ending recurring fuel scarcity in the country, noting that the energy crisis appeared to have defied the government’s efforts and urged his colleagues to be patriotic by shunning sharp practices and putting the people’s interests above high profit-making targets.
”In this circumstance that we have found ourselves, the marketers and other stakeholders should be patriotic by supporting the government in the interest of the masses.
“A critical situation like this is not a time that we should be thinking of our personal interests and gains. We should also think of the interests of the nation and the people.
“This is because you rely on the people to do your business. So, they too need your support to be able to afford the services you are rendering to them.
“You also rely on the government for regulations to also do your business. That is why you should also support the government,” he said.
Mr Saleh-Hassan stated that it was morally wrong for oil markers, as critical stakeholders in the oil and gas sector, to be unpatriotic by aiding and abetting the energy crisis through sharp practices which caused fuel scarcity.
“You are not supposed to take advantage of the situation by insisting that you want to add transport costs or make more money by hoarding your products, sending them to the black market or diverting them to other destinations, where you think that you can make more gains.
“I, therefore, call on the marketers, particularly the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), the Major Oil Marketers’ Association of Nigeria (MOMAN), and the Petroleum and Natural Gas Association of Nigeria (PENGASSAN), among others, to support the government in finding a lasting solution in the interest of the masses,” he said.
Mr Saleh-Hassan stressed that fuel subsidy, which will gulp about N4 trillion this year, had not failed.
According to the Skymark boss, sharp practices in the industry are responsible for sabotaging the integrity of subsidy, stressing that it was patriotism, and not fuel subsidy removal, that would solve the fuel scarcity problem, adding that removing subsidy would hit the economy badly.
“If you remove subsidy, it will hit the economy and aggravate the ailing economy and the masses will suffer seriously. There will be severe problems in the economic sector of the country. In fact, it would worsen the current inflation. Essential commodities in particular would not be affordable.
“President Buhari’s decision not to remove fuel subsidy is a kind and commendable gesture to the masses. As a leader, I think he is in the right direction. If patriotism is applied, you can be sure that the subsidy will work,” he said.
Speaking on why fuel depots were empty, in spite of the subsisting subsidy, he said: “The claim in the media circle that depots are empty is not true. Depots are not empty. If depots are empty, where are the independent marketers getting the product they are giving to the black marketers?
“After all, if NNPC imports the products, it gives it directly to the marketers to sell to people at stations at N165 per litre. Is a black marketer an independent marketer? Where do they get the fuel that they sell to people in gallons? he queried.
Mr Saleh-Hassan also said that it was necessary for the government to take more proactive measures to decisively address the fuel scarcity situation.
“The law has to work. We have to go back to the military era when petroleum products used to be escorted by security operatives from depots to the expected destinations to stop independent marketers from diverting them.
“At the point of discharging and distribution, all the trailers should be escorted by security agents to ensure that the products are delivered appropriately to the fuel stations.
“The police clamp down on fuel hawkers who were selling fuel in jerrycans in some parts of Abuja recently was a good move and I commend the IGP for that. This should continue until we see the end of the fuel crisis,” he said.
Mr Saleh-Hassan also called on Nigerians to be patient, adding that the crisis would soon be over as it was not peculiar to Nigeria, saying, “efforts are already being made by the Federal Government to reposition the oil sector.”
He said: “The ongoing Russia-Ukraine war has triggered economic woes across the globe and this is already trickling down on the energy sector in different countries in the world and Nigeria is no exception.
“Globally, refineries are not working. Even in America. About two or three weeks ago, there was fuel scarcity in London.
“Prices of refined products in the United Kingdom and United States (US) are not stable. In the US, a gallon of fuel is almost hitting $8. In the UK, to fill a car tank now is about 100 pounds.
“But in Nigeria, the official price is still N165 per litre. So, Mele Kyari, the NNPC GMD, is doing very well and should be commended.”
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.13 per cent on Wednesday, April 29, after its share price shrank by N5.06 to N71.99 per unit from N77.05 per unit.
As a result, the NASD Unlisted Security Index (NSI) went below the 4,000 mark after it lost 45.73 points to 3,999.23 points from 4,044.96 points. The market capitalisation declined by N27.36 billion during the session to N2.392 trillion from N2.420 trillion.
Midweek trading data showed that the volume of transactions slid by 76.2 per cent to 308,698 units from 1.3 million units, and the value of trades decreased by 7.1 per cent to N25.2 million from N27.1 million units, while the number of deals rose by 3.7 per cent to 28 deals from 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.9 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
The Naira was able to tame the pressure building at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, April 29, after it gained N1.25 or 0.1 per cent against the United States Dollar to close at N1,379.46/$1 compared with the previous day’s N1,380.71/$1.
Also, the outcome was the same against the Pound Sterling in the same window, as it added N2.18 to trade at N1,861.58/£1 versus Tuesday’s closing rate of N1,863.76/£1, and against the Euro, it appreciated by N2.14 to settle at N1,612.87/€1 versus N1,615.01/€1.
However, the Naira depreciated further against the Dollar at the GTBank forex counter by N10 to quote at N1,389/$1 compared with the preceding session’s N1,379/$1, and at the parallel market, it maintained stability yesterday at N1,390/$1.
The improvement witnessed across official market points to NFEM interbank turnover increasing sharply on Wednesday, with data released by the Central Bank of Nigeria (CBN) showing $249.905 million in transactions among institutions across 180 deals.
This indicates improved market liquidity and greater market confidence, leading to tighter bid-ask spreads across all foreign exchange deals.
Market analysts noted that improved liquidity and growing investor confidence now allow the market to function more independently.
Meanwhile, in the cryptocurrency market, Bitcoin (BTC) and major benchmarked cryptocurrencies fell as Brent crude surged to a four-year intraday high on renewed fears of US military escalation against Iran.
The jump in oil prices reflects a growing war premium tied to the effective shutdown of the Strait of Hormuz and expectations that hypersonic US weapons could be deployed in the region.
Analysts say BTC is unlikely to break above $80,000 unless Middle East tensions ease. Its value shrank by 1.5 per cent to $75,931.00.
In addition, Ethereum (ETH) slipped by 3.2 per cent to $2,254.51, Solana (SOL) depreciated by 1.9 per cent to $83.11, Ripple (XRP) lost 1.6 per cent to sell at $1.37, Binance Coin (BNB) dipped by 1.5 per cent to $616.58, and Cardano (ADA) dropped by 1.4 per cent to $0.2463.
But Dogecoin (DOGE) rose by 1.9 per cent to $0.1062 and TRON (TRX) appreciated by 0.5 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 3.77 per cent on Wednesday on the back of sustained bargain-hunting in equities with sound fundamentals.
The growth reported by Nigerian stocks at midweek raised the year-to-date return above 50 per cent, precisely at 52.43 per cent.
According to data, only the insurance sector ended in red after it shed 1.01 per cent at the close of business.
The industrial goods index appreciated by 6.14 per cent, the energy segment grew by 4.54 per cent, the banking counter expanded by 1.92 per cent, and the consumer goods industry rose by 1.01 per cent.
Consequently, the All-Share Index (ASI) went up by 8,465.40 points to 237,205.59 points from 228,740.19 points, and the market capitalisation increased by N5.450 trillion to N152.728 trillion from N147.278 trillion.
The quartet of UAC Nigeria, Zichis, CAP, and Airtel Africa gained 10.00 per cent each to sell for N165.00, N19.80, N132.00, and N3,021.30, respectively, and Jaiz Bank surged by 9.99 per cent to N8.81.
On the flip side, the duo of John Holt and Cadbury Nigeria lost 10.00 per cent each to trade at N12.60 and N66.15, respectively, as eTranzact shed 9.97 per cent to close at N15.80, Morison Industries slipped by 9.92 per cent to N10.62, and Haldane McCall shrank by 9.74 per cent to N3.43.
The busiest stock for the day was Access Holdings with 281.3 million units worth N7.3 billion, UBA transacted 160.6 million units valued at N7.0 billion, Lasaco Assurance traded 78.6 million units for N153.6 million, Wema Bank sold 65.7 million units worth N2.3 billion, and Morison Industries exchanged 65.0 million units valued at N690.3 million.
At the close of trades, investors bought and sold 1.3 billion equities for N69.1 billion in 83,445 deals versus the 908.0 million units worth N68.2 billion in 72,886 deals on Tuesday.
This showed that the trading volume, value, and number of deals increased yesterday by 43.17 per cent, 1.32 per cent, and 14.49 per cent, respectively.
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