By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has announced that the 125,000 barrels per day Warri Refining and Petrochemicals Company (WRPC) in Delta State is now operational.

Mr Kyari disclosed this during a tour of the facility in the South-South state on Monday.

“We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real,” he said during a briefing with newsmen earlier this morning.

He was on the tour with the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, and other engineers and officials.

“This plant has three stages. We have started stage one which is called Area 1, [which is] able to produce AGO (diesel), Kerosene, naphtha and others. These are brands of high-quality products required in the country.

“We will also be able to export them. This country will make money to meet the promises of Mr president that this country will be an exporter of petroleum products.

“I must put on record the development was as a result of the charge by Mr President that we must get all three refineries to work. It is already happening.

“We have successfully started the Port Harcourt 65,000 barrels per day refinery.

“We have also started the area 1 of the Warri refinery. The other plants that will produce PMS will also come live,” he added.

Located at Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant can produce 13,000 million tons per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

Commissioned in 1978 and managed by the NNPC, the WRPC was built to supply markets in the south and southwest regions of Nigeria.

The mechanical completion of the facility was earlier scheduled for completion in the first quarter of this year, according to the spokesperson for the NNPC Limited, Mr Olufemi Soneye.

“Warri should be done by Q1 (first quarter) 2024,” he stated.

However, there were several delays to the commencement.

This new development comes following the recent commencement of crude refining at the old Port Harcourt Refinery, as announced by the state oil company.

Nigeria’s four refineries have produced no fuel for years, leaving the country to rely on imported petroleum products.

However, since the 650,000 barrels per day Dangote Refinery went online this year, the Nigerian government have announced the operation ability of two refineries out of the four structures.

The other two include the new Port Harcourt Refining Company in Rivers State, and the Kaduna Refining and Petrochemical Company in Kaduna State.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange index closed in the south territory in the 52nd trading week of 2024 on the back of profit-taking by investors.

Last week, the market capitalisation of the bourse shrank by N2.63 billion to settle at N1.040 trillion, in contrast to the preceding week’s N1.043 trillion and the NASD Unlisted Security Index (NSI) went down by 7.66 points to 3,035.61 points from the 3,043.27 points it ended in Week 51.

Business Post reports that last week’s trading days were only three, compared to the usual five, due to the Christmas and Boxing Day holidays (December 25 and 26).

In the week, there were three price losers and five price gainers led by Geo-Fluids Plc with a 24.0 per cent appreciation to end at N4.85 per unit against the previous week’s N3.81 per unit.

Further, Okitipupa Plc added 21 per cent to close at N35.99 per share versus N29.74 per share, Industrial and General Insurance (IGI) Plc grew by 16.7 per cent to finish at 15 Kobo per unit compared with the preceding week’s 17 Kobo per unit, FrieslandCampina Wamco Nigeria Plc jumped by 2.3 per cent to end at N43.84 per share against the former value of N42.85 per share, and Nipco Plc increased by 2.1 per cent to N150.10 per unit from N147.00 per unit.

Inversely, Central Securities Clearing System (CSCS) Plc lost 6.4 per cent to settle at N22.00 per share, in contrast to N23.50 per share, First Trust Microfinance Bank went down by 5.6 per cent to 34 Kobo per unit from 36 Kobo per unit and Afriland Properties Plc slipped by 1.9 per cent to N15.99 per share from N16.30 per share.

There was an 831.2 per cent jump in the volume of equities transacted in Week 52 to 21.37 million units from 2.29 million units, as the value of securities rose by 28.6 per cent to N115.8 million from N89.78 million and the number of deals went down by 23.7 per cent to 71 deals from 93 deals.

Geo-Fluids Plc was the most traded stock by value in the three-day trading week with N87.2 million, FrieslandCampina Wamco Plc recorded N18.4 million, Okitipupa Plc raked in N3.9 million, CSCS Plc posted N2.6 million, and Famad Nigeria Plc recorded N1.6 million.

Also, Geo-Fluids Plc was the most traded stock by volume with 19.2 million units, CSCS Plc transacted 1.3 million units, Famad Plc made 0.423 million units, UBN Property Plc traded 0.117 million units, and FrieslandCampina Wamco Plc exchanged 0.110 million units.

By Dipo Olowookere

One of the leading players in the food and quick-service restaurant industry in Nigeria, Tantalizers Plc, is looking to explore the blue economy ecosystem.

The company, which is currently under new management, has signed a Memorandum of Understanding (MoU) for the acquisition of a fish trawling firm, DanBethel Marine Services Limited.

Business Post reports that recently, the duo of Messrs Food Specialities and Organics Limited and Banklink Africa Private Equities Limited acquired the majority shareholding of Tantalizers.

This has been responsible for the recent uptick in the share price of the company at the Nigerian Exchange (NGX) Limited.

In a notice to the exchange over the weekend, Tantalizers said its entry into the blue economy landscape is part of the strategies to continue its transformation and deliver value to shareholders.

It stated that the acquisition of all the assets of the Apapa-based marine and fishing company is to play big in the industrial fish trawling, aquaculture, mariculture, seafood supplies, and marine operations sector.

DanBethel is renowned for its fleet of fishing trawlers and related marine assets. It has over the years established itself as a player in the domestic seafood supplies space.

With the increasing demand and emphasis on seafood as a healthier source of protein, sustainable food systems, and marine industries-based opportunities, this venture aligns with the Tantalizers’ new vision of expanding into innovative, more dynamic, and sustainable growth sectors.

“Our team admires the courage and capacity of the new Tantalizer’s leadership and is excited to be part of pivoting the company to a new height,” the chief executive of DanBethel, Tope Fagbamila, said.

Also, the chairman of DanBethel and Tantalizers, Mr Adam Nuru, said, “DanBethel acquisition is an excellent strategic fit for us as we further invest over the next five years in the company’s fleet to capture significant opportunities in the largely unexplored Nigerian fishing and aquaculture industry.”

The acquisition of DanBethel is expected to position Tantalizers as a leader in seafood production, supply chain integration, and value-added processing in aquaculture.

The takeover is expected to be completed within the next 180 days.