Economy

NCDMB Lauds INTELS Facility at Onne

Published

9 years ago

17/04/2017

By Dipo Olowookere

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, has commended INTELS Nigeria Limited for developing the Onne Free Zone into what he described as “a world class facility”.

Speaking shortly after touring the expansive Onne Free Zone in Rivers State on Friday, Mr Wabote also commended the various companies that have invested and are operating at the facility.

The NCDMB boss said, “First I want to thank the management of INTELS for organising this visit. We came here not just to visit INTELS but also to visit most of the companies operating within this facility.

“We have seen FMC, Pipe Coaters; we also saw GE, One Subsea, AOL Orwell and a couple of others. I can tell you that it is a very impressive facility: you have a lot of clients here.

He added, “What I see from discussion and interaction with them, I see this facility as world class. I believe they all want to remain within this facility to continue their business. Because I don’t think there is any other facility in this country that can match what you have here.

“Which for me is mind blowing, a lot of us do not know what is here; we hear about Onne, we hear about INTELS, our perspective of Onne and INTELS is completely different.

“We didn’t think it could even measure up to NPA in Apapa port and the other ports in Lagos. This is quite significant; given the number of companies you have here, given the marine activities that are ongoing here.

“I am sure 95% of your clients are in the oil and gas industry, which is very important because you are also operating within the Oil and Gas Free Trade Zone. So it is a no-brainer to know that most oil and gas companies want to be here.”

General Manager Legal of INTELS Nigeria Limited, Mr Mike Epelle, who led the team of top management staff that received the NCDMB boss, said INTELS remains fully committed to maximising, in a sustainable manner, the use of Nigerian human resources, materials, equipment and services in its operations without compromising the company’s values, quality, health, safety and environmental standards.

He said, “INTELS is resolute and committed to maximizing the participation of Nigerian businesses and local contractors in its operations in compliance with the Nigerian Oil & Gas Industry Content Development Act, 2010.”

Mr Epelle also said that the leading oil and gas logistics giant takes all reasonable measures to meet requisite Nigerian Content levels in its operations.

“INTELS implements the job owners approved Nigerian Content Plan without compromising the intent of achieving the best overall value for the project in terms of price, quality, efficiency, delivery and operating parameters,” he said.

Also speaking, Head of Administration and General Services of INTELS Nigeria Limited, Mr Chibuisi Onyebueke, said the Onne Free Zone is a Federal Government facility developed and positioned by INTELS to play a major role in the development of the West African oil and gas industry, with a unique package of incentives and strategic advantages unrivalled throughout the rest of the sub-region.

He said the Oil and Gas Free Zones Act provides a wide range of incentives and other strategic benefits to investors operating within the Onne Free Zone, similar to those offered by other successful Free Zones throughout the world.

He listed some of the incentives to companies operating at the zone to include free port incentives, Customs incentives, immigration incentives, tax incentives and other benefits contained in Section 18 of the Oil and Gas Free Zone Act.

According to Mr Onyebueke, INTELS Nigeria Ltd operates in government-owned port facilities and Free Zones to provide comprehensive integrated logistics services to the oil and gas industry

Economy

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

1 hour ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

1 hour ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

4 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.