Economy
OML 29 not for Sale to Repay Loan—Aiteo
By Dipo Olowookere
The management of one of the leading oil firms in Nigeria, Aiteo Group, has refuted reports that the Oil Mining Licence (OML) 29 it acquired in 2015 has been put up for sale so as to repay a loan it took from a lender in the country.
In a statement issued by the company, it said, “For the avoidance of doubt, Aiteo has neither considered, initiated, nor announced the commencement of any plans to sell off ANY of its stake in OML 29.
“The reasons are patently clear. First, since the takeover of the asset we have successfully quadrupled production that it would be commercially inept to consider a disposal of any sort, now.
“Second, there are several legitimate entities that constitute ownership of the oil block, such that it would be practically impossible for us to unilaterally consider disposing of the asset.”
While describing those making the claims as “fraudsters running a reports-for-cash syndicate,” Aiteo appealed to the public to “summarily disregard these unsavoury and fabricated reports in their entirety.”
According to the firm, “The claim that Bruce Burrows’ recent appointment as our Chief Financial Officer is aimed at finding a buyer for part of Aiteo’s assets is spurious and demonstrates that the publishers’ understanding of the commercial realities in the operation of assets such as OML 29 is shallow.
“All of our stakeholders familiar with our strategic vision can attest that Aiteo continues to invest in the right people to deliver on that vision.
“Mr Burrows’ appointment is simply to further strengthen our financial discipline as one of the most innovative, reliable and diverse oil and gas companies operating in Nigeria today. Mr Burrows joins a team of highly trained, experienced and world-class talent that currently guide the day to day activities of Aiteo.
“For the record, OML 29 was indisputably, legitimately and transparently secured in an internationally conducted divestment by the private entity, Shell.
“The funding of this acquisition was made possible through a syndicated loan involving several Nigerian banks.
“Since then, we have continued to meet our financial obligations as and when due, like every other responsible, global conglomerate of our stature.”
The statement said, “Aiteo is professionally run with strong corporate governance practices very actively in place and within a structure that insulates the company from the vagaries that typify the Nigerian one-man entity.
“As we have repeatedly asked, we wish to be allowed to continue to prosecute the drive and vision that we have committedly pursued to place ourselves and the country at the cutting edge of the oil industry, worldwide.
“Those who seek to distract us from this objective will find that we will defend our position and integrity with the same application and commitment as we continue to demonstrate in the success we have achieved!”
Economy
Wems BO Plans Personal Finance Retreat to Empower Nigerians
By Adedapo Adesanya
Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.
According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.
The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.
“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.
Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.
Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.
“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.
The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.
Participants will also have the opportunity to receive one-on-one coaching with the finance guru.
The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.
Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.
Interested participants can register through the official registration link.
Economy
Unlisted Securities Index Rises 0.91%
By Adedapo Adesanya
A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.
According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.
At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.
During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.
The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.
Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.
The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
Economy
Stock Investors Gain N344bn amid Decline in Transactions
By Dipo Olowookere
The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.
During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.
Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.
Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.
At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.
Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.
On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.
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