Economy
Sahara Gas Vessel Imports 7,000MT Cooking Gas into Nigeria
By Modupe Gbadeyanka
The newly built vessel acquired by the West Africa Gas Limited (WAGL), MT Sahara Gas, has delivered 7,000 metric tons of Liquefied Petroleum Gas (LPG) in its historic maiden voyage to Nigeria to boost availability and safe access to the commodity widely referred to as cooking gas.
WAGL is a Joint Venture of Nigerian National Petroleum Corporation (NNPC) and leading Energy Conglomerate, Sahara Group.
The JV is run by two companies, NNPC LNG Ltd, a wholly-owned subsidiary of NNPC and Sahara Energy’s Oil and Gas trading arm, Ocean Bed Trading Ltd (BVI).
WAGL, in January 2017, acquired two new vessels, MT Africa Gas and MT Sahara Gas in its bid to reduce transportation bottlenecks, add value to the Nigeria economy through exporting the commodity, deepen the LPG market in West Africa as well as enhance access to clean and safe energy.
The acquisitions were also a strategic response to the lingering challenges of supply, affordability and fraudulent activities motivated by the scarcity of the product.
NNPC’s Group Managing Director, Mr Maikanti Baru, said in keeping with the Federal Government’s economic growth plan, WAGL remained committed to stabilizing the market and ensuring sustainability of the commodity through strategic deliveries within the sub-region.
“This is a historic achievement for the NNPC and Sahara Group that showcases a truly successful partnership by all global standards. The quest is to achieve uninterrupted supply of the commodity and address infrastructural limitations as we continue to implement our zero-tolerance policy against adulterated products and their promoters across the nation.”
Mr Baru said the NNPC/Sahara Group partnership remained a model for successful JVs, adding that both parties were considering various strategies to optimize the delivery of the product across West Africa.
“The Federal Government deserves commendation for implementing policies that are geared towards growing the economy. That we have such a partnership involving the NNPC and Sahara Group is indeed an important global narrative for Nigeria in terms of capacity, expertise, and sustainability,” he added.
Speaking aboard the vessel, Managing Director of Petroleum Products Marketing Company (PPMC), Mr Umar Isa Ajiya, said it was a significant and important milestone not only for Nigeria, Africa and the entire shipping and maritime industry.
“We have a brand new LPG vessel, built by 100% fully owned Nigerian entities and it has picked up LPG from Bonny and brought it to Lagos. This is the first time we are having a wholly owned shipping vessel bringing the product to our shores.
“This is an opportunity to grow and deepen the LPG market in Nigeria such that the use of firewood will come to an end sooner than later. I must commend the shareholders of Sahara Group and NNPC for making it worthy to make this laudable investment,” he said.
Also commending the NNPC/Sahara Group Partnership, Mr Roland Omoregbe, WAGL’s Managing Director, said: “This is the first time the private sector in Nigeria is involved with the NNPC in ensuring that there is enough supply of LPG to the country. We are happy that it has done several voyages into West Africa, including Lome, Ivory Coast, and Ghana and we are counting more.
“The sister vessel, Africa Gas is in the West Africa waters as we speak. We have strategic plans to flood Nigeria with LPG and other cleaner sources of energy to do their domestic chores which will, in turn, save our country and our planet.”
Moroti Adedoyin-Adeyinka, Chief Executive Officer, Asharami Synergy Plc (a Sahara Group Downstream Company) said: “What we see here today speaks to the power of collaboration and the great things that can be achieved when the private and public sector work together with the right strategy, expertise and capacity. At Sahara, this is the kind of collaboration that we push for; one that makes our economy better and saves our planet.”
Moroti Adedoyin-Adeyinka, Chief Executive Officer, Asharami Synergy Plc(A Sahara Group Downstream Company) said: “What we see here today speaks to the power of collaboration and the great things that can be achieved when the private and public sector work together with the right strategy, expertise and capacity. At Sahara, this is the kind of collaboration that we push for; one that makes our economy better and saves our planet.”
LPG/C Africa Gas has performed five Transatlantic voyages loading butane from US Gulf Coast and discharging in West Africa mainly in Abidjan, Tema, and Lome. The vessel also traded once in South America for a spot voyage in September 2017.
LPG/C Sahara Gas has performed four Transatlantic Voyages around the West African region, with her berthing in Lagos, being her first trade in Nigeria, after it loaded from Bonny and discharged in Lagos. Sahara Gas also had a spot trade in France in April 2017.
Total volumes traded by both vessels include 150,000 MT in Abidjan, Cote d’Ivoire, 35,000 MT in Tema, Ghana, 2,500 MT in Lome, Togo, and the recently delivered 7,000 MT in Lagos, Nigeria. Africa Gas is currently discharging in Abidjan and heads out to Tema, Ghana and Lome, Togo in a fortnight.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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