Economy

Youth Group Begs FG to Issue License to Repentant Refiners

Published

4 years ago

15/08/2021

By Adedapo Adesanya

The Youths and Environmental Advocacy Centre (YEAC) has urged President Muhammadu Buhari to issue modular refinery licenses to repentant refiners, who have formed and registered themselves into co-operative societies in order to dissuade them from returning to the creeks.

YEAC in an open letter to the President recalled that Vice President Yemi Osinbanjo, (then Acting President) in 2017, had assured of the establishment of modular refineries for youths involved in artisanal crude oil refining in the Niger Delta as a way of curbing oil theft, vandalism and environmental pollution in the country.

The Executive Director of YEAC, Mr Fyneface Dumnamene Fyneface, also recalled that the Minister of State for Environment, Mrs Sharon Ikeazor, had also directed artisanal crude oil refiners to register and form into co-operative societies for the easy issuance of modular refinery licenses.

Mr Fyneface, who is also the National Facilitator, Project with Artisanal Crude Oil Refiners for Modular Refineries in the Niger Delta, said as a result, the group has commenced the process of registering artisanal refiners for the formation of co-operative societies for modular refineries, since 2019.

He spoke at the inauguration and presentation of three cooperative societies in Delta State to the federal government namely, Delta North Modular Refinery Multi-Purpose Co-operative Society Ltd, Delta Central Modular Refinery Multi-Purpose Co-operative Society Ltd, and Delta South Modular Refinery Multi-Purpose Co-operative Society Ltd.

The advocacy centre also announced that the group was on the move to inaugurate more modular refinery co-operative societies in the other Niger Delta States.

“It is against these brief backgrounds that we write you this open letter to formally present to you, three Modular Refinery Multi-Purpose Co-operative Societies of artisanal crude oil refiners in Delta State for you to issue them Modular Refinery Licenses as promised.

“They are Delta North Modular Refinery Multi-Purpose Co-operative Society Ltd with Christian Obokana (08033938770) as President; Delta Central Modular Refinery Multi-Purpose Co-operative Society Ltd with Cyril Oghenevwede (08032364268) as President and Delta South Modular Refinery Multi-Purpose Co-operative Society Ltd, with Clever Donokoromor (07065439069) as President.

“These three co-operative societies are also today collectively inaugurated as the pioneer members of Delta State Association of Modular Refinery Multi-Purpose Co-operative Societies with Clever Donokoromor as the Chairman.

“These are the authentic platforms of the real artisanal crude oil refiners who have stopped and embraced your policy on Modular Refineries as alternative means of livelihood in Delta State. In the days ahead, we will inaugurate and also present to you, Modular Refinery Co-operative Societies in the other Niger Delta States.”

Again, the Advocacy Centre appealed to the federal government to establish a scheme similar to PAGMI, to polish and streamlined artisanal refiners just like it was obtainable with artisanal gold miners in the North.

“While thanking you for taking this bold step to address issues around youths and artisanal crude oil refining in the Niger Delta through modular refineries, it is our recommendation that you speed-up the process and also kindly consider and establish a Presidential Artisanal Crude Oil Refining Development Initiative (PACORDI) for artisanal crude oil refiners in the Niger Delta, similar to the Presidential Artisanal Gold Mining Development Initiative (PAGMI) in parts of the North and Western Nigeria.

“We look forward to having you issue Modular Refinery Licenses to these Co-operative Societies so that they do not cite government unseriousness and return to the creeks to cause more damage to oil facilities and our fragile environment.

“On our part as an organization, we will continue partnering with your government to address this and related issues in the Niger Delta and strengthen our facilitation of international development partners to co-fund the Modular Refinery projects for artisanal crude oil refiners in the Niger Delta,” he stated.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

9 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session 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 traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

9 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

10 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.