By Adedapo Adesanya 

The Dangote Petroleum Refinery said it has strengthened Nigeria’s presence in the regional energy market with the successful sales of 12 cargoes, by traders, totalling 456,000 tonnes of refined petroleum products.

The shipments by traders, destined for countries such as Cote d’Ivoire, Cameroon, Tanzania, Ghana, and Togo, represent the refinery’s export of Premium Motor Spirit (PMS) since achieving 650,000 barrels a day capacity in February, according to a statement by the Refinery.

The products were sold on a FOB (Free on Board) basis to the end international traders for deliveries to the above-identified countries of export.

This accomplishment, the Refinery noted, underscores its capability not only to meet but to exceed Nigeria’s domestic fuel demands.

“It also demonstrates the refinery’s growing role in supplying high-quality Euro 5 gasoline and diesel to West Africa — a region long underserved and historically regarded as a dumping ground for lower-quality fuels, and other regions which have become destinations of exports.

“By supplying neighbouring and other economies, the Dangote Refinery is expected to contribute to enhancing energy security in West, East, and Central Africa, reducing logistics and supply chain delays associated with long-distance fuel imports, lowering cost pressures on regional fuel markets through proximity sourcing, and as well as building stronger trade relations between Nigeria and key African economies”, the statement added.

The sale comes amid widening global worries about fuel supplies as the tanker traffic through the Strait of Hormuz, which serves as the critical chokepoint for roughly 20 per cent of global oil and LNG trade, has slowed sharply amid escalating military activity in the Gulf.

The conflict in the region has sent oil prices above $113 per barrel in recent weeks and has made economies worry about inflationary worries.

President Bola Tinubu expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy, noting that efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.

Western economies could release additional volumes of crude from storage should the need arise after it released 400 million barrels of crude from OECD reserves to cushion the blow to oil markets.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited operated for only three days last week due to the public holidays observed on Thursday and Friday for Eid al-Fitr.

Data from Customs Street showed that investors transacted 8.761 billion shares worth N267.253 billion in 193,473 deals compared with the 3.321 billion shares valued at N164.845 billion traded in 318,907 deals in the preceding week.

Analysis showed that the ICT sector led the activity chart with 5.330 billion stocks worth N46.825 billion executed in 21,573 deals, contributing 60.84 per cent and 17.52 per cent to the total trading volume and value, respectively.

The financial services industry exchanged 2.765 billion equities for N95.892 billion in 75,103 deals, and the consumer goods space sold 174.484 million shares valued at N20.805 billion in 20,693 deals.

eTranzact, FCMB, and Wema Bank accounted for 6.084 billion shares worth N40.661 billion in 5,570 deals, contributing 69.44 per cent and 15.21 per cent to the total trading volume and value apiece.

Business Post reports that in the week, 48 equities appreciated versus 34 equities in the previous week, 43 stocks depreciated versus 61 stocks in the preceding week, and 57 shares closed flat versus 53 shares of the earlier week.

John Holt topped the advancers’ chart after it chalked up 25.40 per cent to trade at N11.86, BUA Cement expanded by 21.00 per cent to N326.70, Premier Paints rose by 20.62 per cent to N23.40, Zenith Bank went up by 14.64 per cent to N110.00, and Learn Africa appreciated by 13.33 per cent to N9.35.

The laggards’ group was led by Zichis, which shed 50.58 per cent to close at N8.58. Presco went down by 18.37 per cent to N1,701.10, DAAR Communications declined by 13.55 per cent to N1.85, Eterna slipped by 12.77 per cent to N36.90, and Red Star Express crashed by 9.98 per cent to N25.55.

At the close of business, the All-Share Index (ASI) and the market capitalisation appreciated by 1.39 per cent each to 201,156.86 points and N129.126 trillion, respectively.

In the same vein, all other indices finished higher apart from the insurance, AFR Div Yield, consumer goods, energy, Lotus II and commodity indices, which fell by 0.42 per cent, 2.34 per cent, 0.10 per cent, 4.78 per cent, 2.76 per cent and 4.91 per cent apiece, while the sovereign bond index closed flat.

By Modupe Gbadeyanka

President Bola Tinubu on Sunday expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy.

While addressing the Vice President, Mr Kashim Shettima, and 23 state governors who visited him in Lagos at the weekend, he said efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.

“I know this Middle East crisis will spike inflation and affect our purchasing power. The labour union and others will be gearing to ask us to support more due to the effect of the Middle East war and crisis,” Mr Tinubu was quoted as saying in a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.

The President also disclosed that his administration was intensifying efforts to tackle the challenges of insecurity across various parts of the country, assuring that the safety and well-being of citizens featured at the meetings held in the United Kingdom.

President Tinubu returned to Nigeria from a two-day state visit to the UK. He moved to Lagos for Eid al-Fitr, where the delegation went for a courtesy visit.

“Your presence here today and the number show your sincerity, commitment and value for friendship and togetherness.

“The next phase of our struggle is staring us in the face, and that is the challenge of insecurity in the country.

“I am making all the efforts to ensure that we collectively share the joy of our victory over tyranny. Insecurity is an enemy of development, progress, and prosperity. I am glad you are all mindful of the challenge.

“For me, I have committed to strengthening further the contacts and networks that are necessary. One of the major discussions in the United Kingdom was on equipment and support.

“I can report to you that yesterday, again, I had a lengthy discussion with French President Emmanuel Macron. They are collaborating with us for equipment and support. I am also making frantic efforts to contact other nations,” Mr Tinubu further stated.

He urged the state governors to remain steadfast and resilient in translating their ideas and visions into policies and programmes that directly impact citizens’ livelihoods, and to support the government in tackling the “tyranny” of criminals, advising them to provide further incentives to cushion the inflationary impact of the war in the Middle East on energy and transportation prices.

The President thanked Mr Shettima for the condolence visit to Borno State, assuring the people of the state of stronger protection through new technology.

In his remarks, the Chairman of the Nigerian Governors Forum and Governor of Kwara State, Mr AbdulRahman AbdulRazaq, lauded the President for his intervention in the states with the visionary Renewed Hope Agenda.

Speaking on state police, the Governor said discussions were ongoing with various security agencies led by the National Security Adviser (NSA), Mr Nuhu Ribadu, and the NGF has made its contributions, noting that the document will be taken to the National Assembly for “a legislative framework for the state police.”

Governors at the meeting were Hope Uzodinma of Imo State, Alex Otti of Abia State, Umo Eno of Akwa Ibom State, Douye Diri of Bayelsa State, Hyacinth Alia of Benue State, Bassey Otu of Cross River State, Sheriff Oborevwori of Delta State, Francis Nwifuru of Ebonyi State, Monday Okpebholo of Edo State, Peter Mbah of Enugu State, Mohammed Inuwa Yahaya of Gombe State, and Umar Namadi of Jigawa State.

Others were Abba Kabir Yusuf of Kano State, Dikko Umaru Radda of Katsina State, Ahmed Usman Ododo of Kogi State; Babajide Sanwo-Olu of Lagos State, Abdullahi Sule of Nasarawa State, Caleb Mufwang of Plateau State, Siminalayi Fubara of Rivers State, Agbu Keffas of Taraba State, Mai Mala Buni of Yobe State, and Lucky Aiyedatiwa of Ondo State, while the deputy Governor of Borno State, Umar Usman Kadafur, was also present.