Economy
2Baba Seeks NSE Support for Agro-Allied Business
By Adedapo Adesanya
Popular Nigerian musician, Innocent Idibia, otherwise known as 2Face or 2Baba, has veered into an agro-allied business.
The talented music act on Monday during a chat with the chief executive officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, stated that he now has an agribusiness called Innobia Agro-Allied Limited.
According to him, the project is expected to drive agriculture and create a thousand jobs for youths in each of the 36 states of the federation, including the Federal Capital Territory (FCT) Abuja.
He, therefore, called for the support of the exchange in actualising this laudable goal.
The singer is the Good Cause Ambassador of the NSE and he was hosted by the exchange today and given the honour to close the market by beating the closing gong, though digitally.
At the closing gong ceremony held on Instagram live chat this afternoon, the multiple award-winning music star used the opportunity to drive home the importance of collaboration and appreciated the NSE for using him to inform youths in the country on the message of social change.
“I am really grateful for the opportunity and would like to thank the Nigerian Stock Exchange. I would also like to call on Nigerians to join the movement,” he said.
In his remarks, Mr Onyema lauded the impact that the entertainment sector has played in driving social change, and in particular, 2Baba’s influence.
He said the vital member of the defunct Plantainshun Boiz has used his voice to raise awareness and mobilize support for the Corporate Social Responsibility and Sustainability initiatives of the bourse toward achieving the United Nations Sustainable Development Goals (SDG) in Nigeria.
“Since his appointment, 2Baba has been collaborating with NSE on its various CSR programmes such as the NSE Corporate Challenge, NSE Essay competition and more recently the Masks for All Nigerians campaign.
“The campaign aims at galvanizing individuals and companies towards donating 400 million masks for Nigerians especially low-income households.
“We are pleased to note that for 2Baba, music is more than making hit tracks which he has done since he hit the limelight over twenty years ago. It is also an instrument of driving change and impact within society.
“It was, therefore, not surprising that many organisations continue to desire to collaborate with him to bring about the desired social change,” he noted.
Mr Onyema further noted that the exchange has continued to thrive despite the limitations brought about by the COVID-19 pandemic, through its Business Continuity Plan established in March.
“We have remained supportive of issuers and have added close to N1 trillion of fresh capital since the activation of the Business Continuity Plan in March,” the NSE chief said.
He noted that, “Recently, we committed the sum of N100 Million to support the fight against COVID-19 in Nigeria. The sum of N60 million was donated to the Capital Market Support Committee for COVID-19 (CMSCC), led by the Securities and Exchange Commission (SEC).
“The balance of N40 Million was deployed to the Masks For All Nigeria campaign, which was launched to galvanize private organizations and individuals to provide 400 million face masks to Nigerians, especially the low-income households.
“We kicked off the campaign with a donation of over 100,000 face masks. I, therefore, use this opportunity to invite corporates and well-meaning individuals to join the campaign and donate masks via http://masksforallng.com.”
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
By Adedapo Adesanya
Crude oil prices went up on Wednesday after the European Union (EU) agreed to an additional round of sanctions threatening Russian oil flows that could tighten global crude supplies.
During the session, Brent crude futures jumped by $1.33 or 1.84 per cent to $73.52 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.70 or 2.48 per cent to $70.29 per barrel.
EU ambassadors agreed on a 15th package of sanctions on Russia over its war against Ukraine, targeting its shadow tanker fleet and Chinese firms making drones for the country.
The sanctions would target vessels from third countries supporting Russia’s war in Ukraine and add more individuals and entities to the sanctions list. It will not be adopted until after foreign ministers approve the package on Monday.
The shadow fleet has aided Russia in bypassing the $60 per barrel price cap imposed by the G7 on Russian seaborne crude oil in 2022 and has helped keep Russian oil flowing.
Prices were supported by the Energy Information Administration (EIA) which reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds.
The crude oil inventory figure compares with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by weak global demand growth prospects.
A day before the EIA, the American Petroleum Institute (API) had estimated inventory changes at a positive 499,000 barrels for the week to December 6.
Meanwhile, on Wednesday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount.
In its December report, the cartel expects 2024 global oil demand to rise by 1.61 million barrels per day, down from 1.82 million barrels per day last month.
OPEC also cut its 2025 growth estimate to 1.45 million barrels per day from 1.54 million barrels per day.
The 210,000 barrels per day cut in the 2024 figure is the largest of the five reductions OPEC has made in its monthly reports since August. In July, OPEC had expected world demand to rise by 2.25 million barrels per day.
Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move.
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