Economy
Abuja Hosts Nigeria Mining Week October
By Dipo Olowookere
Minister of Solid Minerals Development, Mr Kayode Fayemi, will deliver the welcome address at the much anticipated launch of the Nigeria Mining Week taking place in Abuja from October 25-28, 2016 at Sheraton Hotel.
The event is coming following the enthusiastic response from the mining community and the Nigerian government to the inaugural iPAD Nigeria Mining Forum in partnership with PwC Nigeria last year.
The organisers have joined forces with the Miners Association of Nigeria to create an all-encompassing meeting place for the sector.
“Diversifying the Nigerian economy is currently in the spotlight,” says Cyril Azobu, PwC Nigeria’s Mining Sector Leader and Head Consulting, “and the new Government has highlighted the potential of the solid minerals sector in achieving this.”
Mr Azobu adds: “The Nigeria Mining Week will be hosted by the Ministry of Solid Minerals Development and provide the opportunity for the government to unveil the next phase for the growth of the mining industry leading to the industrialisation of Nigeria. It will also open the door to an exclusive investment and networking opportunity for mining stakeholders towards propelling the mineral sector reform, and deliver key information for the creation of new business ventures and partnerships.”
The Nigeria Mining Week will comprise a grand opening, the iPAD Nigeria Mining and Quarrying Forum in partnership with PwC conference and exhibition, as well as a workshop for artisanal and small scale miners and a grand closing.
The event will welcome the entire mining ecosystem comprising of artisanal and small scale miners, junior mining operators, exploration companies, local and international investors, financial institutions, traders, solution providers as well as government bodies, to meet and discuss the current state of the market.
Nigeria’s economy was valued at $510billion in 2014 (The Economist), and is considered the largest economy in Africa and one of the fastest growing economies in the world with a long-term average growth of 7.7%. Nigeria’s vastly underexploited natural resources include about 44 varieties of minerals in over 500 locations.
In March 2016, the Roadmap for the Development of the Solid Minerals Sector was launched and following the inaugural iPAD Nigeria Mining Forum in partnership with PwC in 2015, recommendations were given to Government and the private sector.
Programme highlights will include:
* Keynote and opening session – Ministerial address and leaders panel
Theme: “Towards a new paradigm in natural resource management”
Chairperson: Uyi Akpata, Country Senior Partner and Regional Senior Partner West Africa, PwC Nigeria, Nigeria
Confirmed keynote speakers:
Mr Kayode Fayemi, Minister of Solid Minerals Development, Nigeria
The King of the Royal Bafokeng Nation, Kgosi Leruo Molotlegi, South Africa
Dr Toni Aubynn, Chief Executive Officer, Minerals Commission, Ghana
Dr Frank Udemba Jacobs, President, Manufacturers Association of Nigeria (MAN), Nigeria
Other programme highlights during the iPAD Nigeria Mining & Quarrying Forum include:
* Key Nigerian mining projects showcase
This session aims to provide stakeholders with an update on viable projects that Nigeria can in order to attract investment.
Chairperson: Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
Why Nigeria, why now? A brief overview of the mining sector’s potential
Prof. Ibrahim Garba, Vice Chancellor of Amadou Bello University, Nigeria
Investor showcase – snapshot of some key Nigerian projects:
– Symbol Base Metal: Carmie Olowoyo, General Manager – Corporate, Australia
– Promethean Resources: Demola Gbadegesin, Managing Director, Nigeria
– Kogi Iron: Kevin Joseph, Chief Executive Officer, KCM Mining, Nigeria
– ETA Zuma: Dr. Innocent Ezuma, Chief Executive Officer, Nigeria
* Licence to mine – interactive panel to understand Nigeria’s geology and how to access permits
Chair: Prof. Gbenga Okunlola, President of the Nigerian Mining & Geosciences Association, Nigeria
The panellists are:
– Alhaji Mohamed Amate, Director General, Mining Cadastral Office, Nigeria
– Alex Nwegbu, Director General, Geological Survey Agency, Nigeria
– Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
– Prof. Muhammed Tawfiq Ladan, Department of Public Law of the Faculty of Law, Ahmadu Bello University, Nigeria
– Olubukola Ashaolu Shopeju, Director, Bukabella Global Services, Nigeria
The country’s mining industry is showing its buy-in again with Akabogu & Associates, Nigachem Nigeria Ltd, Advocaat, Kian Smith Trade & Co, Palladium Mining Ltd and SBOG already confirmed as sponsors.
The Nigeria Mining Week is organised by Spintelligent in partnership with PwC and the Miners Association of Nigeria. Spintelligent is a well-known trade conference and expo organiser on the continent.
The company has particular expertise and experience in mining and infrastructure development events; including the long running flagship shows such as the iPAD series, the DRC Mining Week, CBM-TEC in Zambia, the Kenya Mining Forum in Nairobi and African Utility Week in Cape Town.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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