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
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.
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.
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.
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