Economy
Akwa Ibom Requests Relocation of NNPC Subsidiaries to Dakkada Towers
By Adedapo Adesanya
The Akwa Ibom State Government has appealed to the Nigerian National Petroleum Corporation (NNPC) to relocate some of its subsidiaries to the 21-storey smart office accommodation at the Dakkada Towers in the state.
Governor Udom Emmanuel made this request when he hosted the management of NNPC Upstream, led by the Group Executive Director, Mr Adokiye Tombomieye, who are in the state for a 3-day retreat on the restructuring of NNPC from its Corporation status to a Limited Liability Company.
Governor Udom particularly asked for the relocation of the headquarters of the National Petroleum Investment Management Services (NAPIMS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to relocate to the state.
He decried that the state despite having the largest crude oil and gas reserve in the country does not have any oil and gas presence and called for the decentralization of NNPC operations from Abuja.
“So, we are appealing to NNPC to relocate the headquarters of some of its subsidiaries to occupy the smart office accommodation at the Dakkada Towers. Four floors are there for the entire group, NUPRC, NAPIMS, NNPC.”
The governor also applauded NNPC Upstream for choosing his State as venue for the retreat, applauded their initiative towards making the Corporation a Limited Liability Company, urging them to brace up for the task ahead of the new responsibilities.
He commended NNPC for their transparency in publishing financial reports of the Corporation, which he said has been unprecedented in recent times, urging them not to relent in their commitment to bridge existing gaps thereby restoring the confidence of the people.
“Congratulations on the restructuring of NNPC, the boldness to do this will give you opportunities.
“Some of you that are group heads have written your names in plaque because once you restructure and put the structure, strategy, the system there will enable that structure to run, history will never forget any of you, but unfortunately, something about restructuring, if you get it wrong, history will crucify you.
“So it is something that no matter how you are pushed by government or politicians you have to get focused on it as a professional because of responsibilities and the expectations from the people.
“This is the first badge of management in NNPC that we have seen a financial report and it’s to your credit and it is timely too. I think the first audit of NNPC is done by your regime. So if you began a good work, take it to the end.”
On his part, the Group Executive Director, NNPC Upstream, Mr Tombomieye, disclosed that NNPC was transiting from a Corporation into a Limited Liability Company, as one of the steps of restructuring the corporation for efficient and effective service to Nigerians.
Mr Tombomieye, said the essence of holding a retreat in the state was to review the performance of the Corporation in the last three quarters, adding that the exercise has been successful.
“As you are aware NNPC is going through a transition, we are transiting from a Corporation to a Limited Liability Company, by the passage of the Petroleum Industry Act and incorporation of NNPC Limited, the former corporation called NNPC will now transit into a Limited Liability Company.
“The Upstream Directorate has come to review our performance in the last three quarters to see the level of performance and how to serve the nation better,” he added.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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