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Economy

Akwa Ibom Requests Relocation of NNPC Subsidiaries to Dakkada Towers

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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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Dangote Packaging Explores Polypropylene Bag Exports to African Markets

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Dangote Packaging

By Modupe Gbadeyanka

Following a production capacity boost facilitated by new machinery being commissioned in the two manufacturing plants, Dangote Packaging Limited (DPL) is planning to expand into the African export market.

With its production now up to 52 million polypropylene bags per month from 36 million, the management is exploring pushing the excess to other African markets to boost the Nigerian economy, particularly for foreign exchange (FX) earnings.

“With the current increase in production capacity, DPL is ready to explore markets across West, Central, and Southern Africa.

“Once domestic demand is met, it is only logical to channel our surplus to new territories. To this end, we have engaged an export team to lead the charge,” the chairman of the company’s board, Mr Robert Ade-Odiachi, said during a strategic board meeting held last Wednesday.

According to him, the entry into export markets will be backed by world-class standards, also hinting at the possibility of offering trade concessions to fast-track market penetration in target export regions.

“We are equipped with state-of-the-art machinery, skilled manpower, and robust systems. Our product quality is unmatched, and our pricing remains competitive,” he added.

DPL’s expansion is part of a wider strategic alignment with the growing demands of the Dangote Group’s industrial portfolio. The increase in production is expected to support the Group’s internal supply chain while also positioning DPL as a regional packaging powerhouse.

“With our refinery and petrochemical plants now supplying key raw materials, we have achieved self-sufficiency, further reinforcing our long-term growth prospects,” Mr Ade-Odiachi said.

Also speaking at the meeting, Dangote Group Treasurer and DPL Board Member, Mr Mustapha Matawalle, stressed the economic benefits of the expansion.

“This is not just about market dominance and revenue generation,” he said. “It’s also about creating jobs and boosting Nigeria’s foreign exchange earnings through export activity,” he stated, lauding DPL’s commitment to Health, Safety, Security, and Environmental (HSSE) standards, noting that operations remain fully compliant with regulatory expectations.

The company’s new push follows the commissioning of advanced machinery in April, an event where DPL Managing Director, Mr Sai Prakash, described the equipment as cutting-edge and pivotal to enhanced productivity and product quality.

“With our rapidly expanding capabilities, stepping into the African market is a natural and timely progression,” Mr Sai Prakash said.

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Economy

Retail vs. Institutional Forex Trading: What Nigerian Traders Need to Know

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retail Forex Trading

Most traders in Nigeria are retail traders. They use personal money and trade on online platforms. Understanding how retail trading compares to institutional trading helps new traders make better choices. Knowing the differences also helps traders set realistic goals and avoid common traps. Retail traders do not have the same power, tools, or market influence as institutions, but they can still grow their accounts with smart choices and consistent habits. This article will explain the key differences and how Nigerian retail traders can succeed by focusing on skill, discipline, and risk control.

What Is Retail Forex Trading?

Retail traders trade with their own money, usually in small amounts. They use mobile apps or desktop platforms like MetaTrader to buy and sell financial instruments. Retail trading is open to anyone with internet access and a small deposit, which makes it popular in Nigeria. However, retail traders usually have limited access to financial data, trading tools, and fast execution speeds.

What Is Institutional Trading?

Institutional trading is carried out by banks, hedge funds, and large financial firms. These institutions trade large volumes of money and have direct access to liquidity providers. They use advanced tools, private data feeds, and faster order execution. Their trading decisions are often based on deep market analysis and are supported by teams of professionals.

Key Differences Between Retail and Institutional Trading

  1. Capital: Institutions manage millions or even billions in assets. In contrast, retail traders often begin with as little as $100 or $1,000. The amount of capital affects how trades are placed and how much risk is taken.
  2. Tools and Access: Institutional traders use advanced trading software, direct market access, and exclusive data sources. Retail traders work with public platforms and slower data, which can limit their reaction time.
  3. Market Impact: Institutional traders place large orders that can influence price movement. Retail traders do not affect market direction due to the smaller size of their trades.
  4. Costs: Institutions pay lower fees and spreads because they trade in bulk. Retail traders usually face higher costs per trade, including wider spreads and commissions.

Can Retail FX Traders Succeed?

Yes, retail traders can succeed if they follow a clear plan and manage risk properly. Many individuals in Nigeria have turned small accounts into meaningful profits by being consistent and disciplined. They focus on learning, testing strategies, and avoiding emotional decisions. You can read about successful forex traders from Nigeria.

Tips for Retail Traders in Nigeria

Retail traders in Nigeria should focus on using a simple strategy that they understand clearly. They should risk only a small amount of their capital on each trade to avoid large losses. It is important to trade without emotion and to treat each trade as a learning opportunity to improve future decisions. Keeping a trading journal can also help track progress and find patterns in both success and failure.

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Economy

SEC to Discuss Unregistered Investment Schemes at First CMC Meeting of 2025

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CMC Meeting

By Aduragbemi Omiyale

The first Capital Market Committee (CMC) meeting of 2025 in Nigeria will take place on Monday, May 19, the Securities and Exchange Commission (SEC) has confirmed.

One of the major issues to be discussed at the gathering is the activities of unregistered investment schemes in the country.

This is coming a few weeks after many Nigerians fell victims of a popular Ponzi scheme, Crypto Bridge Exchange (CBEX).

It was speculated that the organisation went away with funds belonging to Nigerian investors worth about $1 billion. Victims could not withdraw their money from their wallets with the platform.

At the CMC meeting taking place less than two weeks’ time, the capital market regulator will explore ways to better inform Nigerians on available authorised capital market products.

“The meeting will focus on critical issues affecting the market and ensure that those concerns are thoroughly addressed.

“Participants will also deliberate on the activities of unregistered investment schemes and explore ways to better inform Nigerians on available capital market products,” parts of the notice from SEC read.

In addition, the committee will deliberate on the implementation of the Investments and Securities Act 2025, recently signed by President Bola Tinubu.

Further, participants will brainstorm on strategies to drive capital market growth in line with Mr Tinubu’s Renewed Hope Agenda.

Also, the meeting will review the market’s current regulatory landscape and develop strategies to attract investments, improve market efficiency, and protect investors.

The team will, equally, examine reports from technical committees, market infrastructures, and industry observers to guide discussions on emerging market trends and regulatory reforms.

Business Post reports that expected at the CMC meeting are capital market operators, trade groups, investment advisers, fund and portfolio managers, and custodians.

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