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Economy

Analysts Warn of Increased Security Threat to Nigerian Oil Industry

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Nigerian Oil Industry

By Adedapo Adesanya

Rising security threats are posing a major risk to Nigeria, a key supplier of light sweet crude grades to Europe, industry officials and analysts have warned.

S&P Global Platts Analytics expects Nigeria to be one of the largest risks for the Organisation of the Petroleum Exporting Countries and allies (OPEC+) production growth in end-2021 and has warned supply threats by militants could resurface as violence is rising in the southeast of the country.

Last month, gunmen attacked a convoy of workers involved in Shell’s Assa North gas development project in Imo State, causing fatalities. Shell shut down the gas plant and other facilities in the vicinity following the incident.

According to a Platts report, Nigeria has the capacity to produce around 2.2 million-2.3 million barrels per day of crude and condensate, but production has averaged only around 1.62 million barrels per day for the first seven months of 2021.

Key crudes such as Bonny Light, Escravos, Forcados, and Qua Iboe have all faced production issues due to operational and technical issues.

According to the report, the latest rise in security threats would impact the Nigerian oil industry, especially in the area of production costs, something the country is trying to reduce to $10 per barrel, as companies will need to spend more on protection for workers and facilities.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said the increasing attacks by bandits and other criminal activities, including kidnapping for ransoms in the oil hubs of Port Harcourt and Warri, have also stifled foreign direct investment into the Nigerian economy.

“We are finding it increasingly difficult to put our members in check as their restiveness regarding the growth and rise of insecurity across the country is getting out of control and the accompanying consequences are unimaginable,” the oil union said in a statement on August 27.

In addition, some of Nigeria’s main oil infrastructure has also faced persistent sabotage in the past few months including pipeline vandalism.

Nigeria has a long history of security issues impacting its oil industry. Militants operating in the Niger Delta ramped up attacks on oil fields and terminals in 2016, pushing production to a low of 1.4 million barrels per day.

In response, President Muhammadu Buhari retained a presidential amnesty program for militants to maintain peace in the Niger Delta which was first instituted in 2009.

The initial introduction of the program back in 2009 helped rein in activities that had caused extensive damage but there is now a concern that some groups may opt-out of the amnesty leading to more attacks on oil infrastructure.

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.

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Economy

How Much Do You Really Know About Credit Restoration? Learn More Here

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Credit Restoration

Like most people, you probably think of credit restoration as a way to fix your credit score after you’ve made some mistakes. But what if I told you that credit restoration is about so much more than just fixing your credit score? Credit restoration can be one of the most important steps to rebuilding your financial life. So what exactly is credit restoration, and why is it so important? Keep reading to find out.

What is Credit Restoration?

In short, credit restoration is the process of repairing your credit history and improving your credit score. However, for credit restoration to be effective, it’s essential to understand the factors that go into your credit score. Your payment history is the most important factor, accounting for 35% of your score.

This means that if you have a history of late payments or defaults, your credit score will suffer. The next most important factor is your credit utilization, which makes up 30% of your score. This is the amount of debt you have compared to your credit limit: the lower your credit utilization, the better.

Should You Find a Credit Repairing Service Provider?

If your credit score is suffering, you may wonder if you should find a credit repair service provider. While these companies can be helpful, it’s important to remember that you can do most of the work yourself. A good credit restoration service will help you understand your rights under the Fair Credit Reporting Act (FCRA). They will also dispute any inaccurate or outdated information on your credit report. Following the proper steps can improve your credit score and get you back on track financially.

Credit repair companies often charge high fees, so it’s crucial to weigh the cost before you decide to use one. Go online for information on the best experts. If you decide to use services that can help restore your credit, choosing one that is reputable and has a good track record is essential. You can check reviews online to see what others have said about the company or ask for recommendations from friends.

What is the Credit Restoration Process?

The first step is to order your credit report from all three major credit bureaus. This will give you an idea of where you stand financially.

Next, you’ll want to dispute any negative items on your report by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute.

Once you’ve disputed the negative items on your report, it’s time to focus on rebuilding your credit. This can be by paying down your debt and making on-time payments. By taking these steps, you can improve your credit score and get back on track financially.

How Do I Start Credit Restoration?

If you’re ready to start credit restoration, the first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion. Once you have your credit report, please review it carefully to identify any negative items you want to dispute.

Also, take a look at your credit utilization ratio. This is the amount of debt you have compared to your credit limit; the lower your credit utilization, the better. Besides, it’s elemental to develop good financial habits like paying your bills on time and staying within your credit limit.

If you find any negative items on your credit report, you can dispute them by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute. Once you’ve disputed the negative items, it’s time to focus on rebuilding your credit. You can do this by paying down your debt and making on-time payments.

Why is Credit Restoration Important?

Credit Restoration Important

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

There are a few reasons why credit restoration is so important. First, your credit score is one of the most critical factors in determining your financial future. If you have a low credit score, you’ll likely have difficulty qualifying for loans and lines of credit. You may also be charged higher interest rates, making it difficult to get out of debt.

Second, your credit history is a reflection of your financial responsibility. If you have negative items on your credit report, it’s essential to take steps to improve your credit history. This will show future lenders that you’re committed to paying off your debts and making on-time payments.

Finally, credit restoration can help you save money. If you have a high credit score, you’ll likely qualify for lower interest rates on loans and lines of credit. This can save you hundreds or even thousands of dollars over the life of your loan.

Credit restoration is a necessary process that can help you improve your credit score and get back on track financially. If you have negative items on your credit report, dispute them. Also, focus on rebuilding your credit by paying down your debt and making on-time payments. By taking these steps, you can improve your financial future.

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Economy

NGX Rebounds by 0.16% on Renewed Bargain Hunting

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Cross Deals

By Dipo Olowookere

Renewed bargain hunting spurred a 0.16 per cent growth on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, with BUA Cement and others in the forefront.

Business Post reports that the gains printed by 10 stocks during the session were enough to wipe off the losses reported by the 22 depreciating shares.

Cutix rose by 7.50 per cent to N2.15, Lasaco Assurance appreciated by 5.88 per cent to N1.08, Union Bank improved by 3.45 per cent to N6.00, and Academy Press expanded by 2.97 per cent to N2.08, while BUA Cement gained 2.63 per cent to sell for N54.60.

Conversely, UPDC REIT finished the day as the heaviest price loser after its value went down by 9.86 per cent to N3.20, PZ Cussons lost 9.27 per cent to close at N9.30, Courteville reduced by 8.93 per cent to 51 Kobo, Japaul dropped 8.11 per cent to quote at 34 Kobo, while Coronation Insurance declined by 6.82 per cent to 41 Kobo.

It was observed that the market was very quiet yesterday despite the bargain hunting as only 204.2 million shares worth N1.6 billion exchanged hands in 3,643 deals compared with the 210.8 million shares worth N2.2 billion transacted in 4,122 deals on Monday, implying a decline in the trading volume, value and number of deals by 3.17 per cent, 25.02 per cent and 11.62 per cent respectively.

FBN Holdings was the most traded equity yesterday as investors exchanged 36.8 million units for N396.2 million, with eTranzact executing 30.0 million units valued at N68.4 million. UBA traded 20.5 million units worth N143.7 million, Access Holdings transacted 20.1 million shares for N171.5 million, while Eterna traded 12.3 million stocks valued at N86.1 million.

At the close of trades, the insurance, energy and consumer goods counters lost 0.97 per cent, 0.51 per cent and 0.36 per cent apiece, while the industrial goods and banking sectors grew by 0.96 per cent and 0.31 per cent respectively.

As a result, the All-Share Index (ASI) increased by 80.03 points 49,709.46 points from 49,629.43 points, while the market capitalisation went up by N43 billion to N26.812 trillion from N26.769 trillion.

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Economy

Again, NASD OTC Market Capitalisation Falls Below N1trn

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NSE market capitalisation stock value

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange went below the N1 trillion mark on Tuesday after the bourse closed lower by 0.39 per cent due to a series of losses in the past trading days.

The value of stocks at the OTC market depreciated by N3.9 billion yesterday to N996.35 billion from N1.000 trillion, while the NASD Unlisted Securities Index (NSI) went down by 2.97 points to end the day at 756.86 points as against the 759.83 points it recorded in the previous session.

The unfavourable outcome was triggered by the trio of NASD Plc, Central Securities Clearing Systems (CSCS) Plc, and Niger Delta Exploration and Production (NDEP) Plc.

NDEP Plc lost N19.50 to end the day at N190.50 per share versus N210.00 per share, CSCS Plc decreased by 58 Kobo to trade at N14.33 per unit versus Monday’s N14.91 per unit. while NASD Plc declined by 16 Kobo to close at N14.33 per unit as against N14.91 per unit of the previous day.

However, the share price of FrieslandCampina Wamco Nigeria Plc improved during the session by N1.34 to N90.09 per unit from N88.75 per unit.

On the activity chart, the volume of securities increased by 378.1 per cent to 571,592 units from the previous day’s 119,564 units, the value of trades went down by 55.3 per cent to N10.4 million from N23.2 million, while the number of deals grew by 157.1 per cent to 18 deals from the seven deals reported on Monday.

AG Mortgage Plc remained the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 686.5 million units worth N14.2 billion, while Food Concepts Plc was in third place with 147.8 million units valued at N128.4 million.

CSCS Plc also remained the most traded stock by value on a year-to-date basis with 686.5 million units worth N14.2 billion, VFD Group Plc was in second place with 11.1 million units exchanged for N3.3 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 14.0 million units valued at N1.7 billion.

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