Economy
Atiku Dares NNPC to List on Stock Exchange
By Aduragbemi Omiyale
The Nigerian National Petroleum Company (NNPC) Limited has been challenged to list on the stock exchange, ostensibly the Nigerian Exchange (NGX) Limited if it is not “the ATM of the federal government.”
This challenge was given by the former Vice-President, Mr Atiku Abubakar, in a statement signed by his Media Adviser, Mr Paul Ibe, over the weekend.
Mr Atiku stated that by now, based on the Petroleum Industry Act (PIA), the shares of the state-owned oil agency should have been on the stock market for members of the public to buy and sell.
He lamented that the NNPC has remained a cash cow of the federal government, claiming to be independent when it is not.
The former presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, therefore, asked President Bola Tinubu to immediately put in place measures to list the company on the NGX as mandated by law for accountability and corporate governance.
“The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.
“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” the former VP said.
He stated that the refusal of the NNPC to make its shares available to Nigerians and others showed that it provides a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy.
Mr Atiku also faulted plans by the NNPC to hand over the country’s refineries to private investors to manage and operate, saying this system “has not always worked.”
“The Manitoba Hydro International, which was handed to the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed to the Ajaokuta Steel Company, was not able to make the facility profitable,” he said.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500 million while Ajaokuta remains comatose 17 years later,” Mr Atiku added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange slid by 0.35 per cent on Tuesday, April 22 after the return from the Easter break, with the market capitalisation falling by N6.79 billion to N1.917 trillion from the N1.924 trillion recorded last Thursday, and the NASD Unlisted Security Index (NSI) declining by 11.60 points to 3,274.78 points from the previous session’s 3,286.38 points.
Yesterday, the share price of Central Securities Clearing System (CSCS) Plc went down by 60 Kobo to close at N21.50 per unit versus the preceding session’s N22.10 per unit and Geo-Fluids Plc lost 18 Kobo to end at N1.62 per share, in contrast to last Thursday’s N1.80 per share.
On the flip side, the price of FrieslandCampina Wamco Nigeria Plc appreciated by 16 Kobo to quote at N37.80 per unit versus the previous trading day’s N37.64 per unit.
During the session, there was a 40.5 per cent increase in the volume of securities transacted to 174,634 units from the 124,266 units traded in the previous trading day, but the value of transactions slumped by 43.9 per cent to N2.86 million from N5.1 million, and the number of deals dropped by 48.4 per cent to 16 deals from 31 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, followed by Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most valued stock on a year-to-date with the sale of 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with a turnover of 14.8 million units worth N572.0 million and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
It was a bad day for the Naira on Tuesday, April 22 as its value plummeted against the United States Dollar by N3.23 or 0.2 per cent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
It was the first trading session in the official market after the long Easter Break which started last Friday.
The Nigerian Naira was exchanged with the greenback yesterday at N1,603.16/$1, in contrast to the preceding trading day’s rate of N1,599.93/$1.
However, the local currency closed flat against the Pound Sterling and the Euro in the spot market at N2,120.24/£1 and N1,817.69/€1, respectively.
At the parallel market, the Naira appreciated against the US Dollar during the session by N10 to sell for N1,610/$1 compared with the previous trading session’s N1,620/$1.
In the cryptocurrency market, most of the tokens improved on Tuesday, buoyed by renewed investor optimism and fresh hopes of an ease in US-China trade tensions.
Earlier on Tuesday, remarks from US Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event that the tariff standoff with China was unsustainable.
Mr Bessent said de-escalation would come “in the very near future,” characterizing current conditions as a “trade embargo.” However, he cautioned that a more comprehensive deal between the two nations could take even years.
Then President Donald Trump, speaking to reporters in the White House later, said that US tariffs on China “will come down substantially” from the current 145 per cent level, allaying concerns of a spiraling trade war.
Ethereum (ETH) jumped by 10.6 per cent to $1,784.93, Dogecoin (DOGE) appreciated by 10.3 per cent to $0.1812, Cardano (ADA) added 9.9 per cent to trade at $0.6971, and Solana (SOL) gained 7.9 per cent to close at $151.25.
Further, Ripple (XRP) grew by 7.5 per cent to $2.25, Bitcoin (BTC) expanded by 6.2 per cent to $93,822.95, Litecoin (LTC) increased by 5.8 per cent to $84.22, and Binance Coin (BNB) went up by 2.3 per cent to $617.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Adedapo Adesanya
The oil market appreciated by more than $1 per on Tuesday as new US sanctions against Iran sparked a recovery after previous selloffs.
During the trading day, Brent crude rose by $1.18 or 1.8 per cent to $67.44 per barrel and the US West Texas Intermediate (WTI) crude gained $1.23 or 2 per cent to close at $64.32 per barrel.
Brent and WTI fell more than 2 per cent on Monday as the US and Iran signalled progress in talks over the latter’s nuclear programme while President Donald Trump criticised the Federal Reserve Chair Jerome Powell.
However, the US issued fresh sanctions targeting an Iranian liquefied petroleum gas and crude oil shipping magnate and his corporate network.
The Treasury Department said that the new sanctions targets Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network, amid ongoing talks with Tehran on its nuclear programme.
Mr Emamjomeh’s network is responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil to foreign markets, the US Treasury said in a statement.
Both products are a major source of revenue for Iran, helping to fund its nuclear and advanced conventional weapons programs as well as regional proxy groups including Hezbollah, Yemen’s Houthis and the Palestinian Hamas group.
Market analysts noted that despite progress in its talks with the US, failure to reach a deal could weigh heavily on Iran’s oil exports amid tightening US sanctions.
Iran and the US agreed on Saturday to begin drawing up a framework for a potential nuclear deal.
Still on its geopolitical issues, US Treasury Secretary Scott Bessent on Tuesday said that he believes trade tensions between the US and China will de-escalate.
The US beef with China and tariffs on virtually all US trading partners, have weighed heavily on oil prices in recent weeks as investors expressed concerns of a potential global economic slowdown that would severely erode oil demand.
The International Monetary Fund (IMF) on Tuesday slashed its economic outlook for this year to 2.8 per cent from 3.3 per cent.
Also, global finance chiefs swarmed Washington seeking deals with President Trump’s team to lower tariffs.
On the supply front, US crude oil inventories fell by nearly 4.6 million barrels last week, market sources said on Tuesday citing American Petroleum Institute (API) data.
Official data from the US Energy Information Agency (EIA) on stockpiles is due later on Wednesday.
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