Economy
Baru Tasks Oil Workers to Solve Industry Problems
By Modupe Gbadeyanka
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has charged oil and gas workers across the country to work assiduously towards proffering viable solutions to the industry’s numerous challenges.
Dr Baru made the call during the closing ceremony of the 17th edition of the Nigerian Oil & Gas Industry Games (NOGIG 2018) held on Saturday at the Teslim Balogun Stadium in Lagos.
He also called upon the oil workers to get involved in sporting activities towards improving their productivity and service delivery.
“Without doubt, there are lots of advantages in getting involved in sports. People who participate in sports exhibit quality lifestyle both at home and in the workplace. Since they are more active, their brains proffer some of the most efficient and viable solutions to the challenges of the Industry today,” Dr Baru stated.
According to the GMD, a number of ailments are attributable to inactivity characterized by lack of exercise and a care-free lifestyle among people.
The GMD also tasked the participants to always make integrity and sportsmanship their watchword. “This is because at the end of it all, every one of you here is considered a winner.”
Congratulating the various sportsmen and women who participated at the biannual sporting showpiece, Dr Baru called upon them to go back to their respective companies and unleash their potentials towards maximum productivity and effective service delivery for the benefit of the entire Oil and Gas Industry.
He said NNPC remained committed to identifying with the lofty ideals of the games which he said were aimed not just at mere participation, but fostering unity and cordial relationships among the entire oil and gas workforce across the nation.
He commended the Local Organising Committee for its tireless effort towards ensuring “not only a successful tournament but one that everyone in the industry is proud of”
Earlier in her remarks, the Representative of the Minister of State for Petroleum Resources and the Director, Safety, Healthy & Environment at the Department of Petroleum Resources (DPR), Mrs Onyebuchi Sibeudu described sports as a unifying force among people which should always be encouraged.
She expressed satisfaction over the performance of the sportsmen and women, stressing that some of the talents on display today show that the Oil and Gas Industry has what it takes to take Nigeria to sporting stardom.
Several other chief executive officers of the International Oil Companies (IOCs) operating in Nigeria spoke on the attraction for sports to forge lasting friendship and strategic partnerships amongst oil workers in the country.
At the end of the week-long games, Shell Nigeria emerged the overall winners, clinching nine gold, 10 silver and eight bronze medals to cart home the 2018 trophy.
NNPC placed second with eight gold, 10 silver and 13 bronze medals, while the third place went to Chevron, which amassed seven gold, two silver and five bronze medals.
NLNG beat ExxonMobil to fourth place after winning five gold, five silver and five bronze medals with ExxonMobil, collecting two gold, five silver and six bronze medals. NAOC took sixth position with two gold, two silver and nine bronze medals.
While Seplat and OVH Energy failed to appear on the medals table, Total, NCDMB, DPR, Eroton and PTI placed 7th, 8th, 9th, 10 and 11th respectively.
The bi-annual tourney, which is the 17th in the series, featured 10 events namely: football, basketball, swimming, 8-ball pool, chess, scrabble, athletics, squash, lawn tennis and table tennis.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
