Economy
Buhari Calls for Speedy Completion, Delivery of Train 7
By Adedapo Adesanya
President Muhammadu Buhari has called on the speedy delivery of the Nigeria Liquefied Natural Gas (NLNG) Train 7 so that the Train 8 project could begin on schedule.
The President gave the charge at a virtual ground-breaking ceremony of the project in Bonny Island, Rivers State on Tuesday.
He urged the NLNG, the host communities, the Rivers State government and other agencies of the federal government to continue to collaborate to ensure the completion and eventual inauguration of the Train 7 project safely and on time.
He said, “As we flag off the Train 7 project today, I look forward to the development and execution of more gas projects by the International Oil Companies (IOCs) and indigenous operators.
“I also look forward to more Trains from NLNG to harness the over 600 trillion cubic feet of proven gas reserves we are endowed with.
“I commend shareholders of NLNG, the Federal Ministry of Petroleum, NNPC, the Nigerian Content Development and Monitoring Board and other stakeholders for very exemplary collaboration which has culminated in this great opportunity.
“I thank the foreign investors for the confidence reposed in Nigeria.
“I assure all Nigerians and potential investors in the oil and gas sector that the federal government will continue to create the enabling environment to develop the sector and bring the full benefits of gas closer to our people.”
Mr Buhari recounted that the story of Nigeria LNG was one he had been “passionately associated with during the formative years of the project.”
“As Minister of Petroleum Resources, I kicked off our first foray in LNG Business in 1978. At the time it was already apparent that Nigeria was mainly a gas-rich country with a little oil!
“It, therefore, gives me great joy to see the organisation transform from just a project in the early 1990s to a very successful company with over 20 years of responsible operations and a steady supply of Liquefied Natural Gas, Liquefied Petroleum Gas and Natural Gas Liquids into the global market.
“This is proof that Nigeria has a great capacity to deliver value to the world by harnessing our natural resources,” the President added.
He congratulated NLNG and its shareholders – the Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni for proving that a Nigerian company could operate a world-class business safely, profitably and responsibly.
He lauded the joint venture for clearly setting the stage upon which Nigeria’s vast gas resources would continue to grow well into the future.
According to the President, the focus of his administration is to boost the development of Nigeria’s abundant gas resources, strengthen the gas value chain, develop the much-needed infrastructure and enhance safe operations in the sector as outlined in the National Gas Policy of 2017.
“Through the Decade of Gas initiative, which I recently launched, we will transform Nigeria into a major gas and industrialised nation with gas playing the key role as a revenue earner, fuel for industries and necessary feed for petrochemicals and fertiliser plants,” he said.
He also expressed delight that the NLNG, as the pioneer LNG company in Nigeria, had conscientiously proven the viability of the gas sector over the years, currently contributing about one 1 per cent to Nigeria’s Gross Domestic Product (GDP).
He explained that in revenue over the years, it paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
“These are commendable accomplishments by the company’s 100 per cent Nigerian Management Team.
“With this level of performance, I can only hope that the company continues to grow to start with this Train 7 project, but also positioning Nigeria to thrive through the energy transition,” he said.
On his part, the Minister of State for Petroleum Resources, Mr Timipre Sylva, described NLNG as a blessing to the nation.
According to him, it has positively complemented crude oil exploration by monetising flared gas and yielding huge revenue to the nation and to investors.
Mr Sylva added that since NLNG became operational in 1999, the nation had recorded a drastic reduction in operational flare status from 65 per cent to 12 per cent.
“I boldly say that the groundbreaking of Train 7 is a guarantee to every stakeholder of more dividends in terms of further reduction in gas flaring, more revenue to the nation and shareholders, more job opportunities, especially at the construction phase and more social investments for the society,” he said.
Also speaking, Mr Anthony Attah, the Managing Director and Chief Executive Officer of NLNG, said Train 7 would increase NLNG’s overall capacity to 30 million tonnes per annum (mtpa) from the current 22 million mtpa.
Mr Attah noted that the project would stimulate about $10 billion in Foreign Direct Investment (FDI) into Nigeria, creates 12,000 direct jobs in Bonny Island and additional 40,000 indirect construction jobs.
He said the project would also further the development of local capacity and businesses through the 100 per cent in-country execution of construction works, fabrications and major procurement.
‘‘Nigeria has ridden on the back of oil for over 50 years, but with this Train 7 project, Nigeria is now set and I believe it is now time to fly on the wings of gas,” he said.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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