Economy

DPR, GenCos to Tackle Gas Transportation Challenges in Nigeria

Published

4 years ago

20/04/2021

By Adedapo Adesanya

The Department of Petroleum Resources (DPR) has said it will work closely with the electricity generating companies as regards the challenges present in the Nigeria Gas Transportation Network Code (NGTNC).

This was disclosed by the Chief Executive Officer of the agency, Mr Sarki Auwalu, at the NGTNC engagement with the DPR, GenCos and the National Electricity Regulatory Commission (NERC) in Abuja.

He said, “I appreciate the remark by one of the Managing Directors of the GenCos that they are sitting on gas.

“We have 203 Trillion Cubic Feet (TCF) of gas that is proven, and 600 TCF about to be proven and we have so much gas project already ongoing.

“What I am saying is that the network code is not only looking at end-users, shippers or transporters.

“It is also looking at gas explorers and producers; when you look at the issues you have highlighted, they are issues we have observed with our interactions with you, we will identify them and work through it.”

He added that the only omission in the concerns of the Gencos was the needs of the explorers and the producers, which determine a lot of things.

He noted that the DPR would continue to engage with NERC towards actualising the goal and commended the Gencos for accepting the code.

Mr Auwalu said that the drive of the code was to help the country to migrate to the gas economy endowed with a huge deposit of the product.

According to him, the code is in line with President Muhammadu Buhari’s directive that the country must migrate to a gas economy.

This, he said, would help to take a lot of Nigerians out of poverty and equally create the needed jobs in the country.

“As you know, the president has declared this decade, a decade of gas, and he has given all the support to ensure that it is achieved,” he said.

He noted that there was a need for the country to change the way things were done to get different results for the growth of the nation.

Mr Auwalu said that there was no misalignment with all the concerns of GenCos but noted that the most important need of the code was to ensure business viability.

He said that the DPR would ensure that all the provision in the gas value chain was keyed into with the code.

“With NERC, Nigeria Gas Company and all the stakeholders we will get things done well, and the essence of the meeting is to get the Gencos to appreciate the code.

“For us, this meeting is the onboarding of the GenCos to the gas network code,” he added.

In his remarks, NERC chairman, Mr Sanusi Garba, said that the most important element to grow the Nigerian economy was gas, adding that the nation cannot make progress without an adequate power supply.

Mr Garba said that there was a need to discuss how 70 to 75 per cent of power generation could be generated through gas.

Represented by the Vice-Chairman, Musilim Oseni, he said that NERC was ready to work with the DPR to ensure that the critical changes needed would be achieved.

He said that NERC was optimistic that the network code would enable the needed milestone to achieve the migration to gas economy.

Also, Mr Nnaemeka Ewelukwa, Managing Director of Nigerian Bulk Electricity Trading (NBET) Plc, said that there was a need for the network code to look at all the electricity value chain.

Mr Eweluka added that issues of charges, cost, invoicing and payment should align for its impact in the sector.

The Representative of the Gencos, Mr Godwin Ogaje, said that they supported the gas network code.

Mr Ogaje pointed out that the major challenge was the big gap between the GTA and the code.

He noted that various changes introduced by the code should be looked into for business viability.

Mr Ogaje listed some of the charges to include capacity charges, commodity charges and capacity obligations, among others.

Economy

FrieslandCampina, Afriland Properties Weaken NASD Index by 0.24%

Published

5 hours ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.

FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.

However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.

Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.

The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.

Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.

Economy

Nigeria’s Stock Market Gives up 0.30% Friday

Published

5 hours ago

26/04/2025

Dipo Olowookere

stock market how to invest in US stocks in South Africa

By Dipo Olowookere

A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.

This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.

The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.

Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.

The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.

The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.

At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.

The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.

This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.

GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.

Economy

Naira Now N1,599/$1 at Official Market, N1,605/$1 at Black Market

Published

6 hours ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.

The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.

However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.

At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.

In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.

The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.

The agency and industry have been awaiting congressional action to establish crypto market-structure oversight that will likely set guardrails, and Atkins told an audience at the SEC’s Washington headquarters that the regulator will work toward delivering “a rational, fit-for-purpose framework” for crypto.

Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.

On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.