Economy
Ejigbo NNPC Depot Shut Down over Missing Petrol
By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) depot in Ejigbo area of Lagos State has shut down due to alleged incessant disappearance of petroleum products pumped into the facility.
ThisDay reports that the issue of missing petrol forced management of the state-owned oil agency to launch an investigation into the matter.
The Ejigbo NNPC depot had resumed loading activities in March after the efforts of NNPC to tackle vandalism had yielded results with the repairs of the vandalised portion of the pipelines linking the depot with Atlas Cove Depot, also in Lagos.
Ejigbo Depot is one of the depots under NNPC’s System 2B Pipeline Network, which is the most active network, accounting for 60 per cent of fuel supply and distribution in the country.
Under the System 2B, the NNPC pumps imported products from the Atlas Cove Depot in Lagos through pipelines to Ejigbo Depot also in Lagos and Mosimi Depot in Ogun State.
From these two depots, the products are pumped further through pipelines to Ibadan Depot in Oyo State, Ore Depot in Ondo State and Ilorin Depot in Kwara State, for petrol tankers to lift products from these depots.
THISDAY gathered that most of these depots have been inactive as a result of the vandalism of the feeder pipelines between the Atlas Cove Depot and Arepo in Ogun State.
A source at Ejigbo Depot told THISDAY at the weekend that with the improvement recorded by the NNPC in repairing the pipelines and tackling vandalism, the depot resumed loading activities in March.
“It started loading in March but it has been shut down because NNPC complained of missing products. Each time they pump petrol into the depot, they will discover during loading that there is shortage. So, they shut down to investigate,” he explained.
Group General Manager in charge of Group Public Affairs Division of NNPC, Mr Ndu Ughamadu told THISDAY at the weekend that the rehabilitation of the depots was an ongoing exercise.
Mr Ughamadu, who was silent on the condition of Ejigbo Depot, added that the most important thing is that the ‘train has left the station,’ obviously referring to the ongoing nationwide reactivation of the depots following the success recorded by the corporation in reducing vandalism.
“And we are progressing. Today, depots that were not wet are filled with products. We shall get to your target,” Mr Ughamadu said. He was however, silent on the issue of Ejigbo Depot.
Western Zonal Chairman of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) to which the Petroleum Tanker Drivers (PTD) is affiliated, Mr Tokunbo Korodo, told THISDAY that tanker drivers would be glad to load at all the depots in System 2B.
“If there is fuel in the other depots under System 2B, the tanker drivers will go there and load. As, I am talking to you now, no loading is taking place in Ibadan, Ore and Ilorin. Even Mosimi and Ejigbo are just doing skeletal loading. So, there is more pressure on Apapa, which was worsened by the closure of Capital Oil. If Capital Oil is loading, it will also reduce pressure on Apapa,” Korodo explained.
THISDAY gathered that the situation at Ejigbo is worsened with the absence of enough parking spaces for the tankers waiting to lift products.
Source: ThisDay
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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