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
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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