By Adedapo Adesanya
The federal government has moved to boost the country’s oil and gas sector with the signing of fresh deals worth $42 billion.
This was revealed by the Minister of State for Petroleum Resources, Mr Timipre Sylva, in Bayelsa State.
The Minister said the investment deals were signed by various Nigerian entities at the just-concluded Intra African Trade Fair (IATF) in South Africa.
He expressed strong optimism about the deals, saying that the sector needed new projects and that implementation would commence soon.
“Indeed, we need new projects in the industry to increase our production, grow national revenues, engage the local supply chain, create more employment for Nigerians and promote national security,” he said.
The Minister hailed the FPSO integration facility currently being developed in Lagos on the back of Total’s Egina Deepwater project.
“This facility is the only one in sub-Saharan Africa. We eagerly look forward to getting a similar legacy project from the ongoing Nigeria LNG Train 7 Project,” he said.
He said the federal government was committed to supporting and promoting investments in gas as Nigeria’s transition fuel, noting that this was the basis for Nigeria’s decade of gas Initiative launched by President Muhammadu Buhari in March 2021.
“This initiative feeds and helps our ministry to materialise extant gas policies in our Ministry like the National Gas Expansion program, the Gas Network Code and Flares Commercialization Program.
“Let me specially commend the NCDMB for catalyzing key investments in the gas sector across the country in furtherance of the federal government’s strategic focus in gas development and utilization. The Ministry of Petroleum will continue to provide the Board with every necessary support to deliver on these important gas projects.
“We are convinced that these gas projects, including the ongoing AKK project, would create huge opportunities for local companies in the gas value chain, as well as create thousands of jobs to reduce unemployment in Nigeria.
“As we go on with the implementation of the Petroleum Industry Act (PIA), we would like to see closer collaborations among the various agencies of the Ministry of Petroleum Resources.
“All hands must be on deck to develop our hydrocarbon resources efficiently, enhance national revenue and optimize value-adding activities in the country,” he added.
How Much Do You Really Know About Credit Restoration? Learn More Here
Like most people, you probably think of credit restoration as a way to fix your credit score after you’ve made some mistakes. But what if I told you that credit restoration is about so much more than just fixing your credit score? Credit restoration can be one of the most important steps to rebuilding your financial life. So what exactly is credit restoration, and why is it so important? Keep reading to find out.
What is Credit Restoration?
In short, credit restoration is the process of repairing your credit history and improving your credit score. However, for credit restoration to be effective, it’s essential to understand the factors that go into your credit score. Your payment history is the most important factor, accounting for 35% of your score.
This means that if you have a history of late payments or defaults, your credit score will suffer. The next most important factor is your credit utilization, which makes up 30% of your score. This is the amount of debt you have compared to your credit limit: the lower your credit utilization, the better.
Should You Find a Credit Repairing Service Provider?
If your credit score is suffering, you may wonder if you should find a credit repair service provider. While these companies can be helpful, it’s important to remember that you can do most of the work yourself. A good credit restoration service will help you understand your rights under the Fair Credit Reporting Act (FCRA). They will also dispute any inaccurate or outdated information on your credit report. Following the proper steps can improve your credit score and get you back on track financially.
Credit repair companies often charge high fees, so it’s crucial to weigh the cost before you decide to use one. Go online for information on the best experts. If you decide to use services that can help restore your credit, choosing one that is reputable and has a good track record is essential. You can check reviews online to see what others have said about the company or ask for recommendations from friends.
What is the Credit Restoration Process?
The first step is to order your credit report from all three major credit bureaus. This will give you an idea of where you stand financially.
Next, you’ll want to dispute any negative items on your report by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute.
Once you’ve disputed the negative items on your report, it’s time to focus on rebuilding your credit. This can be by paying down your debt and making on-time payments. By taking these steps, you can improve your credit score and get back on track financially.
How Do I Start Credit Restoration?
If you’re ready to start credit restoration, the first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion. Once you have your credit report, please review it carefully to identify any negative items you want to dispute.
Also, take a look at your credit utilization ratio. This is the amount of debt you have compared to your credit limit; the lower your credit utilization, the better. Besides, it’s elemental to develop good financial habits like paying your bills on time and staying within your credit limit.
If you find any negative items on your credit report, you can dispute them by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute. Once you’ve disputed the negative items, it’s time to focus on rebuilding your credit. You can do this by paying down your debt and making on-time payments.
Why is Credit Restoration Important?
There are a few reasons why credit restoration is so important. First, your credit score is one of the most critical factors in determining your financial future. If you have a low credit score, you’ll likely have difficulty qualifying for loans and lines of credit. You may also be charged higher interest rates, making it difficult to get out of debt.
Second, your credit history is a reflection of your financial responsibility. If you have negative items on your credit report, it’s essential to take steps to improve your credit history. This will show future lenders that you’re committed to paying off your debts and making on-time payments.
Finally, credit restoration can help you save money. If you have a high credit score, you’ll likely qualify for lower interest rates on loans and lines of credit. This can save you hundreds or even thousands of dollars over the life of your loan.
Credit restoration is a necessary process that can help you improve your credit score and get back on track financially. If you have negative items on your credit report, dispute them. Also, focus on rebuilding your credit by paying down your debt and making on-time payments. By taking these steps, you can improve your financial future.
NGX Rebounds by 0.16% on Renewed Bargain Hunting
By Dipo Olowookere
Renewed bargain hunting spurred a 0.16 per cent growth on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, with BUA Cement and others in the forefront.
Business Post reports that the gains printed by 10 stocks during the session were enough to wipe off the losses reported by the 22 depreciating shares.
Cutix rose by 7.50 per cent to N2.15, Lasaco Assurance appreciated by 5.88 per cent to N1.08, Union Bank improved by 3.45 per cent to N6.00, and Academy Press expanded by 2.97 per cent to N2.08, while BUA Cement gained 2.63 per cent to sell for N54.60.
Conversely, UPDC REIT finished the day as the heaviest price loser after its value went down by 9.86 per cent to N3.20, PZ Cussons lost 9.27 per cent to close at N9.30, Courteville reduced by 8.93 per cent to 51 Kobo, Japaul dropped 8.11 per cent to quote at 34 Kobo, while Coronation Insurance declined by 6.82 per cent to 41 Kobo.
It was observed that the market was very quiet yesterday despite the bargain hunting as only 204.2 million shares worth N1.6 billion exchanged hands in 3,643 deals compared with the 210.8 million shares worth N2.2 billion transacted in 4,122 deals on Monday, implying a decline in the trading volume, value and number of deals by 3.17 per cent, 25.02 per cent and 11.62 per cent respectively.
FBN Holdings was the most traded equity yesterday as investors exchanged 36.8 million units for N396.2 million, with eTranzact executing 30.0 million units valued at N68.4 million. UBA traded 20.5 million units worth N143.7 million, Access Holdings transacted 20.1 million shares for N171.5 million, while Eterna traded 12.3 million stocks valued at N86.1 million.
At the close of trades, the insurance, energy and consumer goods counters lost 0.97 per cent, 0.51 per cent and 0.36 per cent apiece, while the industrial goods and banking sectors grew by 0.96 per cent and 0.31 per cent respectively.
As a result, the All-Share Index (ASI) increased by 80.03 points 49,709.46 points from 49,629.43 points, while the market capitalisation went up by N43 billion to N26.812 trillion from N26.769 trillion.
Again, NASD OTC Market Capitalisation Falls Below N1trn
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange went below the N1 trillion mark on Tuesday after the bourse closed lower by 0.39 per cent due to a series of losses in the past trading days.
The value of stocks at the OTC market depreciated by N3.9 billion yesterday to N996.35 billion from N1.000 trillion, while the NASD Unlisted Securities Index (NSI) went down by 2.97 points to end the day at 756.86 points as against the 759.83 points it recorded in the previous session.
The unfavourable outcome was triggered by the trio of NASD Plc, Central Securities Clearing Systems (CSCS) Plc, and Niger Delta Exploration and Production (NDEP) Plc.
NDEP Plc lost N19.50 to end the day at N190.50 per share versus N210.00 per share, CSCS Plc decreased by 58 Kobo to trade at N14.33 per unit versus Monday’s N14.91 per unit. while NASD Plc declined by 16 Kobo to close at N14.33 per unit as against N14.91 per unit of the previous day.
However, the share price of FrieslandCampina Wamco Nigeria Plc improved during the session by N1.34 to N90.09 per unit from N88.75 per unit.
On the activity chart, the volume of securities increased by 378.1 per cent to 571,592 units from the previous day’s 119,564 units, the value of trades went down by 55.3 per cent to N10.4 million from N23.2 million, while the number of deals grew by 157.1 per cent to 18 deals from the seven deals reported on Monday.
AG Mortgage Plc remained the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion, CSCS Plc stood in second place with 686.5 million units worth N14.2 billion, while Food Concepts Plc was in third place with 147.8 million units valued at N128.4 million.
CSCS Plc also remained the most traded stock by value on a year-to-date basis with 686.5 million units worth N14.2 billion, VFD Group Plc was in second place with 11.1 million units exchanged for N3.3 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 14.0 million units valued at N1.7 billion.
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