Economy
FG Orders Importation Of Kerosene
The Nigerian government has placed orders for the massive importation of kerosene into the country, Punch reports.
This is in a bid to check the arbitrary increase in the pump price of the product, oil marketers explained.
According to them, the government has also ordered huge importation of Automated Gas Oil, popularly known as diesel.
They further stated that with the increase in the supply of the United States dollars by the Central Bank of Nigeria, the price of Premium Motor Spirit, otherwise called petrol, will not be hiked as earlier anticipated.
Last week, oil marketers had told The PUNCH exclusively that the actual cost of petrol should be N151.87 per litre.
They said the calculation was based on the ex-depot price of the commodity and the scarcity of forex.
To avert the hike, the government had met with the marketers last week and it was learnt that the CBN might intervene.
Speaking in Abuja on Wednesday during the inauguration of the Eastern Zonal Executive of the Independent Petroleum Marketers Association of Nigeria, the association’s Chairman, Board of Trustees, Mr Abubakar Usman, said marketers would start getting large volumes of kerosene and diesel as the government had ordered for increased importation of the commodities.
He said, “There is something that I am going to tell you that shall make you happy. Very soon, the products, DPK (Dual Purpose Kerosene) and the AGO, will be in circulation under the leadership of Chinedu Okoronkwo. Those that are not aware are aware now. Sooner or later, I cannot say today or tomorrow, but very soon, the AGO will arrive. The DPK will also arrive in the country.”
“I told IPMAN members that the current scarcity of kerosene would soon be a thing of the past as the product would circulate sufficiently when delivered.”
He noted that upon arrival, no member would be required to lobby or bribe to secure allocation.
Usman said, “And when it arrives, each and every one of us will get his allocation. You don’t have to come to Abuja to give bribe looking for allocation of two or three trucks. Just go to your depot manager, go to your zonal chairman and you will get it. You don’t have to waste time going to Lagos or Abuja for the product.”
When asked to state the price the product will be sold when it arrived, Okoronkwo said, “It will be lesser than what the NNPC retail outlets will be selling.”
On the possible increase in the pump price of the PMS, he said that the move by the CBN to increase marketers’ access to foreign exchange would lead to price stability, adding that the intervention would warrant an appreciation of the naira.
He said, “Right now, you are aware that some Bureau De-Change operators have qualified to get the forex. And very soon, there will be forex in the system where people can now leverage. And if we have enough forex, it means that the price at which people are getting it now will drop.
“This will impact in every other business. Very soon, the CBN will release dollar and that will make the naira to appreciate. For marketers, importers and manufacturers, everything will come alive again.
“The IPMAN will also leverage this window to ensure that our products come at prices that members of this country will enjoy.”
http://punchng.com/fg-orders-massive-importation-kerosene-say-marketers/
By Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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