Economy
FG to Sanction Fuel Stations Selling Above N165/L
By Adedapo Adesanya
The federal government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has threatened to sanction any fuel station or depot selling above the stipulated approved pump price of N165/litre for Premium Motor Spirit (PMS), otherwise known as petrol.
The threat followed the persistent fuel scarcity being witnessed in Lagos, Abuja and its environs as well as in other parts of the country.
In a joint inspection on fuel stations in Abuja on Monday, the chief executive of the agency, Mr Farouk Ahmed, explained that the exercise was carried out in collaboration with some top officials of the Nigerian National Petroleum Company Limited (NNPC), Petroleum Pipeline and Marketing Company (PPMC) and the NMDPRA.
He said the inspection aimed at taking action to enforce the regulations by following up the warning given to the oil marketing companies, particularly those selling over the official price.
Mr Ahmed explained that the pump price of PMS was still N165 per litre and remained sacrosanct, adding that nothing had changed and the government had not made any other decision on that.
He said it would take an action against defaulters because based on its engagement with the Depots and Petroleum Marketers Association of Nigeria (DAPMAN) and Major Oil Marketers of Nigeria (MOMAN), they were warned against over price at the depot.
He said as a regulator, there were a series of actions it could take which included the withdrawal of service from a particular depot, shutting and sanctioning them because nobody was above the law and we must enforce the regulations.
“We are actually trying to monitor the dispensing to ensure that all the stations with petrol are dispensing all their trucks to reduce the long queues and ensure efficiency in service.
“We are monitoring the depot sales also, checking the number of trucks that loaded; this is a serious fact which we look at.
“There has been a lot of improvement in the distribution of PMS, we have gone round the Airport road and saw a lot of stations selling and discharging fuel.
“The queues are not long like before and the average trucks we have received in Abuja in the last three days are about 140 trucks against 70 trucks to 80 trucks received before; so there is a lot of improvement.
“Credit also goes to transporters because now they are reacting to the President’s offer of additional N10 as an incentive on their transportation charges. At least we are seeing the improvement,” he said.
President Muhammadu Buhari recently approved the upward review in the freight rate of oil transporters to alleviate challenges associated with PMS distribution nationwide.
The revised freight rate of PMS took effect from June 1, still maintaining the current regulated pump price of N165 per litre.
Mr Ahmed explained that the President increased the freight rate of transporters by N10 which was a huge jump from N10.46 to an additional N10 and now costs N20.46.
He also said this was just to show that the transporters could still transport the product across the nation without loss of revenue which they were complaining about.
On black marketers, he said it was engaging with key oil marketers and had advised them to warn their station managers to stop selling to Jerrican peddlers because it was one of the causes of the problems.
“Once they do not comply, we are going to shut and deal with that particular station affected,” he said.
On his part, Mr Adeyemi Adetunji, Group Executive Director, Downstream, NNPC Limited reassured Nigerians that there was an adequate supply of fuel.
“Today, we have 1.9 billion litres of PMS; Lagos is cleared in a couple of days; we will clear the queues in Abuja,” Mr Adetunji added.
By Dipo Olowookere
The recalibration of portfolios by investors further depressed the Nigerian Exchange (NGX) Limited on Thursday by 0.05 per cent in the absence of a positive trigger.
Amid the profit-taking, the banking space continued to witness bargain-hunting during the session, rising at the close of business by 1.04 per cent.
However, sell-offs crushed the insurance sector by 1.23 per cent, the consumer goods index depreciated by 0.81 per cent, and the energy sector lost 0.36 per cent, while the industrial goods counter closed flat.
As result, the All-Share Index (ASI) depreciated by 47.93 points to 102,788.20 points from 102,836.13 points and the market capitalisation gained N1 billion to close at N63.148 trillion compared with the preceding day’s N63.147 trillion.
Like the previous session, the market breadth index was flat after the bourse ended with 28 price gainers and 28 price losers.
Morison Industries depleted by 9.98 per cent to N3.61, C&I Leasing slumped by 9.91 per cent to N3.91, Ikeja Hotel crashed by 8.89 per cent to N12.30, Neimeth went down by 8.51 per cent to N3.44, and Sunu Assurance shed 8.03 per cent to settle at N5.50.
But SCOA Nigeria gained 9.76 per cent to sell for N3.60, DAAR Communications increased by 9.09 per cent to 84 Kobo, May and Baker jumped by 8.43 per cent to N9.00, Prestige Assurance appreciated by 6.82 per cent to N1.41, and Red Star Express chalked up 4.99 per cent to finish at N5.05.
The activity chart was mixed yesterday after the trading volume shrank by 0.10 per cent, the trading grew by 50.00 per cent, and the number of deals leapt by 12.95 per cent.
A total of 394.4 million stocks valued at N22.8 billion were traded in 12,160 deals during the session versus the 394.8 million stocks worth N15.2 billion transacted in 10,766 deals in the preceding day.
GTCO ended as the busiest equity after the sale of 42.2 million units for N2.6 billion, UBA traded 37.5 million units worth N1.3 billion, Zenith Bank transacted 25.2 million units valued at N1.2 billion, Access Holdings exchanged 24.3 million units for N601.6 million, and Jaiz Bank traded 13.8 million units worth N41.4 million.
By Adedapo Adesanya
Nigerian energy company, Oando Plc, has won the bid for the operatorship of oil block KON 13 in Angola.
The company, which recently acquired Eni of Italy’s oil assets in Nigeria, disclosed on Wednesday that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator.
Oando disclosed that the asset, in which it owns 45 per cent participating interest, has an estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER).
“Oando Plc (the company), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
“Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.
“The block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths. With a 45 per cent participating interest, OER will lead the development of the block as an operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it stated.
Commenting on the award, the chief executive of Oando Plc, Mr Wale Tinubu, expressed confidence in the capacity of the company, in collaboration with its co-venturers, to unlock the full potential of the asset for the country.
“We look forward to collaborating with our co-venturers and other key stakeholders to harness this opportunity and unlock its full potential for Angola and Africa as a whole,” Mr Tinubu said.
This milestone, the company said, marks its strategic entry into the Angolan oil and gas market and represents a significant step in its long-term vision to grow its upstream operations across Africa.
According to Oando Plc, it also solidifies the company’s position as a prominent player in the continent’s energy landscape, evolving from a local indigenous operator to a regional powerhouse.
Following the company’s recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13, the energy firm stressed, further bolsters the company’s upstream portfolio and reflects its commitment to driving regional growth and energy security.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.74 per cent on Wednesday, January 22 as a result of buying pressure on the market.
Yesterday, the NASD Unlisted Security Index (NSI) garnered 22.86 points to wrap the session at 3,123.19 points compared with 3,100.33 points recorded in the previous session, as the value of the unlisted securities market went up at midweek by N5 billion to close at N1.076 trillion, in contrast to the preceding day’s N1.071 trillion.
The alternative bourse ended with three price gainers and two price losers at the Wednesday session.
Mixta Real Estate Plc improved its value by 25 Kobo to end at N2.83 per unit compared with the previous day’s N2.58 per unit, Okitipupa Plc jumped by N3.56 to close at N43.55 per share versus N39.99 per share, and First Trust Mortgage Bank Plc added 2 Kobo to settle at 39 Kobo per unit compared with Tuesday’s trading price of 37 Kobo per unit.
On the flip side, UBN Property Plc lost 16 Kobo to end at N1.86 per share, in contrast to the preceding session’s N2.00 per share, and Mass Telecomm Innovation Plc went down by 1 Kobo to 41 Kobo per unit from 40 Kobo per unit.
During the session, there was a 216.2 per cent rise in the volume of securities traded to 581,160 units from 183,780 units, the value of securities traded by investors decreased by 48.9 per cent to N2.3 million from N4.5 million, while the number of deals increased by 84.6 per cent to 24 deals from 13 deals.
When the bourse closed for the day, Industrial and General Insurance (IGI) Plc was the stock with the highest trading volume (year-to-date) with 25.3 million units valued at N5.9 million, followed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
By value, FrieslandCampina Wamco Nigeria Plc topped the activity chart after selling 4.1 million units worth N162.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and 11 Plc with 55,358 valued at N14.5 million.
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