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Economy

Guinea Insurance Dispels NAICOM Suspension Reports

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By Dipo Olowookere

Few days ago, it was reported that the National Insurance Commission (NAICOM) had suspended Guinea Insurance Plc for issues bordering an alleged refusal of the company to appoint a substantive Managing Director and a reinsurance treaty.

Worried by how viral the news story went, the insurer has now come out to debunk it, saying the reports were not true.

In a statement signed by Chairman of the company’s board, Mr Godson Ugochukwu, Guinea Insurance said in February 2018, it sent a notice to the Nigerian Stock Exchange (NSE) concerning the appointment of Mr Babatunde Oshadiya as its Managing Director/Chief Executive Officer, with the proposal for his appointment forwarded to NAICOM for approval.

The firm noted that a month later, several news platforms published the appointment of Mr Oshadiya as the new MD/CEO, wondering why the latest reports claimed the company has failed to appoint a leader.

“We are constrained as a company to set the record straight by informing the general public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the board of Guinea Insurance Plc had on February 15, 2018 appointed Mr Babatunde Oshadiya as Managing Director/Chief Executive Officer of the company and the proposal for his appointment was submitted to NAICOM for approval.

“The said notification captioned ‘Guinea Insurance appoints Oshadiya MD/CEO’ was uploaded on Nigerian Stock Exchange (NSE) portal and also published in various Nigerian media namely: The Punch, Business Journal, The Authority Daily, Blueprint, Supernews, Newscorner, The Revealer, Businesstodayonline, Inspenonline etc. between 2nd – 7th March, 2018.was published in a press statement,” the insurer stated.

On the other issue raised in the latest reports, reinsurance treaty, Guinea Insurance said “there is available and incontrovertible evidence showing that Guinea Insurance Plc has a treaty backup for 2019 packaged by its Lead Reinsurance Broker – Glanvill Enthoven Reinsurance Brokers Limited.

“On 17th December 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance PLC 2019 Reinsurance Treaty Cover Notes to the Company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as ‘received’ by NAICOM on 18th December 2018.

“The board and management of Guinea Insurance Plc is currently engaging NAICOM with a view to resolving all attendant issues to the said publication within the shortest possible time.”

“We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards; the single-minded determination to emerge a world class enterprise and our conscious obligation to meet regulatory deadlines,” the insurance company concluded.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

NNPC Announces Crude Oil, Condensates Production at 1.61mb/d

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By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has revealed that Nigeria’s crude total oil and condensate production stood at 1.61.

This was contained in its Monthly Report Summary for April 2025 which contained key operational and financial metrics.

According to the state oil firm, this was 3.2 per cent higher than 1.56 million barrels of oil per day recorded in March.

Giving a breakdown of the monthly production figures, total crude oil and condensate production was out at 1.67 million barrels of oil per day in January, 1.62 million barrels of oil per day in February, 1.56 million barrels per day in March and 1.61 million barrels of oil per day in the month under review.

Meanwhile the country’s natural gas production reached 7.35 billion standard cubic feet per day in April.

A breakdown showed that in January, the production stood at 7.12 billion standard cubic feet, it dropped to 6.62 billion standard cubic feet in February and rose to 6.92 billion standard cubic feet, and 7.35 billion standard cubic feet in April.

The NNPC clarified that all crude oil and gas figures are provisional and based solely on NNPC Limited’s data, adding that the figures excluded production by independent operators as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On the financial part, the NNPC generated revenue up to N5.89 trillion with a Profit After Tax of N748 billion.

The national oil company report also showed that statutory payments for the period January to March 2025 totaled N4.23 trillion.

In terms of supply NNPC Retail Limited (NRL) Stations’ petrol availability was at 54 per cent.

Giving updates on the ongoing projects— the NNPC said the OB3 pipeline project has achieved 95 per cent completion, while the Ajaokuta–Kaduna–Kano (AKK) pipeline has reached 70 per cent completion as of the review month.

It added that upstream pipeline availability was recorded at 97 per cent.

On its upcoming Final Investment Decisions (FIDs) in 2025, the NNPC disclosed that the Nkori Development (OML 102), crude oil production expansion project (OML 29), gas development projects (OMLs 40, 42) and Brass Fertilizer (Financial Close) will all be done in the fourth quarter of the year.

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Economy

NASD Exchange Records First Loss in Five Straight Sessions, Down 0.33%

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By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded its first loss in five consecutive sessions, declining by 0.33 per cent on Wednesday, June 11.

At the close of trading activities, the market capitalisation of the bourse declined by N6.45 billion to finish at N1.954 trillion compared with the preceding day’s N1.960 trillion and the NASD Unlisted Security Index (NSI) decreased by 11.01 points to settle at 3,337.24 points, in contrast to Tuesday’s closing value of 3,348.25 points.

Share prices of three companies on the trading platform recorded movements at midweek, according to data obtained byBusiness Post.

Geo-Fluids Plc was up by 31 Kobo to end at N3.50 per unit versus the preceding day’s N3.19 per unit, and Central Securities Clearing System (CSCS) Plc expanded by 13 Kobo to end at N28.13 per share compared with the previous day’s N28.00 per share.

On the flip side, FrieslandCampina Wamco Nigeria Plc further depreciated by N4.31 yesterday to quote at N74.37 per unit versus the preceding day’s N78.68 per unit.

Yesterday, the volume of securities surged by 1,232.6 per cent to 3.3 million units from the 248,882 units recorded a day earlier, the value of securities went up by 31.8 per cent to N12.9 million from N9.8 million, and the number of deals increased by 46.7 per cent to 44 deals from the 30 deals posted in the preceding trading session.

At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million valued at N4.2 billion, and Geo-Fluids Plc with 268.4 million units sold for N475.6 million.

Also, Okitipupa Plc maintained its position as the most active stock by value on a year-to-date basis with 153.7 million units traded for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 38.9 million units valued at N1.6 billion.

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Economy

Nigeria’s Q1 2025 Trade Surplus up 52% to N5.17bn as Total Trades Hit N36trn

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By Modupe Gbadeyanka

Between January 2025 and March 2025, Nigeria improved its trade surplus by about 52 per cent to N5.17 trillion from the N3.4 trillion recorded between October 2024 and December 2024.

This information was made known to the public by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics Report for Q1’25 released on Wednesday.

The agency disclosed that on a year-on-year basis, trade surplus expanded by 17.5 per cent from the N4.4 trillion achieved in the first quarter of last year.

According to the NBS, the total merchandise trade posted by Nigeria in Q1 of 2025 was N36.024 trillion, higher than the N33.92 trillion recorded in the corresponding period of 2024 by 6.19 per cent, but lower than the N36.6 trillion reported in the preceding quarter by 1.58 per cent.

It stated that the value of total imports stood at N15.42 trillion in the first quarter of this year, 4.59 per cent higher than the N14.75 trillion posted in the same period of 2024 and 7.02 per cent lower than the N16.59 trillion recorded in the last quarter of 2024.

Also, the value of exports achieved in the first quarter of 2025 was N20.59 trillion, higher than the N19.17 trillion posted in the same period of last year by 7.42 per cent, and 2.92 per cent higher than the N20.00 trillion recorded in the previous quarter, with India, the Netherlands, the United States, France, and Spain as the top five trading export partners of the country.

“The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion indicating an increase of 52 percent compared to the value recorded in the preceding quarter,” it said.

“Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 per cent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 per cent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 percent of total exports,” the stats office said.

It disclosed that, “China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, the Netherlands, and the United Arab Emirate.

“The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).”

It was further revealed that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.

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