Economy
Hyde Energy Advocates Ways to Reduce Cost of LPG
By Adedapo Adesanya
Nigeria’s leading energy trading company, Hyde Energy, has proffered strong recommendations for making Liquefied Petroleum Gas (LPG) affordable and available in Nigeria.
This was discussed at the just-concluded 2nd West Africa LPG Expo & NLPGA Summit 2022 held in Lagos themed Energizing the Future: LPG as a Sustainable Fuel in African Economies as part of efforts to address the sector’s need for significant investments in infrastructure.
The conference, which has continued to gather momentum in Nigeria, is a platform for industry players to engage both indigenous and international stakeholders to attain insight into the LPG market and network with more than 3,000 delegates across the value chain.
The first day of the two-day conference featured a panel discussion where the Chief Executive of Hyde Energy, Mr Oladimeji Edwards, encouraged more collaboration amongst relevant stakeholders in the industry to develop necessary measures that can improve infrastructural development in the sector to reduce the cost of LPG and increase supply.
“To reduce the cost of LPG, it is very important to build infrastructure to a captive market, to take it from truck to skid, to dispensing unit, all the way down to the cylinders, and ultimately at some point, the next generation will reticulate as part of standard code for construction at which point in time, we would have had ample supply of LPG distribution across the country,” he said.
He further revealed that for infrastructural development to come into place, there is a need for all hands to be on deck and show the will to make it happen.
Mr Edwards stated that Nigeria has tremendous gas deposits but there is an inadequate infrastructure around gas resources.
“To reduce imports, adequate investment is required. Gas suppliers are importing LPG, paying in US Dollars, and due to inflation and devaluation this affects retail prices, but with good infrastructure, I assure you that we will have an enabling environment for investment to thrive and everyone will be happy,” he advocated.
Mr Edwards commended the effort of the NLPGA to bring together industry stakeholders to share ideas on contentious topics and share strategies to help Nigeria’s LPG market unlock its incredible potential saying, “this is a brilliant platform for relevant stakeholders in the industry. It is a great event which brings in international and indigenous experts to exchange ideas, opinions, trends and outlook for the future.”
Nigeria is one of the fastest-growing LPG markets in the world with more than 20 per cent average growth per annum for the past 10 years. In 2020, Nigeria recorded a national LPG consumption of 89.91 thousand MT (PPPRA, 2020), with a positive variance of 7.9 per cent above the targeted estimated figure.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited sank deeper by 0.06 per cent on Thursday on the back of sustained profit-taking, particularly in the banking, energy and consumer goods sectors.
Business Post reports that the N4 per share dividend declared by Zenith Bank for the 2024 fiscal year yesterday could not trigger bargain-hunting as investor sentiment was weak.
It was observed that 22 stocks ended on the gainers’ chart and 28 stocks finished on the losers’ table, representing a negative market breadth index.
John Holt lost 10.00 per cent to trade at N7.74, Chams declined by 8.52 per cent to N2.04, Secure Electronic Technology shed 8.47 per cent to close at 54 Kobo, May and Baker slipped by 7.95 per cent to N8.10, and UPDC stumbled by 6.90 per cent to N2.70.
However, The Initiates gained 9.85 per cent to settle at N4.46, Mutual Benefits grew by 9.09 per cent to 96 Kobo, Universal Insurance climbed higher by 9.09 per cent to 60 Kobo, Royal Exchange rose by 8.99 per cent to 97 Kobo, and Learn Africa increased by 8.14 per cent to N3.32.
The insurance index was up during the session by 0.09 per cent, and the industrial goods counter marginally closed higher by 0.01 per cent, while the commodity sector was flat.
But, the banking space went down by 0.96 per cent, the energy industry depreciated by 0.35 per cent, and the consumer goods sector declined by 0.20 per cent.
As a result, the All-Share Index (ASI) contracted by 59.87 points to 105,426.12 points from 105,485.99 points, and the market capitalisation depleted by N38 billion to N66.110 trillion from N66.148 trillion.
A total of 423.6 million shares worth N9.2 billion were transacted in 11,393 deals on Thursday versus the 5.8 billion shares valued at N342.6 billion bought and sold in 10,908 deals on Wednesday, showing a rise in the number of deals by 4.45 per cent, and a fall in the trading volume and value by 92.65 per cent, and 97.32 per cent apiece.
The activity log was topped by Access Holdings with 65.0 million equities for N1.4 billion, Zenith Bank sold 41.5 million stocks for N2.0 billion, Fidelity Bank transacted 40.7 million shares worth N773.2 million, Secure Electronic Technology traded 38.4 million stocks valued at N20.8 million, and Tantalizers exchanged 31.5 million equities worth N89.9 million.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has launched a locally developed portal to enhance trade transparency, efficiency, and compliance.
The portal, called B-Odogwu, will provide a unified system for stakeholders, including shippers, terminal operators, and traders, to access and manage their information system.
According to a statement, the Comptroller Kano/Jigawa Command, Dalhat Abubakar, unveiled the program in Kano on Tuesday and described it as a safer, faster, and indigenous-owned system designed by the NCS for easy transactions.
He said the introduction of the B-Odogwu system was a significant step towards achieving a single National entry window and promoting transparency in trade facilitation.
According to him, “The new system is designed to ensure reliability, transparency, and compliance in trade facilitation.”
Mr Abubakar, however, stressed that the NCS has demonstrated competence and dedication in transitioning from service providers to the new system.
He added that the key features and benefits of the B-Odogwu system include faster processing and reduced downtime, enhanced reliability, and transparency.
Other benefits are improved compliance and reduced lack of compliance, a single national entry window with a single data movement, and trade facilitation and transparency.
He disclosed that “The NCS has commenced training for terminal operators, shippers, traders, and licensed agents to ensure a smooth transition to the new system.”
He further stated that “Over 16,000 declarations have been made on the B-Odogwu system since its introduction in January 2025.”
By Dipo Olowookere
The much-awaited listing of shares of the Nigerian National Petroleum Company (NNPC) Limited may happen soon as the state-owned oil agency has expressed its readiness to join the nation’s capital market.
At a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday, the Chief Finance and Investor Relations Officer (CFIO) of the NNPC, Mr Olugbenga Oluwaniy, said the process of listing on the Nigerian Exchange (NGX) Limited is at the final stage.
The NNPC is required to make its stocks available to members of the public based on the provisions of the Petroleum Industry Act (PIA) 2021.
The PIA provides for the NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.
This exercise should have happened, but it has been delayed, but with the latest information, the wait may soon be over.
Mr Oluwaniyi, via a statement today by the company’s Chief Corporate Communications Officer, Mr Olufemi Soneye, disclosed that NNPC was currently engaging with prospective partners in an exercise tagged NNPC Ltd. IPO Beauty Parade in line with capital market regulations before the commencement of the Initial Public Offer (IPO).
According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company.
He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners, noting that the organisation with the best offer in terms of project partnership would be selected for each of the three categories.
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