By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have urged their members not to sell Premium Motor Spirit (PMS) above N165 per litre.
This is coming after some members of IPMAN in Lagos urged their members to sell fuel above N180 per litre.
Yesterday, the IPMAN National President, Mr Chinedu Okoronkwo, said his members earlier briefed him on why they wanted a price hike.
Mr Okoronkwo said that the federal government had released enough fuel from their depot which enabled them to maintain the status quo.
He said they had engaged the services of Benham Group to recover money owed to them for the supply of petroleum products, adding that the partnership would help in ending fuel scarcity.
“Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.
“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.
“Leaving the risk for the owner of the truck to bear will affect our businesses,” Mr Okoronkwo said.
“Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted price increased.
“It’s only the Nigerian National Petroleum Company (NNPC) that is importing the product. The cost of doing business has changed, so it becomes difficult to sell at N165 per litre.
“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government-approved price,” he added.
Also speaking, the National President, ADITOP, Mr Mohammed Danzaki, said Nigerians had been suffering from fuel scarcity because of problems the association was facing.
“ADITOP and IPMAN are the ones suffering since we need a return for our investment.
“NNPC has done a lot to import the product but the main issue is the transportation.
“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Mr Danzaki said.
On his part, the chief consultant and the chairman of Benham Group, Mr Maurice Ibe, said the collaboration was to ensure the stabilisation of fuel supply at the filling stations.
Mr Ibe said they were doing everything possible to stabilise the activities of the downstream sector and ensure that the product was transported to every nook and cranny of the country.
Naira Appreciates on Dollar at P2P, Black Market, Drops at I&E
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the black market and the Peer-to-Peer (P2P) arms of the foreign exchange (forex) market on Wednesday but recorded a marginal loss at the Investors and Exporters (I&E) window.
In the parallel market, the domestic currency gained N3 against the greenback to sell at N727/$1 compared with the previous day’s value of N730/$1.
Also, in the P2P window, the local currency appreciated against the American Dollar by N9 to trade at N751/$1 compared with the previous day’s rate of N760/$1.
Business Post reports that the Naira eased off the scare that arose from the move by the Central Bank of Nigeria (CBN) to limit cash withdrawals from next year.
However, in the I&E segment, the Naira depreciated by 3 Kobo or 0.01 per cent against the US currency to trade at N445.83/$1, in contrast to Tuesday’s price of N445.80/$1, according to data obtained from FMDQ Securities Exchange.
This happened amid a 29.1 per cent or $52.51 million decline in the value of FX transactions at the stock exchange to $127.78 million from the preceding session’s $180.29 million.
In the interbank window, the local currency appreciated against the Pound Sterling yesterday by N2.47 to sell for N544.68/£1 versus Tuesday’s N547.15/£1 and against the Euro, the Naira gained N2.10 to close at N468.68/€1 compared with N470.78/€1.
Meanwhile, in the digital currency market, most of the tokens pointed south, with Litecoin (LTC) declining by 6.2 per cent to $75.07 and Solana (SOL) recording a 4.7 per cent slump to trade at $13.34.
Dogecoin (DOGE) went southwards by 4.5 per cent to sell at $0.0959, Cardano (ADA) lost 2.6 per cent to close at $0.3089, Ethereum (ETH) fell by 2.5 per cent to trade at $1,228.05, Binance Coin (BNB) slid by 1.8 per cent to $283.32, Bitcoin (BTC) fell by 1.1 per cent to $16,812.26, and Ripple (XRP) dipped by 0.1 per cent to $0.3874.
But the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.
NASD OTC Market Closes Flat in Midweek Session
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of business on Wednesday, December 7, with the performance indicators closing flat.
Business Post reports that there was neither a price gainer nor a price loser at the midweek trading session, and this left the market capitalisation of the alternative bourse unchanged at N935.79 billion, as the NASD Unlisted Securities Index (NSI) also closed flat at 712.16 points.
However, the activity chart witnessed a downward movement during the session as the volume of transactions declined by 94.5 per cent due to the 56,370 units of securities traded by investors, in contrast to the 1.03 million units of securities transacted a day earlier.
Similarly, the value of shares exchanged by the market participants went down by 95.8 per cent yesterday as a result of the N1.3 million worth of stocks traded compared with the N31.0 million worth of stocks traded on Tuesday.
However, the number of deals carried out by traders increased by 30 per cent due to the 13 deals completed by investors as against the 10 deals executed in the preceding market day.
When trading activities ended for the day, AG Mortgage Bank Plc maintained its position as the most active stock by volume on a year-to-date basis with a turnover of 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc stood in second place with the sale of 687.9 million units worth N14.3 billion, while Lighthouse Financial Services Plc was in third place with a turnover of 224.7 million units valued at N112.3 million.
Also, CSCS Plc retained its spot as the busiest stock by value on a year-to-date basis with the sale of 687.9 million units worth N14.3 billion, followed by VFD Group Plc with the sale of 29.1 million units valued at N7.7 billion, and FrieslandCampina WAMCO Nigeria Plc with a turnover of 17.6 million units worth N1.9 billion.
NGX Spurs Capital Market Innovation to Attract Investors
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited has disclosed that the NGX Made of Africa Awards will spur the next phase of capital market innovation to attract more investors into the space.
On Tuesday, December 6, 2022, the exchange held the award ceremony in Lagos to recognise innovativeness and compliance with best practices in the Nigerian capital market for the calendar year.
The event spotlighted excellence, creativity and integrity as NGX sought to amplify the activities of its stakeholders to further reinforce the values that attract investors to the market and grow the African economy.
Players in the capital market ranging from issuers, securities dealers, issuing houses, fund managers, trustees, legal firms and stakeholders, including the media and content creators were rewarded for their contributions to the development of the market.
In his opening remarks, the Chairman of NGX, Mr Abubakar Balarabe Mahmoud, explained that the goal of the exchange with the awards is to further catalyse innovation, corporate performance, shareholder return, compliance to rules and regulation in driving investor confidence and aiding regulatory oversight on the market.
“It is essential that we continue to collaborate, encourage and incentivise our partners through initiatives like the NGX Made of Africa Awards. At NGX, relationships, partnerships, collaboration and inclusivity continue to drive our actions in the quest to spotlight The Stock Africa is Made Of,” he said.
On his part, the chief executive of the bourse, Mr Temi Popoola, said the event had been reviewed to reflect the dynamism of the capital market and the transformation it had witnessed so far.
“We are delighted to be extending the reach of these Awards to further highlight our commitment to inclusivity, innovation and integrity whilst highlighting NGX as the platform of choice to raise capital,” he stated.
In his goodwill message, the Governor of Edo State, Mr Godwin Obaseki, highlighted the importance of the capital market to the economy, calling together all stakeholders to move Nigeria towards a more productive economy and less import-dependent.
He also noted that NGX has continued to stand out as a market infrastructure of choice for public and private sector capital formation.
Also, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, represented by the Executive Commissioner, Corporate Services, Mr Ibrahim Boyi, said that the commission had championed innovative measures that have improved the market, including dematerialisation, direct cash settlement and e-dividend.
“The long-term sustainability in the market requires innovation of which the fundamental outcome was a maximum return on investment, reduction in the cost of doing business and increased production,” he said.
Speaking on the African capital market potentials, Mr Aigboje Aig-Imokuede, the Chairman of Coronation Capital and a former President of the Council of the Nigerian Stock Exchange pre-demutualisation, said that after a long haul of liquidity in global markets, central banks across the globe are implementing hawkish monetary policies to revive price stability and tame inflationary pressures.
He noted that the capital market in this period of restrained global growth had an important role to play in stimulating economic growth and development through the efficient allocation of resources.
Business Post reports that a few of the awardees were Dangote Cement as Best Issuer in Terms of Number of Fixed Income Listings; Lafarge Africa as Leader in Sustainability Reporting; Pilot Securities Limited as Most Compliant Trading License Holder; Aluko and Oyebode as Best Solicitor in terms of Value of Deals; and Coronation Securities Limited as Best Sponsoring Trading License Holder of the Year. Lagos State won the State with the Largest Sub-national Debt Instrument; MTN Nigeria Communications won the Most Compliant Listed Company; CardinalStone Securities won the Best Trading License Holder Across Asset Classes; BUA Foods was awarded the Listing of the Year; and Capital Markets Correspondent Association (CAMCAN) won Capital Market Reportage.
Latest News on Business Post
- Naira Appreciates on Dollar at P2P, Black Market, Drops at I&E December 8, 2022
- NASD OTC Market Closes Flat in Midweek Session December 8, 2022
- NGX Spurs Capital Market Innovation to Attract Investors December 8, 2022
- Crude Oil Prices Fall To Lowest Levels in 10 Months December 8, 2022
- Nigerian Stocks Maintain Upward Trajectory Amid Weak Investor Sentiment December 8, 2022
- TOP FIFA World Cup 2022 Betting Sites in Nigeria December 7, 2022
- FG Raises N130bn from Sukuk Sales for Road Infrastructure December 7, 2022
- Senate Threatens to Withhold 2023 Capital Budget of State House, Others December 7, 2022
- Nigeria Sells Retail Bonds for 13.26% at N1,000 Per Unit December 7, 2022
- Buhari Promises More Investments in Aviation Sector December 7, 2022