By Adedapo Adesanya
The Naira finally appreciated against the US Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (FX) market on Friday, April after closing flat for the last five trading sessions.
According to data obtained by Business Post, the Nigerian currency gained N1 against the greenback to sell for N583/$1 in contrast to the N584/$1 it traded a day earlier.
However, at the Investors and Exporters (I&E) window of the forex market, the Naira depreciated by 0.11 per cent or 46 kobo against the American currency, closing at N416.63/$1 compared with Thursday’s exchange rate of N416.17/$1.
Also, the local currency witnessed a downward movement against the British Pound Sterling at the spot market on Friday by 8 kobo to trade at N546.54/£1 compared to the previously traded rate of N546.46/£1 but appreciated by N2.29 against the Euro during the session to sell for N459.92/€1 in contrast to the previous day’s N462.21/€1.
At the cryptocurrency market, prices of digital coins rose on Friday as all the 10 tokens tracked by this newspaper across several trading platforms pointed northwards.
Solana (SOL) pulled a staggering 10.5 gain to trade at N80,834.71, Ethereum (ETH) saw its value go up by 4.8 per cent to sell at N2,009,998.00, Binance Coin (BNB) grew by 3.6 per cent to trade at N184,836.05, while Dogecoin (DOGE) appreciated by 1.9 per cent to close at N83.68.
In addition, Dash (DASH) moved up by 1.7 per cent to sell at N75,576.98, Ripple (XRP) appreciated by 1.6 per cent to trade at N486.62, Bitcoin (BTC) witnessed a 1.1 per cent appreciation as it sold for N27,345,005.76, Cardano (ADA) recorded a 0.9 per cent gain to sell at N693.58, Litecoin (LTC) went up by 0.8 per cent to quote at N74,042.43 while the United States Dollar Tether (USDT) recorded a 0.2 per cent gain to sell at N597.71.
NNPC Acquires Oando’s Downstream Assets to Conquer Retail Market
By Adedapo Adesanya
OVH Energy Marketing, owner and operator of the Oando-branded retail service stations, has been acquired by the Nigerian National Petroleum Company (NNPC) Limited.
The downstream assets acquired by NNPC Limited will merge with NNPC Retail Limited (NRL).
This strategic move aims to create the leading downstream energy company in Nigeria and West Africa, driven by operational efficiency, best-in-class management, and physical infrastructure while offering premium petroleum products and related services to customers in line with global standards.
Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities.
The transaction also positions NNPC Retail Limited as the fastest growing commercial energy company in its pursuit to guarantee energy security for Nigeria’s growing population and significantly more growth opportunities for the business.
“Our acquisition of OVH brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations,” said Mr Mele Kyari, the Chief Executive Officer of NNPC Ltd.
“Our goal as NNPC Limited is to become a catalyst for massive improvement within the downstream oil and gas industry therefore, access to the extensive asset base of OVH is our audacious step towards attaining this goal.
“We are positive that this is the much-needed transformation required by the sector as it provides us with an integrated platform to attract the right investments, which enables the growth of our operations,” he added.
“This acquisition by NNPC comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws (with the recent enactment of the PIA), the continuing increased demand for petroleum products and particularly the deliberate efforts to increase and improve the supply and consumption of natural gas in support of our energy transition goals,” says Mr Huub Stokman, CEO OVH.
“We have always focused on a value-driven approach, prioritizing the quality of products and services offered to our customers at both retail and commercial levels.
“This acquisition enables the combined strengths of both entities to innovate our offerings and infrastructure, necessary to transform the downstream energy sector in Nigeria and West Africa. It is an exciting time for us all, as we continue to focus on technological enhancement, our customers, staff, and other stakeholders,” he added.
OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand, and full integration is expected by the end of 2023.
The leadership of the merged entity share a common purpose and is focused on value creation with the strengths of OVH’s operational efficiency and NNPC’s brand.
In addition, and to support the combined NNPC Retail Limited operations, NNPC Limited has acquired Apapa SPM Limited (an affiliate of OVH Energy) that owns and manages West Africa’s first privately owned midstream jetty, known as the Lagos Midstream Jetty.
Market Gains 0.12% on Interests in Guinness, FBNH, Cadbury Nigeria
By Dipo Olowookere
Interests in the shares of Guinness Nigeria, Cadbury Nigeria, FBN Holdings and others lifted the Nigerian Exchange (NGX) Limited by 0.12 per cent on Friday.
From analysis of the trading data, the consumer goods, banking and energy sectors saw significant bargain hunting activities during the session, leaving their respective index closing higher by 0.57 per cent, 0.41 per cent, and 0.03 per cent.
However, the insurance counter witnessed a pocket of profit-taking as its index went down by 0.09 per cent, while the industrial goods sector closed the way it opened for the session.
When the bourse finish for the day, the All-Share Index (ASI) was up by 59.33 points to settle at 49,024.16 points compared with the previous day’s 48,964.83 points as the market capitalisation finished N32 billion higher to N26.452 trillion from N26.420 trillion.
The market breadth was positive yesterday, with 17 price gainers and 10 price losers, indicating a strong investor sentiment.
RT Briscoe appreciated by 9.68 per cent to trade at 34 Kobo, May and Baker rose by 9.63 per cent to N4.10, Guinness Nigeria improved by 9.29 per cent to N82.90, Jaiz Bank climbed higher by 8.43 per cent to 90 Kobo, and UPDC expanded by 8.42 per cent to N1.03.
At the other side of the table, Ikeja Hotel was on top after its value crashed by 9.68 per cent to N1.12, Sovereign Trust Insurance fell by 6.90 per cent to 27 Kobo, NAHCO dropped 3.51 per cent to sell for N5.50, UPDC REIT went down by 3.13 per cent to N3.10, and Neimeth depreciated by 2.10 per cent to N1.40.
Business Post reports that the level of activity improved on the last trading session of the week as the trading volume, value and number of deals increased by 61.58 per cent, 65.96 per cent and 3.67 per cent, respectively.
This was because investors transacted 356.7 million shares worth N3.7 billion in 3,219 deals as against the 220.8 million shares worth N2.3 billion transacted on Thursday in 3,105 deals.
Nigeria at 62: Buhari Says Borrowing Necessary for Growth
By Adedapo Adesanya
In what would be his last Independence Day address, President Muhammadu Buhari, on Saturday, defended his government’s borrowing policy, describing it as a necessary step to provide the infrastructure that would expand opportunities for the growth of the Nigerian economy.
Mr Buhari stated in the address to the country on October 1, 2022, that, “The federal government is already expanding port operations to ensure that they provide opportunities for the growth of the Nigerian economy.
“We have also continued to accelerate our infrastructure development through serviceable and transparent borrowing, improved capital inflow & increased revenue generation by expanding the tax bases and prudent management of investment proceeds in the Sovereign Wealth Fund.
“To further open up our communities to economic activities, we have continued to boost our railway infrastructure with the completion of a good number of critical railways and at the same time rehabilitating as well as upgrading obsolete equipment.”
The President also noted that no village in the country was left behind in the regime’s Social Investment Programmes such as N-Power, trader-moni, market moni, etc.
“I am pleased to inform my fellow citizens that besides our emphasis on infrastructural development with its attendant opportunities for job creation, employment generation and subsequent poverty reduction, our focused intervention directly to Nigerians through the National Social Investment Programme is also yielding benefits.
“There is hardly any ward, village or local government in Nigeria today that has not benefited from one of the following: N-Power, trader-moni, market moni, subsidized loans, business grants or Conditional Cash Transfers.
“All the programmes mentioned above along with various interventions by the National Social Investment Programme, direct support to victims of flooding and other forms of disasters have provided succour to the affected Nigerians,” Mr Buhari said.
He also promised Nigerians that he would ensure free and fair elections come 2023 and called for more youth and women participation in the electoral cycle.
He said, “Having witnessed at close quarters the pains, anguish and disappointment of being a victim of an unfair electoral process, the pursuit of an electoral system and processes that guarantee the election of leaders by citizens remains the guiding light as I prepare to wind down our administration.
“You would all agree that the recent elections in the past two years in some states, notably Anambra, Ekiti and Osun and a few federal constituencies, have shown a high degree of credibility, transparency and freedom of choice with the people’s votes actually counting. This I promise would be improved upon as we move towards the 2023 general elections,” he said.
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