NASD USI Depreciates by 1.63% in One Week

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The House of Representatives has resolved to investigate the delay in the commencement of the Trans-Saharan Natural Gas Pipeline project 20 years after it was conceived. The resolution was a sequel to a unanimous adoption of a motion by Mr Ahmed Munir at the plenary on Wednesday. Moving the motion, Mr Munir said that on January 14, 2002, the Nigerian National Petroleum Company (NNPC) and the Algerian National Oil and Gas Company (Sonatrach) signed a Memorandum of Understanding for a $12 billion pipeline project. He revealed that the plan was to construct 4,128 kilometres of natural gas

By Dipo Olowookere Gains recorded by financial stocks, especially shares in the banking sector, lifted the equities market on Thursday, reversing the loss recorded on Wednesday. The stock market rose yesterday by 0.21 percent following gains reported by 24 stocks buoyed by the return of positive sentiment to the market. At the close of transactions, the Nigerian Stock Exchange (NSE) Year-to-Date returns finished at 4.06 percent as investors embark on buying pressure. Business Post reports that the All-Share Index (ASI) increased by 76.08 points to close at 36,688.91 points, while the market capitalisation added N129 billion to expand to N13.392

By Modupe Gbadeyanka Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) ‎has unveiled plans to use its upcoming fair to improve investment inflow in the country through public-private partnerships. Second Deputy President and Chairman of Kaduna international trade fair (KITF), Mr Suleiman Aliyu, addressing journalists at a press briefing, explained that recent reports suggest that to address Nigeria’s huge infrastructure challenges would require between $12 to $15 billion yearly for the next six years to meet its infrastructure requirements, adding that it has become evident that the federal government alone cannot muster the resources to meet this need. He

By Dipo Olowookere A whopping N600 million has been set aside by Diamond Bank Plc to reward its loyal customers in the DiamondXtra Season 9 bonanza. Activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017. According to information made available to the press, the Bank stated that in the months of July, August and September, N137 million will be given out to lucky customers that will emerge from the draws: 8 millionaires in July and September while 24 millionaires will emerge in August as N1 million will be won by a

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange depreciated by 0.38 per cent in Week 41 despite having five price gainers and four price losers. Business Post reports that the market capitalisation of the OTC securities exchange depleted by N1 billion to settle at N1.110 trillion compared with the previous week’s N1.111 trillion, with the NASD Unlisted Security Index (NSI) down by 3.15 points to 816.41 points from 819.56 points. Nipco Plc depreciated by 7.5 per cent to close at N80.00 per share compared with the previous week’s N86.50 per share, 11 Plc dropped 6.1 per cent to end

By Adedapo Adesanya The House of Representatives has commenced an investigative hearing into an alleged $30 billion annual revenue leakages arising from payments on account of foreign currency-denominated contracts by companies. This was disclosed by the Chairman, House Committee on Finance, Mr James Faleke, and the Chairman, House Committee on Banking and Currency, Mr Victor Nwokolo. The probe into the matter commenced on Monday in Abuja and Mr Falake said that the committee would also look into foreign exchange allocation to companies from sources such as the Central Bank of Nigeria (CBN) autonomous, interbank domiciliary and over the counter purchase.

By Adedapo Adesanya Organised labour has directed workers in the power sector to down tools and commence an indefinite strike from Wednesday, August 17 over pending labour issues with the Transmission Company of Nigeria (TCN). The National Union of Electricity Employees (NUEE) on Tuesday demonstrated at the headquarters of the TCN in Abuja. They complained about the alleged failure of the federal government to pay the entitlement of former staff of the defunct Power Holding Company of Nigeria (PHCN) in December 2019. The aggrieved workers under the aegis of the National Union of Electricity Employees (NUEE) said this is a

By Adedapo Adesanya The market capitalisation of the unlisted securities market in Nigeria appreciated by 1.65 per cent or N8.78 billion at the close of trading on Monday to N542.11 billion from N533.33 billion it finished last Friday. The expansion in the total value of stocks admitted on the NASD Over-the-Counter (OTC) Securities Exchange was mainly driven by the positive price movement in the shares of Niger Delta Exploration and Production (NDEP) Plc. The equity price of the company gained N15.03 or 4.85 per cent to close the session at N325.15 per share in contrast to N310.12 per share it