Economy
Navy Intercepts Stolen Crude Oil, Diesel Worth N1.05bn in One Week
By Adedapo Adesanya
The Nigerian Navy has disclosed that its franchise oil theft troops, Operation Delta Sanity, intercepted 4,036.7 barrels of crude oil and 270,600 litres of illegally refined automotive gas oil (AGO), known as diesel, with a market value at N1.05 billion from oil thieves in one week.
The Director of Naval Information, Rear Admiral Adedotun Ayo-Vaughan, made this known in a statement on Wednesday and said these were seized in the operations conducted by the navy between January 29 and February 4.
The spokesperson said the operations also led to the deactivation of 40 wooden boats, 55 illegal refining ovens, 49 reservoirs, 27 dugout pits and 19 illegal refining sites.
According to him, the various Nigerian Navy platforms deployed for the operation have continued to conduct aggressive patrols to combat oil theft within Nigeria’s maritime environment.
The navy spokesman said the Navy Ship (NNS) Pathfinder, in conjunction with three Naval Security Stations, on January 29 conducted reconnaissance operations around Elem Krakrama Creek and Ke in Degema Local Government Area of Rivers.
He said the team intercepted six wooden boats laden with about 600 litres of products suspected to be stolen AGO and 566 barrels of product suspected to be stolen crude oil.
He said that the Forward Operating Base (FOB) Formoso, on the same day, conducted operations around Brass River, Akassa, and Obama in the Ogbia Local Government Area of Bayelsa as well as Nembe and Southern Ijaw.
“During the operations, the team discovered four illegal refining sites, five ovens and two pumping machines.
“They also arrested five wooden boats laden with about 704.4 barrels (112,000 litres) of products suspected to be stolen crude oil and the sites and items were dismantled while the products were handled appropriately.
“Also, on Jan. 29, FOB Escravos in Delta conducted anti-crude oil theft operations around Saghara Creek in Warri South Local Government Area.
“During the operation, the team visited a previously deactivated illegal refining site which was observed to be under reconstruction and had one empty reservoir and five dug-out pits,” he said.
Rear Admiral Ayo-Vaughan said the NNS Soroh in Bayelsa in conjunction with naval station 030 and Ocean Marine Solution Houseboat Peremebiri, also conducted operations around Ogbotobo and Fish Camp Community in the Atala area of Bayelsa between Jan. 29 and Feb. 2.
He said the team discovered a vandalised flowline station belonging to Shell Petroleum Development Company which was recently reactivated.
According to him, the team also found a newly constructed illegal refining site with two pumping machines, three generators, galvanised pipes, a 50 kg gas cylinder, and other construction items.
He added that the team also found one wooden boat laden with sacks of about 19,000 litres of products suspected to be stolen AGO, adding that the boat was safely deactivated.
According to him, on January 30, Naval Base Oguta in Imo conducted an operation and discovered one fibre boat laden with about 7.5 barrels (1,200 litres) of product suspected to be stolen crude oil.
“Furthermore, from January 30 to February 2, Naval Flying Unit, Port Harcourt conducted aerial surveillance at Abonnema, Temakiri, Aiya Abissa, Ke, Krakrama Tuma, Samkiri, Ukwa West, Ikwuriator, Imo River and Aba River.
“During surveillance, the team sighted various illegal refining sites and wooden boats laden with unspecified quantities of illegally refined AGO in numerous numbers suspected to have been siphoned from a nearby wellhead.
“Accordingly, the incident was reported to relevant Units for appropriate action,” he added.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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