Economy

NCDMB, CWC Group Sign Pact to Boost Nigerian Oil Sector

Published

8 years ago

22/06/2017

By Modupe Gbadeyanka

In order to unlock opportunities and drive progress in the Nigerian oil and gas industry, a memorandum of understanding (MoU) has been signed by the Nigerian Content Development & Monitoring Board (NCDMB) and the Practical Nigerian Content (PNC), also known as the CWC Group.

Under the terms of the MoU, the NCDMB & CWC alongside Nigerian partner, Levmora Services, will collaborate to deliver greater value through PNC.

This will be achieved by further engaging with the relevant government parastatals and private sector players.

Set to take place in Uyo, Akwa Ibom from November 6 – 9, 2017, PNC will provide a platform for senior industry stakeholders to discuss the current challenges being faced within the market, explore solutions and define action points over the next 12 – 18 months.

Executive Secretary of the NCDMB, Mr Simbi Kesiye Wabote, stated that, “I look forward to welcoming oil and gas industry players to what promises to be a useful and impactful gathering.”

The CWC Group, having produced conferences and exhibitions for the Nigerian oil & gas industry for over 17 years, has been rightly questioned about its level of Nigerian content compliance, being that it is based in the United Kingdom and produces events for the Nigerian oil industry.

Following the enactment of the Nigerian Oil & Gas Industry Content Development Act (NOGICDA) the CWC Group launched the PNC Conference in 2011. Through their partnership and consultation with the NCDMB, from 2013, CWC were required to increase domestic capacity through partnerships with local companies, training of indigenous personnel and increasing the number of local suppliers patronised.

Over the last four years, CWC has complied with the list of requirements outlined by the NCDMB; forming partnerships with indigenous companies including Levmora Services and Proxima Energy.

At the latter part of 2013, CWC formed a partnership with AEG and has trained their staff to take over roles previously domiciled in the UK.

This has reduced the number of UK based staff travelling to Nigeria to execute CWC events by an average of 58 percent with internationally based employees being shadowed by AEG staff.

Across all events, 98 percent of suppliers engaged in the preparation and execution of the event are indigenous.

“Over the past 5 years, we have made some real strides in developing capacity within the events space for the oil and gas industry in Nigeria, thanks to the support of the NCDMB.

“There is still work to be done and CWC remain committed to creating platforms for senior decision makers to devise strategies that will steer Nigeria’s energy industry towards sustainable growth.

“We are grateful for the support and collaboration of both the public and private sectors, and we look forward to highlighting the investment opportunities in the industry, and the role of Nigerian Content in unlocking the full potential of the Nigerian oil and gas industry,” Vice President – Production, Wemimo Oyelana, CWC.

The CWC Group’s activities in Nigeria also strive to support development across the country. The company is a proud supporter and active member of the Nigerian Business Coalition against Aids (NiBUCAA) and the Sickle Cell Aid Foundation. CWC regularly provides support for both through funding, donations and marketing campaigns.

Economy

NASD OTC Bourse Declines Further by 0.16%

Published

1 hour ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.

This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.

The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.

On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.

Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.

FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.

Economy

Naira Crashes to N1,552/$1 at NAFEM, N1,670/$1 at Black Market

Published

2 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.

But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.

As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.

Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”

The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.

The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.

Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.

Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Brent Falls Below $80 as US Signals Boost to Oil Output

Published

3 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.

This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.

On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.

As pledged in the campaign, the executive order follows the declaration of a national energy emergency.

The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”

This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.

President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.

The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.

The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.

On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.

In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.

However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.

Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.

Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.