Economy
NCDMB to Fast-track Approvals, Submissions From Oil, Gas Firms
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has restated its commitment to accelerate approvals of requests and documents submitted to it by operating oil and gas companies.
The goal, according to NCDMB, is to ensure speedy development of oil and gas projects and contribute to increased oil production and improved national economy.
This was made by the Executive Secretary NCDMB, Mr Felix Omatsola Ogbe, at the Nigerian Content Tower, Yenagoa, Bayelsa State when he received senior officials from Chevron Nigeria Limited led by the Deputy Managing Director, Mr Cosmas Iwueze.
The Executive Secretary conveyed the board’s willingness to improve on the timelines set by the Service Level Agreement (SLA) instituted by the Board, Nigerian National Petroleum Company (NNPC) Limited and international oil companies for shortening the contracting cycle for oil and gas projects.
He reiterated his proposal for the setting up of technical working groups (TWGs) between the representatives of the NCDMB and respective international oil firms. The working groups could meet monthly or quarterly to evaluate the companies’ expectations from the NCDMB on their projects.
He said the intent is “to resolve contentious issues, close all the gaps and agree before the official correspondences are received. That will ensure quick turn-around and approvals will be dealt with quickly and that will help to cut downtime.”
Emphasising the need for all oil and gas companies to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the Executive Secretary promised that the Board will accede to cogent urgent requests from companies to avoid delays that could cause costs overruns, impact negatively on oil and gas operations and the economy at large.
“We want to create the enabling environment that will minimize conflicts with international oil companies (IOCs) and attract investments into the sector. We want to create employment opportunities for our youths and help achieve the economic objectives of President Bola Tinubu.
“We want to make international oil companies comfortable and reverse the exit of foreign investors because they create jobs, and we need all hands on deck.”
Mr Ogbe revealed that he had a long and successful career with Chevron Nigeria and remarked that the hallmark of the company is teamwork.
He also noted that NCDMB operates with the same core value, hence the Board is determined to support oil companies to accomplish their operational goals. “We have to make sure that you succeed otherwise we will not be successful,” he added.
The Executive Secretary confirmed that NCDMB under his watch will not emphasise the use of sanctions, but rather will seek to dialogue with companies to achieve win-win situations.
“We will be flexible regarding your requests, but we all need to have open minds and look at the critical paths that will ensure that we make progress and produce effectively,” he added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose further by 1.02 per cent on Tuesday, May 13, buoying the market capitalisation by N19.77 billion to close at N1.967 trillion compared with the preceding day’s N1.947 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 33.77 points to finish at 3,359.79 points, in contrast to the 3,326.06 points reported a day earlier.
Central Securities Clearing System (CSCS) Plc increased during the trading session by N2.35 to N27.20 per share from N24.85 per share, NASD Plc added N1.90 to close at N20.90 per unit compared with the previous day’s N19.00 per unit, FrieslandCampina Wamco Nigeria Plc gained 87 Kobo to close at N41.30 per share versus the previous closing value of N40.43 per share, Mixta Real Estate Plc climbed higher by 51 Kobo to end at N5.51 per unit compared with Monday’s price of N5.00 per unit, and AG Mortgage Bank Plc appreciated by 5 Kobo to settle at 58 Kobo per share, in contrast to the preceding session’s 53 Kobo per share.
The level of activity was higher yesterday, with the volume of securities transacted going up by 61,474.7 per cent to 414.5 million units from the 673,233 units traded in the previous trading day, the value of trades jumped by 16,714.4 per cent to N1.05 billion from N6.3 million, but the number of deals fell by 28.6 per cent to 25 deals from 35 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.3 million units sold for N470.5 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Okitipupa Plc also remained the most active stock by value on a year-to-date basis with 153.6 million units sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.2 million units valued at N770.6 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Adedapo Adesanya
The Naira appreciated further against the US Dollar by 28 Kobo or 0.02 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 13.
Data obtained from the Central Bank of Nigeria (CBN) showed that the exchange rate closed yesterday at N1600.01/$1 compared with the preceding day’s N1,609.29/$1.
This occurred as the market finds some direction amid clarity in recent uncertainties, which had threatened the stability of the global markets.
Efforts to keep stabilising the FX market is also keeping the value of the Naira from fluctuating heavily.
However, the domestic currency depreciated against the Pound Sterling at the spot market during the session by N4.26 to trade at N2,118.28/£1 versus Monday’s rate of N2,114.02/£1 and lost N3.06 on the Euro to finish at N1,783.87/€1 compared with the previous day’s N1,780.81/€1.
In the parallel market, the Nigerian Naira remained unchanged against the Dollar at N1,630/$1 on Tuesday.
Meanwhile, the cryptocurrency market was bullish yesterday as US inflation was slightly lower than expected in April after President Donald Trump’s tariffs just began hitting the slowing US economy, according to the country’s labour office report on Tuesday.
The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2 per cent for the month, putting the 12-month inflation rate at 2.3 per cent, its lowest since February 2021, the Bureau of Labor Statistics said.
While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go from now till the deadline.
According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.
Dogecoin (DOGE) jumped by 10.4 per cent to sell at $0.2457, Ethereum (ETH) rose by 9.2 per cent to $2,673.65, Solana (SOL) expanded by 7.7 per cent to $182.73, Cardano (ADA) added 5.6 per cent to trade at $0.8297, Ripple (XRP) increased by 4.1 per cent to $2.58, Litecoin (LTC) grew by 2.7 per cent to $104.35, Binance Coin (BNB) climbed higher by 2.5 per cent to $663.60, and Bitcoin (BTC) moved up by 1.4 per cent to $103,857.30, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 each.
By Dipo Olowookere
The loss recorded by Customs Street on Monday was reversed on Tuesday after closing higher by 0.46 per cent due to renewed buying interest from investors.
Almost all the key sectors of the bourse ended in green during the trading session except the commodity index, which closed flat.
The consumer goods counter expanded by 1.70 per cent, the insurance space grew by 0.88 per cent, the energy sector increased by 0.83 per cent, the banking industry improved by 0.20 per cent, and the industrial goods sector advanced by 0.13 per cent.
Consequently, the All-Share Index (ASI) went up by 501.13 points to 108,762.60 points from the 108,261.47 points recorded a day earlier, and the market capitalisation gained N315 billion to settle at N68.358 trillion compared with the previous day’s N68.043 trillion.
A total of 40 stocks ended on the price gainers’ chart of the Nigerian Exchange (NGX) Limited during the trading day and 24 stocks finished on the losers’ chart, indicating a positive market breadth index and strong investor sentiment.
Chellarams grew by 10.00 per cent to sell for N11.44, Oando also chalked up 10.00 per cent to close at N49.50, Transcorp rose by 9.99 per cent to N46.25, Beta Glass jumped by 9.96 per cent to N194.30, and Caverton flew by 9.85 per cent to N3.68.
On the flip side, Haldane McCall lost 9.85 per cent to finish at N4.21, Academy Press declined by 7.33 per cent to N4.30, UPDC weakened by 6.25 per cent to N3.00, ABC Transport crashed by 6.13 per cent to N2.91, and NPF Microfinance Bank retreated by 5.14 per cent to N2.03.
The demand for Nigerian stocks was higher on Tuesday, resulting in the rise in the trading volume by 21.62 per cent to 498.5 million shares from the 409.9 million shares transacted a day earlier.
Similarly, the trading value increased by 1.89 per cent to N10.8 billion from N10.6 billion, while the number of deals decreased by 9.28 per cent to 14,916 deals from 16,441 deals.
Tantalizers was the busiest equity for the day with a turnover of 57.8 million units valued at N131.3 million, Access Holdings transacted 36.8 million units worth N784.4 million, GTCO exchanged 31.8 million units for N2.2 billion, Fidelity Bank traded 23.4 million units worth N470,5 million, and Nigerian Breweries sold 21.0 million units valued at N1.1 billion.
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