Economy
NGPTC Declares N15.81b Profit in 2016
By Dipo Olowookere
One of the subsidiary companies of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Gas Processing and Transportation Company Limited (NGPTC), has declared a profit after tax of N15.81 billion in 2016.
This is part of the dividends of the on-going transformation of the NNPC, a statement issued by the state-owned firm said today.
It was gathered that the profit was due to the write-back of deferred tax of N8.05 billion in 2015.
While presenting the firm’s report last Thursday during the 22nd Annual General Meeting at the NNPC Towers in Abuja, Chief Operating Officer of NNPC’s Gas and Power Autonomous Business Unit and Chairman of NGPTC, Engr. Saidu Mohammed, stated that the profit before tax for the year ended December 31, 2016 was N24.4 billion as against N20.9 billion in 2015, representing an increment of 16.8 per cent, while the profit after tax reduced from N22.6 billion in 2015 to N15.81 billion in 2016.
He added that earnings per share reduced from N4,510 in 2015 to N3,163 for 2016.
The COO informed that the total revenue generated from gas sold and transmitted during 2016 amounted to N219.5 billion as against N155.5 billion in 2015, stressing that it represents 41 per cent increase over the previous year.
He explained that the increase was due to revenue generated from application of higher transportation tariff and new commercial customers that came on stream.
“An overview of NGPTC’s business performance for the year 2016 shows that 307 billion standard cubic feet (bscf) of gas was sold and transmitted as against the planned 463 bscf, thereby achieving 66.4 per cent of its target. The year 2016 also reveals a performance of 4 per cent below the volume of 319.25 bscf sold in 2015.”
He noted that the company was confronted with the challenges of incessant vandalism of the Escravos-Lagos Pipeline System 1 (ELPS 1), Trans Forcados pipeline and evacuation bottleneck of condensate in 2016.
The COO and Chairman of the Company acknowledged the continued support of NGPTC’s host communities for the sustained peace and tranquility in the Company’s areas of operation.
In his welcome remarks, Managing Director of NGPTC, Mr Babatunde Bakare, stated that the corporate culture of the Company was hinged on the unwavering commitment to excellence, best ethics and team work.
Mr Bakare applauded stakeholders for their support to the NGPTC, adding that the 22nd AGM financial statement for 2016 would enable the Company to sustain its record of excellent corporate standing.
“Indeed, 2016 was historic given that Nigerian Gas Company (NGC) changed its name to Nigerian Gas Processing and Transportation Company Limited (NGPTC) to better reflect NGPTC’s new business focus and the birth of a new gas marketing company, Nigerian Gas Marketing Company (NGMC),” Mr Bakare stated.
Giving the Joint Independent Auditors report, Mr Ralph Okoroha, said the financial statements of NGPTC represents fairly, in all materials, the financial position of the Company at 31st December, 2016 and its financial performance and cash flows for the year ended.
He said the financial report ended in accordance with International Financial Reporting Standards (IFRS) and in compliance with the Financial Reporting Council of Nigeria Act No. 6, 2011 and the requirements of the Companies and Allied Matters Act, Cap C20 laws of the Federation of Nigeria, 2004.
NGPTC, formerly Nigerian Gas Company (NGC) Limited, a fully-owned subsidiary of the Nigerian National Petroleum Corporation (NNPC), was incorporated in 1981 and commenced business in 1988. NGC was renamed NGPTC in 2016, with a mandate to process and transport natural gas domestically and for export.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.
This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.
Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.
Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.
As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.
NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.
On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.
Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.
The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.
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