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NGX All-Share Index Closes at 42,038.60 points After 0.18% Rise



NSE All-Share Index

By Dipo Olowookere

The nation’s main stock exchange closed 0.18 per cent higher on Friday amid sustained bargain hunting by investors, especially in the energy and financial sectors.

Data from the Nigerian Exchange (NGX) Limited showed that the oil/gas space grew by 2.10 per cent yesterday and was trailed by the insurance counter, which appreciated by 1.47 per cent.

In addition, the banking sector improved by 1.23 per cent, the industrial goods index appreciated by 0.34 per cent, while the consumer goods sector depreciated by 0.42 per cent.

At the close of business, the All-Share Index (ASI) increased by 77.46 points to 42,038.60 points from 41,961.14 points, while the market capitalisation went up by N41 billion to N21.939 trillion from N21.898 trillion.

Business Post reports that investor sentiment was positive yesterday as the market breadth finished with 32 appreciating equities as against 19 depreciating stocks.

On top of the gainers’ chart was Guinness Nigeria, which rose by 10.00 per cent to finish at N36.30, followed by Custodian Investment, which gained 9.74 per cent to trade at N8.45.

AIICO Insurance appreciated by 9.73 per cent to sell for N1.24, University Press rose by 9.60 per cent to N2.17, while Wema Bank gained 9.46 per cent to quote at 81 kobo.

Conversely, Regency Assurance closed as the heaviest price loser with a price depreciation of 9.76 per cent to trade at 37 kobo, followed by CWG, which lost 9.60 per cent to quote at N1.13.

Sovereign Trust Insurance went down by 8.33 per cent to 22 kobo, Royal Exchange declined by 5.66 per cent to 50 kobo, while Dangote Sugar fell by 5.56 per cent to N17.00.

Yesterday, there was a significant increase in the level of activity buoyed by off-market transactions in Eterna and FBN Holdings, though the larger part of it was from the former.

A total of 801.3 million stocks of Eterna worth N10.8 billion exchanged hands during the session (with about 794 million units as the cross deal), while 57.0 million shares of FBN Holdings valued at N645.1 million were traded (with about 10 million as the off-market deal).

Furthermore, Transcorp recorded the sale of 27.9 million units worth N29.8 million, Wema Bank transacted 23.5 million equities valued at N18.5 million, while AIICO Insurance exchanged 21.8 million shares worth N27.0 million.

When trading activities were brought to an end on Friday, the volume of shares transacted by investors rose by 102.14 per cent to 1.1 billion units from the preceding day’s 558.9 million units.

Also, the value of the trades appreciated by 212.85 per cent to N13.8 billion from N4.4 billion, while the number of deals increased by 14.07 per cent to 5,342 deals from 4,683 deals.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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Group Launches Institute to Empower Startups, Entrepreneurs



Encourage Entrepreneurship

By Adedapo Adesanya

The Association of African Startups, a leading Pan-African organization focused on equipping African Entrepreneurs with the required skills to create a sustainable business, has launched its Business Institute tailored to empowering African entrepreneurs.

The unveiling took place at the Association of African Startups Tech summit that occurred on June 18, 2022.

The Association of African Startups Business Institute (TAAS Business Institute) is a seamless tech platform that allows African entrepreneurs and the diaspora to gain access to 50 courses bathed in bundles for ease of learning and that would aid in business transformation.

These courses have been designed to help both existing entrepreneurs and potential entrepreneurs to scale their businesses and enter new markets within the continents and in the diaspora.

The institution allows entrepreneurs to gain access to 12-week intensive learning and development sessions with academia with over 30 years of experience.

Commenting on the development, Mrs Just Omomo Ibe, the founder and President of the Association of African Startups said the launch was a step towards uniting Africa’s five regions.

“We are pleased to finally launch the Association of African Startups Business Institute. This is a huge feat for us to bring to life a one-of-a-kind virtual training institute relevant to the regions of Africa and the diaspora. The goal is to train and equip and 10,000 entrepreneurs across the 5 regions.

“The Association of African Startups business Institute was designed for each of these entrepreneurs having access to 12 weeks of intensive learning and development sessions.

“Over the years, there has been a growing gap in which entrepreneurs lack the requisite skills and resources needed to grow their business.

“Therefore, I believe there is a need to bridge the gap which would aid in improving the ease of doing business. The Business institute was created to equip and empowers entrepreneurs with the requisite resources needed to compete comparatively within their market and globally.

“We believe with this new feat; we are strategically and deliberately creating a pool of entrepreneurs whose businesses will stand and surpass the 5 years mark of entrepreneurs within the continent,” she said.

She added, “Join us to make our strategic objective achievable by partnering with us to reach 10,000 entrepreneurs across the 5 regions.”

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NUPRC to License Successful Marginal Oilfield Bids June 28



Marginal Oilfields

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that it will issue Petroleum Prospecting Licences (PPL) to successful awardees of Marginal Fields in the 2020 Bid Round on Tuesday, June 28.

The disclosure came from Mr Gbenga Komolafe, the Chief Executive Officer of NUPRC in a statement issued over the weekend, saying that the licencing would be conducted pursuant to the provisions of the Petroleum Industry Act (PIA), 2021.

The PPL is expected to ensure that the awardees contribute to the country’s increased crude oil production capacity which currently stood around 1.4 million barrels per day.

Nigeria has been bedevilled by a lack of capacity to meet the 1.799 million barrels per day capacity allocated to it by the Organisation of the Petroleum Exporting Countries (OPEC) and other allies known as OPEC+ under a record deal signed in 2020.

With this new development, it hopes to exceed that allotted capacity soon.

Mr Komolafe said that the commission had in March informed all participants in the 2020 marginal oilfield bids round programme that it had put all necessary machinery in place to conclude the bid round exercise in line with the PIA 2021.

He also said that the agency would unveil the implementation template for the Host Communities Development Trust for commencement of the provisions under Section 235 of the PIA.

This, he said, was to positively impact restiveness in the host communities, and in the process guarantee seamless operations, boost investors’ confidence and provide enabling environment for sustainable development of the country’s hydrocarbon resources.

“These will mark the conclusion of some of the most urgent and critical tasks inherited by the Commission when it was inaugurated in October 2021, after the signing into law of the PIA 2021,” he said.

He added that the Commission constituted an in-house team to distil and address the concerns of awardees with a view to settling issues affecting multiple awardees per asset and formation of Special Purpose Vehicles by awardees, in line with the respective letters of award.

Mr Komolafe, therefore, urged awardees to avail themselves of the resolution mechanism provided by the Commission in the overriding national interest.

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NOSDRA Blames Vandals for OML 18 Oil Leaks in Rivers



OML 118 contract renewal

By Adedapo Adesanya

The National Oil Spills Detection and Response Agency (NOSDRA) has confirmed an oil wellhead leak at the Oil Mining Lease (OML) 18 due to activities of vandals.

The well is operated by an indigenous operator, Eroton Exploration and Production Limited.

OML 18, which produces and exports crude through the 97-kilometre Nembe Creek Trunkline (NCTL), is located near the corridors of the export line in Rivers.

It was revealed that residents said the facility had been discharging oil and gas into the coastal environment for the past week.

Mr Idris Musa, Director-General of NOSDRA, who confirmed the leak, said NOSDRA had received reports on the incident and efforts were being made to plug the leaking oil well.

“The company reported and oil recovery is underway. Efforts are on to stop the source which is a wellhead,” Mr Musa said.

Also, a notification report by Mr Odianosen Massade, Corporate Communications Lead of Eroton indicated that the incident occurred on June 15, while a site assessment visit was carried out on June 23.

The oil firm said that preliminary findings indicated that the incident was due to suspected vandalism.

“This is to bring to your attention the loss of control of Cawthorne Channel well 15 resulting to an oil spill,” the company said.

CAWC015L/S is a dual string well which started production in May 1977. The shorts string was shut-in in 1988 due to the high gas oil ratio (HGOR), while the long string watered out and well quit in 1991.

“The spill started on the 15th of June 2022 and immediately an emergency response procedure was activated.

“The operations team quickly visited the site for preliminary investigation and discovered that the wellhead was vandalised.

“It was also observed that the wellhead platform was removed, and this will compound the difficulties in gaining access to the wellhead.

“Our team of Well Engineers are working with contractors and evaluating the safest procedure that will be required to bring the well under control.

“We have activated our oil spill emergency response plan and booms have been deployed for mitigation in the area as a preliminary containment procedure.

“Notifications have also been sent to all the relevant Regulators (NOSDRA, NUPRC & RSMENV).

“A Joint Investigation Visit (JIV) by all stakeholders is planned for this week although this is subject to the readiness and availability of the critical stakeholders.

“Our operations team is monitoring the site, commenced oil recovery and are prepared to respond to any escalation,” Eroton stated.

This is one in a series of leaks with one of the most recent happening on November 5, 2021, at nearby OML 29 operated by Aiteo Eastern Exploration and Production discharged more than 8,000 barrels of crude oil for some 32 days before the leak was plugged.

Eroton and Aiteo acquired their assets following the 2015 divestment by Shell Petroleum Development Company from some of its onshore assets.

The two Nigerian companies assumed operator status in the joint venture arrangement with the Nigerian National Petroleum Company (NNPC).

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