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NGX Suspends Trading in Oando Shares

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Oando

By Dipo Olowookere

Trading in the shares of Oando Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.

This information was relayed to the investing public in a notice signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, on Thursday.

Business Post reports that the indigenous energy firm was hit with the hammer by the Nigerian Exchange over its failure to file its audited financial statements for the year 2023.

Oando has not submitted its audited results for the last accounting year. It missed different dates it promised investors and the investing public to file the documents.

In the disclosure today, it was stated that the suspension in the trading of Oando equities would be lifted when the needful is done.

“Trading license holders and the investing public are hereby notified that pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which states that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of Oando Plc has been suspended from the facilities of Nigerian Exchange Limited effective today, Thursday, October 24, 2024, for not filing their Audited Financial Statements for the year ended December 31, 2023.

“In accordance with the default filing rules set forth above, the suspension of trading in the shares of Oando Plc shall be lifted upon the submission of the relevant financial statements,” the notice said.

This is not the first time Oando has been suspended from the stock exchange.

In 2018, SEC directed the stock exchange to suspend trading in the company’s equities and the next year, its stocks were suspended by the Johannesburg Stock Exchange (JSE) over allegations of tampering with financial results.

Before the suspension today, Oando gained 10.00 per cent on Tuesday at the bourse, closing at N89.65 per share.

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 dipo.olowookere@businesspost.ng

Economy

Conoil Ships First Cargo of Obodo Crude from Nigeria to Germany

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Gbenga Komolafe obodo crude

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the first cargo of the new Obodo crude blend has been shipped.

Business Post gathered that the first cargo could be headed for the North Sea port of Wilhelmshaven, Germany.

In a statement by the chief executive of NUPRC, Mr Gbenga Komolafe, Conoil Producing Limited was congratulated on the successful shipment of the first cargo of the Obodo crude blend.

Mr Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.

“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” he said.

Mr Komolafe maintained that this achievement by Conoil, under the production sharing contract framework with the Nigerian National Petroleum Company Limited, also reflects the positive outcomes of collaborative regulatory support, enabling indigenous players to thrive.

“As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.

“We look forward to more milestones of this nature that advance national energy security and economic resilience,” he said.

According to tracking data from Kpler, the Suezmax Atlanta Spirit loaded on  April 25 from the floating production, storage and offloading vessel Tamara Tokoni.

Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to Argus.

Obodo joins the list of crude grades launched by Nigeria in the last year.

The Nigerian National Petroleum Company (NNPC) restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier.

Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country’s crude.

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Economy

Dangote Refinery Cancels June Maintenance on Petrol Producing Unit

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Fifth Crude Cargo Dangote Refinery

By Adedapo Adesanya

Dangote Oil Refinery has reportedly cancelled planned maintenance on its 204,000 barrels per day petrol-producing unit for June.

This comes as the $20 billion structure has carried out the necessary work during an unplanned shutdown from April 7 to May 11, according to industry tracker, IIR.

Dangote Refinery had originally scheduled a 30-day maintenance shutdown in June for its gasoline-producing Residue Fluid Catalytic Cracking (RFCC) unit.

The refinery has since pushed back on reports of the unit being under unplanned repair, stating that such claims are not entirely accurate.

According to data from shipping analytics firm, Kpler, during the unplanned outage, the refinery ramped up exports of residual products such as straight run fuel oil, while shipments of finished fuels like jet fuel and gasoil declined.

The 650,000 barrels per day refinery, built by Africa’s richest man, Mr Aliko Dangote, began producing diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.

Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.

Already, the refinery has triggered a spate of changes in fuel prices locally with back to back cuts down to N825 per litre earlier this week from N835 previously sold.

The refinery, however, has not been able to operate at its optimal level due to challenges around feedstock. So far, in addition to local crude acquisition, it has bought crude from the US, Brazil, Angola, and Algeria.

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Economy

Unlisted Stocks Rise N19.77bn Amid High Activity

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Unlisted stocks traders

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.

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