Economy
Nigeria Loses 4% in Global Market Share of LNG Supply
By Adedapo Adesanya
Nigeria’s plan to grab a profitable chunk in the Liquefied Natural Gas (LNG) market is suffering a setback as its global share dropped four per cent.
According to the Managing Director of Nigeria LNG Limited, Mr Tony Attah, Nigeria had around 10 per cent supply share 10 years ago but has now lost 4 per cent to 6 per cent.
Mr Attah, speaking at the just-concluded 5th International Conference of the Nigeria Society of Chemical Engineers, explained that the nation moved from the third position to the sixth position in the global supply chart.
“About 10 years ago, we controlled about 10 per cent of the market and number three in the world. But today with the emergence of the shale revolution in the United States and Australia, we have slipped quickly to number five, and again, further down to number six with less than six per cent market share. Nevertheless, I am hoping that train seven will bring us up,” Mr Attah noted.
“However, if you look at the data, we have 200 trillion cubic feet proven reserves (TCF); we have 22 million tonnes per annum capacity that’s less than point 5 per cent of results to capacity ratio analysis.
“Look at Australia, which has 88 million tonnes per annum capacity. This tells me that we can do much more to make a difference in Nigeria and reposition not only our company but also Nigeria and indeed Africa, on the global map,” he added.
“I just want to say a little bit about our performance. Today, we have delivered more than 5,000 LNG cargoes across the world. We have 23 dedicated ships that make the journey day in day out. Nigeria is enabling your economy. Nigeria is enabling your access to energy. Nigeria is enabling you to function.
“We have to date more than 11 billion in asset base and over $108 billion in revenues to our shareholders as expressed upfront with more than $35 billion in dividends delivered but at least $8 billion in taxes to the federal government since we became a taxpayer in 2009.
“Our customers, as I mentioned, proudly describe us as responsible, reliable, and trusted. They are not that many opportunities for Nigeria to be described as such, which is part of our delivering on the vision of helping to build a better Nigeria, starting from the reputation, but also from delivering very reliable energy to the rest of the world.
“Today, we produce about 7.5 billion cubic feet (BCF) of gas on a daily basis. Of that, we as Nigeria LNG take 3.5 BCF almost 40 per cent. The domestic market consumes about 1.5 BCF, which is really just 21 per cent. The industry reinjects about 2.3 BCF much more than is going into the domestic market, which is where the actual national development can happen,” he said further.
“We have said gas is many things to many people. Gas to power will make a big difference in the lives of Nigerians. Today, as we said more than 100 million people have no direct access to power.
“Gas is the bedrock of industrialisation worldwide. Gas to petrochemicals, more than half the things we import today, we can get from gas, gas to agriculture. From fertilizer, you have probably heard of the Dangote fertiliser plant that is being built in Lagos. We can do so much,” Mr Attah disclosed.
He stated further: “That is just too shocking for me to take. I mean, if you benchmark that against the national budget, which is barely $45 billion year-on-year, we are spending by far too much of our forex importing what we already have. But gas is the bedrock for that opportunity if we are to move to the next level of industrialisation.”
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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