Economy
NipeX GM Lauds Nigerdock Activities on SIIFZ
By Dipo Olowookere
Operations of leading indigenous energy services provider, Nigerdock, and the available facility at the Snake Island Integrated Free Zone (SIIFZ) have been described as a paradigm of Nigeria’s great prospects and impact on Africa.
General Manager of Nigerian Petroleum Exchange (NipeX), Mr Kanayo Odoe, identified this during his recent courtesy visit to SIIFZ, the location of Nigerdock’s world class facility.
Mr Odoe noted that Nigerdock and its activities on SIIFZ represent the prospects of Nigeria across Africa. In his words: “Snake Island is a manifestation of all that is good in this great country Nigeria. It is my earnest hope on behalf of the people of this great nation that all the support we can muster to make the organisation great will be given to your good organisation. Be reassured of our highest support and commitment in bolstering your organisation for the overall benefit of Nigeria. Keep up the good work.”
He was conducted on a tour of the facility by Group Corporate Affairs Director, Mrs Joy Okebalama; Nigerian Content Manager, Nigerdock, Ifeanyi Chime; Senior Project Manager, Nigerdock, Temitope Odulate, among others.
The tour covered various areas of Nigerdock’s diverse business operations such as Logistics Base Infrastructure (Quaysides, Marshalling Yard, Water and MGO Storage, Laydown areas, Warehouses, Accommodation, Related Equipment, etc.); Ship Repair and Maintenance Facilities (Dry Dock and Floating Dock, Cranes, Workshops, etc.), Offshore Fabrication Facilities (Covered Fabrication Workshops, Coating Shops, Warehouses, Laydown and Erection Areas, etc.), the recently rebranded Nigerdock Training and Development Academy and a significant array of equipment such as various specifications of Cranes, SPMTs, Fabrication Equipment, etc.
Mr Odoe was impressed with the in-country capacity and capability available at Nigerdock and noted that: “The facility is great and offers world class standards. It is quite remarkable that apart from the fact that Nigerdock is impacting on Local Content through the training and development academy, it is also gratifying to know that a lady who heads the Machining Workshop has spent over 24years in the organisation.”
During a brief presentation to the NipeX GM, Mrs Okebalama explained that SIIFZ has a significant number of Free Zone Enterprises currently operating within the zone. These enterprises provide a wide range of activities including full EPCIC contract delivery, manufacturing, offshore logistics support services, pollution management and recycling, aviation services, engineering/design services, construction, fabrication, ship maintenance & repairs along with an array of maritime support services thereby making it a one stop shop for oil and gas related activities. These enterprises operating in SIIFZ have brought and will continue to bring significant added value to SIIFZ and the Nigerian Economy.
SIIFZ is strategically located at Snake Island Apapa, with immediate access to the open sea, and within proximity to Tin Can Island Port Apapa. SIIFZ was established in January 2005 when Presidential Approval was granted for the commencement of Free Trade Zone operations on Snake Island.
While commenting on the impact of NipeX to the oil and gas industry, Mr Odoe noted that free and fair tendering process, healthy competitive environment and high confidence and trust have been established in the oil and gas industry through NipeX.
NipeX is an electronic one-stop transaction centre that improves on value procurement in the oil and gas industry and institutionalizes world-class contracting processes in Nigeria. NipeX is a division of NAPIMS, a Corporate Service Unit of NNPC.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed 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 transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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