Economy
NMDPRA Urges Stakeholders to Fast-Track PIA Implementation
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged stakeholders in the oil and gas industry to fast-track the implementation of the Petroleum Industry Act (PIA) 2021.
Former President Muhammadu Buhari had, on August 16, 2021, assented to the Act that had been in contention for almost 20 years.
The Authority’s Chief Executive, Mr Farouk Ahmed, represented by Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, at a General Counsel and Legal Advisers (GCLA) Forum, in Abuja, said that it requires the complete commitment of all stakeholders to meet the objectives of the PIA.
“I am not oblivious to the major policy shift that the implementation of the PIA has necessitated, which may have significantly impacted our business models.
“I dare say it might take a while to fully adjust and change our modus operandi.
“You will agree with me that to meet the objectives of the PIA, we require complete commitment from all stakeholders.
“To fast-track the implementation of the PIA, all stakeholders must adhere to the provisions of the law.
“In situations where ambiguities or lacunas exist, engagements such as this forum must be encouraged to seek clarity and deepen collaboration,’’ he said.
Mr Ahmed said that the forum was to engender and enhance collaborative relationships between the authority as the regulator and the legal practitioners in the Nigerian oil and gas industry.
He added that the forum was also a continuation of the authority’s drive to constantly engage with various industry stakeholders.
Mr Ahmed said the law made it clear in sections 25 and 48 that regulations of upstream operations and midstream/downstream operations were exclusive to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NMDPRA, respectively.
He said the NMDPRA and the NUPRC were not performing the same function; as such, those dealing with defunct regulators must understand that the two agencies were not the same.
According to him, beyond the restructuring of the regulatory agencies, the law also requires the restructuring of companies and operations in the industry.
He reminded the stakeholders that the provisions in the law were not done in isolation but with a clear target, which is the remodeling of the oil and gas value chain in Nigeria.
“This is by creating distinct midstream business entities which had previously been subsumed in upstream operations.
“It is on the above note that I directed the incorporation of midstream entities before August 30, 2023 in line with section 302 (3).
“Such separation will ensure a clear and distinct midstream which has been highlighted earlier as one of the cardinal expectations of the PIA.
“It will also provide a clearer line of sight and focus on the deepening of the midstream, which is one of our core mandates,’’ he said.
The NMDPRA chief urged the stakeholders to keep an open mind, as the forum would enlighten and provide more clarity on roles and expectations in line with the PIA.
He said that the forum would also help to promote the business and investment opportunities derivable from the licences, permits and authorisations issued by the authority.
“The forum will as well be addressing legal concerns arising from the implementation of the PIA and the Authority’s regulations.
“We also hope to hear from you to enable us to understand your concerns as we work together on the PIA implementation journey.’’
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to green territory on Friday, closing higher by 0.10 per cent after investor sentiment turned bullish.
Business Post reports that the market breadth index was positive yesterday after the bourse ended with 29 appreciating equities and 21 depreciating equities.
Linkage Assurance gained 10.00 per cent to trade at N1.43, Livestock Feeds appreciated by 9.93 per cent to N8.41, Mutual Benefits jumped by 9.84 per cent to 67 Kobo, UBA soared by 5.75 per cent to N36.80, and Oando grew by 5.59 per cent to N51.00.
Conversely, Red Star Express lost 9.91 per cent to finish at N4.82, Learn Africa depreciated by 9.85 per cent to N3.02, FTN Cocoa declined by 9.43 per cent to N4.80, Coronation Insurance slumped by 9.39 per cent to N2.22, and Ikeja Hotel slipped by 9.35 per cent to N9.70.
Customs Street grew yesterday as a result of buying interest in banking equities, which dominated the activity chart, according to data from the bourse.
Fidelity Bank transacted 62.3 million shares for N1.1 billion, Access Holdings traded 38.3 million equities worth N843.7 million, Tantalizers sold 32.0 million stocks valued at N99.2 million, Veritas Kapital exchanged 31.4 million shares worth N38.4 million, and Zenith Bank traded 22.7 million equities valued at N1.1 billion.
At the close of trades, a total of 397.2 million stocks worth N14.2 billion exchanged hands in 10,099 deals compared with the 310.5 million stocks valued at N6.3 billion traded in 10,182 deals a day earlier, indicating a decline in the number of deals by 0.82 per cent, and the growth in the trading volume and value by 27.92 per cent and 125.40 per cent, respectively.
The industrial goods and commodity sectors remained unchanged during the session, the insurance and consumer goods indices tumbled by 0.49 per cent and 0.02 per cent apiece, while the energy and banking counters went up by 0.50 per cent and 0.12 per cent, respectively.
The bargain-hunting activities of the market participants lifted the All-Share Index (ASI) on Friday by 104.19 points to 104,962.96 points from 104,858.77 points and the market capitalisation increased by N66 billion to N65.820 trillion from N65.754 trillion.
By Adedapo Adesanya
The last trading session this week at the NASD Over-the-Counter (OTC) Securities Exchange ended on a negative note with a 0.44 per cent decline on Friday, March 21.
The market capitalisation of the OTC securities exchange went down by N8.67 billion to N1.939 trillion from N1.948 trillion and the NASD Unlisted Security Index (NSI) ended the session at 3,358.61 points after dropping 15.01 points from the preceding day’s 3,373.62 points.
Trading data showed an increase of 50.7 per cent in the volume of securities transacted to 304,188 units from the 201,873 units transacted in the previous trading day, the value of transactions surged by 1,214.8 per cent to N10.2 million from N776,509.51, and the number of deals rose by 88.2 per cent to 32 deals from 17 deals.
Yesterday, FrieslandCampina Wamco Nigeria Plc lost N1.84 to trade at N37.17 per share versus Thursday’s closing price of N39.01 per share, Central Securities Clearing System (CSCS) Plc depreciated by N1.01 to sell at N22.84 per unit compared with the preceding day’s N213.85 per unit, and Afriland Properties Plc declined by 2 Kobo to close the day at N19.50 per share versus the previous session’s N19.52 per share.
At the close of trading activities, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with a turnover of 69.9 million units valued at N23.7 million, and Geo Fluids Plc with 44.1 million units sold for N88.9 million.
Similarly, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 13.2 million units valued at N511.8 million, and Afriland Properties Plc with 17.6 million units sold for N360.1 million.
By Adedapo Adesanya
The value of the Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 21 by N2.72 or 0.18 per cent to settle at N1,537.05/$1 compared with the preceding day’s N1,534.33/1$.
In the same official FX market, the exchange rate of the Nigerian Naira and the Pound Sterling and the Euro remained unchanged at N1,972.89/£1 and N1,657.81/€1, respectively.
At the parallel market segment, the local currency tumbled against the Dollar during the trading session by N5 to trade at N1,590/$1 versus Thursday’s closing price of N1,585/$1.
The pressure on the market continued as the Dollar strengthened in the international market, making currencies like the Naira weaker.
The continuous downward trend of the Naira has raised concerns about the effectiveness of recent injections into the market even as the Central Bank of Nigeria (CBN) channeled more than $55 million into the banks during the week.
In the cryptocurrency market, most tokens as prices inversed with the wider financial markets, which are down on tariff worries and decreased corporate earnings.
On the regulatory front, the US government is moving towards a market structure bill that has been touted as historic.
Solana (SOL) appreciated by 1.2 per cent to sell at $129.31, Dogecoin (DOGE) rose by 0.9 per cent to $0.1692, Ethereum (ETH) went up by 0.9 per cent to $1,988.34, and Ripple (XRP) added 0.8 per cent to close at $2.40.
Further, Bitcoin (BTC) expanded by 0.6 per cent to $84,293.76, Binance Coin (BNB) increased by 0.4 per cent to $631.94, and Cardano jumped by 0.3 per cent to end at $0.7134.
On the flip side, Litecoin (LTC) went down by 1.8 per cent to $91.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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