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Economy

NNPC Declares N9.85b Trading Surplus, 125 Pipelines Vandalised

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NNPC

By Modupe Gbadeyanka

The Nigerian National Petroleum Corporation (NNPC) says it recorded a trading surplus of N9.85 billion for the month of September 2018, higher than the N3.90 billion deficit declared by the agency in the previous month.

Details of the report which is contained in the newly released September 2018 edition of the NNPC Monthly Financial and Operations Report indicated that the improved performance of N13.75 billion increase, relative to that of August 2018, is attributable to higher revenue by the Nigerian Petroleum Development Company (NPDC), the corporation’s upstream subsidiary.

NNPC Group General Manager, Group Public Affairs, Mr Ndu Ughamadu, in the press release stated that NPDC’s production has been on the rise as a result of success recorded in repairs of vandalized pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal.

He said a total crude oil and gas export sale of $626.62 million was made in September 2018 under the NNPC’s US dollar transactions which is 33.32 per cent higher than the previous month.

It stated that crude oil export sales contributed $508.54 million which is 81.16 per cent of the dollar transactions compared with $337.62 million contribution in the previous month.

It also said that export gas sales amounted to $118.08 million in the month, adding that the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil & gas worth $5.45 billion was exported.

In the downstream sector, the report noted that during the period, NNPC continued to ensure increased petrol supply and effective distribution across the country, saying that during the month, 1.66 billion litres of petrol, translating to 55.50 million liters/day, were supplied by the corporation.

It also stated that in the month under review, a total of 125 pipeline points were vandalized; out of which eight pipeline points failed to be welded and only one pipeline point was ruptured. The figure translates to a significant increase from the 86 vandalized points recorded last month.

A further breakdown of the September 2018 records indicates that Aba-Enugu and Mosimi-Ibadan accounted for 36 points and 33 points respectively or approximately 29 percent or 26 percent of the vandalized points respectively.

While PHC-Aba and Zaria-Gusau accounted for 10 percent each; Atlas Cove-Mosimi and other locations accounted for 14 percent and 11 percent of the pipeline breaks respectively.

Regarding natural gas off-take, commercialization & utilization, the report indicated that out of the 238.91 Billion Cubic Feet (BCF) of gas supplied in September 2018, a total of 142.09 bcf of gas was commercialized, comprising 30.36bcf and 111.73bcf for the domestic and export market respectively.

This translates to a total supply of 1,011.96mmscf/d of gas to the domestic market and 3,724.26mmscf/d of gas supplied to the export market for the month.

This implies that 59.47 percent of the average daily gas produced was commercialized while the balance of 40.53 percent of gas was re-injected, used as upstream fuel gas or flared.

The report gave gas flare rate for the month at 8.60 percent i.e. 684.69mmscfd compared with average Gas flare rate of 10.17 percent which is 800.59mmscfd for the period September 2017 to September 2018. The September 2018 NNPC Financial and Operations Report is the 38th edition of the broadcast of the corporation’s books aimed at enhancing probity and transparency of the corporation.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Awe Urges Corporate Firms to Adopt Sound Sustainability Reporting

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Sustainability Reporting

By Aduragbemi Omiyale

Corporate organisations operating in the country have been charged by the chief executive of the Nigerian Exchange (NGX) Regulation Limited, Ms Tinuade Awe, to adopt sound sustainability reporting as it would help investment decisions of investors.

At an event held on Tuesday themed Unlocking ESG for Boards from Strategy to Disclosure, Ms Awe said investors have the right to know the impact of businesses on the environment, especially at a time people are conscious of it.

She encouraged companies to adopt best practices in their disclosure on Environmental, Social, and Governance (ESG) issues by ensuring that their sustainability reports capture relevant sustainability disclosures that are relevant to their stakeholders.

“Our world today is facing major sustainability challenges including inequality, overpopulation, climate change, and several environmental risks. By recognizing that capital allocation makes a real impact on the environment and society at large, investors can reap sustainable long-term investment decisions through investments in ESG-themed investments.

“Furthermore, adopting an ESG-lens in our approach to investment is critical for investors to identify businesses that implement a forward-looking approach to managing long-term risks and leveraging opportunities that ensure long-term ensure economic, environmental, and social responsibility,” the NGX Regulation CEO said at the webinar hosted by Corporate Secretaries International Association (CSIA).

The organisation put hosted the gathering to explore how businesses and organisations can carry a full 360 approach to ESG, from integrating into business strategies to complying with regulations and standards.

In recommending critical disclosures that should be included in a sustainability report, Ms Awe said, “historically, sustainability reports cover the address a company’s approach to managing the Triple Bottom Line (TBL) of people, profit and planet.”

“However, disclosures in sustainability reports have evolved over the years to address the needs of a wide array of stakeholders. In publishing their sustainability reports, companies should consider a number of relevant disclosures including materiality, sustainability risks, and opportunities as well as a detailed explanation of how companies are addressing the risks and levering the opportunities.

“In addition, a sustainability report should include disclosures on how sustainability is governed by the Board, Executive Management, and designated officers responsible for managing the organisation’s impact footprint,” she added.

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Economy

60 Startups to Share $4m Google’s Black Founders Fund

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Google Black Founders Fund

By Dipo Olowookere

The sum of $4 million will be distributed to 60 startups established by Africans in the second edition of the Google for Startup Black Founders Fund for Africa.

In the maiden edition, the tech giant shared $3 million to 50 eligible black-founded startups across Africa as part of efforts to support innovation in underserved areas.

This year, eligible entrepreneurs will receive between $50,000 and $100,000 non-dilutive cash awards and up to $200,000 per startup in Google Cloud credits, support in the form of training, and access to a network of mentors to assist in tackling the challenges unique to each startup.

Application for the initiative has opened via http://goo.gle/BFFAfrica and will close on May 31, 2022, with winners announced on July 29, 2022.

Google will select winners from 13 countries with active tech and startup ecosystems and they are Botswana, Cameroun, Côte d’Ivoire, Ghana, Ethiopia, Kenya, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda and Zimbabwe. However, strong applications from other African countries will also be considered.

It was gathered that businesses eligible for selection for the cohort include early-stage startups with black founders or diverse founding teams, startups benefiting from the black community, operating and headquartered in Africa, startups with a diverse founding team with at least one black founding member; those having a legal presence on the continent and building technology solutions for Africa and the global market; and those who have the growth potential to raise more funding and create jobs.

The Head of Startup Ecosystem for sub-Saharan Africa for Google, Folarin Aiyegbusi, stated that, “The Black Founders Fund Africa demonstrates our commitment to supporting innovation in underserved areas.

“Black-led tech startups face an unfair venture capital funding environment and that is why we are committed to helping them thrive, grow to be better and ensure the success of communities and economies in our region.

“The fund will provide cash awards and hands-on support to 60 Black-led startups in Africa, which we hope will aid in developing affordable solutions to fundamental challenges affecting those at the base of the socio-economic pyramid in Africa.”

“We are hopeful that the support received by the black founders will enable them to grow their business and in turn drive economic growth in Africa as they create solutions and give back to their communities,” Aiyegusi added.

The Google for Startups Black Founders fund was launched in the wake of the 2020 Black Lives Matter movement as part of the platform’s racial equality commitments.

The initiative is a pledge toward driving economic opportunity for Black business owners, providing support to startups in the region in the form of equity-free cash assistance that helps them take care of immediate needs such as paying staff, funding inventory, and maintaining software licenses.

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Economy

Stocks Shed 0.35% as Flour Mills, GSK, Others Fall

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flour mills

By Dipo Olowookere

Profit-taking continued on the floor of the Nigerian Exchange (NGX) Limited on Tuesday, with the bourse shedding 0.35 per cent at the close of transactions.

The decline occurred amid a resurgence of negative investor sentiment as the market breadth was bearish with 21 price gainers and 27 price losers led by Flour Mills, which fell by 9.20 per cent to N37.00.

GlaxoSmithKline went down by 8.39 per cent to N6.55, NPF Microfinance Bank dropped 8.02 per cent to N1.95, Japaul depreciated by 6.25 per cent to 30 kobo, while Champion Breweries slacked by 6.09 per cent to N3.70.

On the flip side, PZ Cussons topped the gainers’ chart after it gained 9.96 per cent to close at N13.25, Berger Paints rose by 9.72 per cent to N7.90, Northern Nigerian Flour Mills improved by 9.63 per cent to N11.95, McNichols appreciated by 9.52 per cent to N1.61, while Abbey Mortgage Bank grew by 9.49 per cent to N1.50.

Only the industrial goods counter closed higher yesterday as it gained 0.05 per cent. The consumer goods, banking, energy and insurance sectors lost 0.54 per cent, 0.39 per cent, 0.31 per cent and 0.21 per cent respectively.

At the close of trades, the All-Share Index (ASI) went down by 187.47 points to 52,756.62 points from 52,944.09 points, while the market capitalisation reduced by N101 billion to N28.442 trillion from N28.543 trillion.

Business Post reports that the volume of trades rose by 253.76 per cent to 1.3 billion from 374.2 million, the value of transactions increased by 55.62 per cent to N7.7 billion from N5.0 billion, while the number of deals went down by 5.91 per cent to 6,449 deals from 6,854 deals.

The significant increase in the trading volume was due to an off-market deal in FCMB yesterday and it topped the chart with the sale of 775.1 million units of stocks valued at N3.0 billion.

Jaiz Bank transacted 172.2 million shares worth N151.8 million, Transcorp sold 140.1 million stocks valued at N202.1 million, GTCO exchanged 50.4 million equities worth N1.2 billion, while International Breweries traded 21.0 million shares valued at N165.1 million.

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