Economy
NNPC Gets DPR Support to Strengthen Energy Sector
By Adedapo Adesanya
The Department of Petroleum Resources (DPR) has pledged to support the Nigerian National Petroleum Corporation (NNPC) to deliver value to Nigerians in the energy sector.
The Director/Chief Executive Officer of the DPR, Mr Sarki Auwalu, gave this assurance when a delegation of the NNPC management team led by the Group Managing Director, Mr Mele Kyari, visited his office in Abuja on Tuesday.
The DPR chief said that as a regulator, it does not stand to look for faults, rather, it helps operators to deliver on business mandates to boost economic activities.
“Being a regulator is trying to catch people that you regulate doing something right, not the other way round; it is better for us to come together like you have done today.
“The most important thing for us is to help operators do something right. Our own is to enable business and create opportunity, and for everything we do, especially for our own company like NNPC, it is to ensure the success of the company.
“This is because the success of the company is the success of Nigeria, and coming together like this is great, and that is why we are excited that the GMD and his team are visiting us, the first in the history of this organisation,” he said.
According to him, the move goes down to change the history and to prove that they are all for Nigeria and the success of the business of oil and gas in our country.
He said that working together would encourage transparency and efficiency, adding that it was a commitment to business and efficiency that brought the NNPC to a profit company.
Mr Auwalu commended the GMD for the various landmarks that had helped to transform the operations of the NNPC which history will not forget.
“Today, in the whole world after 44 years, this is the first year NNPC has recovered and declared profit.
“We are proud of it and we put our head high in the comity of nations that our biggest corporation in Nigeria is no longer the way it is being seen,” he said
He noted that energy security and availability of gas through the East-West pipeline (OB3), Trans Niger pipeline, which the GMD was championing, would help to tackle poverty in the country.
He thanked Mr Kyari for making out time to visit the DPR and assured him of the support of the department to create success in all the corporation was doing.
“What we are doing is to guarantee the success and stability of what you have already done.
“DPR, looking at the success and strategy you embarked on, had created a platform to help consolidate the assets, the licenses, permits and approvals we have issued,” he said.
He noted that DPR was committed to oil exploration in the country and appreciated the effort of NNPC to ensure that more volumes were out to help the country make more money through royalties.
The DPR helmsman also commended NNPC’s effort to enhance production and encourage new production reservoirs.
He noted that the reserve to production ratio was not equal, adding that the profit declared by NNPC had opened a floodgate for investors to the country.
On his part, Mr Kyari thanked the DPR for the support it had been giving to the corporation, which had helped the NNPC operations.
“The fate of the oil and gas industry rests in the hands of DPR and the NNPC, and by implication, the prosperity of the country rests in the hands of the two organisations.
“As we go through the journey of transition to deepen gas penetration and monetisation in the country, to ensure that we create new gas industry, to process new oil, everything leads to making sure there is prosperity in the country.
“Nigerians depend on DPR and NNPC to bring prosperity to this country and therefore as a regulator, you are also the supporter of the National oil company.
“Your presence is to help the National oil company to deliver value to all of us and for us in NNPC, it is our responsibility to make sure that we comply with every regulation to make sure that we are doing the right thing,” he noted.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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