Economy
NNPC Intensifies Efforts to Protect Pipelines
By Dipo Olowookere
Efforts to safeguard pipelines across the country from vandals and fire outbreaks in line with best safety practices have been intensified by the Nigerian National Petroleum Corporation (NNPC).
Group Managing Director of NNPC, Dr Maikanti Baru, disclosed that this was his agency’s determination to ensure that the current steady supply of petroleum products nationwide was sustained.
Speaking while receiving a delegation of the Occupational Safety and Health Association, (OSHA) UK, Nigeria Chapter, at the NNPC Towers, Abuja, Mr Baru said the corporation would continue to monitor its pipelines and collaborate with the law enforcement agencies to safeguard such critical national asset.
He noted that in line with safety standards, NNPC pipelines right-of-way across all locations had been clearly indicated to keep members of the public away from the facilities so as not to come to harm.
“In our various pipelines running across several kilometres and locations, right-of- way is indicated to show that people should not temper with the facility because of the danger that is involved. This is done to ensure that when there is safety breach, we have access to the affected spot and intervene accordingly,” the GMD stated.
He disclosed that an attack on the Port Harcourt – Aba a few days ago resulted in massive products loss and damage to the environment, adding that though there was no loss of lives in the incident, it took much effort and time to bring the huge fire that broke out under control.
“We will use this opportunity to call on pipeline vandals to please keep away from our pipeline because they are not carrying liquid that can easily be handled like water. We are calling on the general public that when they see the sign on the pipeline, they should not temper with in their own interest and that of the nation,” Dr Baru pleaded.
He said the corporation would stop at nothing to ensure that the pipelines were continuously monitored and that anybody caught trying to sabotage oil facilities would be handed over to the law enforcement agency to face appropriate sanctions, adding that in the Port-Harcourt – Aba pipeline incident one suspect was apprehended and handed over to the authorities.
Mr Baru urged members of the public to support NNPC by reporting any suspicious activity around pipelines and other oil and gas facilities, stressing that the Corporation, on its own part, would do everything possible to ensure the safety of lives and property around its facilities.
Shedding light on NNPC’s safety practice, the GMD said that in view of the complex and technical nature of its operations, the Corporation accords safety a special priority.
“We are very much determined to ensure that our processes and procedures meet the highest safety standard. Dealing with inflammable liquids and gasses requires utmost care. Our watchword to ensure that is: Safety to one is safety to all; that defines how we handle safety issues,” the GMD said.
He said NNPC held HSE Week annually across its subsidiaries to sensitise personnel, contractors and visitors on the need to adhere strictly to its safety standards, adding that the Corporation’s safety policies and procedures were reviewed regularly to comply with the highest safety standards.
Speaking at the event, the leader of the delegation and Regional President of OSHA, Nigeria Branch, Dr Dalhatu Mohammed Ahmed, stated that the purpose of their visit was to carry the GMD along in their drive to ensure safety of workers and equipment in view of the position occupied by the NNPC in the Nigerian economy as one of the largest employer of labour in the country and major revenue earner.
Dr Ahmed applauded the GMD for his numerous initiatives to ensure safety of staff and assets across the corporation’s value chain.
“I want to commend the efforts of the GMD as far as safety of lives and property is concerned in the corporation. It is interesting to see that the NNPC has done a lot in terms of safety. Safety is everybody’s business as it is a multi-dimensional issue that requires multi-dimensional approach,” Dr Dalhatu averred.
The GMD and the NNPC General Manager, Health, Safety and Environment, Mr Ahmed Shehu were conferred with a fellowship of the association.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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