Economy

NNPC Intensifies Efforts to Protect Pipelines

Published

8 years ago

13/09/2017

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.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

6 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

6 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

6 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.