Economy
NNPC, Kaduna Sign MoU to Deepen Gas Supply
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) and the Kaduna State Government have signed a Memorandum of Understanding (MoU) for utilisation and expansion of gas supply in the state.
This is as the country seeks to boost its domestic gas penetration aspirations in line with the federal government Decade of Gas plans which is aimed at utilising the nation’s abundant gas resources to power the nation’s economy through a number of strategic gas expansion projects such as the ongoing OB3 and Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Projects.
Speaking at the MoU execution ceremony, which was held on Thursday at the Sir Kashim Ibrahim House in Kaduna, the Group Managing Director of NNPC, Mr Mele Kyari, said the initiative would help develop the state’s industries.
“We all know that Kaduna used to be a hub when it comes to industries. It is our hope that this MoU signing will help provide the gas needed for some of those industries to come back to life,” Mr Kyari stated.
He said the corporation was committed to the commercialisation of Nigeria’s abundant natural gas resources to support balanced economic growth and job creation across the country, stressing that as the world transits to low carbon energy, the nation’s huge gas resources would continue to be an important source of clean energy for today and the future.
“There is no better way of making cheaper and cleaner energy than delivering gas into the domestic market,” he declared.
The NNPC helmsman further stated that the corporation would continue to engage with stakeholders and partners to secure early markets and ensure that the economic benefits of the AKK gas pipeline were maximized.
“NNPC is leading this coordinated effort with State Governments and private sector investors to develop demand framework for immediate and long-term gas supply solutions ahead of the completion of the AKK gas pipeline project,” he noted.
The GMD also expressed gratitude to the Kaduna Government for hosting NNPC’s facilities such as the Refinery complex, the Depot, the ongoing AKK gas pipeline and Independent Power Plant Projects (IPPs).
In his remarks, Governor Nasiru El-Rufai said the Kaduna State Government was delighted with the prospect of having additional energy sources to power businesses in the state.
“We wholeheartedly welcome this project. Gas provides a cost-effective option for powering factories, homes and vehicles. For the Kaduna State Government, this project is a welcome boost to our investment and job creation strategy.
“It will create jobs and provide skills for artisans who will work on the gas pipelines and associated infrastructure. Beyond that, this project will power the industries that have responded with enthusiasm to our investment promotion campaign,” Mr El-Rufai stated.
“Let there be no doubt that the Kaduna State Government is committed to this MoU and the realisation of its goals in the interest of the people of Kaduna State,” he added.
The MoU was signed by Mr Kyari on behalf of the agency while Mr El-Rufai signed on behalf of the state government.
The event, which was facilitated by the Gas Aggregation Company of Nigeria (GACN), would ensure long-term involvement and support of Kaduna State Government and key gas sector players such as the Nigerian Gas Company (NGC), the Nigerian Gas Marketing Company (NGMC) and virtual pipeline companies to provide gas supply assurance to industries within the state on competitive terms.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn