Economy
NNPC, Mining Society Partner to Search for More Crude Oil Deposits
By Modupe Gbadeyanka
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has expressed the readiness of the state-owned oil firm to work closely with the Nigerian Mining & Geosciences Society (NMGS) “search for more hydrocarbon deposits in the country.”
Mr Baru made this disclosure shortly after being conferred with the honourary fellowship of the Society in Kano on Tuesday.
He said this move is mainly to grow the nation’s abundant hydrocarbon reserves.
The GMD acknowledged the “indispensable role” played by geoscientists, mining engineers as well as metallurgists towards the development of the nation’s Oil and Gas Industry, describing the NMGS as critical to the attainment of the NNPC’s core mandate.
“NNPC pledges to continue to work with you and every willing partner in the search for more hydrocarbon deposits in the country,” he said.
He said it was in line with this collaboration that the corporation developed a strategy involving various geoscience departments in the country’s tertiary institutions which culminated in the renewed search for hydrocarbon deposits in the inland basins.
“Our search is primarily targeted at increasing the hydrocarbon reserves of the country and also to harness these resources which may be in other parts of the country,” he added.
He described as “saddening” last year’s unfortunate incident which claimed the lives of some University of Maiduguri staff working on the Chad basin exploration as well as the loss of one of the corporation’s staff working on the Benue Trough exploration.
“I pledge on behalf of the NNPC that their sacrifice shall not be in vain. There is no better way to honour the efforts of our gallant heroes than to continue the good work they died for,” he added.
On the Chad Basin exploration, the GMD observed that the corporation planned to drill four wells in areas that it has acquired 1, 961kmsq 3D seismic data out of 3,550kmsq planned.
He said NNPC would be going into the deeper Maiduguri sub-basin to acquire more 3D seismic data as soon as normalcy returns to the Chad basin.
“While waiting for normalcy to return to the Chad Basin, we have stepped up efforts in the Lower Benue trough. So far, we have acquired 20km of 2D data out of the planned 455km 2d seismic data,” he added.
On the Gongola Basin, Mr Baru said four wells were also being planned for drilling to further test the prospects identified around Kolmani River-1, Nasara-1 and Kuzari-1 in 2018.
He thanked the Society for conferring on him with their Fellowship, saying that the recognition would spur him to rededicate himself towards giving his all for the Oil and Gas Industry and by extension the country.
He pledged to re-dedicate himself to the lofty ideals of NGMS, stressing that he would not disappoint the Society in the trust it reposed in him.
Earlier in his speech, the President of the NMGS, Prof. Silas Dada said the Society was honouring the GMD for his untiring commitment and service to the growth of the Nigerian Oil and Gas Industry.
Established in 1977 for the advancement and practice of mining, earth sciences and metallurgy, the Nigerian Mining and geosciences Society (NMGS) is charged with upholding the ethics and safeguarding the interests of the professions covered by the society.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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