Economy
NNPC Vows to Back Local Firms in Oil Sector
By Modupe Gbadeyanka
Indigenous companies have been promised a level playing field in the oil and gas industry in Nigeria. This assurance was given by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, while commissioning the Lagos Midstream Jetty (LMJ) at the Apapa Harbour on Tuesday.
Reiterating the state-owned firm’s commitment to continued collaboration with the private sector, Dr. Baru urged private companies to develop innovative and profitable solutions that would not only aid the development of the country but also ease the way of doing business.
He charged the private sector to continuously look for opportunities to partner with the public sector to enable the realisation of the country’s economic goals.
“NNPC will continue to support all players in the downstream sector of the Oil and Gas industry towards efficient product supply and distribution across the country,” Mr Baru said.
The GMD noted that the development of the much-needed critical infrastructure should not be seen as the sole responsibility of government, adding that good infrastructure plays a critical role in ending extreme poverty and increasing shared prosperity among the citizenry.
“The reality is that we all have a role to play in developing and moving the economy forward, an economy that will benefit us all today and generations yet unborn,” Mr Baru stated.
He explained that the commissioning of the jetty was in line with NNPC’s corporate vision of 12 Business Focus Areas (12 BUFA), one of which is centred on the provision of critical oil and gas infrastructure.
Mr Baru, who commended Oando Plc for initiating the idea of the LMJ, said the jetty was an encouraging example of Public Private Partnership (PPP) and a further proof that both the private and public sector have come to the realisation that infrastructural investment is a shared responsibility requiring collective leadership, learning and innovation.
Earlier, Chairman OVH Energy, Mr Wale Tinubu, thanked the GMD for encouraging indigenous participation in the nation’s oil and gas industry.
He explained that the N54.4 billion worth LMJ was conceived as an innovative industry solution to the perennial challenges marketers faced in the importation of petroleum products.
“Today we have delivered a first-class engineering piece that meets global standards, it’s the first of its kind in the sub-Saharan Africa and will be of invaluable benefit to the industry and nation at large,” he said.
Also speaking at the occasion, Minister of Transport, Mr Rotimi Amaechi, congratulated OVH Energy on the feat, stressing that investments such as LMJ were a clear indication of growth in the nation’s economy.
Conceived by ASPM Limited, a subsidiary of OVH Energy Limited (an Oando Plc Licencee), the LMJ is West Africa’s first privately owned mid-stream jetty, located at the Lagos Apapa Harbour.
The LMJ will allow up to 45,000 Dead Weight (DWT) vessels to berth and discharge products while easing out the congestion around the Apapa corridor.
The jetty, which is also available for the use of all sector players – peers and competitors alike, is expected to boost the delivery of petroleum products to Terminals around the Apapa axis and the nation at large.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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