Economy
NNPC Will Still Control Refineries after ‘Concessioning’—Kachikwu
By Dipo Olowookere
Minister of State for Petroleum, Mr Ibe Kachikwu, has disclosed that the control of refineries across the country would still be under the state-owned oil firm, the Nigerian National Petroleum Corporation (NNPC), even after having private investors to revamp them.
But Mr Kachikwu said at the moment, none of the refineries has its ownership transferred to a new owner.
However, he confirmed that the government was trying to emplace a funding mechanism to revamp the refineries for them to compete effectively.
He explained that the private funding investment coming into the refineries would go through a transparent process of the NNPC Board and the Federal Executive Council (FEC), assuring that the management of the refineries would remain in the control of NNPC.
Mr Kachikwu made these assertions when he represented President Muhammadu Buhari at the 5th Triennial National Delegates’ Conference of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja on Wednesday.
The 5th Triennial National Delegates’ Conference of the association had the theme ‘Emerging Trends in the Oil and Gas Industry and its impacts on Labour Movement in Nigeria.’
He praised the association for its role in the oil and gas industry in Nigeria, saying, “No one can forget your resilience and support which enabled the restoration of normalcy to the downstream sector in 2016.
“We can also not forget your solidarity and cooperation in achieving the giant stride of emplacing the new Joint Venture cash call framework and indeed your sacrifice in many other ways including the NNPC reforms.”
The Minister said the oil and gas industry was being challenged from shale oil, low oil price environment, alternative energy sources, new frontiers and militancy in the Niger Delta.
According to him, the global impact of shale gas on the natural gas industry was imminent with the energy policy shift in the United States and commercial quantities discovery in China, Australia and North Africa regions.
“Closer home, new exploration plays have been and will continue to be discovered in neighbouring West African countries and East Africa, with many producing countries already reviewing their fiscal terms to capture profits and increase government take,” he said.
He admonished that the Federal government and PENGASSAN must work together to overcome militancy, change status quo and policies to meet the changing dynamics of the times in the Oil and Gas Industry.
In his contribution as Guest speaker at the event, NNPC Group Managing Director, Dr Maikanti Baru, said despite the low oil prices and decreasing reserves, the NNPC was ready to work with the union to ensure efficiency and create an enabling environment for the Oil and Gas industry in the country.
Dr Baru noted that the NNPC management sees the unions as partners in progress and urged them to sustain the cordial industry harmony to help the country get out of the current challenges.
The GMD stated that in the last few months, the corporation has stabilized and ensured steady supply of petroleum products and executed the revamp of Mosimi, Ejigbo and Kano depots.
Speaking at the occasion, PENGASSAN President, Comrade Francis Olabode Johnson, looked back at the last three years that he had led the association, saying the period had been challenging due to global industry developments, adding that despite the impediments, the Union had forged ahead to achieve a lot for the benefit of its members and the nation.
He listed safe guard of members’ jobs, building a cohesive Association, contribution to events that led to the JV Cash Call Exit, among others, as the major achievement of the Union under his leadership.
Mr Johnson called on the Federal Government to ensure stable power supply in the country as a way of transforming the nation’s economy.
By Aduragbemi Omiyale
The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.
This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.
Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.
“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.
She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”
The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.
“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.
PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.
The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.
The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.
According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.
At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.
Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.
The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.
During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.
However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.
Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.
On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.
There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.
During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.
The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.
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