Economy

NNPC Woos Investors for Mega Projects in 2018

Published

7 years ago

10/12/2017

By Dipo Olowookere

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has called on foreign investors to partner with the state-owned oil firm in its multi-billion dollar projects expected to come up next year.

The NNPC chief made the call in London at the Forbes Award on him, disclosing that NNPC would be involved in a number of projects which would require international collaboration.

“Our programme for 2018 is very aggressive and will require cooperation from the international community in supporting our activities through technical and financial collaboration,” he said.

The GMD who had departed the UK, listed some of the mega projects that would be launched in the coming year to include: Bonga SW/Aparo; Zaba-zaba; Bosi; the 7 critical gas projects and gas pipelines; NLNG Train 7 plus expansion; possible divestment of Government Equity in JV and development of modular refineries amongst others.

He added: “Today, the confidence of investors is being restored, thanks to good governance provided by the administration of President Muhammadu Buhari. I therefore call on you all to utilize this golden opportunity made possible by our supportive President.”

Mr Baru averred that international collaboration between the NNPC and its partners was fast yielding results, adding that within the last three years, NNPC had secured about $3.7 billion alternative financing agreements aimed at sustaining and increasing the national daily production and producibility.

He said the alternative financing approach had yielded positive results and helped to renew investors’ confidence resulting in a boost in Foreign Direct Investments in Nigeria.

The GMD observed that the financing arrangement had also deepen the participation of local banks in funding the Upstream Sector as it the funds were syndicated from both local and International banks as well as lenders.

He commended the local and international lenders and the Joint Venture partners for their continued faith in Nigeria and their support towards providing the funding.

Thanking Forbes for the 2017 Africa Oil & Gas Man of the Year Award conferred on him, Baru described the recognition as not only special to him, but to all Nigerians.

“This award is so special to me. It is an award to Nigeria which fills me with immense national pride. It also reinforces the long-established and far-reaching impact of the NNPC in national, regional and global economic growth and stability,” he added.

The award, he said, came to him as a big surprise, owing to the fact that the scope of the nomination represents a huge selection of highly qualified professionals across Africa.

While conferring the award on the GMD, a representative of Forbes, Mr Mark Furlong, said his institution was celebrating an embodiment of hardwork, integrity and intelligence who was making giant strides in Nigeria’s oil and gas industry and beyond.

“Dr Baru is admired and celebrated nationwide and internationally. He is a credible and courageous man with high moral virtue. His broad knowledge and positive leadership style are worthy of emulation,” Mr Furlong added.

Also speaking, Chairman Senate Committee on Petroleum (Upstream), Mr Bassey Albert Akpan, said having worked closely with Dr Baru when the GMD was GED Exploration & Production, the Forbes award did not come as a surprise.

“Dr. Baru has done well as the GMD of NNPC over the last 18 months. He is a strong-willed fellow whose passion and commitment to his job is incomprehensible. I believe Forbes will find him more deserving for this award,” Senator Akpan concluded.

Economy

MRS Oil, Heyden, Ardova to Sell Dangote Petrol at N970 Per Litre

Published

12 hours ago

19/01/2025

Dipo Olowookere

By Dipo Olowookere

The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.

This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.

The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.

The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.

However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.

In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.

“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”

Economy

NGX All-Share Index Jumps 0.17%

Published

2 days ago

18/01/2025

Dipo Olowookere

By Dipo Olowookere

A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.

This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.

Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.

Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.

There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.

The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.

On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.

A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.

Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.

Economy

NASD OTC Exchange Gains 0.26%

Published

2 days ago

18/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its upward movement with a 0.26 per cent gain on Friday, January 17 amid renewed interest in unlisted stocks.

This raised the market capitalisation of the trading platform by N2.79 billion at the close of business to N1.075 trillion from the N1.072 trillion it closed in the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) went up by 8.08 points at the close of transactions to 3,111.91 points from the 3,103.83 points recorded at the previous session.

Yesterday, the volume of securities traded by investors went down by 606 per cent to 486,215 units from 1.2 million units, the value of shares shrank by 84.7 per cent to N2.8 million from N18.0 million, and the number of deals decreased by 65 per cent to 14 deals from the 33 deals carried out a day earlier.

In the final trading day of the week, there were three price gainers and one price loser, Geo-Fluids Plc, which lost 9 Kobo to finish at N4.70 per unit versus the preceding session’s price of N4.79 per unit.

On the flip side, Okitipupa Plc gained N3.60 to settle at N39.59 per share compared with the previous day’s N35.99 per share, Industrial and General Insurance (IGI) Plc added 3 Kobo to wrap at 36 Kobo per unit compared with the preceding session’s 33 Kobo per share, as FrieslandCampina Wamco Nigeria Plc improved its value by 49 Kobo to N39.65 per unit from N39.16 per unit.

At the close of business, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.

The most active stock by volume (year-to-date) remained IGI Plc with 23.5 million units worth N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units sold for N134.9 million.