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Power Investment Summit Holds October In Abuja

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power-investment-summit

By Modupe Gbadeyanka

The Annual Powering Africa: Nigeria Investment Summit will take place from October 12-14, 2016, organisers have confirmed.

The programme will hold in conjunction with the Federal Ministry of Power, Works and Housing as well as the Bayelsa State Government, the Nigeria Electricity Regulatory Commission (NERC), the Electricity Commission of Nigeria (ECN), the Transmission Company of Nigeria (TCN), the National Power Training Institute of Nigeria (NAPTIN) and the Nigeria Investment Promotion Commission (NIPC).

The pre-meeting networking activities including the Powering Africa: Nigeria Golf Networking Day and the pre-meeting evening drinks reception hosted by Detail Solicitors will provide an exclusive relationship-building space prior to the start of the conference.

Delegates are also invited to attend the Gala Dinner hosted in association with the EnergyNet “Off the Grid Club”, a programme dedicated to bringing together credible off grid technology providers, financiers and regional leaders to invest in and develop reliable and scalable power solutions for Africa. The evening will feature vibrant mix of arts and music entertainment, high level speeches and exclusive dining food.

Over 300 senior participants from Nigeria, the Americas, Europe and Asia will represent companies including the International Finance Corporation, FMO, CDC Group, AAPA Energy Ltd., Nexant, NetcoDietsmann, Control Risks,  Hannon Capital Partners, Mensah JB & Associates, Jackson, Etti & Edu, Voith Hydro Shanghai Ltd., Rook Solar Investment Limited, ILF Engineers Nigeria Limited, Chemtech Group, Berwin Leighton Paisner LLP, Vestas, Diamond Development Initiatives, Engro Powergen Limited, Powerhive, Lubeserve Engineering Ltd, United Capital Plc, Rockwill Electric Corporation (Pty) Ltd, Multisol South Africa (Pty) Ltd, Vergnet, GAGE, SunFunder, ILF Engineers Nigeria Limited, Express Discount Asset Management Ltd.,  NAREVA HOLDING, Sahara Power, Rand Merchant Bank, United Bank for Africa, Mantrac, Quantum Power Operations Limited, GM Power and Gas, Total, Cornerstone, among others.

Decision makers confirmed to attend include:

His Royal Highness Mai Borgu, Emir of Borgu Kingdom, Federal Republic of Nigeria

Dr Anthony Akah, Acting Chairman, Nigerian Electricity Regulatory Commission

Prof Eli Jidere Bala, Chief Executive Officer and General Director, Energy Commission of Nigeria

Dr Abubakar Atiku Tambuwal, Deputy Managing Director, Transmission Company of Nigeria

Mr Ladi Hauwa Katagum, Acting Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC)

Mr Longe Yesufu Alonge, Head Power Procurement and Power Contracts, Nigerian Bulk Electricity Trading PLC (NBET)

Kemela Okara, Commissioner, Trade, Industry and Investment, Bayelsa State Government

Mr Fidelis Uche Nnadi, Senior Special Assistant to the Governor, Enugu State Government

Prof. Bart Nnaji, Chairman and Founder, Geometric Power

Mr Marcus Heal, Chief Executive Officer, Pan Africa Solar

Oti Ikomi, Founder and Chief Executive Officer, Proton Energy Ltd.

Dr Ransome Owan, Group Managing Director, Aiteo Power, Infrastructure & Real Estate

Mohammed N. Mijindadi, Managing Director, GE Gas Power Nigeria

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Economy

Investors Gain N1.09bn as NASD Share Price Rises 9.1%

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NASD Exchange

By Adedapo Adesanya

The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.

Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.

NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.

As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.

On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.

In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.

At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.

Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.

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Economy

Naira Trades N414.73/$1 as Cryptos Bleed Heavily

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Cryptos

By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.

Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.

At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.

Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.

The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.

At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.

The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.

Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.

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Economy

Crude Mixed as Market Remains Unsettled by Omicron Jitters

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Crude Oil Prices

By Adedapo Adesanya

Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.

Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel.

Both benchmarks declined for a sixth week in a row for the first time since November 2018.

Oil prices had witnessed one of the most troubled weeks as the market reeled from the fear brought about by the Omicron variant of the coronavirus with speculations that it could spark new lockdowns and dent fuel demand.

The World Health Organization (WHO) urged countries to vaccinate their people to fight the virus, saying travel curbs were not the answer.

Even with this, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) surprised the market on Thursday when it stuck to its plans to add 400,000 barrels per day supply in January.

However, it said it will continue to monitor the market and this could make it change course if demand suffered from measures to contain the spread of the Omicron coronavirus variant.

The alliance said they could meet again before their next scheduled meeting on January 4.

Analysts noted that with the coronavirus cases rising, the US jobs report for November also didn’t help demand outlook even as the unemployment rate plunged to a 21-month low of 4.2 per cent, suggesting the country’s labour market was rapidly tightening.

US employment growth slowed considerably in November amid job losses at retailers and in local government education.

Meanwhile, in Vienna, diplomats attempting to restore the nuclear deal between Iran and world powers face substantial challenges that need urgent solutions, the top European envoy said Friday. Talks are set to resume next week.

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