Economy
PPMC Rakes N203.7bn from Petroleum Products in One Month
By Adedapo Adesanya
The Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has disclosed that a total of N203.73 billion was generated from the sale of white products in the month of July 2021.
This information was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
The report, which was its 72nd edition, also revealed that total revenues generated from the sales of petroleum products for the period July 2020 to July 2021 stood at over N2.563 trillion, with premium motor spirit (PMS) contributing about 99.7 per cent of the total sales.
The report also noted that a total of 1.54 billion litres of petroleum products were sold and distributed by the PPMC in the month of July 2021 with PMS or petrol accounting for 99 per cent of the total volume.
Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535 billion litres and PMS accounted for 99.73 per cent of total volume, the report stated.
The report also indicated a 5.23 per cent increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759 million standard cubic feet of gas per day (mmscfd), equivalent to power generation of 3,250MW against the June 2021 figure of 721 mmscfd to generate 3,181 megawatts (MW).
According to the report, national gas production in July 2021 increased by 3.9 per cent at 232.69 billion cubic feet (bcf) compared to the output in the previous month, translating to an average daily production of 7,502.28 mmscfd.
For the period July 2020 to July 2021, a total of 2,891.53 bcf of gas was produced representing an average daily production of 7,305.43 mmscfd.
In terms of period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production.
In the downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially PMS across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.
In July 2021, the MFOR noted that 42 pipeline points were vandalized representing a 10.6 per cent decrease from the 47 points recorded in June 2021.
In the month under review, the Port Harcourt area accounted for 40 per cent and the Mosimi area accounted for 60 per cent of the vandalized points.
In the upstream, NNPC recorded a total export receipt of $191.26 million in July 2021 as against $188.00 million in June 2021.
Receipts from crude oil amounted to $12.95 million while gas and miscellaneous receipts stood at $78.69 million and $99.61 million respectively.
Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73 billion.
By Adedapo Adesanya
A slowdown in the demand for foreign exchange (FX) strengthened the value of the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 9.
At the official market, the Naira gained 64 Kobo or 0.05 per cent against the greenback yesterday to sell at N1,378.43/$1 compared with Wednesday’s exchange rate of N1,379.07/$1.
The market saw a sharp decrease in transaction volume and value, meaning that heavy demand for the Dollar eased.
Interbank FX turnover reduced sharply by more than 62 per cent to $78.708 million, according to the Central Bank of Nigeria (CBN), from $208.094 million in the preceding day.
FX traders also noticed a sharp decline in the number of deals at the NFEM window in the absence of Dollar injection by the central bank. Deal counts shrank to 106 during the NFEM window, down from 150, reflecting a slowdown in FX activity among market makers.
However, the local currency depreciated against the Pound Sterling in the spot market during the session by N6.18 to N1,846.82/£1 from N1,840.64/£1, and declined against the Euro by N2.79 to close at N1,576.09/€1 versus the preceding session’s N1,573.30/€1.
At the GTBank FX desk, the Naira lost N4 against the US Dollar to quote at N1,385/$1, in contrast to the N1,381/$1 it was traded at midweek, and at the parallel market, it remained unchanged at N1,400/$1.
Meanwhile, the cryptocurrency market soared after a moderation in oil prices and bond yields following the collapse of the Iran war ceasefire.
As has been the pattern for months, markets are looking past inflamed rhetoric and new airstrikes to likely conciliatory statements in the near future.
Bitcoin (BTC) gained 2.3 per cent to sell at $64,048.89, Dogecoin (DOGE) grew by 1.9 per cent to $0.0741, Ethereum (ETH) expanded by 1.6 per cent to $1,777.98, Solana (SOL) rose by 1.0 per cent to $79.13, Ripple (XRP) appreciated by 0.9 per cent to $1.10, Binance Coin (BNB) added 0.6 per cent to sell for $576.91, and TRON (TRX) also improved by 0.6 per cent to $0.3329.
However, Cardano (ADA) crashed by 0.9 per cent to $0.1669, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
Subscription for the July 2026 edition of the FGN savings bond is closing today, Friday, July 10.
The exercise started on Monday, July 6, with two tenures of two years and three years on offer to retail investors.
The retail bonds are sold by the federal government through the Debt Management Office (DMO) to raise funds for the country’s budget deficits.
The savings bond offers investors steady tax-free income. It is risk-free, backed by the Nigerian government, and listed on the Nigerian Exchange (NGX) Limited, allowing for secondary market trading and easy exit before maturity.
For the two-year FGN savings bond maturing on July 15, 2028, the debt office is offering it at a 14.716 per cent per annum interest rate, while the three-year FGN savings bond due July 15, 2029, is at 15.716 per cent per annum, with the interest on the investment being paid by the government every quarter.
Intending investors can purchase the debt instrument at a unit price of N1,000, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50.0 million.
By Dipo Olowookere
The upward trend on the Nigerian Exchange (NGX) Limited continued on Thursday despite profit-taking in energy stocks by investors.
The local exchange further appreciated by 0.62 per cent yesterday, as market participants mopped up equities in the other key sectors, especially in the financial services.
The banking space rose by 1.33 per cent, the consumer goods counter expanded by 1.21 per cent, and the insurance index grew by 0.26 per cent, while the industrial goods segment closed flat, with the energy sector down by 0.19 per cent.
At the close of business, the All-Share Index (ASI) gained 1,498.75 points to finish at 243,958.73 points compared with the previous day’s 242,459.98 points, and the market capitalisation advanced by N962 billion to N156.548 trillion from N155.586 trillion.
The market breadth index remained positive, though the bears are giving the bulls a close marking. Customs Street ended the session with 28 price gainers and 26 price losers, representing strong investor sentiment.
International Breweries improved by 10.00 per cent to N12.10, First Holdco appreciated by 9.96 per cent to N69.55, Abbey Bank grew by 9.88 per cent to N8.90, Trans-Nationwide Express rose by 9.76 per cent to N3.26, and Honeywell Flour increased by 9.68 per cent to N17.00.
Conversely, Thomas Wyatt declined by 10.00 per cent to N2.70, Geregu Power shrank by 10.00 per cent to N825.70, McNichols moderated by 9.76 per cent to N5.55, UPDC slipped by 9.20 per cent to N3.95, and Neimeth contracted by 8.16 per cent to N9.00.
A total of 1.7 billion stocks valued at N112.0 billion were traded in 44,780 deals yesterday, in contrast to the 518.4 million stocks worth N22.8 billion traded in 48,495 deals on Wednesday, indicating a slip in the number of deals by 7.66 per cent, and a surge in the trading volume and value by 227.93 per cent and 391.23 per cent, respectively.
First Holdco was the busiest equity for the day, with a turnover of 1.3 billion units worth N85.6 billion. Zenith Bank exchanged 43.8 million units for N4.7 billion, Access Holdings transacted 41.0 million units valued at N1.0 billion, FCMB traded 17.7 million units worth N188.3 million, and Fidelity Bank sold 16.0 million units valued at N315.2 million.
