Economy
Sahara Gas Vessel Imports 7,000MT Cooking Gas into Nigeria
By Modupe Gbadeyanka
The newly built vessel acquired by the West Africa Gas Limited (WAGL), MT Sahara Gas, has delivered 7,000 metric tons of Liquefied Petroleum Gas (LPG) in its historic maiden voyage to Nigeria to boost availability and safe access to the commodity widely referred to as cooking gas.
WAGL is a Joint Venture of Nigerian National Petroleum Corporation (NNPC) and leading Energy Conglomerate, Sahara Group.
The JV is run by two companies, NNPC LNG Ltd, a wholly-owned subsidiary of NNPC and Sahara Energy’s Oil and Gas trading arm, Ocean Bed Trading Ltd (BVI).
WAGL, in January 2017, acquired two new vessels, MT Africa Gas and MT Sahara Gas in its bid to reduce transportation bottlenecks, add value to the Nigeria economy through exporting the commodity, deepen the LPG market in West Africa as well as enhance access to clean and safe energy.
The acquisitions were also a strategic response to the lingering challenges of supply, affordability and fraudulent activities motivated by the scarcity of the product.
NNPC’s Group Managing Director, Mr Maikanti Baru, said in keeping with the Federal Government’s economic growth plan, WAGL remained committed to stabilizing the market and ensuring sustainability of the commodity through strategic deliveries within the sub-region.
“This is a historic achievement for the NNPC and Sahara Group that showcases a truly successful partnership by all global standards. The quest is to achieve uninterrupted supply of the commodity and address infrastructural limitations as we continue to implement our zero-tolerance policy against adulterated products and their promoters across the nation.”
Mr Baru said the NNPC/Sahara Group partnership remained a model for successful JVs, adding that both parties were considering various strategies to optimize the delivery of the product across West Africa.
“The Federal Government deserves commendation for implementing policies that are geared towards growing the economy. That we have such a partnership involving the NNPC and Sahara Group is indeed an important global narrative for Nigeria in terms of capacity, expertise, and sustainability,” he added.
Speaking aboard the vessel, Managing Director of Petroleum Products Marketing Company (PPMC), Mr Umar Isa Ajiya, said it was a significant and important milestone not only for Nigeria, Africa and the entire shipping and maritime industry.
“We have a brand new LPG vessel, built by 100% fully owned Nigerian entities and it has picked up LPG from Bonny and brought it to Lagos. This is the first time we are having a wholly owned shipping vessel bringing the product to our shores.
“This is an opportunity to grow and deepen the LPG market in Nigeria such that the use of firewood will come to an end sooner than later. I must commend the shareholders of Sahara Group and NNPC for making it worthy to make this laudable investment,” he said.
Also commending the NNPC/Sahara Group Partnership, Mr Roland Omoregbe, WAGL’s Managing Director, said: “This is the first time the private sector in Nigeria is involved with the NNPC in ensuring that there is enough supply of LPG to the country. We are happy that it has done several voyages into West Africa, including Lome, Ivory Coast, and Ghana and we are counting more.
“The sister vessel, Africa Gas is in the West Africa waters as we speak. We have strategic plans to flood Nigeria with LPG and other cleaner sources of energy to do their domestic chores which will, in turn, save our country and our planet.”
Moroti Adedoyin-Adeyinka, Chief Executive Officer, Asharami Synergy Plc (a Sahara Group Downstream Company) said: “What we see here today speaks to the power of collaboration and the great things that can be achieved when the private and public sector work together with the right strategy, expertise and capacity. At Sahara, this is the kind of collaboration that we push for; one that makes our economy better and saves our planet.”
Moroti Adedoyin-Adeyinka, Chief Executive Officer, Asharami Synergy Plc(A Sahara Group Downstream Company) said: “What we see here today speaks to the power of collaboration and the great things that can be achieved when the private and public sector work together with the right strategy, expertise and capacity. At Sahara, this is the kind of collaboration that we push for; one that makes our economy better and saves our planet.”
LPG/C Africa Gas has performed five Transatlantic voyages loading butane from US Gulf Coast and discharging in West Africa mainly in Abidjan, Tema, and Lome. The vessel also traded once in South America for a spot voyage in September 2017.
LPG/C Sahara Gas has performed four Transatlantic Voyages around the West African region, with her berthing in Lagos, being her first trade in Nigeria, after it loaded from Bonny and discharged in Lagos. Sahara Gas also had a spot trade in France in April 2017.
Total volumes traded by both vessels include 150,000 MT in Abidjan, Cote d’Ivoire, 35,000 MT in Tema, Ghana, 2,500 MT in Lome, Togo, and the recently delivered 7,000 MT in Lagos, Nigeria. Africa Gas is currently discharging in Abidjan and heads out to Tema, Ghana and Lome, Togo in a fortnight.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited came under pressure on Friday, staggering by 0.21 per cent at the close of trading activities.
Investors embarked on profit-taking yesterday, particularly in the energy and industrial goods sectors, which closed lower by 0.43 per cent and 0.06 per cent, respectively.
The gains reported by the others could not extend the stay of Customs Street in the positive territory yesterday.
Data showed that the insurance counter closed higher by 2.07 per cent, and the banking space improved by 0.55 per cent, while the consumer goods and commodity indices closed flat.
When the closing gong was struck by 2:30 pm, the All-Share Index (ASI) was down by 224.91 points to 104,563.34 points from 104,788.25 points and the market capitalisation contracted by N141 billion to N65.707 trillion from N65.848 trillion.
Deap Capital lost 9.71 per cent to trade at 93 Kobo, Royal Exchange crumbled by 9.09 per cent to 80 Kobo, Sovereign Trust Insurance fell by 7.61 per cent to 85 Kobo, Guinea Insurance depreciated by 7.35 per cent to 63 Kobo, and Oando dwindled by 5.57 per cent to N39.00.
Conversely, Caverton jumped by 9.96 per cent to N2.54, VFD Group surged by 9.90 per cent to N87.70, Abbey Mortgage Bank gained 9.86 per cent to close at N6.13, FTN Cocoa advanced by 9.83 per cent to N1.90, and Regency Alliance rose by 9.43 per cent to 58 Kobo.
On Friday, investors traded 380.0 million equities worth N10.1 billion in 10,791 deals versus the 432.6 million equities valued at N9.7 billion transacted in 12,027 deals in the previous trading session, indicating an uptick in the value of transactions by 4.12 per cent and contractions in the volume of trades and the number of deals by 12.16 per cent and 10.28 per cent apiece.
Access Holdings retained its position as the most active equity with 73.2 million units sold for N1.5 billion, Zenith Bank exchanged 33.4 million units worth N1.7 billion, Cutix transacted 29.7 million units valued at N63.0 million, GTCO traded 25.7 million units worth N1.7 billion, and Fidelity Bank transacted 19.7 million units valued at N374.2 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange went down by 0.31 per cent on Friday, April 10, with the Unlisted Security Index (NSI) depreciating by 1038 points to 3,277.57 points from the previous session’s 3,287.85 points.
Similarly, the market capitalisation of the bourse depleted by N6.02 billion to close at N1.919 trillion from the N1.925 trillion it ended on Thursday.
FrieslandCampina Wamco Nigeria Plc gave away N2.95 to close at N35.55 per unit versus the previous day’s N38.50 per unit and Acorn Petroleum Plc lost 13 Kobo to end at N1.17 per share from the previous closing value of N1.30 per share.
During the session, there was a 750.8 per cent surge in the volume of securities transacted to 152.3 million units from the 18.1 million units transacted in the previous trading day, the value of transactions grew by 2,268.9 per cent to N4.6 billion from N192.9 million, and the number of deals went down by 20 per cent to 16 deals from 20 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
However, Okitipupa Plc became the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.6 million units worth N562.7 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira closed the last trading session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a positive note on Friday, April 11 with a gain of 1.2 per cent or N18.86 against the United States Dollar.
During the trading day, it was exchanged at the official forex market at N1,611.08/$1, in contrast to the N1,629.94/1 it was traded a day earlier.
The local currency strengthened yesterday at the currency market after the Dollar weakened in the international scene, making currencies like the Naira have a sigh of relief.
Also supporting this is efforts by the Central Bank of Nigeria (CBN) to prop the market with the necessary liquidity.
However, the domestic currency depreciated against the British Pound Sterling at the spot market during the session by N5.57 to settle at N2,090.58/£1 compared with Thursday’s closing price of N2,085.01/£1 and lost N10.18 against the Euro to sell for N1,815.82/€1, in contrast to the preceding day’s N1,805.64/€1.
At the parallel market, the Nigerian Naira traded flat against the greenback on Friday, remaining unchanged at N1,620/$1.
As for the cryptocurrency market, it was bullish after the US Dollar fell to a 3-year low and Producer Price Index (PPI) inflation dropped sharply.
The drop in the greenback made it possible for investors and traders to buy more while the index came in at 2.7 per cent versus the anticipated 3.3 per cent while the core PPI print also surprised to the downside.
Solana (SOL) appreciated by 5.4 per cent to $123.31, Dogecoin (DOGE) rose by 4.3 per cent to $0.1638, Bitcoin (BTC) increased by 3.2 per cent to $83,697.39, and (XRP) added 2.4 per cent to quote at $2.04, and Binance Coin (BNB) soared by 1.4 per cent to $587.41.
In addition, Ethereum (ETH) improved by 1.2 per cent to $1,573.75, Cardano grew by 0.3 per cent to $0.6234, Litecoin (LTC) also went up by 0.3 per cent to $76.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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