Economy
Seplat Completes ANOH Gas Plant to Boost Nigerian Market
By Adedapo Adesanya
Seplat Energy Plc has announced the completion of its Assa North-Ohaji (ANOH) gas plant, with plans to boost the gas market in Nigeria.
The firm disclosed that the ANOH gas plant installation works reached mechanical completion on December 29, 2023, in line with its revised timetable.
The company’s Chief Financial Officer, Mr Emeka Onwuka, said “This milestone has been achieved without a single recordable Lost Time Incident (LTI) across 11 million man-hours,” saying that it was a testament to the focus of the whole team on safe and secure operations.
The ANOH Gas Processing Company, an incorporated joint venture between Seplat Energy and Nigerian National Petroleum Company (NNPC) Gas Infrastructure Company Limited, is delivering the ANOH gas plant with a Phase One processing capacity of 300 million standard cubic feet per day (mmscfd).
The firm revealed that upon commencement of operations, the plant would deliver dry gas, condensate, and LPG, otherwise known as cooking gas, to customers.
Seplat is targeting the sale of the dry gas and the cooking gas would be sold domestically to Nigerians and the condensates would be sold to the international market.
The ANOH project was started in 2021 and experienced delays due to construction overrunning as a result of poor weather and security issues. Its first gas will be pumped into the market after NNPC completes an essential pipeline – the OB3.
It is envisaged that ANOH Gas Processing Company will sell the gas and LPG domestically, and the condensates to the international market,” Mr Onwuka said in a statement.
The statement read further, “The other key steps to first gas, as outlined in the Company’s Interim Results announcement, were the drilling and hook-up of the Upstream wells and completion of essential third-party infrastructure: the OB3 pipeline river crossing and Spur Line connecting OB3 to the gas plant.
“Completion of the third well (ASSN-05) was previously announced and the fourth and final well (ASSN-06) planned ahead of the first gas has also now been completed by the upstream unit operator, SPDC.
“We now look forward to the completion of the necessary plant pre-commissioning activities and essential third-party infrastructure which will enable commissioning of the gas plant and commencement of operations.”
On his part, the Chief Executive Officer of Seplat Energy, Roger Brown, was quoted as having said, “ANOH is an important strategic project for Seplat. It will roughly double our gas production, and we are focused on the path to the first gas.’’
By Aduragbemi Omiyale
The suspension earlier placed on Thomas Wyatt Nigeria Plc by the Nigerian Exchange (NGX) Limited has been lifted.
This action was taken on Wednesday, allowing investors to resume trading in the shares of the company, a pioneer paper conversion and printing firm in Nigeria.
Recall that on February 11, 2025, the stock market regulator suspended trading in the equities of Thomas Wyatt because of its inability to publish its financial statements for the year ended March 31, 2024.
The embargo on the organisation, according to the NGX, was in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
Business Post reports that the rule requires the regulator to prohibit the buying and selling of the company’s securities on its platform “If an issuer fails to file the relevant accounts by the expiration of the cure period.”
However, before the suspension if effected, the NGX must have sent the defaulting firm “a second filing deficiency notification” within two business days after the end of the cure period.
After the suspension of trading in the issuer’s securities, the NGX must “notify the Securities and Exchange Commission (SEC) and the market within 24 hours.”
In a statement last Wednesday, the stock exchange informed the market that “Thomas Wyatt Nigeria has now filed its audited financial statements for the year ended March 31, 2024, and other outstanding unaudited financial statements for 2024.”
“In view of the company’s submission of its 2024 AFS, and pursuant to Rule 3.3 of the default filing rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. the exchange shall thereafter also announce through the medium by which the public and the sec was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Thomas Wyatt Nigeria Plc was lifted on Wednesday, June 18, 2025,” the notice stated.
By Dipo Olowookere
There was an improvement in the level of activity at the Nigerian Exchange (NGX) Limited last week, with 3.566 billion stocks worth N115.403 billion exchanging hands in 99,960 deals compared with the 2.057 billion stocks valued at N51.015 billion traded a week earlier in 65,016 deals.
It was observed that the financial services sector was the most active with 2.166 billion shares sold for N62.046 billion in 45,851 deals, contributing 60.73 per cent and 53.76 per cent to the total trading volume and value, respectively.
The consumer goods industry traded 580.893 million equities valued at N10.896 billion in 10,909 deals, and the services counter exchanged 193.300 million shares worth N2.449 billion in 6,306 deals.
The trio of Zenith Bank, Champion Breweries, and Access Holdings accounted for 1.003 billion stocks valued at N26.076 billion in 14,232 deals, contributing 28.14 per cent and 22.60 per cent to the total trading volume and value, respectively.
In the five-day trading week, 55 equities appreciated like the preceding week, 42 shares depreciated versus 39 shares of the previous week, and 51 stocks closed flat, in contrast to 54 stocks of the previous week.
Ellah Lakes gained 23.09 per cent to sell for N5.33, Beta Glass appreciated by 19.43 per cent to N276.00, LivingTrust Mortgage Bank improved by 18.88 per cent to N6.80, GTCO advanced by 18.81 per cent to N84.95, and Meyer rose by 13.61 per cent to N9.60.
Conversely, Northern Nigeria Flour Mills lost 17.19 per cent to trade at N93.20, Sunu Assurances depleted by 12.81 per cent to N4.56, Oando tumbled by 11.59 per cent to N61.00, International Energy Insurance crashed by 9.55 per cent to N1.61, and Omatek deflated by 7.59 per cent to 73 Kobo.
Business Post reports that the All-Share Index (ASI) and the market capitalisation appreciated by 2.35 per cent and 2.40 per cent to close the week at 118,138.22 points and N74.534 trillion, respectively.
Similarly, all other indices finished higher except the industrial goods and sovereign bond indices, which fell by 0.36 per cent and 0.78 per cent apiece, while the AseM index closed flat.
By Dipo Olowookere
The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note on Friday with a 0.24 per cent rise.
During the trading day, the market capitalisation of Customs Street was up by N175 billion to N74.534 trillion from the N74.359 trillion recorded on Thursday.
In the same vein, the All-Share Index (ASI) of the local bourse increased by 277.09 points to 118,138.22 points from 117,861.13 points due to sustained bargain-hunting by investors in the banking and commodity sectors.
Data showed that the banking index went up by 1.65 per cent and the commodity sector appreciated by 0.75 per cent.
However, the insurance industry weakened by 1.07 per cent, the industrial goods space lost 0.76 per cent, and the consumer goods and energy counters fell by 0.16 per cent each.
Legend Internet grew by 10.00 per cent to sell for N7.92, Ellah Lakes appreciated by 9.90 per cent to N5.33, Champion Breweries expanded by 9.63 per cent to N8.20, Guinea Insurance rose by 8.70 per cent to 75 Kobo, and eTranzact gained 7.52 per cent to settle at N7.15.
On the flip side, Sunu Assurances declined by 8.62 per cent to N4.56, Northern Nigeria Flour Mills lost 8.00 per cent to trade at N93.20, Thomas Wyatt moderated by 7.83 per cent to N2.00, Livestock Feeds retreated by 6.90 per cent to N8.10, and NEM Insurance contracted by 5.03 per cent to N17.00.
A total of 487.1 million units of shares worth N18.7 billion exchanged hands in 17,421 deals yesterday compared with the 894.0 million units of shares valued at N22.0 billion transacted in 17,257 deals in the previous day, indicating an improvement in the number of deals by 0.95 per cent, and a contraction in the trading volume and value by 45.52 per cent and 15.00 per cent, respectively.
The busiest stock for the session was Fidelity Bank, which traded 38.3 million units valued at N741.5 million, CWG exchanged 25.0 million units for N230.8 million, Zenith Bank transacted 24.9 million units worth N1.2 billion, Coronation Insurance sold 24.4 million units valued at N48.7 million, and Access Holdings traded 23.6 million units worth N517.9 million.
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