Economy
Total Reinstates Commitment to Invest in Nigeria
By Adedapo Adesanya
Energy giant, Total Exploration and Production Nigeria Limited, has reiterated its desire to invest in Nigeria despite the challenges posed by the coronavirus pandemic.
The reassurance was made by the company’s Managing Director, Mr Mike Sangster, on Tuesday at the ongoing Society of Petroleum Engineers’ (SPE) Nigeria Energy Industry Transformation Summit (NEITS) 2020.
Mr Sangster stated that the company was interested in making constructive contributions to the debate on the Petroleum Industry Bill (PIB) especially as the passage of the bill, would spur a new wave of investments by oil and gas companies in the Nigerian petroleum industry.
He noted that the passage of the PIB would serve as a win-win scenario for both the investors and the country, adding that Total was keen on continuing investing in Nigeria.
He said, “We are keen to continue to invest in Nigeria and to contribute constructively to the ongoing debate about the Petroleum Industry Bill. We welcome the efforts being made by the authorities to define a long-term framework for the oil and gas industry that provides clarity and certainty, but it must also provide attractive terms and a win/win solution for the country and investors in order to entice sufficient capital in an ever more competitive world.
“A progressive, win-win, PIB could be the catalyst needed for a new wave of investment in Nigeria instead of other countries and hence contribute to the sustainability of the oil and gas industry.”
The Total boss further stated that the COVID-19 pandemic had brought to the fore the urgent need for a re-examination of strategies for sustainability by oil and gas firms among other companies, especially as these corporate organisations had gone beyond lay-offs to declaring bankruptcy and shutting down.
He explained that even before this period of heightened concerns about the post-COVID-19 era, firms and countries eager to reduce their carbon footprints had been out with strategies and an evolving energy mix in the shift towards cleaner energy.
According to him, the challenge for companies like Total is to strike the right balance between enabling the energy transition by investing in new energies such as solar and wind power and continuing to provide oil and gas to meet the needs of their customers and society.
He clarified that Total wants to be part of the solution to climate change with a commitment to delivering affordable and clean energy to the population.
According to him, Total had made important investments locally in this area and had implemented several initiatives that were already impacting the Nigerian energy landscape positively.
He said: “Some of these include the fact that over 1.5 million people in Nigeria have been impacted by the sale of 400,000 Total solar lamps since 2013 according to Global Lighting Off-grid Association estimates. Worldwide, 10 million people have been impacted.
“Out of our 577 service stations across the country, more than 77 have been solarized as at the end of January 2020. It is an ongoing programme and our target is to ensure that our stations all become solarized. We have also deployed over 150 residential solar solutions across the country.
“Our investment in the Nigerian Liquefied Natural Gas (NLNG) from the beginning till now, is partly derived from our commitment to the production of cleaner and better energy.
“At the Group level: Total’s ambition is to become the responsible energy major and to get to Net Zero carbon emissions by 2050.”
In order to achieve these objectives, Mr Sangster disclosed that Total has identified some key initiatives, such as promoting the use of natural gas, biogas and hydrogen; investing in low carbon electricity, mainly from renewables; and investing in low-cost oil and biofuels.
He also added that Total would be considering investing in carbon sinks that are essential to achieving carbon neutrality, either nature-based solutions or carbon capture and storage.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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