Economy
Waltersmith Plans 30,000bpd Condensate Refinery, Industry Park
By Adedapo Adesanya
Waltersmith Refining and Petrochemical Company Limited has announced plans to commence two further phases of expansion, which will include the construction of a 30,000-barrel-per-day condensate refinery and an industry park that will accommodate other gas-based firms.
The chairman of Waltersmith Petroman, Mr Abdulrazak Isa, revealed this during a visit of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Felix Omatsola Ogbe, and the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, to the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
Mr Isa said the firm would develop a gas line that would deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026, he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day to 10,000 barrels per day.
NCDMB invested equity in Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyse the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to the West African sub-region.
On his part, Mr Mohammed expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans, saying the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery. Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a runaway success.
The Director of Legal Services at NCDMB, Mr Naboth Onyesoh, who represented the organisation’s scribe, conveyed the board’s delight at the success of Waltersmith modular refinery, describing the company as a model in local content implementation, especially in direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to crude oil and gas resources.
By Adedapo Adesanya
Okitipupa Plc was the sole price gainer at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 7, lifting the trading platform by 0.44 per cent at the close of transactions.
The share price of the palm oil producer appreciated during the trading session by N25.00 or 9.0 per cent to N277.00 per unit compared with the previous day’s N252.00 per unit.
As a result, the market capitalisation gained N12.29 billion to close at N2,807 trillion, in contrast to the previous session’s N2.795 trillion, while the NASD Security Index (NSI) added 93.63 points to finish at 4,678.08 points compared with Thursday’s 4,657.59 points.
The bourse recorded a price loser yesterday, and this was Mass Telecoms Innovation Plc, which crashed by 3 Kobo or 9.4 per cent to settle at 32 Kobo per share versus the previous day’s 35 Kobo per share.
The volume of securities traded by investors plunged by 81.5 per cent to 535,7560 units from 2.9 million units, the value of securities slumped by 93.9 per cent to N6.0 million from N99.2 million, and the number of deals decreased by 41.9 per cent to 36 deals from 62 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units exchanged for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Dipo Olowookere
A 0.15 per cent growth was achieved by the Nigerian Exchange (NGX) Limited, driven by continued buying interest in banking stocks such as First Holdco and others.
The banking index was up by 1.53 per cent during the session, offsetting the losses recorded by the others. The industrial goods segment fell by 0.37 per cent, the insurance counter shrank by 0.21 per cent, and the energy sector contracted by 0.04 per cent, while the consumer goods space closed flat.
At the close of business, the All-Share Index (ASI) moved up by 364.26 points to 245,573.60 points from 245,209.34 points, and the market capitalisation increased by N235 billion to N158.513 trillion from N158.278 trillion.
Despite the gains printed by Customs Street during the trading day, investor sentiment was weak, as there were 22 price gainers and 24 price losers, indicating a negative market breadth index.
UPDC surged by 9.23 per cent to N3.55, CWG soared by 6.56 per cent to N19.50, AXA Mansard appreciated by 4.80 per cent to N13.10, Neimeth advanced by 4.24 per cent to N8.60, and Cutix improved by 4.00 per cent to N2.60.
Conversely, Red Star Express lost 10.00 per cent to trade at N18.00, CAP declined by 9.98 per cent to N115.45, John Holt shrank by 9.82 per cent to N10.10, ABC Transport depreciated by 9.57 per cent to N5.20, and Legend Internet crashed by 8.70 per cent to N4.20.
A total of 1.5 billion equities worth N26.7 billion exchanged hands in 42,580 deals on Friday versus the 531.8 million equities valued at N20.5 billion traded in 44,826 deals on Thursday, representing a spike in the trading volume, value, and number of deals by 182.06 per cent, 30.24 per cent, and 5.01 per cent, respectively.
The busiest stock during the session was Fortis Global Insurance, with a turnover of 824.5 million units valued at N2.1 billion, FCMB traded 217.9 million units worth N2.8 billion, Access Holdings exchanged 176.2 million units for N4.7 billion, Chams sold 32.5 million units worth N132.1 million, and First Holdco transacted 25.0 million units valued at N3.7 billion.
By Adedapo Adesanya
The Naira further closed south against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, August 7, by 81 Kobo or 0.06 per cent to N1,365.69/$1 from N1,364.88/$1.
It was a similar situation for the Nigerian Naira in the official market during the session as against the Pound Sterling; it lost N1.08 to quote at N1,839.17 versus the previous day’s N1,838.09/£1, and against the Euro, it slipped by N1.23 to close at N1,575.73/€1, in contrast to the preceding session’s N1,574.80/€1.
Further, at the GTBank forex counter, the Nigerian currency weakened against the Dollar yesterday by N2 to settle at N1,371/$1 compared with Thursday’s N1,369/$1, and at the black market, it traded flat at N1,400/$1.
The country’s legal tender came under FX demand pressure on Friday, with turnover rising by 304.3 per cent to $399.5 million from $98.8 million the previous day, with the number of deals slightly up to 107 from 106.
Next week, traders expect the Naira to hold steady, buoyed by dollar sales by the Central Bank of Nigeria (CBN), whose presence in the market could help ease demand pressure.
As for the cryptocurrency market, Bitcoin (BTC) neared the $65,000-mark after it gained 0.8 per cent to trade at $64,968.05, as investors took advantage of recent drops to shore up their holdings.
Previously, the decision by the US Senate to delay a vote on the Crypto Clarity Act until at least September weakened the outlook. The bill, which would set out which US regulator oversees which digital assets, needs 60 votes to pass and it is unclear whether it currently has 50.
Solana (SOL) grew by 2.5 per cent to $74.81, Dogecoin (DOGE) rose by 1.3 per cent to $0.0702, Binance Coin (BNB) jumped by 1.1 per cent to $593.80, Ethereum (ETH) expanded by 0.5 per cent to $1,916.08, Ripple (XRP) also soared by 0.5 per cent to $1.03, and TRON (TRX) appreciated by 0.2 per cent to $0.3275.
However, Cardano (ADA) depreciated by 1.0 per cent to $0.1997, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
