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Economy

Zamfara Records Lowest Price of 12.5kg Cooking Gas at N3,754

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cooking gas

By Modupe Gbadeyanka

The average price of refilling a 12.5kg cylinder for Liquefied Petroleum Gas (cooking gas) in Zamfara State in the month of February 2021 stood at N3,754.

This information was revealed by the National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas (Cooking Gas) Price Watch for last month.

In the report analysed by Business Post, the agency also said apart from Zamfara State, Kaduna and Katsina States recorded the lowest average price for the refilling of a 12.5kg cylinder at N3,858 and N3,988 respectively.

On the flip side, Sokoto State had the highest average price for the refilling of a 12.5kg cylinder for cooking gas at N4,884 and was followed by Cross River State at N4,853 and Bauchi State at N4,682.

The stats office disclosed in the report released last Saturday that the average price for the refilling of a 12.5kg cylinder for LPG increased by 4.45 per cent month-on-month and by 4.38 per cent year-on-year to N4,363 in February 2021 from N4,177 in January 2021. In February 2020, the average price for the same size was N4,180.

For a 5kg cylinder, the average price for the refilling for cooking gas increased by 3.59 per cent month-on-month and by 1.18 per cent year-on-year to N2,018 in February 2021 from N1,949 in January 2021. In February 2020, the average price was N1,995.

It was revealed that states with the highest average price for refilling the size of the cylinder under consideration were Bauchi at N2,487, Adamawa at N2,396 and Borno at N2,396.

However, the states with the lowest average price for a 5kg cylinder of LPG were Ebonyi at N1,756, Kogi at N1,775 and Jigawa at N1,795.

In terms of the six geo-political zones of Nigeria, the average price of refilling a 5kg LPG in February 2021 was N1,890 in the north-west, N2,309 in the north-east, N1,955 in north-central, N1,983 in the south-west, N2,022 in south-south and N1,977 in the south-east.

For a 12.5kg cylinder, the price was N4,143 in the north-west, N4,356 in the north east, N4,422 in the north-central, N4,320 in the south-west, N4,590 in south-south and N4,377 in the south-east.

Business Post gathered from the report that over 700 members of staff of the NBS in all the states of the federation conducted the fieldwork with supports from supervisors who were monitored by internal and external observers.

The agency said the prices were collected across all the 774 local governments across all states and the FCT from over 10,000 respondents and locations and reflects actual prices the households claimed they actually bought the cooking gas together with the prices reportedly sold by suppliers. The average of all these prices was then reported for each state and the average for the country is the average for the state.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Binance Gets Digital Asset Service Provider Licence in France

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Binance

By Adedapo Adesanya

Binance, the world’s largest crypto and blockchain infrastructure provider, has been granted a Digital Asset Service Provider (DASP) registration to operate in France.

The green light was given by Autorité des marchés financiers (AMF), which regulates the French financial markets, with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority responsible for supervising the banking and insurance sectors in France, especially AML Regulations.

The landmark achievement for Binance represents its first DASP registration in the European Union and demonstrates its commitment to being a compliance-first exchange.

The registration allows Binance France SAS to operate as a DASP in France and provides regulatory protection for local users with regard to the implementation of French AML/CFT and customer identification requirements.

This came just after the platform received licenses to be a crypto service provider in Dubai, the United Arab Emirates and Bahrain, a key milestone for the world’s largest digital-asset exchange as it set up the stage for a major push in the Middle East.

According to Binance, compliance and regulation are critical to the development and maturation of the crypto and blockchain industry.

Mr Changpeng Zhao (CZ), founder and CEO of Binance, said: “Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.”

“We are grateful to the AMF and ACPR who both demonstrated a commitment to innovation that made it possible for Binance to navigate the entire application process. Since day one, Binance has always put its users first, and now the crypto community can have even further confidence in Binance France as a trusted DASP registered in France,” he added.

Mr David Princay, CEO of Binance France added, “The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market which will be welcomed by users and the community in particular.”

Following the registration, Binance will significantly expand its operations and intends to recruit more people focused on cryptocurrency and blockchain infrastructure development.

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Economy

We’ll Sustain High Level of Corporate Governance—Seplat

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Seplat

By Aduragbemi Omiyale

The immediate past chairman of Seplat Energy Plc, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, has assured that the company will continue to sustain a high level of corporate governance.

Speaking last Thursday at the closing gong ceremony to honour him and introduce his successor, Mr Basil Omiyi, to the market, the energy expert applauded the Nigerian Exchange (NGX) Limited for insisting on transparent and accountable corporate governance for issuers on its platform.

According to him, this has been critical to the company’s growth, assuring that this trend would be maintained in the interest of the firm’s stakeholders.

“The high level of corporate governance promoted by NGX for its listed companies was a key attribute that motivated Seplat Energy Plc to become part of the market.

“Since our acceptance into the market, Seplat Energy Plc has continued to deliver a corporate governance structure that is accountable and transparent to our investors, employees, government and all other relevant stakeholders.

“We are committed to sustaining these high levels of corporate governance through our collaboration with NGX as we implement market-leading measures towards ensuring Nigeria achieves a sustainable energy sector,” he said.

Corroborating him, Mr Omiyi, said, “NGX has played an instrumental role in Seplat Energy Plc’s growth within the domestic and international markets. Our history with the exchange dates back to 2014 when the shares of Seplat Energy Plc were listed in the market and over the years, Seplat has benefitted immensely from its collaboration with NGX.

“As we celebrate another milestone on the Trading Floor of the Exchange, we look forward to strengthening our partnership with NGX for the fulfilment of our joint goal of leveraging capital to empower sustainable initiatives that positively impact our investors, employees, and the environment.”

The chairman of NGX, Mr A.B. Mahmoud, in his address, congratulated Mr Orjiako for his exemplary leadership and outstanding performance of Seplat Energy for well over a decade, during which the company was listed on both NGX and the London Stock Exchange.

“The notable acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants under his leadership positioned the company as the largest indigenous domestic supplier of gas,” Mr Mahmoud, who was represented by a director on the bourse, Mr Kamarudeen Oladosu, he noted.

On his part, the CEO of NGX, Mr Temi Popoola, said, “The exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion.

“We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.”

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Economy

JUST IN: CBN Raises Benchmark Interest Rate to 13%

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killing interest rate

By Dipo Olowookere

For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent.

Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today.

While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing to do after holding them for about two years.

According to the central bank chief, one of the reasons for raising the rate is to control liquidity ahead of the 2023 general elections as politicians would be expected to flood the system with cash in a bid to woo voters.

However, the other parameters were left unchanged by members at the gathering as the Asymmetric corridor remained around the MPR at +100/-700bps, the Cash Reserve Ratio (CRR) at 27.5 per cent and the Liquidity Ratio (LR) at 30.0 per cent.

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