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Energy Transition: Nigeria should strive to discover itself — Ex PENGASSAN President

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Energy Transition: Nigeria should strive to discover itself — Ex PENGASSAN President

…As Anambra IPMAN hails Soludo, tasks him on developing Oil & Gas sector***

Mr Peter Esele, former energy group leader, has said that the country should strive to discover itself in the global emerging talk about the energy transition.

Esele, former president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), gave the advice on Thursday in an interview with the newsmen in Benin.

He gave the advice on the backdrop of the African Energy week, currently going on in Cape Town, South Africa.

He stressed that Nigerians and indeed Africans must look at things from their strategic national interest.

He noted that the country and other African countries would have been way ahead of where they are presently in the renewable energy drive, but for paucity of funds.

“Africa is broke. So when you talk about the investment it’s going to come from outside.”

He lamented that Nigeria did not take advantage of the natural resources in the country to invest in them.

“Now, we had coal all these years, dirty energy as they call it, but we didn’t invest in coal.

“We have more sunlight; we didn’t invest in it as in terms of generating power from the sun.

“Now, the world is telling us that we have to transit; that is why I keep emphasising that we cannot do transition the way Europe and America are talking about, because we don’t have money.

“Take oil and gas out of Nigeria, what is left of Nigeria?

“So, if we are talking about energy mix, it’s for the world, America and Europe, to say, look we are bringing xyz billion dollars, this is what we are investing, so that makes it easier for us to transit.

The former PENGASSAN President also stressed the need for the country to look at what her universities were doing as well as their research.

“Looking at our budgets in this part of the world, our budget is to spend and not to create wealth.

“Take a look at the budget of the country since the civilian administration, there is no money for research, not even renewable energy nor for investment in that sector,” he said.

He further canvassed that tree planting should be encouraged to contain climate change.

In the meantime, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has congratulated Prof. Chukwuma Soludo on his victory in the Nov. 6 and 9 governorship elections in Anambra.

Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community, extended the good wishes of the marketers in a statement made available to journalists in Awka on Thursday.

Anyaso said the association was happy that Soludo, a renowned technocrat who, according to him understands the strategic place of the oil and gas sector in any economy would take over the mantle of leadership in Anambra.

IPMAN urged Soludo to use his reach to facilitate effective functioning of the downstream petroleum sector in Anambra and South-East, by inspiring the reactivation of the NNPC Depot, Enugu, to ease the distribution of products.

The group which also lauded Gov. Willie Obiano for the progress made in the Anambra oil and gas sector and urged Soludo to optimise the potential of the state.

“IPMAN Enugu Depot Community in charge of Anambra, Ebonyi and Enugu States are to identify with Prof. Chukwuma Soludo, the governor-elect of Anambra and the good people of the state for success of the election.

“We are happy with their choice and believe it is the best, not just for Anambra but for the entire South East, we are willing and available to help him succeed.

“IPMAN hopes that by the time Soludo the ‘Ojele Igbo Aguata’ is sworn in as Anambra governor, the oil and gas sector in Anambra and Southeast will become more efficient.

“We expect that he will move for the revitalisation of the Enugu Depot which has been moribund for about 15 years and also develops the nascent upstream activities in Anambra,” he said.

 

Economy

Naira Appreciates By 9.7% Against Dollar At Official Market

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Naira Appreciates By 9.7% Against Dollar At Official Market

…Naira trades between N1,501 and N1,310 against the dollar at Investor’s and Exporter’s (I&E) window

 On Monday, Naira experienced huge appreciation at the official market, trading at N1,339.33 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N143.48

This represents a 9.67 per cent gain when compared to the previous trading date on Friday, May 24, 2024, exchanging at N1,482.81.

However, the total daily turnover reduced to $180.80 million on Monday down from $556.25 million recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,501 and N1,310 against the dollar..

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Economy

NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

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NGX Delists Arbico Plc After 46 Years, Investors Lose N290bn

The Nigerian Exchange Ltd. (NGX) says it has delisted the entire issued share capital of Arbico Plc from its daily official list after 46 years of listing.

The NGX disclosed in its weekly official report made available to newsmen in Lagos that the company was delisted on Monday.

Arbico, a building and civil engineering construction company, was established in 1958 and listed on the Exchange in 1978.

Shareholders of the company had in March approved the voluntary delisting of the shares of the company from the bourse and sought the regulator’s approval.

NGX said: “Refer to our market bulletin of May 17, 2024, with reference number: NGXREG/IRD/MB26/24/05/17 wherein the Market was notified of the suspension placed on trading in the securities of Arbico Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from the NGX.

“Please be informed that the entire issued share capital of Arbico was on Monday, May 20, 2024, delisted from the daily official list of the NGX.

Also in the week, Jaiz Bank Plc, Nigeria’s first full-service non-interest financial institution, declared to pay its shareholders a dividend of 4k per share on July 16.

FBN Holdings Plc also announced to pay its shareholders a dividend of 40k on Aug. 23.

On trade, the NGX All-Share Index and Market Capitalisation depreciated by 0.52 per cent to close the week at 97,612.51 and N55.218 trillion respectively, as against 98,125.73 and N55.508 trillion respectively reported in the previous week.

As a result, investors lost a total of N290 billion this week.

Similarly, all other indices finished lower except NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus ll and NGX Industrial Goods which appreciated by 1.74, 0.31, 0.72, 0.44 and 0.19 per cent while the NGX ASeM index closed flat.

Meanwhile, Trading in the top three equities namely Ecobank Transnational Incorporated Plc, Access Holdings Plc and United Bank for Africa Plc measured by volume accounted for 1.006 billion shares worth N20.115 billion in 6,849 deals.

This contributed 50.67 and 49.40 per cent to the total equity turnover volume and value respectively.

Also, a turnover of 1.986 billion shares worth N40.715 billion in 38,487 deals was traded this week by investors on the floor of the Exchange in contrast to  1.652 billion shares valued at N42.677 billion traded last week in 38,123 deals.

The Financial Services Industry measured by volume led the activity chart with 1.577 billion shares valued at N30.359 billion traded in 20,697 deals; thus contributing 79.41 and 74.56 per cent to the total equity turnover in volume and value respectively.

The Conglomerates Industry followed with 125.342 million shares worth N1.387 billion in 2,283 deals.

The third place was the Consumer Goods Industry, with a turnover of 77.327 million shares worth N2.446 billion in 4,916 deals.

Also, 24 equities appreciated during the week lower than 28 equities in the previous week.

53 equities also depreciated higher than 51 in the previous week, while 77 equities remained unchanged, higher than 76 recorded the previous week.

Meanwhile, Deap Capital Management and Trust Plc, FNT Cocoa Processors, Transnational Corporation, United Bank For Africa and UPDC Plc led the losers’ table.

The gainers table was led by Berger Paints, Regency Assurance Plc, Cutix Plc, McNichols Plc, and Nestle Plc.

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Economy

ILLEGAL EXPORT: Nigeria Signed Asset Agreement With Jersey For Return Of £2.1m- Fagbemi

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ILLEGAL EXPORT: Nigeria Signed Asset Agreement With Jersey For Return Of £2.1m- Fagbemi

…Secures £20 Million interim costs award, against P&ID

The Federal Government of Nigeria has signed an Asset Sharing Agreement with the Bailiwick of Jersey for the return of 2.1 million pounds proceeds of corruption.

The Attorney-General of the Federation (AGF), Lateef Fagbemi SAN, made this known while presenting the scorecard of his ministry as part of the activities to mark the first anniversary of President Bola Tinubu’s administration.

The minister said that  the signing of the agreement in February this year was in line with the cardinal principle of the present administration in the fight against corruption,

He said President Tinubu has already approved the use of money for the continuation of works on the Abuja-Kano Road project.

Fagbemi said that an efficient justice delivery system is key to ensuring Nigeria’s economic growth and development, as well as ensuring the socio-economic well-being of citizens.

“Effective justice system is measured not only by the numbers of cases which are successfully disposed of but also and more importantly, the strategic measures adopted to avoid litigation.

“Using a combination of effective defence strategies to cases, arbitration, mediation and diligent prosecution of appeal cases, the ministry succeeded in saving the country from huge debt liabilities.

“In the reporting period, a total of 625 cases instituted against the President, Federal Government and its agencies, before States, Federal and ECOWAS Court were served and responded to by the ministry.

“The ministry also received and treated 593 requests for legal advice and petitions from May 2023 till date and in all, we obtained 235 judgments’’.

He noted that the administration had witnessed a landmark decision in an arbitration instituted against Nigeria by Process and Industrial Development Limited (P&ID).

“In that case, a UK commercial court set aside an arbitral award of over 11 billion dollars granted against Nigeria in the United Kingdom for breach of a gas supply and processing agreement.

“So, I am pleased to report that due to concerted efforts of our legal team, Nigeria has been awarded interim costs in the sum of £20 Million against P&ID’’.

Fagbemi noted that the case was a useful lesson that had been learnt as the case had the potential of wiping off the nation’s entire foreign reserves.

He said the issue had led to the development of a Federal Contracts Administration System.

“As noted by the English Court, the genesis of the case is traceable to a flawed contractual agreement that was tainted with fraud’’.

He said that in line with the cardinal principle of the present administration in the fight against corruption, the ministry has achieved success in its International Asset Recovery and Management efforts.

“For the Glencore Settlement, we have concluded negotiation of a Settlement Agreement with Glencore International A.G. wherein Glencore is expected to pay the sum of 50 million dollars as penalty and compensation for certain activities in Nigeria’’.

He noted that the ministry has equally done well in facilitating international cooperation on terrorism financing and other transnational crimes.

“We have gotten 13 convictions in terrorism financing cases and have also successfully concluded 150 mutual legal assistance requests and 12 extradition requests from Law Enforcement Agencies and foreign countries.

“We secured 160 convictions for criminal offences, 87 convictions for terrorism cases, and 3 novel convictions for extremist terrorism actors involved in the radicalisation of children and violence against women. 

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