Connect with us

Economy

NNPC posts $108m for crude oil, gas export sales in November – Report

Published

on

NNPC Weekly: Coy begins operation as limited liability entity July 1

The Nigerian National Petroleum Corporation (NNPC) has said that it achieved a trading surplus of 108.84 million dollars (about N13.43billion) for the month of November 2020.

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of November 2020, released in Abuja, on Sunday.

It said that the amount indicated a 70.33 per cent increase compared to the October 2020 sales.

“Crude oil export sales contributed 73.09million dollars  (67.15 per cent) of the dollar transactions compared with 12.38 million dollars contribution in the previous month; while the export gas sales amounted to 35.75 million  dollars in the month.

“The total crude oil and gas export for the period of November 2019 to November 2020 stood at 2.89billion dollars,’’ it said

The report also revealed a trading surplus of ₦13.43billion for the month of November 2020 up by 54 per cent when compared to the ₦8.71billion surplus recorded in October 2020.

It noted that the trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review.

The report further indicated that in the month under review, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or ₦0.09billion to stand at N423.08 billion.

Also read:  NNPC records 92% sales increase of petroleum products in October

Similarly, it revealed that expenditure for the month decreased by 1.16 per cent or N4.81billion to stand at N409.65billion, leading to the ₦13.43billion trading surplus.

“Overall, expenditure as a proportion of revenue was 0.97 in November as against 0.98 in October 2020.

“The 54 per cent increase in trading surplus in the November  MFOR is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38 per cent reduction in NNPC Corporate Headquarters deficit.

“In addition, the NNPC Group’s surplus was bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated,’’ It said.

In the Gas Sector, it said that a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review.

This, it said translated to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).

It noted that for the period November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.

“Out of this volume, production from Joint Ventures (JVs) accounted for 67.29per cent, Production Sharing Contracts (PSCs) accounted for 19.97 per cent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 per cent,’’ it said

A further breakdown showed that a total of 137.41 BCF of gas was commercialised, consisting of 39.99BCF and 97.42BCF for the domestic and export market respectively.

This, it noted translated to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.

The report noted that the supply implied that 62.55 per cent of the average daily gas produced was commercialised while the balance of 37.45 per cent was re-injected, used as upstream fuel gas or flared.

“Gas flare rate was 7.89 per cent for the month under review translating to 577.39 mmscfd.

“A total of 789mmscfd was delivered to gas-fired power plants in the month of November 2020 to generate an average power of about 3,358MW compared with October 2020 when an average of 750mmscfd was supplied,’’ it said.

In the Downstream Sector, the report noted 1.725 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in the month under review, compared with over 1.224billion litres in the month of October 2020.

It added that the products comprised 1.723 billion litres of Premium Motor Spirit (PMS) also known as petrol, 2.13 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.33 million litres of Dual Purpose Kerosene.

“Total sale of white products for the period November 2019 to November 2020 stood at 17.031 billion litres and PMS accounted for 16.911 billion litres or 99.29per cent.

“In monetary terms,a sum of ₦226.08 billion was made on the sale of white products by PPMC in the month of November compared to ₦158.04 billion sales in October 2020.

“Total revenues generated from the sales of white products for the period November 2019 to November 2020 stood at N2.034 trillion, where PMS contributed about 99.09 per cent of the total sales with a value of over ₦2.015 trillion.

 

Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

Published

on

Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

Continue Reading

Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Published

on

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

Continue Reading

Economy

NGX Market Capitalisation Gains N836bn

Published

on

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

Continue Reading

Advertisement

Editor’s Pick

Politics