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Economy

NNPC saves over $3bn from arbitrations – Kyari

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Kyari says Buhari to unveil new NNPC Ltd, July 18 As Buhari says Nigeria will sustain investments in aviation safety, security fee do

…As Newly-created Kwara Customs command generates N1.27b in 3 months***

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, stated on Tuesday that the corporation saved more than $3 billion, from arbitrations.

Kyari indicated this in a statement signed by the acting spokesman for the corporation, Mr Samson Makoji in Abuja, noting that the GMD said this during a Town Hall meeting that also involved the participation of the corporation’s outstation members of staff.

He commended the management of the corporation’s Legal Division for the savings, saying due diligence accounted for the feat.

Kyari urged the corporation’s workforce to redouble their efforts to ensure that the nation reaped bountifully from its vast hydrocarbon resources which the National Oil Company had the mandate to superintend.

He added that it was imperative for the corporation to increase its level of efficiency, reduce cost and increase revenue across value chain of its businesses within the shortest possible period.

The GMD seized the opportunity to update members of staff on the recent NNPC Top management retreat which prescribed a five-step approach for the corporation to attain global excellence via the Transparency, Accountability and Performance Excellence (TAPE) agenda.

He listed the steps to include well defined processes benchmark to World-class Oil and Gas company requirements, Right cost structure that guarantees value realisation and profitability.

Others are Goals, priorities and performance guarantee, Suitable governance structure for strategic business units and Entrenching team work and collaboration with all key stakeholders.

The NNPC GMD noted that some remarkable successes had been recorded within the short period of his tenure.

He listed some of the achievements to include the attainment of over two billion litres of Premium Motor Spirit reserve and completion of Phase1 of Port Harcourt Refinery Rehabilitation.

Others, he noted include discovery of Oil in Kolmani River-II Well and the Re-opening of OML 25 flow station after two years of inactivity as a result of issues between the host community/Belema Oil and Shell Petroleum Development Company.

Our achievements also include “signing of novation agreement with Nigerian Agip Oil Company (NAOC) to formalise the transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company (NPDC).

“The execution of a funding, technical services agreement and alternative financing deal worth 3.15 billion dollars OML 13 and 876 million dollars OML 65.

“Signing of 2.5 billion dollars prepayment agreement with Nigerian Liquefied Natural Gas Limited (NLNG) for Upstream gas supply for trains 1-6, Finalisation of the 2018 audit of the NNPC Group and improved engagement with key stakeholders, notably, the National Assembly”.

The GMD also launched the banners of the corporation’s Downstream company, the NNPC Retail Limited, with a view to positioning the company as a market leader in the products distribution subsector in the Country.

Also read:  KYARI: NNPC records 45, 374 pipeline breaks in 18 years

In the meantime, the newly created Kwara Area Command of the Nigeria Customs Service, says it generated the sum of N1.27 billion within three months of creation.

This was contained in a statement issued by Chado Zakari, the Public Relations Officer of the command on Tuesday, in Ilorin, attributing the feat to the strategic policies and plans put in place by the command to bring all the excise factories within its jurisdiction under effective control by forcing them to comply with the extant laws.

He said that the command generated N980,652 in August, N697,810 in September and N572,116 in October.

Zakari added that the command had been able to make changes through strict adherence to its driving wheel.

“This has led to the increased level of compliance by stakeholders, as the controller is determined to make the command a haven for legitimate trade facilitation.

“In our desirous efforts to key into the Federal Government’s policy on agricultural development, particularly in the area of boosting local rice production, we have made our territories unfavourable smugglers of rice and other prohibited items.

“The area controller urged all Nigerians to embrace the Federal Government’s policy on production of agricultural produce with particular reference to rice for both home consumption and export for self-reliance.

He added that the command was complimenting the efforts of Operation Ex-Swift Response Team, codenamed ‘Border Drill’.

”This has led to seizures of foreign rice, petroleum products and large quantity of mosquito coils, with duty paid calue (DPV) of N25,403,500.

”The seizures were made around Okuta, Ogundele, Ilorin express road, Jebba-Mokwa express road, Maigida-Arogaji road, Ilorin and Chikanda axis of the state respectively.

 

 

Economy

NGX Market Capitalisation Gains N836bn

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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

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

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

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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