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Revamp refineries, pass PIB bill to regulate petrol pump price, MAN demands

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2 Plateau, Kano, Abia residents pay highest for petrol in April-NBS

…As Troops deactivate 25 illegal refineries, impound 342,000 ltrs of AGO in South-South***

The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to make efforts at revamping the nation’s ailing refineries and regulate the fluctuating pump price of petrol.

Mr Ambrose Oruche, the Acting Director-General of MAN, also called for quick passage of the Petroleum Industry Bill (PIB) when he spoke with newsmen on Thursday in Lagos.

He said that the fluctuations and lack of uniformity in prices of petrol would adversely affect the cost of doing business, competitiveness and sustainability particularly for the Small and Medium Enterprises (SMEs) in the nation.

He urged government to provide tax rebate and grant to SMEs to help cushion the effects of the ongoing increase in prices, especially at this period of economic recovery from the ongoing COVID-19 pandemic.

“Over the years, the Organised Private Sector has been requesting for full deregulation of the petroleum industry so that more investment can come into that sector and the economy of the nation can be improved.

“The deregulation which came in as a result of COVID-19 pandemic was a welcome development; petrol price fluctuates just as the price of automotive gas oil which have been deregulated over a long time.

“The market forces determine the price but what government is trying to do is to control the hands of the market forces by not taking away cost of petrol beyond the ordinary people.

“Price increase will continue but it will be better if there is a refinery to address issues of refining and cost implications locally; if they cannot be refined locally, more investments may not come into the local refinery except the Petroleum Industry Bill is signed,” he said.

Also read:  Sell petrol at old rate until PPPRA gives directive, IPMAN tells members

According to him, the bill will attract more investment in refineries, thereby reducing the cost of procuring this product and then reducing the cost of Nigerians buying the finished product as well.

“It will also have implications on businesses,  particularly small businesses that depend on petrol to power their generators to augment electricity supply.

“For government to cushion the impact on small businesses, government must do more at ensuring that power generation is at its peak and distribution is efficient and people get electricity at least 20 hours daily, this will reduce dependence on petrol,” he said.

The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), fixed N138.62 as ex-depot price per litre for petrol, effective Aug. 5.

Following the development, checks carried out in Lagos showed that filling stations owned by the Nigerian National Petroleum Corporation (NNPC) are selling petrol at N148 per litre while independent and major marketers sold between N150 and N152 per litre.

In another development, the Defence Headquarters says troops of Operation Delta Safe, discovered and deactivated 25 illegal refineries and impounded 342,000 litres of illegally refined AGO in the South-South in the last two weeks.

The Coordinator, Defence Media Operations, Maj.-Gen. John Enenche, disclosed this while giving updates on military operations across on Thursday in Abuja.

Enenche said the troops had intensified the fight against crude oil theft and pipeline vandalism in the region with attendant successes.

According to him, Operation Delta Safe discovered and deactivated 25 illegal refining sites in Rivers, Cross River and Akwa Ibom within the period under review.

He also disclosed that the troops of subsidiary operations, Calm Waters II and Swift Response, seized 141x50kg bags of smuggled foreign parboiled rice and impounded boats involved in the activities.

According to him, as part of non-kinetic activities, the Nigerian Navy Ship, DELTA, led a peace and reconciliation meeting with stakeholders of Gbaramatu Kingdom, Warri South Local Government Area of Delta.

“The peace meeting was held, following recent threats to disrupt oil and gas infrastructure by the people of Gbaramatu Kingdom.

“Accordingly, the naval base summoned a meeting with the key actors in the agitation.

“The activists thanked the military for the timely intervention and promised to tow the path of peace.

“The meeting was fruitful as they promised to do all within their reach to forestall violence in the area.

“They also solicited the cooperation of the military in providing security in the area,” he said.

 

Economy

Selloffs In MTN, Others Drag Market N25bn Down

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Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

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Economy

Stock Market Maintains Positive Trends, Up 0.11%

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Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

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Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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