The U.S. Agency for International Development (USAID) has awarded a $6.5 million grant to the International Organization for Migration (IOM) to help address the humanitarian needs of Nigerians affected by recent flooding.
The funding will support local partners in their response to flood-related crises and other disasters, a report issued by the USAID on Saturday, said.
“The United States, through the US Agency for International Development, is providing more than $6.5m to the International Organisation for Migration to address flood-related humanitarian needs across Nigeria. This funding is part of USAID’s Fiscal Year 2024 support. It will enable local partners to respond to flooding and other disasters. IOM is allocating $3m to address flood-related humanitarian needs across the country,” it stated.
The agency stated, the International Organization for Migration (IOM) will allocate $3 million of the $6.5 million grant from the U.S. Agency for International Development (USAID) to address the immediate needs of Nigerians affected by recent flooding. Over 619,000 people in 29 states have been affected by the floods since mid-August.
According to the National Emergency Management Agency (NEMA), the floods have resulted in 210 deaths, displaced nearly 228,700 people, and damaged more than 84,800 homes this year.
The USAID has pledged nearly $100 million in total support to Nigeria to address the urgent needs of those affected by disasters, including the recent floods.
“This response is part of a larger humanitarian assistance effort. In Fiscal Year 2024, USAID has provided nearly $100m in previously announced funding to Nigeria to respond to the urgent needs of those impacted by disasters, including floods,” the statement read.
Melissa Jones USAID Mission Director remarked, “The United States remains steadfast in its commitment to assist the people of Nigeria as they confront the challenges posed by climate change and increasing natural disasters. Our long-standing partnership underscores our dedication to providing humanitarian aid and support nationwide.”
This article was written by Tamaraebiju Jide, a student at Elizade University
At the country’s capital, Federal Capital Territory (FCT), Nigerians are facing difficulties in finding the sales points for the N40,000 subsidized rice launched by the Federal Government last week.
The initiative, which was officially kicked off on September 5, 2024, by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, aims to sell 30,000 metric tonnes of milled rice at a subsidized price of N40,000 per 50kg bag.
During the launch in Abuja, Kyari emphasized that this effort is part of President Bola Tinubu’s commitment to ensuring that “Nigerians do not go to bed hungry.” He acknowledged the various challenges contributing to the rising food costs, including the impacts of the COVID-19 pandemic, the ongoing Russia-Ukraine war, climate change, and domestic economic issues.
To prevent racketeering and ensure fair distribution, the government has limited the sale to public servants with a National Identification Number (NIN), allowing only one bag per person. The Minister urged citizens to cooperate with government agencies to make this initiative successful and alleviate the ongoing food crisis in the country.
“We are all aware that in the recent past, especially after the mass of COVID-19, and due to the Russian-Ukraine war, climate change and other localised factors, challenges food prices, have made it difficult for Nigerians,” Kyari said.
He assured the public that the government has put in place mechanisms to ensure transparency and the smooth sale of the subsidised rice.
He urged citizens to cooperate with government agencies to make the initiative successful, stating, “I, therefore, urge our dear citizens to cooperate with the relevant agencies of government who will try to serve you to achieve this great initiative of the government.
“Let us work together to ensure that the dream of the present administration to uphold the fundamental right to food for all Nigerians is achieved.”
Kyari also stated that to ensure fair distribution, the rice sales would follow a “one person, one bag” policy.
But despite the fanfare around the launch, FCT residents have expressed frustration over their inability to locate designated collection or payment points for the rice. Many say they have not seen any distribution points set up in their local areas.
A resident of Kuje Area Council, Mrs Yunusa Eleojo, shared her disappointment. She recounted buying a bag of rice from a wholesale vendor for N84,000, more than double the price promised by the government.
“I only heard the government is selling rice at N40,000 per bag, I don’t know where the stores are located, not to talk of how to buy,” she said.
“I had to buy a bag of rice for N84,000 on Friday from a wholesaler who even claimed it was a wholesale price,” she added.
Another resident from Bwari Area Council, identified as Mama Twins voiced similar concerns.
“We saw them showing rice on the television saying the government is selling rice for N40,000 but up till now, we are not aware of anywhere to buy the rice here,” she said.
She also raised concerns that middlemen might take advantage of the distribution chain, further complicating access to the subsidised rice.
Another FCT resident, Salami Taiwo expressed skepticism about the entire initiative.
“The day I heard about the N40,000 per bag of rice I knew it would not be realistic because of the way the government has been treating us,” he said.
Attempts to obtain a response from the Federal Ministry of Agriculture and Food Security regarding this issue have not been successful as of t he time of reporting.Officials from the ministry’s Public Affairs Department did not reply to inquiries related to the matter.
As the public awaits further information from the government on how and where to access the subsidized rice, frustration among residents continues to mount. Many are hopeful that the distribution challenges will be resolved soon so that the subsidized rice can reach those who need it most.
This article was written by Tamaraebiju Jide, a student at Elizade University
Stanbic IBTC Holdings Plc has reported a 71% increase in its profit after tax for the first half of 2024. From N67.92 billion in the same period last year, the bank’s net profit rose to N116.36 billion this year.
These results were disclosed in the bank’s consolidated and separate statements of profit or loss for the six months ended June 30, 2024, which were recently filed with the Nigerian Exchange Limited.
Key drivers of this growth include a 54% increase in net interest income and a 31% rise in non-interest revenue; a rise from N72.68bn in H1 2023 to N174.30bn. Interest income soared by 123%, while interest expense increased by 91%. The bank attributed the growth in non-interest revenue to higher fee and commission income and other income sources.
In the period under review, Stanbic IBTC also experienced a 91 per cent increase in interest expense, which climbed to N71.83bn from N37.58bn due to higher interest rates and increased borrowings.
Non-interest revenue grew by 31 per cent to N129.15bn, compared to N98.62bn in the previous year, supported by increased fee and commission revenue and other income sources, contributing to the overall revenue enhancement.
The bank’s net impairment losses on financial assets ballooned by 344 per cent to N26.55bn from N5.98bn.
Additionally, operating expenses surged by 58 per cent to N129.89bn from N82.34bn, on the back of higher staff costs and other operational expenditures.
Stanbic IBTC stated that N563bn had been recognised as off-balance sheet pledged assets, representing 30 per cent of the original transaction amount.
A cross-currency interest rate swap agreement with Standard Bank of South Africa Limited, in which the transaction was a part of. Under this agreement, Stanbic IBTC will exchange $1 billion for N1.482 billion with the Central Bank of Nigeria (CBN).
As of June 30, Stanbic IBTC Group’s loan commitments amounted to N123.99 billion, compared to N97.71 billion at the end of the previous year.
“An amount of N563bn has been recognised as off-balance sheet pledged assets, which represent 30 per cent of the original transaction that was ceded to Stanbic IBTC Bank by Standard Bank of South Africa Limited in a Cross-Currency Interest Rate Swap agreement with CBN involving the exchange of $1bn for N1.482bn.
“As of 30 June 2024, the group had loan commitments amounting to N123.99bn (Dec 2023: N97.71bn) in respect of various loan contracts. The expected credit loss on the off-balance sheet exposures amounts to N663m (Dec 2023: N619m),” it noted.
According to reports gathered, Stanbic IBTC Holdings Plc has announced its intention to raise approximately N550 billion through a combination of a debt issuance program and a rights issue.
This article was written by Tamaraebiju Jide, a student at Elizade University
Financial technology companies have begun implementing levies on electronic transfers to personal and business accounts, in adherence to regulations set by the Federal Inland Revenue Service.
One of the fintechs, Opay in a notice to its customers said, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above, paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”
They have clarified that the newly implemented transfer fees are not a source of revenue for their platforms but rather a government requirement.
“It is important to note that OPay does not benefit from these charges in any way, as it is directed entirely to the Federal Government,” the notice read.
Financial technology companies have introduced new transfer fees in response to the Federal Government’s efforts to generate revenue from electronic transactions through regulations imposed by the Federal Inland Revenue Service (FIRS).
Users of various fintech platforms, including Moniepoint and PalmPay, have reported the implementation of these charges. The Electronic Money Transfer Levy Regulations, 2022, issued by former Finance Minister Zainab Ahmed, outline the framework for the imposition, administration, collection, and remittance of the levy.
A key provision of the regulations is a one-time levy of N50 on the recipient of any electronic receipt or transfer exceeding N10,000.
For transfers in other currencies, the levy will be charged at exchange rates determined by the Central Bank of Nigeria; the FIRS is appointed as the administrator of the Levy and is responsible for assessing, collecting, and accounting for the Levy.
It noted that the receiving banks are required to collect and remit the Levy to the FIRS by the next working day or on a date prescribed by the FIRS. For walk-in customers without accounts, the levy must be deducted from the amount payable.
Also, banks must prepare daily lists of cancelled or reversed transactions, detailing the transferee’s name, transaction amounts, levies deducted, and amounts reversed or cancelled. Levies on reversed or cancelled transactions should be deducted from the next day’s collections and returned to affected customers.
Banks are also required to submit monthly returns of the levies collected, including details of reversals and cancellations, to the FIRS within 21 days after each month.
Additionally, banks must retain records of all electronic transfers on which levies are collected for a minimum of seven years.
The Electronic Money Transfer Levy Regulations, 2022, outline strict penalties for non-compliance with the new transfer fees. Banks that fail to collect the levy will be subject to a 150% penalty of the uncollected amount. Additionally, banks that collect the levy but fail to remit it will face a 50% penalty and interest calculated at the Central Bank of Nigeria’s Monetary Policy Rate.
Furthermore, failure to submit accurate returns or render returns altogether will result in a 10% penalty based on the unrendered or incorrectly rendered returns.
Banks are defined under the regulations as “a deposit money bank or financial institution referred to under Section 89A of the SDA, including all banks and other financial institutions defined under the Banks and Other Financial Institutions Act, 2020.”
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed claims by the Muslim Rights Concern (MURIC) that it is the sole buyer of petrol products from Dangote Refinery.
MURIC had alleged that NNPCL’s actions were hindering Dangote Refinery from offering lower pump prices for Premium Motor Spirit (PMS).
In a statement, NNPCL clarified that domestic refiners, including Dangote Refinery, are free to sell directly to any marketer. The company rejected MURIC’s accusation that NNPCL had raised PMS prices to undermine Dangote Refinery’s efforts to reduce prices.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, criticized MURIC’s position as flawed and potentially inciting against the company. He emphasized that the market remains open to lower prices from any domestic refinery and that NNPCL is not the exclusive buyer.
“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
“In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market,” he explained.
Sonoye emphasised that “there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL.”
He said “The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.”
He further announced that “The NNPC Ltd cannot undermine a business in which it holds a billion-dollar stake.”
“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
This article was written by Tamaraebiju Jide, a student at Elizade University
Oil prices have been under tremendous pressure in the global commodities market due to a demand-supply imbalance. Last week, Brent dipped to around US$71 per barrel. ICE Brent fell 2.24% for Friday, remaining little around US$71 per barrel. Demand slowdown and a soft oil balance in 2025 are still a major issue.
While OPEC+ cuts make the market tighter for the rest of this year, they do not address the predicted excess next year. However, prices are higher in early morning trade today.
Saudi Arabia reduced its official selling prices (OSP) for all grades and regions, raising concerns about the demand situation. The Saudi flagship Arab Light into Asia was reduced from US$.70 to US$1.30 over the benchmark, the weakest level since November 2021.
Weak Chinese demand is likely to dominate discussions, along with the broader weakness in refinery margins around the globe. This will naturally lead to discussions over what options OPEC+ has to try to stabilise the market, ING said in a note.
Analysts said this would become increasingly more difficult next year unless OPEC+ takes action to address the expected 2025 surplus. The US election and its potential impact on the oil market will likely be another theme discussed, ING said.
A Trump victory could see a more hawkish US stance taken against Iran, potentially providing the opportunity for OPEC+ to unwind voluntary cuts next year. OPEC will release its monthly oil market report on Tuesday, and the market will be watching closely to see if the group makes any further revisions lower in its demand forecasts.
China will also release its first batch of trade data for August on Tuesday, which will provide some more insight into how Chinese oil demand is performing. The country’s cumulative imports over the first seven months of the year are already down 2.4% year-on-year.
The EIA will release its Short Term Energy Outlook on the same day, which will include its outlook for the global market and the latest US crude oil production forecasts. Then on Thursday, the IEA will release its monthly oil market report, where it will share its outlook for the remainder of this year and 2025.
According to data from the FMDQ currency platform, the volume of US dollars flowing into Nigeria’s autonomous foreign currency (FX) market jumped by more than 21% month on month in July.
The jump was driven by increased revenue from overseas transactions. According to data from the FMDQ securities trading platform, exporters’ FX inflows contributed to the currency supply in the market in August.
Nigeria’s import demand for FX-priced goods and services remains high. The massive FX obligations on the balance sheets of some listed companies caused near-corporate distress months after the Central Bank of Nigeria (CBN) depreciated the naira.
Based on the data obtained from FMDQ, total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose by 21.4% month on month to USD2.34 billion in August.
This was in contrast to USD1.92 billion inflows recorded in the preceding month of July, 2024. The breakdown of the figure showed that inflows from local sources increased by 15.5% in August to USD1.94 billion from USD1.68 billion achieved at the window in the preceding month of July.
Analysts at Cordros Capital Limited said the improvement in FX inflows was driven by increased collections from Individuals, Exporters, and Non-Bank corporate segments despite the weaker inflow from the CBN segment (-53.7% m/m).
FMDQ report showed that US dollar volume inflows from the individuals increased by 162.5% month on month in August. The same pattern was seen in exporters FX inflows, which surged by 28.3% while non-bank corporates contribution spiked by 18.7% in the same period.
On the other hands, contribution made by the Central Bank of Nigeria (CBN) the lowest. The CBN activities at the Nigerian autonomous FX market had ebbed after the willing buyer, willing seller stance.
According to FMDQ report, inflows from the CBN reduced by 53.7% month on month amidst a switch in FX auction pattern. The CBN resumed retail Dutch FX sales to authorised dealers banks on 7th of August, 2024.
Further details showed that other active players in the currency market jumped in the month, Inflows from foreign sources increased by 62.1% to USD394.50 million, from USD243.30 million in July.
In spite of the growth from foreign sources, the volume of US dollars brought into the market was below the average level of USD 790.57 million in the first half of 2024. Analysts at Cordros Capital Limited said the pattern reflects still weak foreign investor confidence in Nigeria’s forex market.
“…We expect FX liquidity conditions to remain tepid in the near term should inflows from the CBN remain weak, which could lower market confidence and increase pressure on the naira,” analysts said.
The Nigerian National Petroleum Company Limited (NNPCL) has denied allegations that it is responsible for the recent increase in petrol prices.
The company emphasized that the pricing of petroleum products, including those from Dangote Refinery, is influenced by global market forces.
NNPCL clarified that there is no guarantee that domestic refining will result in lower prices compared to international market rates. It also refuted rumors that it is attempting to monopolize the offtake of products from Dangote Refinery.
In the statement titled “NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery”, the company’s Chief Corporate Communications Officer, Olufemi Soneye, said, “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd).
“Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole off-taker of all products from the refinery.”
The company said to set the records straight, “The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.”
NNPC said, “The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market,” adding that “In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.”
The NNPC further emphasised “that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL.”
“The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.
“NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole off-taker does not arise,” it said.
The NNPC said it cannot undermine a business in which it holds a billion-dollar stake.
“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd,” the company said.
In a statement by its founder and Executive Director, Professor Ishaq Akintola on Friday, MURIC urged the Federal Government to give the refinery a free hand to operate and protect it from strangulation.
MURIC said, “In view of the severe hardship facing Nigerians, in view of the fact that the masses have placed their hope in the likelihood of a drastic fall in the price of petroleum products once the Dangote Refinery starts functioning and in the face of the devastating blow delivered by the Nigerian National Petroleum Corporation (NNPC) by suddenly raising the price of its fuel and banning Dangote Refinery from supplying any other marketer except NNPC, we, the Muslim Rights Concern (MURIC), concerned for the plight of poor Nigerians, went on a fact-finding mission to Dangote refinery.
“Seventeen members of our organization visited the newly completed Dangote Refinery at Ibeju-Lekki, Lagos State. Authorities of the refinery granted our request to enter the premises on self-recognition. The visit took place yesterday, Thursday, 5th September 2024.
“Although full details of our findings will be disclosed in a press conference to be addressed very soon, we are constrained to issue an advance statement as a precursor to the press conference.”
It said “Nigerians are going through severe hardship. There is hunger in the land. Inflation has made life difficult for many, particularly after the removal of fuel subsidy which shot the price of petrol to the rooftop.
“But Nigerians were assured of coming relief as they were told that the price of petrol would reduce drastically when Dangote Refinery started to function.
“But we were shocked to our marrows when NNPC suddenly announced an upward review of petrol from N617 to N897. This happened on Saturday, 31st August 2024 ( just 24 hours before the commencement of full operations by Dangote Refinery).”
It included, “To make matters worse, NNPC made itself the only marketer of Dangote fuel thereby sandwiching the latter’s product. By taking these two actions, NNPC has effectively taken control of Dangote’s fuel and the real owner cannot determine the price of its own product. This is an ambush, a punch below the belt.
“If NNPC had not increased the price of its own fuel, the decision to monopolise Dangote’s fuel would have favoured the hoi polloi, but by increasing the price and restricting the supply of Dangote’s fuel to itself alone, NNPC has rendered Dangote Refinery helpless.
“MURIC finds NNPC’s action to be anti-people, immoral and lacking in conscience. It is an open secret that the prices of most products, particularly food items, are tied to the umbilical cords of petroleum and its price. The latter is the engine room that moves the economy.
“There is also no gainsaying the fact that Nigerians are hungry today because the price of petrol skyrocketed and the prices of foodstuffs rose astronomically and spontaneously.”
The group continued, “Nigerians became hungry and justifiably angry. Protests erupted North and South of the country. MURIC was among the patriotic groups that appealed to Nigerians to simmer down. Nigerians were told that the price of petrol would crash when Dangote Refinery came on board.
“But NNPC has shattered the hope of the jamaahiir (masses) by raising the price of petrol and disallowing other marketers from buying from Dangote Refinery. This is against the spirit of free economy. It contravenes natural law of justice. It is not fair. What was the contribution of NNPC to the new refinery?
“How can NNPC suddenly take full control of Dangote Refinery, the hope of the masses to whose process it contributed virtually nothing?
“We charge NNPC to retrace its steps on this matter. It is too sensitive. Nigerians had placed their hopes on a fait accompli status of Dangote’s fuel to reduce hardship. This refinery must not be strangulated.”
It added “Besides, NNPC’s recent actions appear to stand in contradistinction with the policy of this administration. President Bola Ahmed Tinubu gave Nigerians his word that Dangote Refinery would be encouraged to realize its full potential. Who is NNPC working for, Tinubu or his detractors?
“NNPC must not allow fifth columnists whose wish is to bring down the Tinubu-Shettima administration to have their way. NNPC should know that frustrating Nigerians is one of the fastest ways to bring a regime to a premature end.
“We therefore charge NNPC to go back to its old price. NNPC must also leave Dangote Refinery alone to operate at its maximum capacity, supply freely to marketers and fix its own prices as expected in a truly free market economy.”
The group mentioned “President Bola Ahmed Tinubu supported the supply of crude oil to Dangote Refinery with payment in naira but our team discovered during the visit that crude oil is yet to be supplied. This is alarming. Is it still the cabal? We thought Tinubu had demystified the myth of the cabal.
“The world is watching and laughing at a nation that has garments yet walking about naked. As the father of the nation, President Tinubu must ensure that Nigeria does not dance naked in the global marketplace.”
This article was written by Tamaraebiju Jide, a student at Elizade University
According to statistics from the domestic market, sell-side activity on Nigerian Tier-1 banks’ equities caused the banking index to fall 12 basis points. This week, all of the big banks failed in the hands of investors trading highs and lows on the Nigerian Exchange (NGX) platforms due to risk-off attitude.
At the end of Friday’s closing session, all of the large banking names, including GTCO, Zenith, UBA, FBN Holdings, and Access Holdings, were worth N4.776 trillion, or $2.9 billion, in the market.
Last week, stock tracking data revealed that Nigeria’s Tier-1 banks’ total market value had hit N4.81 trillion on the stock market. A review of the market value revealed that these banks lost over N31 billion in the just finished week as investors dumped GTCO, Zenith, FBNH, and Access Bank Plc.
On the sell side, investors cut their interest in Access Holdings and GTCO Plc, with both concluding the week lower, in line with the stocks market. Some Broadstreet analysts predicted that investors would begin wagering on the earnings prospects of large banks that have yet to report their financial results.
Surprisingly, the market atmosphere has remained unchanged. Investors liquidated Zenith Bank shares despite a large profit and an interim dividend. MarketForces Africa believes that banks with higher earnings per share and stocks returns will likely capture investors’ attention in the next weeks, despite concerns about windfall tax.
Apart from the better fundamentals of these big banks, sentiment is another thing that can drive their share prices higher. “There are other reasons why investors acquire company shares—for control and for share and capital gain—it depends on the motive.”
Based on their results, GTCO led the industry in terms of return on equity (ROE) of 36.53%, followed by UBA (29.93%), Zenith (29.13%), Access (28.34%), and FBNH (18.23%). In the just concluded week, one out of the five big banks in the tier-1 category ended the week with positive price movement.
UBA total weekly gain of N18.809 billion reduced the pressure on the tier-1 category market value. GTCO lost N2.943 billion, FBNH value reduced by N16.152 billion, Zenith slumped by N23.547 billion and Access Plc dropped by N7.109 billion.
With mixed activities seen from both the sell and buy side equities traders in the Nigerian, the banking index fell by 0.12% week on week. The largest bank by total assets, Access Holdings Plc, plunged due to sell pressure, partly due to a delay in group earnings released for the first half of 2024.
The tempest of sell side trading activities on the banking index was moderate, as UBA gained slightly offset losses incurred by Zenith, GTCO, FBNH and Access Bank Plc. Still, the negative price movement in these four bid lenders was not sharp enough to shift their combined market value lower significantly.
In terms of valuation, GTCO, Zenith Bank Plc, and UBA rank stronger, while FBNH and Access Plc remain the most volatile stocks, trading at a steep discount from their peers.
Data from the local bourse suggests that the tier-1 lenders are trading at a steep discount to their respective 52-week high stock market performance amidst expectation of their earnings release.
Market price to 52 week high discount gets wider for FBN Holdings ahead of its annual general meetings. The financial services group that warehoused FBNQuest merchant bank has released a plan to divest 100% interest in merchant business.
GTCO Plc still ranked ahead of its rival lenders in terms of market value. The group ended trading session on Friday at N1.336 trillion, down from N1.339 trillion, after it market price slumped to N45.4 from N45.5 at the beginning of the week.
GTCO is trading at a 15.85% discount to its 52-week high at the close of the trading session on Friday amidst 9 billion shares offered for subscription at N44.50.
Zenith Bank Plc market declined to N1.177 trillion in the market from N1.200 trillion last week due to negative price movement which plunged the stock price down to N37.50 from N38.25 per share in the local bourse.
The bank share is now trading at a 20.80% discount to its 52-week high amidst N290 billion in capital raise via rights and public offers. UBA Plc’s market value increased to N803.686 billion in the equities market from N785 billion in the previous week as price rose by 50 kobo.
The Pan African lender opened the week at N22.95 per share but ended at N23.50 on Friday. UBA is trading at a 30.88% discount to a 52-week high as of Friday’s close. Access Holdings fell to N668 billion on Friday, according to data from the Nigerian Exchange from an opening value of N675 billion.
The largest bank in Nigeria by total asset lost its popularity among investors amidst delayed earnings release. Its share price declined further in the week to N18.80 from N19 at the beginning of the week. At the current stock market price, Access Holdings Plc is trading at 38.76% below its 52-week high. The share price of the financial services group had climbed to N30.7 before it retreated
FBN Holdings Plc market value declined to N791 billion, moved along the banking index negative direction. Last week, the elephant branded financial services company market valuation slumped to N791 billion due to selloffs from N808 billion. According to data from the Nigerian Exchange, FBNH share price dipped to N22.05 on the Nigerian Exchange from N22.25 at the beginning of the week.
Ticker: FBNH is trading at about 49.82% to its 52 weeks after a persistent price decline amidst an ongoing battle between the group and Barbican Capital over shareholdings. The financial stock had peaked at N43.95 during a good time on the Nigerian Exchange before it retreated.
Due to the continued demand on the banking system’s liquidity, interbank rates in the money market have risen to around 32% each. The financial system’s financing level leads short-term benchmark interest rates to rise as the market allocates resources more efficiently.
The system liquidity started the week positive but dropped due to the OMO auction settlement of ₦459.60 billion. Because of the burden on finance, money market transactions were conducted at higher rates.
According to data from the FMDQ website, the Open Repo Rate (OPR) went from 18.11% to 31.25%, while the Overnight Rate (O/N) increased from 20.06% to 31.70% over the previous week.
The considerable increase in rates followed a new market dynamics that began with a series of outflows notwithstanding the absence of significant inflows from matured instruments to saturate the financial system and close the funding gap.
The OMO auction outflow of around N460 billion and the N200 billion debit for cash reserve ratio imposed on local deposit money banks outweighed OMO maturities of N15.90 billion.
This created significant liquidity strain in the financial system. According to Cordros Capital Limited, the average system liquidity ended at a net long position of N198.32 billion, up from a net short position of N622.65 billion the week before.
Analysts said they envisage that the overnight lending rate will likely remain elevated given that expected inflows from OMO maturities worth N32.50 billion may be insufficient in supporting the system amid a possible net issuance at the Nigerian Treasury bills auction in the new week.
In August, liquidity constraints weighed heavily on rates by the end of the month, with system liquidity closing at N466.9 billion. This was impacted by primary market sales of N51.9 billion.
As a result, money market rates such as the overnight (OVN) and open repo rate (OPR) contracted sharply by 549 basis points (bps) and 513 bps, respectively, from their levels at the end of July.
However, liquidity in the financial system improved due to a significant FAAC inflow exceeding N600 billion last month. This led to a notable contraction in the overnight Nigerian interbank offered rate by 5.71 percentage points, bringing it down to 20.25%.
The Dangote Refinery has indicated that it may opt to export its Premium Motor Spirit (petrol) if the Nigerian National Petroleum Company Limited (NNPCL) continues to refuse to be the sole buyer of its product.
NNPCL has stated that it will only purchase Dangote’s petrol if its market price is lower than the current domestic pump prices. This condition contradicts claims made by Aliko Dangote, the President of the Dangote Group, that the refinery was awaiting NNPCL’s readiness to lift its product.
NNPCL has clarified that domestic refiners, including Dangote Refinery, are free to sell directly to any marketer. The company emphasized that it has no intention of becoming a distributor in a free market environment.
The company was reacting to a press release by the Muslim Rights Concern, which claimed that the Dangote refinery was being undermined by the NNPC.
MURIC stated that recent changes to the pump price of petrol by the NNPC would prevent the refinery from offering lower prices, and that the corporation had become the sole offtaker of all products from the refinery.
Responding, the NNPC said, “The pricing of petroleum products from any refinery, including Dangote Refinery Limited, is determined by global market forces.
“The recent changes in PMS prices have no impact on DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.
“Furthermore, we emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole off-taker does not arise.”
Soneye added that the NNPC could not undermine a business in which it held a billion-dollar investment.
Dangote Refinery Awaits NNPCL for Petrol Rollout
Aliko Dangote, the President of the Dangote Group, announced during the unveiling of the 650,000-capacity Dangote Refinery on Tuesday that the facility would begin producing petrol once the Nigerian National Petroleum Company Limited (NNPCL) was ready.
Dangote anticipated that petrol would reach filling stations within 48 hours of finalizing arrangements with NNPCL, suggesting a swift resolution to the ongoing fuel scarcity.
“Our PMS can be in filling stations within the next 48 hours, depending on NNPCL,” he said.
He spoke further, “We are ready. I pray that within the next few days, you won’t see any petroleum queues as soon as we finalise with NNPC. We are ready, we are waiting for them (NNPC) and I hope they will be ready like yesterday.”
Dangote told newsmen that he could not disclose the price of the petrol because the NNPC was in a position to control it.
“On the pricing, I can’t say anything because we don’t control the pricing. At the moment, it is controlled by NNPC, not Dangote. We will wait for them. But, our own for now is to make sure that the product is available and round-tripping is stopped,” he noted.
The businessman emphasised that the NNPC was the company that would sell and distribute the product under the current naira crude sale arrangement.
“Once the NNPC is ready, we roll. We are even ready to load a ship this week,” he added.
Dangote Refinery Considers product Export
The negotiations between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) appear to have stalled, potentially leading Dangote Refinery to export its Premium Motor Spirit (petrol) instead of selling it domestically.
While NNPCL has repeatedly denied fixing prices for Dangote or acting as the sole off-taker, the refinery has yet to commence production. This has raised questions among Nigerians about NNPCL’s decision to increase the pump price of petrol on the same day Dangote Refinery unveiled its product, especially after months of implicit subsidy payments.
The masses, who were hopeful that the Dangote fuel would crash the price of petrol, may be losing hope.
Speaking on the Brekete Family live show on Monday, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said Dangote petrol would be exported if the NNPC and other petroleum dealers in the country refused to patronise it.
Asked if the petrol would be sold locally, Edwin replied, “There has been a kind of a blockade from lifting our products within the country. The traders have been trying to blockade, and so now, we have been exporting our petroleum products. We are ready to pump in PMS as much as possible to the country.
“But if the traders or NNPC are not buying the product, obviously we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared.
Edwin expressed surprise that the company started facing challenges it never expected when the refinery was set to commence operations.
He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria was still exporting crude and importing refined petroleum products after over three decades.
Despite having a gantry that can load 2,900 tankers per day, Edwin disclosed that the refinery had not loaded up to five per cent of the gantry’s capacity owing to low local patronage.
In an interview with our correspondent, a professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, advised that the government and the NNPC should buy PMS from the Dangote refinery instead of importing from another country.
“Dangote refinery is a private business; he will export to where he can make money. He cannot be subsidising our economy. It is still going to be cheaper for the NNPC to buy from Dangote than to import from Europe. Dangote has to run the business and pay his debts, he can’t subsidise us,” Adenikinju noted.
IPMAN Ready to Purchase Petrol from Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed its willingness to purchase Premium Motor Spirit (PMS) from Dangote Refinery, regardless of NNPCL’s decision. IPMAN’s National President, Abubakar Maigandi, stated that independent marketers are prepared to patronize Dangote Refinery.
“Whatever the case, if Dangote starts selling his product, we are going to patronise him; if at all he wants to do business with us.
“We are ready to buy at any price because the NNPC is saying that they don’t want to involve themselves in fixing prices. So, at any price that he wants to sell, we are ready to buy and discharge and sell at a good price,” Maigandi stated.
Members of IPMAN own about 80 per cent of the filling stations in Nigeria, especially in rural communities.
On Thursday, the NNPC also said it was waiting for a September 15 timeline given to it by the refinery.
However, the latest comments from the NNPC indicate all is not well with the negotiations between the two companies.
The spokesman for the Dangote Group, Anthony Chiejina, did not answer calls or reply messages sent to him by our correspondent on Saturday.
Fuel Scarcity and Price skyrocket in Benue
The ongoing fuel scarcity in Benue State has led to a surge in black market activities. In Makurdi, the state capital, numerous filling stations have closed operations, leaving motorists reliant on black marketers.
The price of Premium Motor Spirit (PMS) has skyrocketed in the black market, reaching between N1,300 and N1,400 per liter.
This drastic increase has resulted in reduced vehicular movement, soaring transportation fares, and many resorting to walking.
The closure of filling stations and the emergence of black markets have exacerbated the hardships faced by residents of Benue State.
Fuel Scarcity Continues in Ondo and Ekiti States
Despite assurances from the Minister of State for Petroleum Resources, Heineken Lokpobiri, that fuel availability would improve by the weekend, the situation in Ondo and Ekiti States remains challenging.
In Akure, Ondo State, many filling stations remain closed due to a lack of fuel. NNPC stations with available fuel are experiencing long queues. Additionally, some independent marketers are selling petrol at prices ranging from N950 to N1,100 per liter.
In Ekiti State, while several filling stations are dispensing petrol, a few still lack the product. The price at stations with fuel ranges from N950 to N1,200 per liter.
Long queues of vehicles were at the few stations selling the product at between N950 and N960 per litre.
A self-employed man, Mr Abel Olode, who said he bought some litres of petrol for N960 per litre on Friday, said, “I parked the car at home and boarded a motorcycle to my place of work today. Using it daily will drain my finances.”
Filling stations belonging to major marketers in Ogun State sold fuel for between N868 and N890 per litre, while independent marketers sold for between N950 and N1,200 per litre.
The NNPC outlets, however, sold at N865 per litre.
A motorist, Adeolu Bashir, said, “Nothing has changed with the fuel situation. The independent marketers are selling the fuel for N1,200; meanwhile, not many of the filling stations are selling the product.”
As of September 7, 2024, independent marketers in Ibadan, the Oyo State capital, were dispensing fuel at N1,100 and N1,200 per litre. There were no long queues in most of the filling stations in the city
Long queues still persisted in most of the filling stations in Zamfara State, despite the hike in fuel price.
Most of the filling stations, controlled by IPMAN in Gusau town and other parts of the state, were selling a litre of fuel between N1,100 and N1,150.
There was no fuel in all the mega stations visited by Sunday PUNCH as of the time of filing this report.
Despite the scarcity of PMS in some states, the product seemed to be available in most filling stations across the 13 LGAs of Nasarawa State, on Saturday, it was observed that there were no queues.
The price of Premium Motor Spirit (PMS) has surged to N1,100 per liter in several local government areas of Nasarawa State, including Obi, Awe, Keana, Doma, Toto, and Nassarawa Eggon.
Filling stations such as Sandaji, Hayattu, Alh Dauda Muhammadu, Nagoda, and Rainoil are selling PMS at N990 per liter. However, black market dealers are charging between N1,200 and N1,400 per liter in various locations across the state.
A black market dealer, Musa Inusa, revealed that obtaining fuel has become increasingly challenging due to strict restrictions and rising prices.
This article was written by Tamaraebiju Jide, a student at Elizade University
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WEEK: 11; SEASON: UK 2024/2025; DATE: 14-September-2024
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will likely start lifting petrol from Dangote Refinery on September 15, adhering to the refinery’s timeline.
The company has also assured the public that the current fuel queues at filling stations will soon subside as measures are being taken to ensure a smooth distribution of petrol nationwide.
NNPCL attributed the fluctuating petrol prices to foreign exchange illiquidity, emphasizing that prices are determined by unrestricted market forces as outlined in the Petroleum Industry Act (PIA).
Speaking on a national TV on Thursday, the executive vice president of Downstream, NNPC Ltd, Adedapo Segun explained that the current fuel scarcity was expected to ‘subside in a few days as more stations recalibrate and begin selling PMS.’
He said, Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
On the commencement of lifting PMS from the Dangote Refinery, Segun said, the NNPC Ltd was awaiting the September 15th timeline provided by the refinery.
Segun expressed understanding of the public’s frustration with the ongoing fuel scarcity. He acknowledged that no rational person would be satisfied with the current situation, ‘The NNPC Ltd had nearly a thousand filling stations nationwide and was collaborating with marketers to ‘ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.’
He promised Nigerians: “We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations”.
This article was written by Tamaraebiju Jide, a student at Elizade University
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1650.00 per $1 on Monday, September 9, 2024. Naira traded as high as 1621.12 to the dollar at the investors and exporters (I&E) window on Tuesday.
Oladimeji Uthman, Senate Clerk of the National Association of Nigerian Students (NANS), has encouraged economic policymakers to review fintech companies’ newly imposed electronic transaction fees.
In a statement posted on Sunday, Uthman expressed his displeasure of the new legislation, which demands a fee of ₦50 for electronic transfers of ₦10,000 or more handled through fintech firms.
This legislation, which is set to take effect on September 9, 2024, is viewed as putting further financial hardship on Nigerian students and the larger society.
Uthman noted that this new charge, which was previously limited to commercial banks, now applies to fintech platforms such as OPay and Moniepoint, effectively ending the period of complimentary banking services that many of these providers had offered.
“The levy directed to the Federal Government via the FIRS does not benefit the fintech companies themselves,” he stated.
Uthman urged the Federal Government to consider alternative revenue streams, including investments in agriculture, high-quality education, infrastructure enhancement, and job creation, instead of placing further financial strains on students and the general populace.
A group, De Renaissance Patriots, and residents of Ibeju-Lekki have filed a lawsuit against the Lagos State Government in the Federal High Court, Ikoyi. The group is seeking clarification on the recent claim by Alhaji Aliko Dangote that he paid $100 million to the state government as compensation for the land acquired for his refinery.
In July 2024, Dangote announced that he had purchased approximately 7,000 acres of land from the Lagos State Government for $100 million. De Renaissance Patriots Foundation has requested the court to compel the state government to confirm or deny the veracity of this claim.
The group has also urged the court to mandate the Lagos State Government to provide a detailed account of how the $100 million was received and utilized if the claim is true.
In addition, they are demanding disclosure of the bank account where the funds were deposited and their subsequent use.
De Renaissance Patriots Foundation and Ibeju-Lekki Peoples Forum have filed a lawsuit against the Lagos State Government, seeking clarification on the $100 million land compensation paid by Alhaji Aliko Dangote for his refinery. In their originating motion filed before the Federal High Court, Ikoyi, the applicants cited Sections 39, 1, 3, 4, 7, 20, and 24 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and the Freedom of Information Act 2011.
The respondents in the case include Governor Babajide Sanwo-Olu, the Attorney General of Lagos State, the State Accountant General, the Permanent Secretary of the Lands Bureau, Lagos State, and the Lagos State Government.
This article was written by Tamaraebiju Jide, a student at Elizade University
Esosa Iyawe, a House of Representatives member representing Edo State’s Oredo Federal Constituency, congratulated the Dangote Petroleum Refinery on the launch of Premium Motor Spirit production, also known as petrol.
Iyawe stated that this will considerably enhance Nigeria’s foreign exchange reserves by reducing petrol imports. The Dangote refinery began producing fuel on September 3, 2024, marking the first time in 28 years that the product was produced domestically in Nigeria.
Nigeria has been importing petrol for decades, despite being one of the world’s largest oil producers, eroding the country’s foreign exchange reserves. With a capacity of 650,000 barrels per day, the Dangote refinery, Africa’s largest refinery, is expected to significantly cater to the needs of the West African market.
Iyawe, an engineer, was among federal lawmakers who condemned the attempt by the Nigerian Midstream and Downstream Petroleum Authority to frustrate the Dangote refinery back in July, and consequently demanded the sack of the NMDPRA CEO, Farouk Ahmed, over his “unpatriotic’ remarks about the Dangote refinery.
In a statement, Iyawe congratulated Dangote for the watershed moment. He highlighted the monumental impact the Dangote refinery would have on the Nigerian economic landscape.
He said the plant would end the country’s decades of reliance on fuel importation, boosting the nation’s foreign exchange reserves, job creation, and improving the value chain in the sector.
“Congratulations to Aliko Dangote on the monumental achievement in PMS production,” Iyawe said.
He added, “In a remarkable leap for Nigeria’s industrial sector, Aliko Dangote has his commitment to national development with the successful production of Premium Motor Spirit at his functioning refinery. This monumental achievement is a pivotal moment for Nigeria’s economic landscape.
“The Dangote refinery, now operational, marks a significant milestone in the country’s quest for self-sufficiency in petroleum products. By producing PMS domestically, Dangote has addressed a long-standing challenge faced by Nigeria— a nation historically reliant on imported fuel.
“This stride not only promises to enhance fuel availability but also aims to stabilise prices and mitigate the economic impacts of fuel importation. This stands out as a beacon of progress in Nigeria’s industrial sector.
“The refinery’s capacity to produce high-quality PMS is expected to reduce the country’s dependence on imports, thereby conserving foreign exchange reserves and fostering economic stability. This development aligns perfectly with Nigeria’s broader goals of economic diversification and industrial growth.”
He noted that beyond the immediate economic benefits, this achievement is likely to generate substantial employment opportunities and stimulate local industries, creating a ripple effect of positive economic impacts.
“The refinery’s operation will bolster the local economy, support small and medium-sized enterprises, and contribute to the overall development of the nation’s infrastructure,” the lawmaker stated.
The Nigerian Exchange’s (NGX) stock market capitalisation fell by approximately N84 billion over five trading sessions last week due to selloffs in sectorial indicators. Despite pockets of advances this week, the local bourse fell from last week’s favorable zone, owing to sell-side activity on big equities.
As a result of the trading pattern, the NGX year-to-date return (YTD) has declined to 29.0% from 29.2%. The market’s benchmark All-Share Index fell 0.15% week on week, although it closed at 96,433.53 points, above the psychological threshold of 96,000.
The total value of stocks traded in the week dropped by 15.4% to N43.43 billion, while the traded volumes last week fell by 20.3% to 2.14 billion shares, all executed in 55,598 deals—a 16% increase from the previous week.
OANDO led the value term with transactions totaling ₦13.8 billion, followed by ZENITH (₦4.3bn) and GTCO (₦3.6bn). NGX sectorial performance was bearish save for the Oil & Gas index, which gained 1.5% week on week on the back of buying interest in OANDO (+5.9%) and CONOIL (+6.9%).
Conversely, the Insurance and Consumer Goods indices lost 4.5% and 1.2% w/w, respectively, dragged by losses in AIICO (-8.3%), CORNERST (-12.6%), DANGSUGA (-5.5%), and PZ (-9.5%). Following suit, price depreciation in WAPCO (-3.5%) and CUTIX (-2.6%) weighed on the Industrial Goods index, down 0.2% week on week.
Additionally, the Banking and AFR-ICT indices fell 0.1% apiece due to losses in ZENITH (-2.0%), FBNH (2.0%), and MTNN (-0.6%). Investor sentiment, as determined by market breadth, worsened to -0.1x (previously 0.4x) as 35 stocks gained, 45 lost, and 69 closed flat.
Top gainers for the week were IMG (+32.6%), BERGER (+31.1%), and ETRANZACT (+20.6%), while RTBRISCO (-27.6%), FTNCOCOA (-18.4%), and OMATEK (-18.2%) led the losers.
Sectoral performance in the week was predominantly bearish, with four sectors recording declines. The insurance index with a 4.45% decline led the way following sell pressures in CORNERST (-12.59%).
In a similar fashion, the consumer goods (-1.17%), industrial goods (-0.17%), and banking (-0.12%) indices lost some value following sell-offs in DANSUGAR (-5.54%), WAPCO (-3.46%), and ZENITHBANK (-1.96%), respectively.
However, the Oil & Gas index appreciated by 1.52% week on week due to sustained demand in OANDO. Overall, equities market capitalisation declined by₦83.8 billion to close at₦55.4 trillion.
Stockbrokers at Cowry Asset Limited expect mixed sentiment to rule the market activities, with position-taking and portfolio reshuffling likely to intensify as market players await the half-year publication of interim dividend-paying banks.
From a technical perspective, the NGX is showing signs of recovery, as indicated by the candlestick formations and momentum indicators, with equity investors poised to capitalise on pullbacks to acquire value stocks, the firm said.
President Bola Tinubu is set to replace his cabinet this week, in an effort to revitalize his administration with fresh perspectives and energies. A high-ranking source close to the administration told the Sunday Tribune that the decision is designed to address the stagnating performance difficulties that have plagued the present government.
The president, fresh from a trip to China, is allegedly planning to conclude the dissolution before leaving for the forthcoming United Nations General Assembly (UNGA) in New York.
This timing suggests a purposeful clearing of the deck, allowing him to participate on the world stage free of domestic political difficulties. The presidency has taken note of criticisms directed at certain ministers’ performances.
“President Tinubu is not satisfied with the performances of a number of his ministers and is determined to show them the exit door,” the source revealed, indicating that a new list of candidates is already prepared to take over the soon-to-be-vacant posts.
Speculations about whether the recent resignation of the presidential spokesperson, Ajuri Ngelale, was linked to the impending cabinet overhaul were dismissed by insiders.
The source clarified that Ngelale’s departure was unrelated to the broader administrative changes.
Intriguingly, the reshuffle may see the return of familiar faces, as a former minister from the Buhari administration is rumored to be among those considered for a ministerial role.
Nigeria has concluded its campaign at the Paris 2024 Paralympic Games, finishing 40th in the overall medal table with a haul of seven medals.
The country’s medal count includes two gold, three silver, and two bronze medals. Onyinyechi Mark shattered the Paralympic record in the women’s 61 kg powerlifting category, lifting an incredible 145 kg.
Folashade Oluwafemiayo won gold in the women’s over-86 kg powerlifting category. Bose Omolayo secured silver in the women’s up to 79 kg para-powerlifting category with a lift of 145 kg.
Flora Ugwunwa won silver in the Women’s Javelin F54 category with a throw of 19.26 m. Esther Nworgu claimed silver in the powerlifting women’s up to 41 kg category.
Isau Ogunkunle made history by becoming the first Nigerian player to secure an individual medal in Para Table Tennis since the Sydney 2000 Games, winning bronze in the Men’s Singles Class 4 event.
The Nigerian National Petroleum Company Limited (NNPCL) has refuted allegations made by the Muslim Rights Concern (MURIC) that it is the exclusive buyer of petrol products from Dangote Refinery. MURIC had claimed that NNPCL’s actions were preventing Dangote Refinery from offering lower pump prices for Premium Motor Spirit (PMS).
In response, NNPCL clarified that the pricing of petroleum products, including those from Dangote Refinery, is influenced by global market dynamics. The company emphasized that recent changes in PMS prices are not a result of NNPCL’s control over the refinery’s operations.
Furthermore, NNPCL stated that there is no guarantee that domestic refining will necessarily lead to lower pump prices compared to international market rates. The company clarified that it will only purchase products from Dangote Refinery if the market prices are higher than the current prices in Nigeria.
It stated, “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd).”
“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.”
“Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria.”
“The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.”
Also, NNPC noted that it holds a significant financial stake of up to $1 billion in Dangote Refinery, suggesting undermining the business is baseless and counterproductive.
This article was written by Tamaraebiju Jide, a student at Elizade University
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