Oil prices fell as data from China’s purchasing manager index revealed ongoing economic weakness. Brent futures closed 2.4% lower on the day, while the US benchmark West Texas Intermediate fell as well. The worldwide benchmark Brent crude price was $76.93 per barrel, while the American standard West Texas Intermediate (WTI) was $73.55 per barrel.
According to market observers, speculative positioning in the oil market is still limited due to demand concerns and uncertainties surrounding OPEC+ policies.
According to an ING report published on Monday, OPEC+ members are leaning toward sticking to their plan and progressively unwinding cuts beginning in October.
Given lingering demand concerns there had been a growing part of the market, analysts said who thought the group would delay any supply increases. The group may believe that supply disruptions from Libya provide an opportunity to increase supply.
Libyan supply disruptions continue as the country halted crude oil export on political reason. However, while output has been cut further in some fields, others are seeing production being restored. Three oil fields, including Sarir, Messla and Nafoura are restarting output.
‘It is not clear whether the resumption of operations at these fields signals progress in negotiations between Libya’s Western and Eastern governments.
“However, there are some suggestions that the restarting of these fields is to meet domestic demand rather than exports” ING commodities strategists Warren Patterson and Ewa Manthey said.
Bearish sentiment in the oil market has continued in early morning trading today. Chinese PMI data released over the weekend have raised further concern over demand. China’s manufacturing PMI came in at 49.1 for August, below the consensus of 49.5 and also the fourth consecutive month of contraction in manufacturing activity.
The number of oil rigs in the US remained unchanged this week, oilfield services company Baker Hughes data showed Friday. The number of oil rigs, an indicator of short-term production in the country, remained flat at 483 for the week ending August 30. The number of US oil rigs fell by 29 compared to one year ago.
The pump price of Premium Motor Spirit (petrol) may rise as the Nigerian National Petroleum Company, NNPCL, admits to financial difficulties. According to Bizwatch Nigeria, NNPCL’s spokeswoman, Olufemi Soneye, revealed on Sunday that the company was struggling due to high gasoline supply costs.
The business stated: “This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.” .
The admission verified a rumor that the protracted gasoline scarcity in the country is caused by NNPCL’s $6.8 billion debt to international oil suppliers.
The development suggests that NNPCL, Nigeria’s sole supplier of PMS, may no longer offer the product for N617 to N720 a litre.
Recall that the Major Energy Marketers Association of Nigeria (MEMAN) in July said that the landing cost of petrol was N1,117 per liter.
Though NNPCL has repeatedly denied paying fuel subsidies, it has recently admitted that it is only taking care of Premium Motor Spirit (PMS) importation shortfalls between the company and the federation.
Reacting to the development, MS Ingawa, aide to the Minister of Housing and Urban Development, Ahmed Dangiwa said NNPCL has the option of increasing pump price and raising money through asset sale.
“The only immediate options now are: “Increase the pump price of PMS to reduce the burden of subsidy on NNPCL. This will not even bring quick and enough money for NNPCL, or raise money through asset or equity sale to offset debt and properly plan”, he said on his X handle on Sunday.
NNPC Limited (NNPCL) has admitted that its current financial situation jeopardizes the sustainability of fuel delivery. Fuel scarcity has occurred in some sections of the country as a result of the company’s inability to satisfy supplier payments, despite a large profit announced for fiscal year 2023 operations.
Pump prices have risen dramatically at stations in Lagos, Abuja, and other places. In an official statement, Nigeria’s oil firm recognized a recent claim about its substantial debt to domestic petrol suppliers. It stated that the financial hardship has put significant pressure on the corporation and jeopardizes its capacity to supply fuel sustainably.
“In line with the Petroleum Industry Act (PIA), NNPC Limited remains dedicated to its role as the supplier of last resort ensuring national energy security. We are actively collaborating with relevance agencies and other stakeholders to maintain a consistent supply of petroleum product nationwide”, the oil company said.
Fuel scarcity reappeared after fuel suppliers ceased supply due to an outstanding balance. The oil company’s suppliers include both foreign merchants such as Gunvor, Vitol, and Mercuria and domestic trading partners.
Despite several complaints against the leadership of the freshly privatised state oil corporation, the Nigerian government has failed to alter NNPCL operations. Despite having a large oil deposit, the government continues to import petroleum, depleting its foreign currency.
Nigeria’s overseas reserves have not been in line with the level of oil income. Recently, the government authorized the Central Bank to collect NNPCL revenue as part of attempts to reduce business abuses.
Recently, the NNPC Limited released its 2023 Audited Financial Statement, declaring a net profit of N3.297 trillion at the close of the financial year,, which ended in December 2023, an increase of over N700 billion, or 28%, when compared to the 2022 profit of N2.548 trillion.
In a press conference held at the NNPC Towers, its Chief Financial Officer, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance.
The N3.297 trillion profit declared for 2023 is the highest since the company’s inception, 46 years ago.
As part of the Presidential Power Initiative, the federal government aims to invest $800 million in the development of substations and distribution networks.
On Sunday, Mr Bolaji Tunji, the Special Adviser for Media and Strategic Communication to the Minister of Power, issued a statement in Abuja. Tunji said: Mr Adebayo Adelabu, Minister of Power, made this statement during a tour of the TBEA Southern Power Transmission and Distribution Industry in Beijing, China. He mentioned that the minister was in Beijing for the China-Africa Cooperation Summit.
Adelabu stated that the investment would be divided into two lots: $400 million for Lot 2, which covers Benin, Port Harcourt, and Enugu Distribution Companies (DISCOs) franchise areas, and $400 million for Lot 3, which covers Abuja, Kaduna, Jos, and Kano DISCOs franchise areas.
The minister raised concern about the rejection of power by Electricity Distribution Companies (DISCOs), which recently reduced generation capacity from a peak of 5,170 megawatts to 1,400 megawatts due to their inability to control supplies. He stated that, despite the setback, the administration planned to expand power generation to 6,000 megawatts by the end of the year.
Adelabu underlined the government’s commitment to working with world-class organizations like TBEA to realize President Bola Tinubu’s vision for the power sector.
”Especially in the areas of transmission and distribution of the entire power sector value chain as well as Nigeria’s renewable energy segment.”
Adelabu said that Nigeria had in 1984 generated 2,000 megawatts, and it took over 35 years to add another 2,000 megawatts. He said that under the current administration, power generation increased from 4,000 megawatts to 5,170 megawatts within a year.
The minister speaking on the problems in the power sector which had hindered industrial growth, said this was due partly to the fragility of the Transmission and distribution infrastructure which had become old and dilapidated.
“This has led to historical epileptic supply of Power to households, industry and businesses.
“More than 59 per cent of industries in Nigeria are off the grid. They did not see the national grid as reliable and dependable. So a lot of them now operate their own captive, self-generated power, ” he said.
Adelabu said that the present administration was determined to transform the power sector, adding that a lot of activities had started that were gradually bringing back confidence in the sector.
“When this administration came on board in 2023, we met about 4 gigawatts (4,000 megawatts) of power but within a year, we were able to generate a milestone of 5,170 megawatts.
”That is about 1, 000 megawatts of power within the first year. It may look small, but compared to the history of the country, this is commendable”.
”Our plan is by the end of the year, we aim to achieve 6,000 megawatts of power through a combination of hydro electric power plants and our gas- fired power plant.
”We are also targeting 30 gigawatts of power to be generated, transmitted and distributed by year 2030 out of which 30 per cent will be renewable energy,” he said.
On the construction of the super grid, the minister said the national grid in its present state could not support the vision for the power sector.
“If we look at the strength, the capacity and the age of our existing network on the national grid, it cannot really support our vision for the power sector, hence the need for the construction of the Western and Eastern super grid.
”Though we have been on this since my assumption of duty, I can also tell you that the president is in full support of this because it will improve our transmission network.
“It will also stabilise the grid and also expand the capacity and the flexibility of the grid as 90 per cent of the approval required is in place and will be concluded soon,” he said.
The statement also quoted the President of TBEA, Huang Hanjie as assuring the audience of the organisation’s continued support for Nigeria’s government vision for the power sector. He said TBEA operates across 100 countries in the world and would be willing to share its experience in the provision of energy.
“The company is not new in Nigeria, it is presently working with the Omotosho, power plant, Ondo State, owned by the Niger Delta Power Holding Company (NDPHC).”
Hanjie also commended the minister for the improved power sector as evidenced in improved generation and transmission since his assumption of office. He said that TBEA would be willing to work with the Nigerian government to achieve its vision and contribute to the ongoing power sector revolution in the country.
Vice President Kashim Shettima revealed that the Federal Government’s healthcare reforms have sparked over 4.8 billion dollars in prospective investment.
Shettima, speaking at the Sahad Hospitals commissioning ceremony in Abuja, offered a comprehensive approach to solve long-standing difficulties and move Nigeria’s healthcare system forward.
He stressed the importance of unity in the health industry, saying, “Our health sector demands that we all work together. This day’s promise is too great to pass up.”
Shettima emphasized the government’s commitment to revitalizing the healthcare system, including reforms based on a solid roadmap aimed at addressing recurring difficulties.
The Vice President acknowledged challenges in the healthcare sector, including surging medicine costs, long hospital waiting times, and a shortage of health workers.
He emphasised the importance of private sector involvement in improving access to quality healthcare.
Shettima praised the Chairman/Founder of Sahad Group of Companies, Alhaji Ibrahim Mijinyawa, for his contributions to healthcare and his commitment to touching lives through his business. The Minister of State for Health and Social Welfare, Dr. Tunji Alausa, described the hospital as a new chapter in Nigerian healthcare.
He added that the establishment of the hospital was a vision that exemplified what could be achieved when public-spirited individuals invest in their fellow citizens’ health.
The Vice Chairman of Sahad Hospital, Dr. Shamsuddeen Aliyu, described the hospital as a state-of-the-art facility, showcasing their commitment to providing quality healthcare.
According to him, the hospital represents more than just a physical structure; it embodies the vision for a healthier future where everyone has access to comprehensive and compassionate care. He explained that Sahad Hospital has a 200-bed capacity with seven operating theatres, 13 dialysis machines, as well as 10-bed ICU units.
Nigerian banks and foreign portfolio investors (FPIs) placed massive wagers totaling N1.6 trillion on OMO bills during the Central’s two primary market auctions last week.
According to analysts, the monetary authority’s two market auctions drew strong investor interest as they sought to lodge funds in short-term investment choices.
Again, the apex bank reduced the spot rate on OMO bills with one-year maturities, where investors saw the most value and placed large bets despite relatively high interest rates.
According to a notice from Cordros Capital Limited, the overall subscription level at the first auction was N891.46 billion, up from N86.50 billion in July.
Analysts noted that the CBN offered instruments worth N500.00 billion, more than 3x N150.00 billion offered in July for subscription. Eventually, the CBN allotted N869.46 billion.
The breakdown showed that the standard maturities offer was split as N5.00 billion for the 92-day, N10.00 billion for the 176-day, and N854.46 billion for the 358-day.
Stop rate for 92-day OMO bills was 18.5%, according to auction results. The CBN offered rate for 176-day OMO bills was 19.3% while 358-day OMO bills was priced at 21.89%, 2 basis points.
At the second auction, participants were mostly interested in the 1-year bill offered, with zero interest recorded for the 91-day bill.
The total subscription level printed N765.00 billion amid N1.85 trillion worth of bills on offer.
Accordingly, the CBN allotted N758.00 billion for the 364-day at a stop rate dropping by 2 basis points 21.87%, while no sales were made on the 91-day and 175-day bills.
In 2019, the CBN exclude non-bank locals (individuals and corporates) from participation in its Open Market Operations (OMO) at both the primary and secondary market.
CardinalStone Partners explained that the exclusion implies that only Deposit Money Banks (DMBs) and Foreign Portfolio Investors (FPIs) can participate in OMOs, while everyone else, including non-bank financial institutions, will have to shift focus to T-bills and other investment options.
Investors trading highs and lows on the Nigerian Exchange (NGX) gained N348 billion in the equities market, driven by significant buying demand in oil, consumer, and industrial companies with higher upside potential. Cowry Asset Limited reported that the bulls retained a solid hold, fueled by broad optimism that generated purchasing opportunities for market players.
The market concluded higher in four of the five trading days, led by a sustained advance in OANDO (+60.71%), as well as robust demand in JBERGER (+31.15%), FBNH (+10.57%), and BUAFOODS (+4.20%), which outweighed losses from TRANSPOWER (-9.99%) and MTNN (-9.91%), according to CardinalStone.
Stockbrokers explained that the bullish market breadth was boosted by the release of favourable macroeconomic data, indicating a solid economic trajectory. According to Cowry Asset stockbrokers, equities investors rebalanced their portfolios and rotated sectors in reaction to economic data, focusing on high-quality firms with excellent fundamentals and attractive chart patterns.
The benchmark All-Share Index of the market rose 0.63% week over week, surpassing the 96,000 psychological level to settle at 96,579.54 points.
The year-to-date return of the exchange inched higher to 29.16%, tracking the annual inflation rate of 33.40%. Market momentum was strong, fuelled by buying interest across small, mid, and large-cap stocks with solid fundamentals, stockbrokers said.
As a result, the weekly trade value surged by 55.3% week-on-week to N51.34 billion, although the weekly trading volumes declined by 52.4% to 2.69 billion shares, all executed in 47,877 deals—a 14% increase from the previous week.
Across the sectoral spectrum, performance was bullish, with all five sectors under observation closing in positive territory.
The Oil & Gas and Insurance indices led the charge with weekly gains of 8.55% and 6.10%, respectively, driven by buying interest in stocks such as OANDO, ETERNA, TOTAL, SOVRENINS, CORNERSTONE, and UNIVINSURE.
The Consumer Goods, Banking, and Industrial Goods indices also reported notable gains of 3.5%, 1.60%, and 0.04%, respectively, buoyed by positive price movements in OKOMUOIL, MCNICHOLS, INTBREW, FBNH, Julius BERGER, BERGER, and ETI.
At the close of the week, stocks like OANDO (61%), DEAPCAP (57%), MCNICHOLS (57%), DAARCOMM (55%), and NSLTECH (54%) emerged as the top gainers, drawing significant investor attention.
Conversely, TRANSPOWER (-10%), MTNN (-10%), UPL (-9%), UNITED CAPITAL (-8%), and EUNISELL (-6%) were the week’s laggards, as investors offloaded these stocks as part of a broader portfolio rebalancing exercise.
NGX market capitalisation rose by 0.63% week-on-week, reaching N55.48 trillion, driven by positive price movements across various sectors.
Consequently, investors realised a profit of N348 billion in weekly gains, as the exchange recorded a total of 56 advancing stocks compared to 26 that experienced price declines.
Forecasting into the new week, Cowry Asset expects that the prevailing market sentiment will continue to dominate the local bourse, with position-taking and portfolio reshuffling likely to intensify ahead of the September trading month.
The firm said 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.
MTN Nigeria Plc’s stock market value decreased as a result of selloffs. Investors’ rotation away from telecom stocks harmed telecom business market value.
According to data from the Nigerian Exchange, MTN Nigeria has become reasonably inexpensive at N180, down 10% week on week. The stock plummeted twice in five trading sessions due to sell-side activity.
The telecom share price opened at N199.90 and has remained constant at that level throughout the last seven trading sessions. At the present price, MTN Nigeria’s 20.995 billion outstanding shares are valued at N3.779 trillion in the Nigerian stocks market.
The telecom company rebounded recently after it renegotiated deals with IHS and ATS with expectation to reduce exposure to foreign currency priced deals.
MTN Nigeria reported a solid double-digit revenue growth of 33% year on year to N1.54 trillion in in the first half of the year from N474.1 billion in the comparable period, despite macro headwinds and continued Naira depreciation.
However, its net income dipped 506% year on year to a loss of N519.06 billion from N85.6 billion loss in the same period last year.
This was due to the effect of the foreign revaluation, in which the company reported a 95% increase in total foreign exchange loss of N887.7 billion.
Nigeria’s gross external reserves fell by nearly $506 million in August 2024 due to persistent outflows that lasted 16 days, according to Central Bank data. The outflow from the nation’s gross external balance exceeded the government’s domestic US dollar bond sales to retail investors.
The market anticipates the release of the Debt Management Office’s (DMO) $500 million domestic US dollar bonds, which expired last week. The total balance of external reserves rose to $36.872 billion in early August.
In the following days, it is increasingly possible that the Central Bank of Nigeria (CBN) would conduct retail Dutch Auction System, where it is expected to sell enormous US dollars to authorized dealer banks.
The CBN received more than $1 billion FX bids from authorised at the last FX auction that happened at the same time when external reserves was at the peak.
“We expect currency pressures to persist due to limited FX supply, stemming from minimal CBN intervention and weak FPI participation”, analysts at Cordros Capital Limited said.
Analysts said that successful completion of the domestic $500 million US Dollar Bond scheduled to close on Friday could bolster the CBN’s efforts in stabilizing the naira in the short term.
Last week, the monetary authority conducted two open market operations (OMO bills) auctions. The auction was met with significant investors’ interest seeking to park fund in short term investment options.
The CBN is selling OMO bills to banks and foreign portfolio investors only. In 2019, the CBN excluded non-bank locals (individuals and corporations) from participation in its Open Market Operations (OMO) at both the primary and secondary market.
According to Nigerian Exchange data, the aggregate market value of Nigeria’s Tier-1 banks surpassed N4.81 trillion on the stock market as a result of purchasing activity in Zenith, UBA, and FBN Holdings plc.
Investors have reduced their interest in Access Holdings and GTCO Plc, with both concluding the week lower, in contrast to the overall market direction. Analysts predict that after earnings are released, investors will begin wagering on the profit prospects of large banks that have yet to reveal their financials.
Bizwatch Nigeria concluded that banks with higher earnings per share and returns on equity would most likely draw investors’ attention. Sentiment is another factor that might drive stock prices up.
“There are other reasons why investors acquire company shares – for control and for share and capital gain – it depends on the motive”. GTCO led the industry performance 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%).
Data from the Nigerian Exchange showed that the banking index surged by +1.05% due to the latest rally that followed the second quarter of 2024 economic growth record. Three out of the five big banks in the tier-1 category ended the week with positive price movement. This lifted their combined market value upward from N4.7 trillion, according to data tracked by MarketForces Africa.
With mixed activities seen from both the sell and buy side equities traders in the Nigerian, the banking index gained 1.05% week on week due to buying interest in three banks, and selloffs in two.
The largest bank by total assets, Access Holdings Plc plunged due to sell pressure partly due to 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 other banks gained offset losses incurred by GTCO and Access Bank Plc.
Negative price movement in these two banks weren’t sharp enough to shift their combined market value lower significantly. In terms of valuation, GTCO, Zenith Bank Plc and UBA rank stronger, while FBNH Access Plc remain the most volatile stock, trading at a steep discount from its 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. GTCO Plc still ranked ahead of its rival lenders in terms of market value.
The group ended trading session on Friday at N1.339 trillion, down from N1.342 trillion after it market price slumped to N45.5 from N45.6 at the beginning of the week. GTCO is trading at 15.6626% 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 value climbed to N1.200 trillion from N1.189 trillion last week due to a positive price movement which shifted its price to N38.25 from N37.90 per share in the local bourse.
The bank share is now trading at a 19.21% discount to its 52-week high amidst N290 billion in capital raise via rights and public offers. UBA Plc’s market value increased to N785 billion from in the equities market from N766.067 billion in the previous week as price rose by 50 kobo.
The Pan African lender opened the week at N22.45 per share but ended at N22.95 on Friday. UBA is trading at 32.5% discount to a 52-week high as of Friday’s close.
Access Holdings fell t N675 billion in the equities market from N706 billion as the top lender popularity declined among investors. Its share price declined to N19 from N19.95 at the beginning of the week.
At the current stock market price, Access Holdings Plc is trading at 38.1107% below its 52-week high. The share price of the financial services group had climbed to N30.7 before it retreated.
FBN Holdings Plc rose to N730 billion at the end of the trading session on Friday, moved along the banking index. Last week, the elephant branded financial services company market valuation grew to about N808 billion from N752.006 billion in the stock market due to buy side activities.
According to data from the Nigerian Exchange, FBNH share price rose to N22.25 in the market from N20.35 at the beginning of the week.
Ticker: FBNH is trading at about 49% 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.
The Dangote Petroleum Refinery is ready to begin selling Premium Motor Spirit, also known as fuel. This comes just a few days after the 650,000-capacity refinery conducted a test run of the product. Industry sources confirmed to our correspondent that the product would be released soon.
According to the individuals, who asked to remain anonymous, the government and the Dangote Group were negotiating the product’s distribution terms.
A government source stated that the sale and distribution of the PMS is being handled by the Federal Government. According to the source, only the Nigerian National Petroleum Company Limited is currently licensed to distribute Dangote fuel.
Recall that petrol from the Dangote refinery was meant to have been available since June, but the refinery had a crude scarcity and got into a fight with the Nigerian Midstream and Downstream Regulatory Authority, which accused the facility of manufacturing substandard diesel.
The Federal Government’s intervention, requiring crude oil to be provided to the refinery in local currency, appears to be producing the desired results. notes that Dangote and other local refineries have regularly accused international oil corporations of failing to sell petroleum to local refiners. Recently, the Federal Government declared that the crude oil supply agreement would begin in October.
The Dangote Group’s management further claimed that the IOCs insisted on supplying crude oil to its refinery through foreign agents, claiming that the local crude price would continue to rise because the trading arms offered cargoes at $2 to $4 per barrel, which was higher than the NUPRC official pricing.
The group also said that international oil companies appear to prioritise Asian countries when selling crude produced in Nigeria. Last month, the Dangote refinery exchanged words with the Nigerian Upstream Petroleum Regulatory Commission over the purported supply of 29 million barrels of crude oil to the plant.
The Dangote Group accused the NUPRC of failing to adequately implement the Domestic Crude Supply Obligations legislation, claiming the refinery had yet to get enough crude locally.
Reacting, the NUPRC debunked the claim, stating that it facilitated the supply of over 29 million barrels of crude oil to Dangote from January to June 2024.
The NUPRC argued that it had facilitated the domestic supply of crude oil to Dangote refinery and other refineries using the monthly production curtailment platform. But in a swift response, the Dangote Group also denied receiving 29 million barrels of crude from any source.
Spokesperson of the Dangote Group, Anthony Chiejina, said, “We received NUPRC’s statement that they have facilitated the allocation of 29 million barrels of crude oil to the Dangote Petroleum Refinery and Petrochemicals, we would like to thank them for this allocation but at the same time, we wish to let them know that we are yet to receive these cargoes.
“Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.”
Chiejina added that all the refinery was asking for was for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen.
Nigerians are hopeful that Dangote will crash the pump price of PMS.
Olam Agri, a leading agribusiness in Nigeria focused on food, feed, and fibre, has expanded its initiatives to improve food security and support the country’s rural Water, Sanitation, and Hygiene (WASH) policy. Recently, the company commissioned and handed over its Safe Water Project in Kano and Jigawa State.
The project involves constructing three new hand pump boreholes, rehabilitating seven existing ones, and adding one solar-powered borehole. This initiative aims to provide clean, drinkable water to farming communities, thereby enhancing food security, boosting agricultural productivity, and reducing health issues like waterborne diseases. The project is delivered in partnership with the Tulsi Chanrai Foundation, a partner to UNICEF, under Olam Agri’s “Seeds for the Future” program. It will provide safe water to 15 communities, benefiting approximately 34,150 residents and 1,684 farmers across Jigawa, Kano, Nasarawa, Benue, and Plateau states, which are key regions for wheat, sesame, and rice production.
(L-R): Sabiu Biyamisu, a Trained Local Area Mechanic (LAM); Abdullahi MaiAngwan Iyamiyu, Head of Chiefs Biyamisu Ajingi LGA; Alhaji Yusuf Ayagi, Head of Sales, North, Crown Flour Mill; Hamza Lamido, representative of the Rural Water Supply and Sanitation Agency (RUWASA); and Rauda Musa, Wheat Project Manager, Crown Flour Mill, during the commissioning of the Safe Water Project, a corporate, Social & sustainability initiative of Olam Agri in Nigeria, in Kano, at the weekend.
Key local officials who attended the handover events in Kano and Jigawa included Mustapha Hamidan Toranke, Secretary Ajingi LGA, representing Ajingi LG Chairman; Muhammad Shuaibu Gaya, Head of Department, WASH Ajingi LGA; Hamza Lamido, representing the Managing Director Rural Water Supply and Sanitation Agency (RUWASA); and Abdullahi Maiangwa Iyamiyu, Head of Chiefs, Biyamisu Ajingi LGA. Attendees at the Jigawa event comprise Ali Hamina, representative of the Chairman, Mallam Madori LGA; Abdullahi Saleh, representative of the Chairman, Sule Tankarka LGA; Engr. Usman Usman, representative of the General Manager of RUWASA; and Danlandi Gumel Wakili Sani, the District Head, Danladi Gumel. They expressed their gratitude for Olam Agri’s intervention and acknowledged the project would mitigate the adverse effects of water scarcity on livelihoods, food production, and health in their communities.
Anil Nair, Managing Director of Olam Agri in Nigeria, emphasized that the Safe Water Project is part of their broader Corporate Responsibility and Sustainability (CR&S) strategy, with a budget of approximately ₦6.5 billion. He highlighted Olam Agri’s long-standing commitment to socio-economic development in Nigeria, where the company has operated for over 34 years. To ensure the project’s sustainability, local community members have been trained as Local Area Mechanics (LAMs) to maintain the water facilities, providing them with a source of income and promoting economic growth.
(L-R): Badmus Saheed, Chief Technical Officer, Tunsil Chanrai Foundation (TCF); Alhaji Yusuf Ayagi, Head of Sales, North, Crown Flour Mill; Usman Kawu, Customer Relations Manager, North, Crown Flour Mill; Abdullahi MaiAngwan Iyamiyu, Head of Chiefs, Biyamisu Ajingi LGA; Hamza Lamido, representative of the Rural Water Supply and Sanitation Agency (RUWASA); and Mustapha Hamidan Toranke, Secretary, Ajingi LGA, during the commissioning of the Safe Water Project, a corporate, social, & sustainability initiative of Olam Agri in Nigeria, in Kano, at the weekend.
In 2023, Olam Agri’s Global CR&S conducted a food security baseline survey in Nigeria’s sourcing regions, which revealed a severe lack of access to clean drinking water, particularly in the north. Only 30% of the population in this region has access to safe drinking water and adequate sanitation. This shortage contributes to high rates of waterborne diseases, threatens the livelihoods of smallholder farmers, and hinders school enrollment, especially among girls. Women and girls are disproportionately affected by inadequate WASH services. The Safe Water Project aims to address these challenges and improve the well-being of farmers and their communities.
Victor Osimhen, a Nigerian Super Eagles striker, has turned down an offer to join Chelsea Football Club. According to Skysport in Italy, the Nigerian forward would choose to join Saudi Arabian side Al Ahli in a four-year deal with his old club, with Napoli expecting to pay £67.3 million (€80 million) plus add-ons for the Nigerian international.
Recall that Osimhen had supposedly agreed to join Chelsea on a €350,000 weekly salary, bringing him one step closer to realizing his dream Premier League move. However, some significant news about the Chelsea target shows that Osimhen would rather play in the Saudi Pro League.
Oil prices rose early Friday as a result of Iran’s planned production cut report, which came at the same time that Libya declared force majeure, limiting exports. The development has raised supply concerns in the global commodities market, increasing the risk of rising energy costs as countries battle inflation.
Demand outlook appears positive as U.S. second-quarter gross domestic product (GDP) was revised up to 3% from 2.8% previously. The GDP revision “sparked the bull run across multiple asset groups today,” Mizuho’s Robert Yawger says in a note.
Brent crude trades at $79.16 a barrel on Friday. The US benchmark West Texas Intermediate (WTI) climbed 0.37% to $76.19 per barrel after closing at $75.91 in the previous session.
Concerns about probable supply constraints caused by Libya’s halt of oil production fueled price increases. Libya’s National Oil Corp. stated Thursday that the losses incurred as a result of the eastern government’s decision to shut down oil and gas production in the country exceeded $120 million over three days.
In a statement, the corporation, which manages the country’s oil resources, said that oil production rates had dropped from nearly 1.3 million barrels per day on Monday (the day the shutdown began) to 591,024 barrels on Wednesday. Libya, a significant member of the Organization of Petroleum Exporting Countries (OPEC), produced 1.18 million barrels of crude oil per day in July.
Oil prices jumped over 1% on Thursday after it was reported that Iraq planned to reduce its oil production in September as part of a plan with the Organization of Petroleum Exporting Countries.
Iraq will cut output to between 3.85 million and 3.9 million barrels per day after producing about 4.25 million bpd in July.
Elsewhere, the European gas market is grappling with a series of supply concerns despite ample inventories cushioning risks ahead of the winter, according to analysts.
The Dutch TTF contract, which currently trades 1.1% higher at 39.33 euros a megawatt-hour, is up roughly 7% on the week and 12% on the month.
Annual maintenance in top supplier Norway, with gas exports this week hitting their lowest level since June, and fears that Russian gas flows via Ukraine will be disrupted before the expiration of a transit deal between the two countries, are among the main factors supporting prices in the near term.
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Equity investors on the Nigerian Exchange (NGX) saw approximately N117 billion. The NGX All-share index and market capitalization both rose 21 basis points to close at 96,407.88 points and N55.38 trillion, respectively.
Stockbrokers stated the favorable outcome was driven by increases in OANDO (+9.98%), JBERGER (+9.97%), and INTBREW (+8.89%). Market breadth was strong at 1.17x, with 27 gainers outpacing 23 losers.
In the market chart, OANDO (+9.98%) emerged as the top gainer, while SCOA (-9.79%) topped the laggards. Market activity increased slightly as a result of buying interest. The overall volume and value traded for the day climbed by 116.51% and 63.75%, respectively.
Stock analysts said approximately 966.97 million units valued at ₦7,420.24 million were transacted across 9,851 deals.
CONHALLPLC was the most traded stock in terms of volume, accounting for 52.47% of the total volume of trades, followed by FBNH (6.65%), ACCESSCORP (4.86%), PRESTIGE (2.72%), and UNIVINSURE (2.42%) to complete the top 5 on the volume chart.
FBNH emerged as the most traded stock in value terms, accounted 19.04% of the total value of trades on the exchange.
OANDO topped the advancers’ chart for today with a price appreciation of 9.98 percent, trailed by JBERGER with (+9.97%) growth, CORNERST (+9.88%), ETERNA (+9.86%), DAARCOMM (+9.84%), RTBRISCOE (+9.75) and nineteen others.
Twenty-three stocks depreciated, according to data from the local bourse. SCOA was the top loser, with a price depreciation of -9.79%. Other decliners include JAPAULGOLD (-7.41%), TANTALIZER (-6.76%), LINKASSURE (-5.00%), HONYFLOUR (-4.76%), and NASCON (-0.90%).
Also, the market breadth closed positive, recording 25 gainers and 23 losers. In addition, the market sector performance was positive, as three of the five major market sectors closed in green,
The Insurance (+1.99%), Consumer Goods (+1.26%), and Oil & Gas (+0.39%) sectors closed positive from positive sentiment in CORNERST (+9.98%), INTBREW (+8.89%) and OANDO (+9.98%). On the flip side, the Banking (-0.75%) and Industrial Goods (-0.01%) sectors closed down, stemming from sell-offs in UBA (-3.52%) and WAPCO (-0.27%). Overall, the equities market capitalisation rose by 117.31 billion to close at ₦55.38 trillion.
The Nigerian naira retraced steps in the foreign currency market on Thursday as traders awaited the Central Bank’s next retail Dutch auction.
The apex bank recently re-introduced the Retail Dutch Action mechanism, which it had previously abandoned, in order to ensure that foreign currency requests for qualified transactions are delivered to market participants who bid.
According to Bizwatch Nigeria, the last FX auction took place in early August 2024, and the central bank has not flooded the market with new US dollars since then.
The CBN stated in a statement that authorised dealer banks bid a total of $1.18 billion at the last auction. However, the top bank sold $876.26 million to 26 banks after others failed to follow the proper procedures.
Analysts said the CBN was willing to honour all the bids, saying that the $313.69 million FX request disqualified from six banks would have been satisfied.
“As it is, the CBN is unlikely to conduct another Dutch auction as the month is already out of numbers. This suggests that retail auctions would probably be once a month,” an investment banker told MarketForces Africa, requesting not to be mentioned.
In the foreign exchange market, the naira strengthened against the greenback, trading at ₦1,593.93 per US dollar in the official market, a 0.79% gain from the previous close.
The local currency exchange rate crossed N1606 per greenback in the official window yesterday as demand for the US dollar skyrocketed.
The FX crisis in the Nigerian market has remained unsolved even with sizeable US dollar inflows into the economy. It still looks like nothing is coming in terms of FX receipts because demand always outstrips the supply side, creating disequilibrium in the currency market.
In the parallel market, the naira was flattish over the day to settle at₦1,605 per dollar. The informal currency market was relatively quiet today, according to a channel check conducted by MarketForces Africa’s reporters across major states.
In the global commodity market, Brent crude rose by 2.02% to $80.24 per barrel, and West Texas Intermediate (WTI) crude increased by 2.25% to $76.19 per barrel on Thursday.
The rebound in oil prices was driven primarily by robust economic data from the U.S. and ongoing supply disruptions in Libya.
Dangote Group’s industrialization drive in Nigeria has gained new steam as federal politicians support the company’s efforts. Members of the House of Representatives who visited Dangote Cement Plc in Obajana, Kogi State, praised the company’s economic influence on Nigeria’s cement subsector.
During the visit, Rep. Gaza Gbefwi, Chairman of the House Committee on Solid Minerals, emphasized the importance of collaboration among Nigeria’s political leaders and investors. He said that Dangote Cement has paved the way by significant investments, job creation, tax contributions, and other initiatives.
He stated that the visit by the joint subcommittee on Solid Minerals and Commerce was partly aimed at investigating the reasons behind the current cement prices and collaboratively seeking solutions.
Responding to the visiting lawmakers about the current prices, Mr Arvind Pathak, Group Managing Director of Dangote Cement Plc, stated that cement inputs are dollar-driven except limestone which is found in Nigeria.
Some of these inputs, according to him include: machineries, spare parts, the gas for fuel and Gypsum which is one of the raw materials. Pathak explained that the rise and instability in foreign exchange rates have been significant factors contributing to the current prices of cement products.
He said Dangote Group is Nigeria’s largest employer outside of government. He also explained that compared to 2021, the salaries of the company’s employees have been increased by 21.3 per cent in 2022 to 47.5 per cent in 2023 and 63.2 per cent in 2024.
The salary increase was meant to meet up the inflation in the country.
Reacting also, Plant Director, Dangote Cement Plc, Obajana, said that the transport segment of the Cement company has introduced CNG trucks to its fleet.
He also said that the company has invested in alternative fuel projects to demonstrate its initiatives to clean up Nigeria.
“The alternative fuel project uses biomass waste which is blocking the fertile land as a source of clean energy.
The ambition of the company is to make Nigeria visible for its contribution towards reduction in Global warming.” Nawabuddin said the social intervention schemes of the company run into billions of naira, adding that the company would not rest on its oars.
The Plant Director said that by incorporating advanced technologies and maintenance strategies, Dangote Cement has upheld operational efficiency while upholding its social commitments. He listed some of the community related intervention schemes embedded in the Community Development Agreement (CDA).
They include: provision of scholarship, construction of blocks of classrooms, construction of boreholes, building of hospitals and construction, and rehabilitation of road networks.
Nawabuddin explained that the company has delivered a multimillion Naira health facility at Iwaa, one of the mining communities, as well as launched several other empowerment schemes.
He also said that the Dangote Cement Plc is set to deliver a multimillion Naira Aliko Dangote Skills Development Centre in Lokoja, the Kogi State capital. According to him, the company is one of the biggest tax payers in the country, surpassing the banking sector in 2023. The lawmakers also visited the Dangote Plant at Okpella Edo State.
Plant Director, Dangote Cement Plc, Okpella, Edo State, Ismail Muhammad, said the company has invested hugely in state-of-the-art facilities in its bid to achieve operational efficiency.
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