Category: ARM Securities

NNPC, IOCs join forces against oil, gas sabotage

The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country.

FIRS shuts MRS Oil over N497m tax debt

The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country.

Nigeria’s gas production rises as Shell completes project

Gas production in Nigeria has gained more momentum following the completion of a key project in the Niger Delta by the Shell Petroleum Development Company of Nigeria Limited Joint Venture.

FG inaugurates N61bn local content intervention fund today

The $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector.

This Day

 Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts

The African Export-Import Bank (Afreximbank) yesterday announced the launch of its $300million equity offering, using Depositary Receipts (DRs).

 Access Bank Grows Profit to N52bn, Declares 25k Interim Dividend

Access Bank Plc yesterday recorded a profit before tax of N52 billion for the half year (H1) ended June 30, 2017, showing a growth of 18 per cent above the N43.9 billion in the corresponding period of 2016.

Mobile Banking Grows as Phone Users Hit 29 Million

The Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Mr. Adesonubi Adebisi, has stated that Nigeria has recorded growth in mobile banking, compared to some African countries.

Discos Remain Weakest Link, Reject 9,310MW of Electricity in Eight Days

Affirming their position as the weakest link in Nigeria’s electricity chain, the 11 electricity distribution companies (Discos) in the country rejected 9,310.64 megawatts (MW) of electricity from the generation companies (Gencos) in the last one week because their distribution facilities could not take up all the electricity.

Guardian

Dangote, Niger State seal N166b pact on sugar production

In its drive for self-sufficiency in sugar production, the Dangote Group yesterday, signed a Memorandum of Understanding (MoU) with Niger State Government for the establishment of a N166-billion state-of–art and fully integrated sugar complex.

NSE’s indices sustain rising profile, up by N34b

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue chip stocks appreciated in price, resulting to a further rise in market capitalization of N34billion.

Reuters

Nigeria naira eases on black market as dollar demand resurfaces

Nigerian naira fell on the black market on Wednesday, pressured by demand for dollars from Muslim pilgrims travelling to Saudi Arabia for the haj and individuals paying for school fees abroad.

Nipco Plc raises stake in Nigerian fuel retailer

Nigerian fuel distributor Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent.

Nigeria plans 193 bln naira Treasury bill sale next week

Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.

Govt revenue declined by N183.2bn in July

The revenue accruing to the federation account from oil and non-oil sources recorded a decline of N183.26bn from N570.58bn received in the month of June to N387.31bn in July.

FG may adopt selective minimum wage increase –Osinbajo

Vice President, Yemi Osinbajo says the Federal Government may consider increasing workers’ remuneration package, especially bonuses of certain government agencies, instead of increasing wages across board.

DMO puts MDAs’ outstanding loans at N178bn

Ministries, departments and agencies of the Federal Government have loans amounting to N178.09bn to settle, the Debt Management Office has said.

NLC opposes releasing N38bn to Discos for meters

The Nigeria Labour Congress has criticized the moves by the Federal Government to release N8bn to the electricity distribution companies to procure prepaid meters.

Investment inflow into Nigeria rises by 95% to $1.7bn –NBS

The  National Bureau of Statistics on Tuesday released the capital importation report, stating that investment inflows into the country rose by 95.02 per cent from $884.1million in the first quarter of this year to $1.79billion in the second quarter.

This Day

NSE Index Rises 1.03% as Bulls Regain Control of Market

The Nigerian equities recorded a positive performance on Tuesday with the Nigerian Stock Exchange All Share Index (NSE ASI) appreciating by 1.03 per cent to close at 36,962.48.

Forex Transactions on Investors & Exporters Window Hit $7.62bn

The total turnover of forex transactions on the Investors and Exporters window stood at US$7.62 billion as at August 11.

NNPC to Automate Crude Swap Process, Warns of Illegal Operators

The Nigerian National Petroleum Corporation (NNPC) has said it will open up the process employed in its crude oil for product exchange scheme called Direct-Sale –Direct-Purchase (DSDP) to ensure that it is transparent from the beginning to its end point with its remittance of accrued revenues to the government.

Guardian

NNPC refunds of N450bn shared among states, local governments

The Nigerian Extractive Industry Transparency Initiatives (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC), completed the refund of N450billion to the Federation Account by April 2017, which has been shared among states and local government councils.

Amukpe-Escravos pipeline project ready for completion by Q3

The Amukpe-Escravos Pipeline Project (AEPP), a Joint Venture (JV) of the Nigerian National Petroleum Corporation (NNPC), and Pan Ocean Oil Corporation, has been scheduled to come on stream before the end of this third quarter (Q3).

Vanguard

CBN calls for import reducing policy as Nigeria’s monthly import bill rises by 95% to N588b

The Central Bank of Nigeria, CBN, yesterday said the country’s average monthly import bill rose by 95 per cent to N588 billion in 12 years.

Naira Watch: Naira gains as NAFEX records $100.29m

The Naira  Tuesday recorded marginal appreciation in the Investors & Exporters (I&E) window as the volume of dollars traded declined to $100.29 million.

The Nation

Union Bank seeks approval for N50b new capital raising

Union Bank of Nigeria (UBN) plans to issue about 12.2 billion ordinary shares of 50 kobo each to existing shareholders and employees to raise N50 billion in new equity funds as the first generation bank looks beyond its centenary.

Stock Exchange places 49 firms under caveat

The latest tracker report on corporate governance, regulation and compliance indicated that 49 companies have pending and unresolved compliance and governance issues that place them below the high standards required of quoted companies.

How CBN is tackling inflation, exchange rate volatility – Emefiele

The negative impact of high inflation and exchange rate volatility has prompted the Central Bank of Nigeria (CBN) to tackle both developments head-on, its Governor, Godwin Emefiele, said on Tuesday.

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Naira reverses gain, closes at 370/dollar

The naira closed at 370 per United States dollar at the parallel market on Friday, reversing the modest gain it recorded on Thursday.

Forex: 700 BDCs under threat over low patronage

No fewer than 700 Bureau De Change operators have come under threat as purported uncompetitive exchange rate continues to hit their bottom line.

Raw materials’ imports gulp N19.5tn in seven years

Although Nigeria and many of the African countries are admired for being commodity markets, a study of importation in the country shows that Nigeria has spent as much as N19.5tn on the importation of primary raw materials into the country in the past seven years.

This day

 External Reserves Chalk up $1.26bn as Shale Oil Threat Persists

The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30.

 FMDQ OTC Exchange Records N78.9tn Transactions in Eight Months

The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July.

The Guardian

Three tiers of government shared N2.8tr in six months, says NEITI

The three tiers of government shared N2.788 trillion between January and June this year, which represents a 38 per cent increase on the N2.019 trillion shared within the same period last year.

Telecoms operators lament falling revenue over OTT platforms

Telecommunications operators have lamented diminishing revenue caused by the operations of Over-the-Top Platforms (OTT).

Bloomberg

Nigerian President Buhari Vows to Intensify War on Militants

Nigerian President Muhammadu Buhari vowed to step up the fight against the Islamist militants and proponents of secession in his first speech after returning from three months of sick leave in London.

Guardian

CBN’s power, airline interventions hit N277 billion

Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively.

London stockbrokers eye investment opportunities in NCM

Stockbrokers on the London Stock Exchange (LSE) may be warming up to take advantage of Investment opportunities in the Nigerian Capital Market (NCM) to leverage its fast growing profile.

CBN to license stockbrokers to access liquidity window

Efforts by the Securities and Exchange Commission (SEC), to address liquidity constraints in the capital market heightened yesterday, as the Commission unveiled plans to seal agreement with the Central Bank of Nigeria (CBN), for a dual- licence model to enable Capital Market Operators (CMO) access the CBN window.

Punch

No audit report on N4.2tn TSA two years after –AGF

Members of the House of Representatives were in shock on Wednesday when the Auditor-General of the Federation, Mr. Anthony Ayine, disclosed that over two years after the Treasury Single Account policy came into operation, it had not been audited.

Oil production cost drops by 71 per cent

The Nigerian National Petroleum Corporation on Wednesday said it had driven down the cost of crude oil production from $78 per barrel as of August 2015 to $23 per barrel, representing a 70.5 per cent fall.

TSA: Govt saves N108bn from bank charges

The Federal Government has saved a total of N108.1bn from charges imposed by banks for managing funds belonging to its ministries, departments and agencies since the commencement of the Treasury Single Account in September 2015.

MTN wants electronic listing, reopens talks with SEC

The Securities and Exchange Commission has resumed talks with MTN Nigeria over the telco’s planned listing on the floor of the Nigerian Stock Exchange.

This Day

Equities Market Falls Further on Continuing Profit Taking

The Nigerian Stock Exchange All-Share Index (NSE) ASI fell by 2.68 per cent yesterday closed lower at 36,102.38 as profit taking persisted on the bourse. After hitting a record high last week, investors moved in to lock in part of the gains recorded in the past months.

Finally, Osinbajo Assigns Portfolios to New Ministers, Swears in Perm Secs

Acting President Yemi Osinbajo wednesday assigned portfolios to Professor Stephen Ocheni and Mr. Suleiman Hassan, three weeks after swearing them in as ministers.

Vanguard

Senate probes Total E & P over 42km gas pipeline project in Rivers

Worried over the alleged $1billion spent so far for an itch in the construction of Obite- Ubeta- Rumugi 42.5 kilometre 42″ Gas Pipeline Project(OUR) in Rivers State, the Senate has begun a holistic investigation of Total E&P Nigeria Limited, TEPNG.

Naira appreciates to N359.7/$ as External reserve hits $31.35bn

The naira yesterday appreciated below N360 per dollar for the first time in the Investors and Exporters (I&E) window due to increased dollar supply.

Business Day

FG seeks new economic frontiers on $41 billion rail modernisation investment

Nigeria’s quest to explore new areas of revenue generation and diversification of its economy from oil is gaining traction, as the country seeks new opportunities through massive investment into the rail sector.

The Nation

Pan Ocean’s pipeline ‘ll boost crude export by 160,000bpd

Pan Ocean Oil Corporation (POOC), an indigenous exploration and production company and operator of the Nigerian National Petroleum Corporation (NNPC)/Pan Ocean Joint Venture, has awarded a pipeline contract to a local firm to create an alternative export line to avoid attacks by Niger Delta militants.

CBN injects $364m into inter-bank forex market

The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank foreign exchange market to the tune of $364 million in a bid to sustain liquidity.

Nigeria’s mutual funds attract local, foreign investors

The Securities and Exchange Commission (SEC) has said the total Asset Under Management (AUM) of mutual funds in Nigeria topped N300 billion for the first time.

GTBank records 18% increase in profit for mid-year

Guaranty Trust Bank (GTB) says it has recorded an 18 per cent increase in Profit Before Tax (PBT) for the financial half-year ended June 30, 2017.

Modular refiners to get pioneer status, duty waivers

The Federal Government has unveiled plans to assist investors in modular refineries to obtain pioneer status, secure various duty waivers, import facilitation of equipment and engineering review to enable Nigeria become self-sufficient in petroleum refining.

Punch

Stocks fall by N294bn, near two-week low

The Nigerian stock market recorded a N294bn decline on Tuesday, nearing its lowest level in two weeks.

Naira drops to 370 on lack of dollar supply

The naira depreciated against the United States dollar at the parallel market on Tuesday to 370, down from 368/dollar on Monday.

Fashola makes a U-turn, says consumers can pay for meters

The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by the power sector regulator.

The Nation

Dangote to sell N200b shares in block divestment

Dangote Industries Limited (DIL), the majority core investor in Dangote Cement Plc, plans to sell shares valued at more than N200 billion in a partial divestment that will widen the float for Dangote Cement.

NCC: Telecoms sector FDI hits $68 billion

Prof Umar Dambatta, Executive Vice Chairman/CEO who spoke during a sensitization workshop on code of corporate governance for the telecoms industry at the Derenassance Hotel, Ikeja, said these achievements were accomplished in spite of the crushing recession ravaging the economy.

This Day

Nigeria-India Trade Volume Hits $10billion

The Indian High Commissioner to Nigeria, Nagabushana Reddy has disclosed plans by his country to organize an international expo on Information Communication Technology in Nigeria as part of efforts at deepening bilateral relations with Nigeria, even as trade relations between Nigeria and India increased to $10 billion in 2016.

Reuters

Protesters drag Shell Niger Delta oil facility shutdown into fifth day

Protesters on Tuesday dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs and infrastructure development last week.

Business Day

CBN eases port charges paid by oil marketers

The Central Bank of Nigeria (CBN), on Tuesday, says payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies can now be accommodated by the Bank using Form ‘A’.

Nigeria retreats to coal while rest of the world moves on

A new report by the International Energy Association, (IEA) a Paris-based energy sector think tank, shows that global coal production fell by 458 million tons in 2016, but Nigeria is incentivizing coal producers, putting coal top on a list of industries to be granted pioneer status.