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Category: Business

  • NDIC Pays N1.39bn To Failed Banks’ Depositors

    The Nigeria Deposit Insursnce Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs).

    The Managing Director of NDIC, Mr Bello Hassan, made the disclosure at the NDIC Special Day, at the 2023 Lagos International Trade Fair in Lagos.

    The fair has the theme: “Connecting Businesses, Creating Value.”

    Hassan said the corporation promptly commenced the liquidation of these banks and began disbursing insured sums to depositors within a record time of three days of the banks’ closure.

    This, he said, followed the recent revocation of licenses of some MFBs and PMBs by the Central Bank of Nigeria.

    He said the payments of the statutory insured sums were still ongoing.

    Hassan explained that depositors with funds exceeding the insured limit would receive liquidation dividends after the recovery of debts and the sale of the closed banks’ physical assets.

    “In another development, the corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation including Allied Bank, Peak Merchant Bank, Commerce Bank.

    “Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank,” he said.

    Hassan, represented by Mr Nuhu Bashir, Director, Corporate Communications, NDIC, urged the general public, especially traders and businessmen, to always ensure that their funds were saved in licensed banks.

    He advised them to avoid patronage of wonder banks and Ponzi schemes which always leave their victims with untold stories.

    The boss added that the corporation was actively working to investigate and resolve any wrong doing or complaints that it receives about insured banks.

    “The NDIC in its efforts to boost depositors’ confidence in the financial landscape has continued to address genuine cases of infractions and complaints in relation with their respective insured institutions.

    “In this regard, the corporation operates a 24-hour toll-free Helpdesk line (080063424357) and an email (helpdesk@ndic.gov.ng) for depositors to put forward their inquiries on the benefits and operations of Deposit Insurance Scheme in Nigeria,” he said.

    Earlier, the President of the Lagos Chamber of Commerce and Industry, Dr Michael Olawale-Cole, thanked the corporation for being a worthy partner of the LCCI over the years.

    Olawale-Cole, represented by Bimbo Olasore, the Vice Chairman, Trade Promotion Board, also congratulated NDIC for using its platform to reach out to bank depositors and showcased their products.

    “As you all are aware, the Lagos International Trade Fair is the biggest and the most vibrant fair in the whole of West Africa. So, it is a very useful platform for people to use and advertise their goods and services.

    “I’m very pleased in this case that NDIC is using it, in that if the customers are not coming to their offices, they will go to where the depositors are congregating.

    “I can assure you that you being here for the 10 days, that you would meet tens of thousands of depositors of NDIC. 

  • We’re Not Responsible For Soaring Cooking Gas Prices, Says NLNG

    We’re Not Responsible For Soaring Cooking Gas Prices, Says NLNG

    The Nigerian Liquified Natural Gas (NLNG) has dissociated itself from the soaring price of cooking gas in the country, blaming it on foreign exchange pressures.  

    General Manager, External Relations and Sustainable Development, Andy Odeh, said the company has been making defining contributions to the domestic LPG market, spurring the steady growth of the nation’s DLPG market volume from less than 50,000 metric tonnes of imported LPG in 2007 to over 1.3 million metric tons of both domestic and imported LPG today. 

    Odeh, said NLNG currently delivers over 450,000 metric tonnes per annum of Butane, the main product in cooking gas and has embarked on domestic propane supply to further grow the market.

    The Company, he continued, has committed its entire Butane and Propane production to the domestic market from 2023 and despite feed gas challenges, continues to supply LPG to the domestic market, accounting for approximately 40% of the total market volume. 

    Since the beginning of the year, NLNG has delivered over 380,000 metric tonnes of LPG using the Company’s dedicated LPG vessel.

    He said the NLNG has remained committed to delivering domestic LPG to locations as close to the market as possible by diversifying delivery points starting with Lagos in 2023, fostering competition among terminal owners and ultimately reducing consumer supply chain costs. Efforts are ongoing to reach terminals in Warri and Calabar as soon as the challenges limiting safe delivery of volumes to these other locations are cleared.

    “The domestic LPG market, like any other, is subject to dynamic market forces and various external factors. Such factors as changes in exchange rates, and escalating price benchmarks mirroring crude oil prices, and the Panama Canal drought-induced vessel scarcity impacting transport costs especially for imported LPG, have had significant effect on energy prices in the recent times and could undoubtedly be some of the reasons for recent price hikes witnessed in the domestic market.

    “NLNG maintains an unwavering commitment to ensuring the reliable supply of its LPG production to the domestic market at prices that are reflective of the market. The Company is collaborating with relevant industry stakeholders to achieve this objective and will remain focused on achieving its mission through this avenue among others,” Odeh said.

  • Nigeria’s Local Equities Gain N25bn

    Trading activities on the floor of Nigerian Exchange (NGX) on Thursday appreciated by N25 billion.

    Market capitalisation of listed equities appreciated by 0.06 per cent to N38.910 trillion from N38.885 trillion it closed on Wednesday.

    The NGX All Share Index also increased by 46.18 basis points to 70819.49 points from 70773.31 points reported the previous day.

    An analysis of the investment showed that UPDC led gainers table in percentage terms, appreciating by 9.91 per cent to N1.22 per share, Mecure followed with a gain of 9.85 per cent to close at N3.57 per unit, SCOA Plc up by 9.73 per cent to close at N1.24 per unit. Japaul Gold gained 9.58 per cent to close at N1.83 per share while UACN went up by 8.47 per cent to close at N16.00 per unit.

    On the contrary, VFD group topped losers chart, dropping by 9.37 per cent to close at N2.90 per share, TIP down by 9.35 per cent to close at N0.97 per share. Regal insurance fell by 8.57 per cent to close at N0.32 per unit while Daar Communications dipped by 8.33 per cent to close at N0.22 per share.

    Investors traded 569.194 million shares valued at N16.790 billion in 6169 deals against 558.344 million shares worth N9.794 billion exchanged hands the previous day in 6401 deals.

    Transactions in the shares ofJapaul Gold led market activities with 113.964 million shares valued at N208.554 million, Stanbic IBTC followed with 96.917 million shares worth N6.777 billion, United Bank for Africa exchanged 75.218 million shares valued at N1.548 billion, FBNHoldings traded 42.644 million shares cost N849.768 million while Fidelity Bank traded 34.700 million shares cost N319.058 million.

  • Banks’ Loans Hit N8.03trn In H1 2023 – Report 

    Oil and Gas, and manufacturing sectors lead other sectors in the amount of loans received from banks in the first half of 2023, accounting for 55.5 per cent of total N8.03 trillion to the economy as loans.

    This was revealed via data from the Sectoral Distribution of Credit by Deposit Money Banks published by the Central Bank of Nigeria (CBN) in the Statistical Bulletin for the second quarter of the year of 2023.

    The Oil and Gas sector got the largest share of N3.09 trillion representing 38.8 percent of fresh loans in the first half of 23, followed by the manufacturing sector which received N1.42 trillion or 17.5 per cent.

    The financial sector comprising the Finance, Insurance and Capital Market received the 3rd largest share of banks’ loans receiving N837 billion or 10.4 per cent of the new loans in the first half of 23.

    Trade and General Commerce received N670 billion representing 8.3 per cent while the Information, Communication and Technology sector received N517 billion representing 6.4 per cent of new loans in the first half 2023.

    General Services and Constructions received N398 billion and 348 billion respectively representing 5.0 per cent and 4.3 per cent of new loans in the first half of 23.

    The Power and Energy sector received N287 billion representing 3.6 per cent while the public sector (government) received N125 billion representing 1.6 per cent of new loans in the first half of 23.

    However, banks’ lending to the Mining & Quarrying sector declined by 16.6 per cent or N502 million in the first half of 2023, as lending to the sector dropped to N29.59 billion as the end of June from N30.09 billion at the beginning of the year.

    Similarly, lending to the Education sector dropped by 11 per cent to N84.19 billion at the end June from N94.4 billion at the beginning of the year.

  • Bulls Lead As Domestic Equities Gain N88bn

    The Nigerian equities market on Wednesday closed on a positive note, gaining 158.71 basis points.

    The NGX All Share Index also appreciated by 0.22 per cent to 70773.31 points from 70613.60 points traded.

    Market capitalisation of listed equities also increased by N88 billion  to N38.885 trillion from N38.797 trillion reported the previous day.

    The trading result for the day showed that Japaul Gold led gainers table in percentage terms, gaining 9.87 per cent to close at N1.67 per share, Mecure followed with a gain of 9.80 per cent to close at N3.25 per unit, Prestige insurance added 9.76 per cent to close at N0.45 per unit, Cornerstone Insurance up by 9.72 per cent to close at N1.58 per share while Omatek increased by 9.62 per cent to close at N0.57 per share.

    Conversely, Caverton Business Solutions recorded the highest loss with 9.87 per cent to close at N1.37 per share, Meyer Pant trailed with a loss of 9.85 per cent to close at N2.47 per share, SCOA Plc fell by 9.60 per cent to close at N1.13 per share, Thomas Way dipped by 8.60 per cent to close at N3.72 per unit, UPDC dropped by 8.26 per cent to close at N1.11 per share.

    Volume of activities increased by 139.061 million, representing 30.95 per cent as investors traded 558.344 million shares valued at N9.794 billion in 6401 deals against 449.283 million shares worth N5.444 billion exchanged hands the previous day in 7100 deals.

    Transactions in the shares of FBNHoldings Plc led market activities with 209.898 million shares valued at N4.042 billion, United Bank for Africa followed with account of 53.724 million shares worth N1.099 billion, Universal insurance traded 43.685 million shares cost N10.194 million, Fidelity Bank exchanged 22.253 million shares worth N203.733 million, Unity Bank exchanged 18.028 million shares valued at N16.860 million.

  • NNPC/Aiteo JV Launches Nembe Crude Oil Grade, Exports Double 950,000 Barrels

    The NNPC/ Aiteo Joint Venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.

    According to a statement signed by Chief Corporate Communications Officer NNPC Ltd, Olufemi O. Soneye, the announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.

    OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.

    The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.

    The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.

    The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.

    Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark. 

    With the NNPC-Aiteo OML 29 JV back onstream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly. 

    This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.

    The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).

    It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.

    Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been debottlenecked through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution. 

    The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.

  • Nigeria’s Equity Sustains Bullish Run, Gains N85bn

    The Nigerian equity market closed positively on Tuesday, gaining 133.98 basis points as the market remained favourable.

    The NGX All Share Index advanced by133.98 basis points or 0.20 per cent closing at N70613.60 points compared to previous day gain of 0.40 per cent which closed at 70479.62 points.

    Market capitalisation of listed equities also appreciated by N85 billion to N38.787 trillion from N38.712 trillion reported the previous day.

    The NGX trading result showed that market activities lifted as result of increase in the share price of FBNHoldings, PZ, FCMB, Fidelity Bank Glaxosmith among others.

    An analysis of the investment showed that PZ Cusson led gainers table in percentage terms, increasing by 10 per cent to close at N22.00, Glaxosmith followed with a gain of 9.93 per cent to N14.95 per unit, Daar Communications added 9.52 per cent to N0.23 per unit, Japaul Gold up by 9.35 per cent to close at N1.52 per share, International Breweries gained 8.43 per cent to close at N4.50 per share.

    On the contrary, Northern Nigeria Flour Mills topped losers chart, dropping by 10 per cent to N18.00 per share, TIP followed with 9.65 per cent to close at N1.03 per share, Royal Express down by 9.26 per cent to close N0.49 per unit, Omatek fell by 8.77 per cent to close at N0.52 per share while Eterna Plc fell by 8.62 per cent to close at N13.25 per share.

    Volume of activities during the day rose by 58.27 million, representing 14.90 per cent as investors traded 449.283 million shares valued at N5.444 billion in 7100 deals against 391.013 million shares worth N7.705 billion exchanged hands the previous day in 6837 deals.

    Transactions in the shares of FBNHoldings led market activities during the day with 52.023 million shares valued at N1.026 billion, Chi Plc followed with account of 49.525 million shares cost N49.462 million, Fidelity Bank traded 42.020 million shares valued at N381.493 million, United Bank for Africa exchanged 41.466 million shares cost N847.006 million while Japaul Gold traded 37.079 million shares cost N55.154 million.

  • NNPCL Working With NEITI, Others To Reconcile NEITI’s 2021 Report

    The Nigerian National Petroleum Company Limited (NNPCL) will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the Reconciliation Committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Limited and Federation Accounts Allocation Committee, FAAC.

    A statement signed by Chief Corporate Communications Officer NNPC Limited, Olufemi O. Soneye, on Monday night in Abuja, said, this comes on the heels of calls by a non-governmental organisation for a probe of several monies allegedly owed to the Federation by the national oil company.

    NNPC Ltd states that the claims by the NGO were baseless, considering the fact that NEITI itself had dismissed many of the allegations in the said 2021 report, following a series of engagements with NNPC Ltd.

    NNPC Ltd had severally explained that at the outset of President Bola Ahmed Tinubu’s administration, it was made to sell Premium Motor Spirit (PMS) imported into the country at one third of its value, a development that gave rise to an average of N400bn monthly subsidy bill, which subsequently put a strain on its revenues and finances.

    NNPC Ltd further stated “that subsidy bill accumulated to N3.736 trillion as of May 31st 2023.”

    The oil company said that the non-payment of NNPCL’s share of upstream joint venture gas supplied to the government-owned plants had led to the accumulation of indebtedness of N174.07 billion by the Federation.

    “Similarly, the receivables due from the federation to NNPC Exploration & Production Limited (NEPL) as of 31st May 2023 amount to $712million (equivalent to N309.07 billion at N434.08/US$1) for revenues not remitted to NEPL but paid into the Federation account.

    “While the Federation owed NNPCL the sum of N 4.207 trillion as net indebtedness, the Company was only indebted to the Federation in the sum of N2.852 trillion, made up mainly of outstanding Good and Valuable Consideration (GVC) in respect of government upstream divestments, royalties and Petroleum Profit taxes (PPT).

    “We would like to also use this opportunity to clarify that over the years, our relationship with NEITI has been very cordial, as seen in August 2020 when we became an EITI supporting company in 2020, joining a group of over 65 extractives companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company expectations.

    “Indeed, aside being a signatory to several EITI’s global ethics and standards, NNPC Ltd had on the sidelines of the United Nation’s General Assembly (UNGA) in Washington DC, in September this year, signed up to the United Nations Global Compact on human rights, labour, environment, and anti-corruption, thereby becoming the first state-owned oil company to join the global initiative,” it said. 

    The state oil company averred that it’s book remains open as it remain committed to delivering value to Nigerians with integrity and as espoused in our principles of Transparency, Accountability and Performance Excellence (TAPE), the bulwark of the Mele Kyari leadership of the company.

  • Majority Rural Women Can’t Access Financial Services – Centre

    Majority Rural Women Can’t Access Financial Services – Centre

    The Executive Director of the Policy Innovation Centre, Dr Osasuyi Dirisu has said that 80 per cent of poor rural women have difficulty accessing financial services.

    In a pre-conference press briefing, Monday in Abuja, Dr. Osasuyi also said the situation has further made it difficult for them to drive trade and inclusiveness.

    The Gender and Inclusion Summit, with the theme “Building Bridges: Advancing Gender and Inclusion through the Intersection of Trade and Health”, will hold on November 28 and 29, in Abuja, Nigeria.

    Analysts say the event would be a catalyst for positive change, uniting voices, inspiring commitments, and mobilizing stakeholders to advance gender equality.

    She said, “About 80 per cent of the 133 million people who are multi-dimensionally poor live in rural settings, who are talking about access to financial services to drive trade and inclusion. Who is talking about the gaps in infrastructure to drive productivity?

    The PIC Executive Director noted that it is becoming increasingly difficult for women and vulnerable groups to access healthcare making Nigeria one of the countries with the worst indices for maternal mortality, new-born to child birth.

    “There needs to be real conversation around gender inclusion centred around trade for that is the powerhouse that drives productivity and drives conversation around GDP that we are able to address issues around inflationary pressures and ensure that we have a productive society.

    “The summit is special because we are not just talking about health, we are talking about trade. We are talking about an intersection where vulnerability is likely to occur,” Dr. Osasuyi said.  

    Speaking about the upcoming event, the Chief Executive Officer Designate of the Nigerian Economic Summit Group, Dr Tayo Aduloju stated that ‘’To facilitate the advancement of a gender-inclusive society, it is necessary to consider how trade, investment, and health policies/interventions affect women, men, and vulnerable populations differently. Despite their significant contributions to informal trade, women continue to have limited access to resources and markets. There are also significant gaps in access to health services and Nigeria’s maternal mortality remains among the highest in the world.”

    He further stated that “Considering these realities, the high-level forum on the SDGs has partnered with the Policy Innovation Centre (PIC) to ensure seamless delivery of the Gender and Inclusion Summit 2023”.

    PIC, an initiative of the Nigeria Economic Summit Group (NESG), is the first national institutionalized behavioural initiative in Africa supporting governments and stakeholders to make behaviourally informed decisions and generate contextually relevant evidence for high-impact interventions in critical thematic areas.

  • Equity Market Gains N156bn On First Trading Day

    Domestic equity market opened transactions on the floor of Nigerian Exchange (NGX) on a positive note, gaining N156 billion.


    The NGX trading result showed that gain recorded in the shares of BuaCement, Oando, Seplat, Glaxosmith, Fidelity Bank and others boasted activities in the market.


    Market capitalisation of listed equities increased by 0.40 per cent to N38.712 trillion from N38.556 trillion reported the previous day.


    The NGX All Share Index also appreciated by 282.85 basis points to 70479.62 points from 70196.77 points it closed on Friday.


    A review of the investment showed that Thomas Way led gainers table in percentage terms, gaining 10 per cent to close at N4.07 per share, Chams Plc followed with a gain of 9.90 per cent to close at N2.22 per unit, Gloxasmith gained 9.68 per cent to close at N13.60 per share, Oando Plc up by 9.66 per cent to close at N9.65 per share, Japaul Gold gained 9.45 per cent to close at N1.39 per unit.


    On the contrary, ABC Transport recorded the highest loss during the day, dropping by 9.30 per cent to close at N0.78 per unit, Cornerstone Insurance trailed with a drop of 9.27 per cent to N1.37 per share. Champion Breweries gained 9.19 per cent to N3.36 per share, International Breweries down by 8.79 per cent to close at N0.21 per unit.


    Volume of trades declined by 19.348 million, representing 4.72 per cent as investors traded 391.013 million shares valued at N7.705 billion in 6837 deals against 410.361 million shares cost N9.163 billion exchanged hands the previous day in 6436 deals.


    Trading  in the shares of United Bank for Africa led market activities with 105.627 million shares valued at N2.137 billion, FBNHoldings followed with account of 33.267 million shares cost N602.498 million, Japaul Gold traded 21.348 million shares valued at N29.607 million, Fidelity Bank exchanged 20.438 million shares worth N175.964 million, AccessCorp exchanged 19.502 million shares valued at N33.657 million.