Shell resumes gas production in Niger Delta

By Newsdesk

Following return of peace to Niger Delta region, Anglo-Dutch oil firm, Royal Dutch Shell, has commenced gas production from the second phase of Gbaran-Ubie project sited within South-South region of Nigeria.

The project, which was announced by the firm, was an expansion of the Gbaran-Ubie development which it opened seven years ago.

Shell, through its Shell Petroleum Development Company of Nigeria subsidiary, on Wednesday, said the project would reach peak production of around 175,000 barrels of oil equivalent per day in 2019.

Shell Petroleum Development Company of Nigeria is the operator of a Nigerian joint venture between state-owned Nigerian National Petroleum Corporation, Total E&P Nigeria and ENI subsidiary Nigerian Agip Oil Company.

Nigerian Stock Exchange records N130b rise in market capitalisation

By Newsdesk

The Nigerian Stock Exchange (NSE) market capitalisation recorded N130 billion, representing 1.03 per cent increase, following gains posted by some highly capitalised equities.

Similarly, the All-Share Index which opened at 36,584.44 inched 378.04 points or 1.03 per cent to close at 36,962.48 as a result of price growth.

The market capitalisation closed on Tuesday closed at N12.739 trillion compared with N12.609 trillion recorded yesterday.

A breakdown of the price movement chart indicated that Nestle recorded the highest gain to lead the gainers’ table growing by N20.19 to close at N1, 220.20 per share.

Trailing the beverage firm, Total, recorded a gain of N11.40 to close the market at N239.51 and Dangote Cement completed the top three highest earners with  N9.29 to close at N224.90 per share.

Forte Oil appreciated by 50k to close at N50.50, while NASCON increased by 48k to close at N13.50 per share.

On the other hand, Mobil Oil recorded the highest loss declining by N11.25 to close at N213.81 per share.

Conoil trailed with a drop of N3.30 to close at N30.59 and Flour Mills depreciated by N1.15 to close at N29.85 per share.

Zenith International Bank lost 95k to close at N23.05, while UACN was down by 85k to close at N15.07 per share.

It was gathered that LiveStock Feeds was the toast of investors in volume terms, accounting for 101.19 million shares valued at N101.12 million.

Guaranty Trust Bank (GTB) came second with an exchange of 16.48 million shares worth N670.47 million, while United Bank for Africa sold 15.06 million shares valued at N141.31 million.

Also, Sterling Bank accounted for 13.45 million shares worth N13.54 million and investors staked N110.84 million on 8.54 million of Dangote Sugar.

However, the volume of shares traded closed lower as investors bought and sold 244.32 million shares valued at N3.67 billion achieved in 3,829 deals.

This was in contrast with a turnover of 368.38 million shares worth N6.27 billion exchanged in 3,729 deals yesterday.

NNPC warns intending investors against fake oil allocation papers

By Newsdesk

The Nigerian National Petroleum Corporation (NNPC) has warned intending investors into oil sector to be wary of conmen that specialise in circulating phantom letters of crude oil allocation with intent of swindling unsuspecting public.

NNPC lamented that activities of the conmen often create unnecessary distraction for staff at Crude Oil marketing Department (COMD) because they often compelled to deal with huge turnover of scam mails on a regular basis.

The Group Managing Director of the Corporation, Dr. Maikanti Baru, raised concerns on activities of international fraudsters at the presentation of commendation letters to 12 staff of the Crude Oil Marketing Division of the Corporation in Abuja.

While hinting on strategies often adopted by the fraudsters, Baru urged intending investors to be wary of dubious emails purporting to emanate from the Corporation with mouth-watering crude oil allocation offers.

NNPC Group General Manager in charge of the Crude oil Marketing Division of the Corporation, Mele Kyari, added that the scammers often sends fake crude oil allocation letters using names of senior NNPC officials as decoy.

Kyari added that they also request the gullible individuals to pay certain cash deposits as commission on volume of crude received.

According to him, the gullible individuals end up paying huge sums of dollars into these accounts as commission but the reality is that nobody allocates crude oil on a piece of paper the way the scammers canvass in their dubious letters. Everything about crude sale is electronic and real time. If you have your cargo the whole world knows.

To tackle the challenge, the COMD has made available the email contacts of its top officials thus allowing members of the public access to verify such emails.

In similar vein, the division has embarked on the automation of the Direct-Sale –Direct-Purchase (DSDP) crude oil for product exchange scheme to ensure transparency of the process.

According to Kyari, the idea is to guarantee an end-to-end access to the DSDP programme online for relevant stakeholders to monitor process from the point of crude oil allocation to conversion, return of products to the country and distribution by Nigerian Products Marketing Company (NPMC) to the ultimate transfer of cash into the Federation Account.

He said though some form of automation of the process exists at the moment, the new programme which would be delivered by next month would provide insight into the minutest details of the entire transaction.

$823m Abuja metro rail will ready December-CCECC

By Newsdesk

The contractor handling phase one of Abuja Rail Mass Transit Project, China Civil Engineering Construction Corporation (CCECC), has disclosed that the project will be commissioned December.

CCECC added that the rail transit, which cost 823 million dollars (about N299 billion), consisted of lots 1A and 3, covering 45km with 12 designed passengers’ stations.

The Project Manager, Kong Tao, disclosed commission date while addressing newsmen who were on tour of the site at Idu, Abuja, on Tuesday.

Tao, who explained that the rail linking Nnamdi Azikiwe International Airport, Abuja, to the Central Business District, said that the project would be test-run by November and will be commissioned for public usage in December.

According to him, the line of the rail mass transit is double-track line of right side running, and standard-gauge is 1435mm. Work on the large scale project is going on smoothly.

He said that the project, after completion, would generate employment and boost the commercial activities of the host communities.

“Abuja rail mass transit project is bound to accelerate the growth of national economy. The realisation of this large scale project will definitely deliver much benefits to the general public, such as better investment environment.

”It will also enhance better living condition, more employment, land value enhancement, energy saving and greater social responsibility,” he added.

Tao, however, expressed concern about the vandalism of the rail facilities of the company, saying, despite the presence of security personnel, thieves still operate on weekly basis.

He said that host communities often destroyed the perimeter fencing built to prevent trespassing on the rail track.

”This endangers lives as operational trains move constantly on the rail track. Safety is the most important thing in our operation. Even though we built fence to prevent trespass, they break it to cross the rail rack,” he added.

Oyo governor launches new home owners scheme, Electronic C of O

By Newsdesk

The Oyo state governor, Abiola Ajimobi, has launched housing policy designed to enable home owners in the state regularize their land documents, even as it inaugurated Electronic Certificate of Occupancy (e-C of O).

Ajimobi stressed that these were measures the government is deploying to lessen residents pains considering the current economic downturn and reduce use of papers and improve security features in  property in the state.

The governor, who inaugurated the plans at the official Flag off ceremony of the Enumeration and Assessment of properties in Oyo at Housing Corporation Ibadan, explained that the scheme was created to enable home owners that currently had no title documents to do so with ease.

While listing some of the documents to received at N120, 000 as Survey and Building plans, he assured that every measure has been put in place to ensure the scheme is transparent and devoid of unnecessary bottlenecks.

According to the governor, “This is one of the measures being put in place by our government not only to lessen the pains of the current economic downturn on our people but to empower them for greater economic possibilities. Also, Oyo State Government is changing from the current use of the paper-based Certificate of Occupancy to ‘e-C of O’, the electronic Certificate of Occupancy with features to make it a lot more secure and copy proof.

“The electronic C of O will contain the following elements: a scanned photograph of the Owner printed on a copy-proof security paper; an encrypted and enhanced 2D bar code that is unique to the owner; an additional embedded security characteristic containing vital security information that can only be viewed with an enabled barcode reader that is unique to the Owner only; and​ a distinctive Certificate of Occupancy number that will be very legible for all to see,” the governor stressed.

The governor urged that residents should cooperate with members of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Oyo State Chapter, who will handle the enumeration and assessment exercise, noting that the essence of the enumeration is to generate data that will aid sustainable developmental objectives in the state.

“Without a dependable data base, neither significant nor sustainable developmental objectives can be achieved. However, in order to generate, categorise and databank these critical information, the State Government decided to engage services NIESV.

“Our decision to appoint and work with this Institution as Consultants for this very important assignment is a further testimony of this Administration’s recognition of the role of professional bodies as able stakeholders in the daunting task of returning our dear state to its traditional and enviable position of the pacesetter.” Ajimobi added.

In his address, the State Commissioner for Land, Housing and Survey, Ajiboye Omodewu said that the enumeration of properties became necessary for effective planning and determination for the provision of infrastructures like water, health centres, police posts, roads among others, appealing to the people of the state to cooperate with the state government to achieve the desired objectives of the exercise.

In his goodwill message, state chairman of NIESV, Adegboyega Quadri appreciated the state government for establishing a record in the annals of the state by engaging professional for the enumeration exercise, pledging that the Institute will discharge its responsibilities effectively and efficiently.

He noted that the exercise will encourage spatial spread of residential areas as well as being used to challenge census figures and resolve housing deficits, urging that other professional bodies should enjoy patronage from the government.

12 passengers die, scores missing after Lagos boat mishap

By Newsdesk

Tragedy struck on Sunday in Lagos state after a banana boat capsized in Ilashe axis with no fewer than 12 passengers dead, four rescued and scores missing after the mishap.

It was gathered that the boat capsized at about 11:30 a.m on Sunday while conveying church congregation from Ilase village to another beach within the community.

Sources said that some of passengers had no lifejackets on when the incident happened, even with no accurate number onboard.

After the boat capsized, eyewitness disclosed that local volunteers swoop into action, in searching for the passengers. But they could only rescue four at the time of filing this report.

The local divers in collaboration with National Inland Waterways Authority (NIWA) and Lagos State Waterways Authority (LASWA), officials, Marine police and other emergency agencies recovered 12 bodies including children.

Confirming the tragedy, LASWA, Managing Director, Abisola Kamson, attributed the unfortunate mishap to overloading of passengers by boat operator.

Kamson said: “An unfortunate incident occurred at Ilashe today Sunday August 20th arising from overloading of passengers on a Banana boat taking off from an illegal Jetty which has become a perennial issue of the Lagos State Government to rid our Waterfront areas of illegal operators.

“We sympathize with the families of the deceased as 12 lives were lost in the mishap and four people receiving treatment in the hospital,” she added

The managing director hinted that four victims of the mishap that were rescued by the agencies were receiving treatment at a nearby hospital, while search and rescue operation was still on-going.

While commiserating with the families of those that lost their loved ones, she said the mishap had again brought to the fore need for NIWA to respect the recent verdict of the Court of Appeal which upheld the powers of the State Government to control its intra-inland waterways.

“The LASWA rescue team has been on ground and search is still on-going. This brings to fore again the need for NIWA to allow the judgement of the Appeal Court granting Lagos Control of her waterways to take effect without hindrance.

“It is a matter for regret that ever since the judgement was pronounced, NIWA has ejected all State Water Guards monitoring standards from all Federal owned Jetties. In spite of this, the Government of Lagos State aligns to the safety of citizens on the waterways. All Lagosians are enjoined to wear standard life jackets at all times on our Waterways,” Kamson added.

Besides, the LASWA boss urged boat operators and other stakeholders in the inland waterways sector to adhere strictly to safety standards at all times.

NSE market capitalisation records N208bn increases

By Newsdesk

The transactions made on floor of Nigerian Stock Exchange (NSE) has sustained the ongoing positive trend after recording market capitalisation growth of N208 billion amid gains by cement, banking and consumer goods stocks.

 

Though market capitalisation opened trading with N12.52 trillion rose by N208 billion or 1.66 per cent to close at N12.73 trillion.

 

Similarly, All-Share Index inched stood at 603.98 points or 1.66 per cent to close higher at 36,920.56 points on Friday compared with 36,316.58 points achieved yesterday.

Among the top gainers was Dangote Cement  which recorded a N5.20 share growth to close at N225 per share, and led the gainers’ table for the day.

Guaranty Trust Bank (GTB) and Stanbic IBTC ended the first three with a gain of N2.40 to close at N39.50 per share and appreciated by N1.85 to close at N38.85 per share repectively.

Other on top gainers chart were Zenith International Bank which added N1.52 to close at N24.53 per share, while PZ Industries increased by N1.28 to close at N26.93 per share.

Market watchers attributed the development to investors’ repositioning ahead of release of Access Bank and United Bank for Africa (UBA) 2017 half year results.

They said that the repositioning sustained the volatility witnessed in the market in last couple of days.

Okomu Oil Palm, however, recorded the highest loss at end of the day’s trading, dropping by N3.63 to close at N69.09 per share.

Also on the loser’s chart, Nigerian Breweries, who closely trailed Okomu oil, recorded a loss of N2.98 to close at N181.07 and Cadbury was down by 63k to close at N12.07 per share.

UACN recorded a declined by 60k to close at N16 per share after the day’s trading, and CCNN lost 45k to close at N9.22 per share.

Also, the volume of shares traded closed higher as investors traded a total of 236.62 million shares valued at N4.81 billion in 3,803 deals.

Meanwhile, aside that Zenith International Bank, recorded massive gains, the bank was also most active, trading 61.85 million shares valued at N1.47 billion.

UBA followed with an account of 40.41 million shares worth N380.68 million and GT Bank traded 32.51 million shares valued at N1.26 billion.

Fidelity Bank sold 12.38 million shares worth N16.04 million, while FBN Holdings exchanged 11.74 million shares valued N70.10 million.

NNPC urges vandals to stop pipeline hacking

By Newsdesk

Worried by funds the country lost whenever oil pipelines were vandalised, Group Managing Director of Nigerian National Petroleum Corporation(NNPC), Dr. Maikanti Baru, has urged oil pipeline vandals to desist from such nefarious act .

Baru stressed that the ugly incidents of petroleum pipeline pulverization presented a loss-loss scenario for vandal, the environment and the economy.

The general manager, who made the appeal while receiving a delegation of Nigerian Environmental Society in his office on Friday, lamented that the act was not only harmful to the environment but equally hazardous to the pipeline vandals and the economy.

Baru, in a statement by the corporation’s General Manager, Group Public Affairs Division, Ndu Ughamadu, assured that NNPC would often adhere to industry standards in Health Safety and the Environment, (HSE).

He argued that the Corporation does not embark on any project without a duly certified Environment Impact Assessment (EIA) report.

“All our projects also go through commissioning and decommissioning and we do it in accordance with prevailing world standards and our environmental practices are in line with the latest International Standard Organization, ISO specification, ’’ Baru said.

The GMD noted that HSE was given a major consideration before the Corporation executed recent spate of multi-billionaire upstream investment agreements with some of its Joint Venture partners.

According to him, be rest assured that if there is just one company that would be environmentally compliant in the industry, it is definitely going to be NNPC.

Earlier,  National Vice President of the Society, Dorothy Bassey, commended the corporation for successes recorded in the sector especially signing of alternative funding agreements with JV partners and the re-invigoration of NNPC Anti-Corruption unit.

As the foremost environmental society in the country, She opined that NES was willing to forge a symbiotic relations with NNPC, to address concerns that comes with the day to day operations oil and gas industry in general.

Nigeria records over 70pct oil production cost reduction, $3bn savings

By Jide Ajia

The Nigerian National Petroleum Corporation (NNPC) has recorded a significant drop on cost of oil production from $78 per barrel to $23, representing 70.5 percent reduction.

The Group General Manager, National Petroleum Investment Management Services (NAPIMS), NNPC, Dafe Sejebor, disclosed that the services arrived at the figure after looking at difference between the $78 and $23 which represent old and new cost of production in relation to the present daily average production in the country.

Speaking during inauguration of Anti-Corruption Committee of the unit on Thursday, Sejebor hinted that effect of development yielded the nation $3 billion saving, just as he proved that more could be achieved as time goes on.

 

The GGM stated that the target was to bring the cost of production to between $17 and $19 for onshore and offshore production respectively.

He commended the Federal Government for its support to the NNPC management in tackling challenges within petroleum industry, especially that of cash call exit agreement signed in 2016, alongside reduction of contracting circle from three years to six months.

On the new Petroleum Policy, Sejebor said it was necessitated by the increasing difficulty in operating the petroleum industry within the framework of the old Petroleum Act in the face of the delayed passage of the Petroleum Industry Bill (PIB).

However, the development was said to had came in right moment the Minister of State for Petroleum Resources, Ibe Kachikwu, maintained believes that the $23 per barrel cost could still be further brought down in an effort to attract new investments into the oil and gas sector.

Kachikwu, had during his visit to Dangote refinery recently, expressed worries that Nigeria’s cost of oil production remains absolutely high when compared with other OPEC countries including Saudi Arabia which produces at $9 per barrel

In real term, it means that the NNPC’s acclaimed 70. 5 percent cost reduction achieved in two year, the estimated $3 billion saving per annum, could still be improved and bring in line with global best practices.