The Nigeria Communication Commission (NCC) is set to increase the contribution of the telecommunication sector to the Gross Domestic Product (GDP) contribution to 22 per cent by the year 2027.
The telecommunications sector contribution to the nation’s Gross Domestic Product (GDP) increased significantly to 16 per cent in the second quarter of 2023 from a 14.13 per cent contributed in the first quarter of 2023, and up from the 15 per cent recorded in the second quarter of 2022,
Executive Vice Chairman/Chief Executive Officer of NCC, Mr Aminu Maida who disclosed this in Lagos at a conference on how to reposition the nation’s economy said the Commission planned to increase the annual net revenue of the telecommunications sector to the Federal Government by 100 per cent over the next four years, achieve at least 15 per cent year-on-year increase in investments into the telecommunications sector.
Another target set by the Commission according to him is to have a 50 per cent improvement in Quality of Service (QoS) by the end of next year, and reduce the access gap in rural areas to less than 20 per cent by 2027.
He said that the reimagining of the communication sector is driven by five pillars which are interwoven with each other to deliver on the goal of fostering economic growth and development.
He said that these pillars which include policy, infrastructure, innovation, entrepreneurship and capital, trade, and knowledge, are the bedrock of the Strategic Vision Plan (2023 – 2025) and form the guide to channel our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria.
He said the vision aimed” to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent, to deepen and accelerate our position in global research in key technology areas and raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria.”
He said the programme which has already commenced with over one million applications by potential trainees is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 per cent by the end of 2027.
This he said will position Nigerians to productively contribute to the economy and place the country in the top 25 percentile of research globally in the key areas of Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), IoT, Robotics, Blockchain, and Additive Manufacturing in keeping with the strategic plan unveiled by the Honourable Minister.
Speaking further he said “We believe that attaining these targets will increase our pool of technically skilled persons to the global market. With more talents in these areas, we expect that potential employers of digital and technical skills in the international scene will begin to engage more Nigerians.”
The Federal Government says it will start charging owners of completed unoccupied houses triple ground rents instead of the single rate normally charged from three months after completion.
The Minister of Housing and Urban Development, Mr Ahmed Dangiwa said this in an interview with journalists during the continuation of site visits of housing projects constructed by the government and its agencies in Abuja.
The projects are the Suleja (Dikko) Prototype, Public Private Partnerships Cooperative, Gwagwalada National Housing Programme and Guzape Federal Housing Authority (FHA) also under PPP arrangement.
Dangiwa affirmed that the issue of completed unoccupied properties was prevalent in the FCT and some states of the federation while many citizens were in dire need of accommodation.
“What is important now is that we want to take stock of all those houses then we will interface with the owners and find out what they want.
“If they want to keep the houses unoccupied, the government will start charging them triple ground rent instead of a single ground rent that we charge,” he said.
On the supervision of projects across the country, the minister said all state controllers would be empowered and given the proper tools and equipment to carry out their functions effectively.
“The second thing is the issue of supervision, we have state controllers in every state of the federation. We want to empower them by giving them the tools they need in supervising any project within their vicinity,” Dangiwa said.
The minister expressed satisfaction with what he has seen adding that each of the locations had their own peculiarities and issues.
Commenting on the issue of BUA cement that announced a reduction in the price of its product but survey showed that the cost had not been brought down.
The minister lauded BUA Company for taking the initiative to reduce the burden on citizens.
“They have reduced the prices of their cement but most of the people who sell at higher prices are claiming that they bought it at higher prices,” he further said.
Oil communities in Bayelsa State at the weekend warned that oil production across the state may be halted if Nigerian Upstream Petroleum Regulatory Commission (NUPRC) fails to refrain from actions that could potentially reduce or create bottlenecks for the three percent host community fund under the Petroleum Industry Act (PIA).
The warning was contained in a statement jointly signed by a foremost youth leader, Mr Christopher Tuduo, His Royal Highness, Theophilus Moses, chairman Dodo River Rural Development Authority, Francis Amamogiran, Hon. Target Segibo of Oporoma Rural Development Authority and former Chairman of Koluama Clan Oil and Gas Committee, Engr Ebimielayefa Dick- Ogbeyan.
The communities, in the statement declared their readiness to take decisive action and escalate their efforts to address the concerns of the oil and gas communities if the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) fails to treat the matter as an emergency.
Emphasizing their proactive engagement in pacifying the youths across various communities since the signing of the Petroleum Industry Act (PIA), the communities stated that the stability of oil operations could be compromised if NUPRC allows the situation to deteriorate further.
The communities asked NUPRC to recognize the urgency of the matter and take immediate, substantive steps to resolve the concerns at hand.
They warned that improper handling of host community issues could have negative repercussions on Nigeria’s oil production and economy.
The communities stated that the NUPRC must reverse any action and regulations adversely affecting the host community to avoid a severe backlash. He noted that host communities are often excluded from the decision-making process, which results in the use of public resources to defend decisions in newspapers.
They criticized NUPRC’s intention, outlined in a letter dated 9th October, 2023, and signed by Capt. John R. Tonlagha for the Commission Chief Executive, which proposed participation in various activities related to the host community fund, such as BOT nominations, selection and inauguration, Management Committee Advisory Committee nomination and selection, and facilitation of NEEDs assessment. He argued that this would be too much for the three per cent to fund.
The group maintained that while NUPRC’s oversight function is essential, over-involvement in the activities of the HCDTs is counterproductive and financially burdensome.
“They are getting into the operations arena, and this will not augur well for the industry because each participation by the NUPRC will be funded from the HCDT trust.”
The also criticized the mandate for HCDTs to hire lawyers and accountants with a minimum of 10 years’ experience, stating that it would be impossible to pay such professionals from the five per cent administrative fund, which comes from the three per cent.
They argued, “In reality, no NGO organizations, including those like Accord or the Nigerian Conservation Foundation, which is one of the most successful NGOs in Nigeria, employ full-time lawyers, let alone one with 10 years experience. The HCDTs are styled as NGO organizations and should be expected to act according to the best practices and standards of that sector,”
The statement stressed further that by insisting that NUPRC must stop overstepping its boundaries, avoid acting as operators, and cease deducting expenses from the three per cent in cunning ways.
The group supports transparency and accountability, but the HostComply portal being developed by NUPRC to manage the administration of the fund should not be funded from the three per cent, as per Sele-Epri.
He stated that the regulator should bear the financial burden for the application, which enables it to monitor activities of different players more effectively.
Additionally, the group accused the regulator of insensitivity to the host communities’ concerns, particularly the allocation in the PIA and the criminalization of oil and gas asset destruction against communities lacking surveillance contracts.
They questioned the timing of NUPRC’s review of host community regulations, suggesting that the focus should be on setting up HCDTs and prioritizing benefits to the community.
As part of its Corporate Social Responsibility (CSR) initiatives, the Development Bank of Nigeria Plc (DBN) has empowered over 200 vulnerable women with entrepreneurial development skills in Gombe and Yobe States.
The programme which is a partnership with the Organisation for Environmental, Agricultural and Health Development (OEAHD) is aimed at providing soft skill acquisition for selected women, including physically challenged women in the North-Eastern part of the country.
Addressing participants at the Entrepreneurial Skills Acquisition Training and Capacity Building event, the National Coordinator, OEAHD, Hon. Tabitha Iliya Sallah re-emphasized the significant roles women play in the socio-economic development of the nation.
According to her, “The importance of women’s participation in entrepreneurship cannot be overstated. It is not just about fostering gender equality, but also about tapping into the full potential of our nation’s human resources. As entrepreneurs, women have the power to innovate, create jobs, and drive economic growth, because when women are economically empowered, their communities and the nation at large benefit.”
“The fact that this program has been made possible through the collaboration of OEAHD and DBN is a testament to our collaborative commitment and dedication to women’s economic empowerment across regions; especially displaced women.” She stated.
Commending DBN for sustaining its long-term vision of alleviating financing constraints faced by MSMEs and Small Corporations in Nigeria, Hon. Sallah noted that by providing training, mentorship, and access to finance, the bank is creating a nurturing environment for women to thrive in the business world, hereby bridging the gender gap and promoting sustainable economic development.
“DBN as we all know has been at the forefront of empowering women in business with unlimited access to finance and knowledge to prosper and build viable enterprises that will enable them to improve their livelihoods and contribute to the socio-economic development of their immediate families and communities” She posited.
The Organization for Agriculture and Health Development (OEAHD) is an NGO that is passionate about assisting the less privileged and vulnerable, particularly women and children and internally displaced persons etc regardless of race, colour, gender, social status, political affiliations in Nigeria. While the OEAHD have carried out several humanitarian services in the Northeastern part of the country, their operation is Nationwide with regional offices in Abuja and Gombe. The organization’s major service areas cover – Agriculture, Health and, Education.
The Managing Director of DBN, Dr Tony Okpanachi, affirmed that the training was in line with the bank’s unwavering commitment to strengthening the capacity of MSMEs in the country so that they could continue to contribute more to the National Gross Domestic Product (GDP).
“We believe that this partnership with OEAHD and by extension the entrepreneurial and capacity development initiative will have a significant impact on the lives of the targeted women in Gombe and Yobe State respectively, fostering their empowerment and contributing to sustainable development in the region”.
“Up to date, about 62 percent of our lending has gone to women-owned businesses. Most of them are Micro and Small Businesses. Our goal is to continue to nurture and empower women across regions, the ultimate objective being to grow and upscalethem from micro to large businesses.” He stressed.
He further stated that the women have received comprehensive vocational skills training that will enable them to start their businesses or enhance existing ones, thereby improving their economic wellbeing.
In its bid to build the capacity of youth towards making them employers of labour, the NNPCL Foundation, in partnership with Kudimata Nigeria Limited, have trained the Batch C members of the National Youth Service Corps (NYSC) in basic financial literacy skills.
Kudimata is a financial education outfit.
In a statement signed by Chief Corporate Communications Officer NNPC Ltd, Femi Soneye, on Friday in Abuja, the company said the training, which aligned with the objectives of Skills Acquisition and Entrepreneurship Development (SAED) scheme of NYSC had its maiden edition featuring Batch B stream in the past months. So far over 118,000 youth corps members have been trained in financial literacy, while about 70,000 are being trained across the 37 NYSC orientation camps in the country.
Speaking during the training, the Managing Director, NNPC Foundation, Emmanuella Arukwe described financial literacy as not only the bedrock of all successes in the ever-competitive labour market, but a journey towards attaining self-actualization, thereby heralding the trajectory to sustainable prosperity of the nation.
Arukwe, who implored the corps members to leverage on the knowledge garnered from the training to avert white collar job syndrome, added that the NNPC Foundation is committed to impacting the youth corps members to become employers of labour.
“We are partnering with both NYSC and Kudimata to bring financial literacy to the corps members, as this will help them make better-informed decisions. We are very passionate about young people and NYSC is a veritable ground as it cuts across 20 to 30 years old youth, thus, making it the right demography,” she stated.
According to her, “This programme cuts across the 36 states of the country including the Federal Capital Territory (FCT). This is the first step towards a series of programmes that will culminate in instilling entrepreneurship in the Corps members. After this training, those who pass the examination by 70 percent will move to the next stage. The next stage will keep them better informed on how to run businesses to ensure success in their businesses. Thereafter, we will do a pitching where those who are properly trained will be selected and be given start-up kits to go ahead and be on their own,” the MD added.
Addressing unemployment as the greatest problem of young graduates, she said, “We are aware of unemployment as a challenge plaguing young graduates and we recognize the need to empower the youths through capacity building of this magnitude for them to empower the whole nation. This training will help reduce unemployment and underemployment in Nigeria, thereby making the corps members employers of labour.”
In her remarks, the FCT Coordinator, NYSC, Shokpeka Winifred expressed her profound gratitude to both NNPC Foundation and Kudimata Nigeria Ltd for their unwavering support to empower the corps members to enable them to become self-reliant individuals and wealth creators.
Winifred described the training as a platform for young people to learn the best ways of managing their finances, while also grooming them to become good managers of resources.
“Going forward, I’m confident that they will put what they have learnt to use by utilizing their funds well as they are now aware of how to earn, maintain and multiply their finances. We are striving to see them becoming business owners tomorrow through further mentorship,” the Coordinator concluded.
One of the corps members at the NYSC orientation camp in Abuja, Prudence Enema said: “I’m thrilled that the NNPC Foundation took their time to train us on financial literacy, we are aware that financial literacy is very important, and we have learnt a lot on how to multiply our money in order not to suffer in the future.”
Another corps member, Okeke Ugochukwu revealed that the training was worthwhile as the importance of saving and categorization of finances were taught effectively.
CAPE Economic Research and Consulting has stated that food inflation will continue to drive inflation in Nigeria.
In its Economic Newsletter for November, which was made available to NATIONAL ANCHOR on Friday, the economic think- tank said headline food and core inflation are expected to rise to 27.41, 31.01, and 22.50 percent respectively.
While noting that inflation would heighten though at a moderate pace, the firm said the impact of food prices and exchange rates may play a strong role.
“However, housing and utility prices had a more robust impact in October 2023 than in September 2023. This suggests that the impact of an increase in energy prices and exchange rate continues to permeate into the economy and would continue to reflect over a 12-month period at the least, through a base effect,” it said.
On the Federal Accounts Allocation Committee (FAAC) allocation, the research firm noted that there may be a moderation in FAAC distribution for October 2023 adding that it may not dampen inflationary pressure significantly.
“The Federation Account Allocation Committee (FAAC) distributed the total sum of N903.48 billion among the three tiers of government in the month of October 2023 for revenue collected in September 2023. The amount distributed was lower than the N923.01 billion shared in September 2023 by N19.53 billion representing a decrease of 2.1 per cent.
“A further breakdown shows that the Federal Government received N320.54.25 billion; States, N287.07 billion Local Government, N210.90 billion. Thirteen percent derivation fund distributed among beneficiary states amounted to N84.97 billion. Revenue allocation to all the three tiers of government generally declined in October 2023 except for the 13 percent derivation fund.
“The decline was driven by the shortfall in non-oil. receipts, particularly, Companies Income Tax (CIT), Import and Excise Duties, and Value Added Tax (VAT). Collections from Petroleum Profit Tax (PPT), and Oil & Gas Royalties increased during the period,” it said.
The European Union says it has committed the sum of 500 million Euros over a five-year period to address Sexual and Gender Based Violence globally.
In his goodwill message EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, who said this at the Strategy and Knowledge Sharing Workshop on SGBV for First-Time First Ladies in Nigeria, added the money is part of the body’s commitment towards addressing SGBV.
She said, “Our two flagship SGBV programmes; the Spotlight Initiative and the Rule of Law and Anti-corruption (RoLAC) Programme, have been quite instrumental in advancing this agenda. With a global envelope of 500 million Euros, the Spotlight Initiative is a clear demonstration of the EU’s commitment towards addressing SGBV. As the Spotlight Initiative comes to an end next month, a new SGBV programme is now in the pipeline, and we hope implementation can begin in 2024.
While appreciating the intentional effort being put into the SGVB fight in Nigeria, Isopi urged the First ladies to continue to drive the fight of reducing SGVB to its barest minimum.
Emphasising the importance of timely, coordinated response to the SVGB scourge, the Ambassador said it would require fundamental actions that guarantee the safety and security of vulnerable women and children not only in Nigeria but across the world.
“We urge the government to take ownership by allocating more funding and ensuring that the SGBV designated institutions have all they require to address the needs of the people. Sexual Assault Referral Centres and specialised SGBV courts are best practices, and as the new administration both and federal level begin to settle in their various roles, we need to set the SGBV agenda so that they begin to give this the much-needed focus that it deserves.
“We hope that this meeting serves to further prioritise SGBV intervention as well as raise public awareness on what we consider to be one of the most heinous crimes in our society. We also hope that this meeting will explore ways to continue raising a call to action that asks everyone to take concrete steps to question, call out, and speak up against acts of gender-based violence (GBV).
In her keynote remarks, UN Women Representative in Nigeria, Ms. Beatrice Eyong noted that increasing cases of violence against women has become a huge concern.
According to her, 1 in 3 women have experienced violence.
“Globally, an estimated 736 million women—almost one in three—have been subjected to physical and/or sexual intimate partner violence, non-partner sexual violence – 26% of women aged 15 and older have been subjected to intimate partner violence,” Eyong said.
Sustainable Development Goal (SDG) 5, seeks to achieve gender equality and women’s empowerment through addressing violence and all forms of discrimination against women and girls.
She said there was a need to change the approach to addressing SGVB in order to achieve results.
“It is critical for us to adopt a perpetrators-centred approach in holding people accountable for SGBV and survivor-centred approaches in reaching out to survivors of SGBV. I acknowledge that the NGWF has been especially instrumental in championing essential services. Excellencies, we call on your support to ensure that these services which are a lifeline for survivors and their communities remain invested in.
“These violations also impede on the dignity, sanctity of life and fairness that are at the core of the international and national legal frameworks to which Nigeria subscribes. Sexual and Gender-Based Violence and harmful practices, in all their forms, violate the core principles of the United Nations Declaration of Human Rights, adopted by the UN General Assembly in 1948, the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), adopted by the UN General Assembly in 1979, the Maputo Protocol, adopted by the African Union in 2003, the 1999 Constitution of the Federal Republic of Nigeria (As Amended) and the Violence Against Persons Prohibition (VAPP) Law signed into 2015 and already domesticated in your various states Excellencies with strong hope for Kano to join soon,” she added.
She urged the First Ladies to sustain advocacy on the Gender Equal and Opportunities Bill that not only addresses economic violence but also advocates for affirmative action and inclusion of women.
The ongoing effort by the National Assembly to tinker with the Central Bank of Nigeria’s Act, 2007, has been generating heated debate within the polity. The concern has been the rationality of the exercise.
This effort is spearheaded by two distinguished Senators, Senators Steve Karimi and Darlington Nwokocha. The bills are – ‘A Bill to Amend the Central Bank of Nigeria Act 2007, and Matters Connected Therein’, and An Act to Amend the Central Bank (establishment) Act 2007 to Make the Central Bank More Transparent and Accountable in its Operations and to Ensure Enhancement of its functions and for Connected Matters’.
The crux of the two amendments already consolidated by the Senate is the ban on the CBN governor and his deputies from partisan politics, reconstitution of the CBN Board; subjection of CBN staff remuneration to the Salaries and Wages Commission; and ceding the position of the Board Chairman to a person outside the CBN. Also proposed prohibition of use of foreign currency in local transactions. Until this proposal, the Governor doubles as the Board Chairman.
The preoccupation of the sponsors of the bills is to enhance transparency and efficiency of the Central Bank of Nigeria, and to strip its governor of certain powers. The Senate Committee on Banking and Finance is saddled with the responsibility of reviewing and working on these bills for the Senate to take a position. Whatever is the expectation of the sponsors, it is important that the National Assembly does not in a spasm of emotion erode the independence of the Bank. CBN Act 2007 had settled this.
It was a common knowledge that the immediate past CBN governors hiatus and unprofessional conduct by engaging in partisan politics may have warranted this quest.His action was an infraction,and antithetical to his oath of office. It was also against the norms of central banking ethics. Anger against a rare singular infraction should not be used as an excuse to cripple a vital organ of government as the CBN. It amounts to throwing the baby away with the bath water.
An International Monetary Fund (IMF) working paper titled: The Role of Board Oversight in Central Bank Governance: The Legal Design Issues describe the Central Banks as a public law institution established to fulfill essentially sovereign functions delegated to them by the State. It admitted that certain central bank laws explicitly prohibit certain operations. Continuing, the paper said, for a central bank to be effective, it must enjoy a high level of autonomy vis-à-vis both political institutions and private economic interest. This autonomy it enumerated as: institutional, functional, personal, and financial. Institutionally it said the central bank should not be influenced by the State or private third parties in its decision-making in the context of the performance of its functions, e.g., through ministerial instructions. Functional points to its capability to implement its functions without direct governmental interference, and Personal ensures that key decision makers of the central bank (Governor and members of the Executive Board, Monetary Policy Committee and Oversight Boards) are autonomous from political and private economic interest. The Financial entails the capability of the bank to pursue its mandate by way of the financial means required to do so (the emphasis is mine).
Banning the CBN governor and his deputies from partisan politics is a good proposal, and well approved. But to appoint/impose an outsider as the chairman of the board other that its governor is incongruous with global central banking practice. Typical of our clime, as being proposed will not augur well for a critical institution as the CBN. The infraction of its former governor – highly condemned, is not an excuse to deal a fatal blow on the Bank. It amounts to killing a fly with a sledgehammer.
Subjecting its staff salaries to an external body violates the financial independence of the Bank. Infractions committed by its former governor have nothing to do with staff welfare. There are other organs of government earning far higher than the CBN staff, yet the legislators turned the blind eye.
Why are all eyes on the CBN? Are the Nigeria National Petroleum Plc staff salaries a subject of scrutiny by the National Salaries and Wages Commission, the Debt Management Office (DMO), the Nigeria Deposit Insurance Corporation (NDIC), and many others? It is public knowledge that the staff of some of these agencies earn fantastically higher, (excluding other perks) than CBN staff.
The Central Bank of Nigeria like its peers is the heart of the monetary system of the country. Nigeria’s economy is influenced heavily by the actions it takes, thus, any spasm of irrational decisions to alter or whittle what international investors and global partners would see as an erosion of the Bank’s independence, will further hurt the already fragile economy. It Was the Central Bank of Nigeria during the COVID-19 pandemic that ensured the stability of the economy while other organs of government were at a loss on what to do. The CBN should not be politicized. What happened under Godwin Emefiele was a rash decision that should be treated in isolation.
Amending the Act is not investor friendly, and it should be jettisoned. It will also encumber the effectiveness of monetary policy, and once the institution is seen as an appendage of the political class, there will be loss of faith, and confidence, in the economy. Ultimately, the economy will suffer for it.
Mr. Uche Tochukwu, a financial expert, said tweaking the CBN Act Now because of what happened under Godwin Emefiele will hurt the economy and the integrity of the CBN. He welcomed the decision of the lawmakers to ban the Governor and his deputies from partisan politics but frowned at appointing an outsider as the Bank’s Board Chairman. He said it is an aberration. Tochukwu called the attempt to subject the CBN staff salary to Salaries and Wages Commission as meddlesomeness. What about their own opaquely fatty allowances the public has decried? Doing that, they advised, will kill the morale of the staff. Are we even sure the staff are earning fantastically, he asked?
The legislators should get serious with other national pressing issues in the economy rather than tampering with the CBN Act.Dr. Babatunde Adisa, an economist said. He said, globally, the independence of central banks is high advocacy, why are our own legislators thinking of reversing the CBN gear of progress. He said those advocating for the weakening of theCBN governor’s power or administration of the institution are not in tune with reality.
Thus, the National Assembly should be guided as posterity will not forgive them if they are resolute on this unprofitable voyage.
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.
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.
