Business
Subsidy Probe: 23 Oil Firms Unknown, Reps Say
Published
2 years agoon
By
EditorThe House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2021 has said it does not know the profile of 23 oil and gas companies trading in Nigeria.
The panel is investigating payments made by the Federal Government through the Nigerian National Petroleum Corporation (now Nigerian National Petroleum Company Limited) for the subsidy on Premium Motor Spirit, popularly known as petrol, within eight years.
The Chairman of the committee, Ibrahim Aliyu, at the resumption of the investigative hearing on subsidy payments on Wednesday, stated that the firms had major serious questions to answer.
Aliyu read part of a communication from the Corporate Affairs Commission, in response to the committee’s request for the profile of the companies, said there were no details on the firms.
The lawmaker stated that the committee would be forced to write to the embassies of the countries where the companies are based for information on them.
The communication from the CAC, a copy of which our correspondent sighted, was dated July 13, 2022, with Reference Number RGO/SU/VOL.5/2022/0248 and was signed by one Maimunat Hamu on behalf of the Registrar-General.
It read, “Kindly refer to your letter Ref: NASS/QHR/AHC/PPSRIM1/1H/01/051 dated 1st July, 2022, on the subject matter above.
“Please be informed that we could not readily find information on the exact name of the following companies as provided in our record.
“Emadeb Consortium; Britania-U Nig. Limtted; Totsa Total Ol Tradings SA; Petroleum Trading Nigeria Limited; Mocoh S.A; Socer Worldwide; Calson Bermuda Ltd; Hyson; Litasco S.A; Mercuria Energy; Cepsa Lubricant; Trafigura Pte; Vitol S.A; Ocanbed Trading Limited; Bonno Energy; West Africa Gas Limited; Petrogas; Matrix; Masters Energy; Amg; Barbedos; Hindustan and Patermina.
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“However, you may wish to provide the registration numbers or any other available documents at your disposal to enable us to investigate further.”
An earlier communication from the CAC was referenced:NASS/9HR/AHC/PPSR/14/iH/01/051 and dated 1st July, 2022, had the list of some of the oil firms under probe by the committee.
They are Heyden Petroleum Limited RC: 433175; Graton Oil Limited KC: 644074; Duke Oil and Gas. Limited RC; 64456145; Matrix Energy Limited RC: 612026; MRS Companies Limited RC: 241,013; Sahara Trade Nigeria Limited RC: 352,443; Essar Exploration And Production Limited RC: 692910; Sahara Group Limited RC: 668626; Rainoil Limited RC: 257,444; Casiva Limited RC: 1091598; Petroleum Trading and Supplies Company Limited RC: 506113.
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Business
Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn
Published
2 days agoon
May 4, 2024By
EditorFBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd.(NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion.
The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 per cent to close at N27 per share.
Sterling Financial Holdings followed by 27.75 per cent to close at N4.88, while UACN gained 24.60 per cent to close at N15.45 per share.
Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 per cent to close at N36.80 per share.
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Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 per cent to close at N43.60, University Press trailed by 16.67 per cent to close N2.05 per share.
Neimeth International Pharmaceuticals shed 14.14 per cent to close at N1.70, Berger Paints Plc declined by 9.87 per cent to close at N13.70 and Vitafoam Nigeria lost 9.81 per cent to close at N17 per share.
Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.
Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.
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Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 per cent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.
Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 per cent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.
Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.
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The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 per cent to the total equity turnover volume and value, respectively.
The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.
In the third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.
Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.
These contributed 46.31 and 43.85 per cent to the total equity turnover volume and value, respectively.
(NAN)
Business
BREAKIN: NDIC Increases Maximum Deposit Insurance Coverage
Published
4 days agoon
May 2, 2024By
EditorThe Nigeria Deposit Insurance Corporation (NDIC) on Thursday increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million.
The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating that it takes effect immediately.
He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%.
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“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of total value of deposits.
“The increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27% of the total depositors compared with the current level of 98.76% and would increase the value of deposits covered by deposit insurance to 34.43% compared with 14.38% of total value of deposit, currently covered.
“The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34% of the total depositors compared with the current 97.98% and would increase the value of deposits covered by deposit insurance to 21.04% compared with 10.77% of total value of deposit, currently covered.”
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Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage for 99.99% of total depositors and increase the value of deposits covered by deposit insurance to 43.10% of the total deposit value, up from the current 40.60% cover.
The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.
Chairman of Dangote Industries Limited, Aliko Dangote has said that the devaluation of Naira created the biggest mess for the company in 2023.
Speaking at the annual general meeting of Dangote Sugar Refinery, Dangote said this affected lots of companies in the country.
He said: “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess.
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“The biggest mess created was actually the devaluation of the naira from N460 to N1,400. You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.
“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”
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