Connect with us

Business

NNPC, NLNG seal $2.5 billion gas supply contract

Published

on

The Nigerian National Petroleum Corporation (NNPC) has signed a $2.5 billion pre-payment agreement with the Nigeria Liquefied Natural Gas (NLNG) for upstream gas development projects to supply gas to Trains 1 to 6 of the plant.

The Group Managing Director of NNPC, Mele Kyari, at the signing, urged shareholders to expedite work and expand production capacity beyond Train 7 to take advantage of the huge opportunities in the global LNG market.

The signing of the gas supply pre-payment agreement was witnessed by the Country Chairman of Shell Companies in Nigeria, Osagie Okunbor, and representatives of Total, Eni/NAOC, amongst others.

The GMD said the agreement was significant as it would help in resolving the issues around gas supplies to Trains 1 to 6 of the plant.

He said there was a need to fast-track action on the process to bring more trains on stream.

“Here at NNPC, we are thinking beyond Train 7. If your ambition is Train 7, then you have to work hard to change that,” Mr Kyari told the shareholders.

Despite being a huge success story as a company, the GMD said the NLNG must go beyond its current achievements and initiate other viable projects capable of generating better returns on investment.

He said the partners should be concerned on what other projects they can quickly deliver to take advantage of the enormous gas potential in the country.

Besides, he said there was a need for the partners to take advantage of what is happening in the global market and do things very differently.

”There are opportunities in the global market our company must move fast into those locations,” he said.

The official said the pre-payment gas supply agreement was a milestone which aligned with the Federal Government’s aspirations of monetising the nation’s enormous gas resources.

He said the agreement will protect the federation’s investment in the NLNG; ensure full capacity utilisation, consisting 22 metric tons per annum (MTPA) of LNG and 5 MTPA of NGLs of Trains 1-6 plants; generate employment, and provide new vistas of growth opportunities in the nation’s LNG sector.

Earlier in his address, the Managing Director of NLNG, Tony Attah, said the signing of the gas supply pre-payment agreement was a significant step towards ensuring the company’s business sustainability and competitiveness.

Attah called for support to ensure the Final Investment Decision on the Train 7 Project is taken this year without fail.

He said the project was no longer an ambitious one in view of recent developments in the global LNG market.

Business

NSE market indices rose by 0.54 per cent after Eid-el Malud celebration

Published

on

Nigerian equities market resumed trading for the week on Tuesday with a growth of 0.54 per cent after Monday public holiday declared by the federal government to mark 2019 Eid-el Malud celebration.

Specifically, the market capitalisation inched N69 billion or 0.54 per cent to close at N12.878 trillion against N12.809 trillion recorded on Friday.

Similarly, the All-Share Index improved by 141.90 points or 0.54 per cent to close at 26,456.39 compared with 26,314.49 achieved on Friday.

A breakdown of the price movement chart indicates that Cement Company of Northern Nigeria dominated the gainers’ table, gaining N1.60 to close at N19.10 per share.

Dangote Cement followed with a gain of N1.40 to close at N147.20, while Nigerian Breweries garnered 70k to close at N47.20 per share.

Access Bank added 35k to close at N9.55, while UACN gained 30k to close at N6.50 per share.

Conversely, Lafarge Africa recorded the highest price loss, shedding 55k to close at N14.15 per share.

FBN Holdings trailed with a loss of 20k to close at N5.60, while Ecobank Transnational lost 10k to close at N6.90 per share.

Ikeja Hotel was down by 9k to close at N0.88, while FCMB Group declined by 6k to close at N1.80 per share.

However, the volume of shares traded lower as investors staked 378.35 million shares valued at N7.15 billion in 4,798 deals.

This was against 432.47 million shares worth N5.58 billion transacted in 4,002 deals on Friday.

Zenith Bank emerged the toast of investors, exchanging 86.55 million shares valued at N1.52 billion.

It was followed by Access Bank accounting for 73.03 million shares worth N682.92 million, while Guaranty Trust Bank sold 37.13 million shares valued at N1.06 billion.

The Nigerian Breweries accounted for 36.02 million shares worth N1.69 billion, while Fidelity Bank traded 17.71 million shares worth N33.15 million.

Continue Reading

Business

Akwa Ibom: DPR seals 13 illegal petrol stations

Published

on

The Department of Petroleum Resources (DPR), Eket Field Office, in Akwa Ibom has sealed 13 filling stations for acts of illegality and non-renewal of licenses in the state.

The DPR Operations Controller in the state, Tamunoiminabo Kingsley-Sundaye, disclosed this on Wednesday in Uyo during a routine surveillance on petrol stations.

Kingsley-Sundaye said the filling stations were sealed in Uyo, Essien Udim, Ikot Ekpene, Abak, Etim, Ika Local Government Areas of the state.

He explained that out of the 13 stations sealed, seven were sealed for non-approval to build or operate the stations while six did not renew their licenses.

“Seven of them do not have approval to build filling stations.

“The team of DPR on routine surveillance went out to some areas in Akwa Ibom to ensure compliance in terms of standard, safety engineering standard and operating standard,” he said.

The operations controller said the department had given prior warning to defaulting stations but they were recalcitrant and refused to comply with guidelines and standard of operations.

“There are some people who are adamant and they feel the system is weak or the government is weak to make them to obey the law. We will continue to do what is right,” Mr Kingsley-Sundaye said.

He said the department collaborated with the Nigeria Security and Civil Defence Corps (NSCDC) to arrest defaulters of oil and gas in the state in October.

He noted that after the arrest, a good number of the defaulters came back to do the right thing while two petroleum marketers, who were arrested, refused to do the right thing.

Kingsley-Sundaye added that those petroleum marketers who built filling stations without approved licenses would be sanctioned and prosecuted in the court of law.

“The department will approach court of law to prosecute the defaulters in the state.

“If your license expires, the law states, you don’t have the authority to continue doing such business.

“When you continue to operate illegally, it is a criminal matter but not a civil matter and the law enforcement agency will assist us to do what is right.

“It is cheaper for you to obey the law than to break it,” the operation controller said.

He advised some of the petroleum marketers to approach DPR if they wanted to build filling stations or site oil and gas facilities in the state.

Continue Reading

Business

Court okays forfeiture order of N2.4bn properties linked to ex-PPMC boss

Published

on

The Federal government has secured an interim forfeiture order from the Federal High Court in Abuja to seize N2.4 billion and properties allegedly linked to a former Managing Director of the Pipelines and Product Marketing Company (PPMC), Haruna Momoh.

In a statement signed by its spokesperson, Rasheedat Okoduwa, on Monday, the ICPC alleged Momoh illegally acquired the said monies and properties.

The ICPC said the properties to be forfeited are Plot 199, Ebitu Ukiwe Street, Utako, Nos. 21, 22, 23 and 26 Olympia Estate, Kaura District, Plot 1824, Cadastral Zone, BO7, Katampe, plot 1827, Cadastral Zone, BO7, Katampe and No. 6 Casamance street, Wuse Zone 3, all in Federal Capital, Abuja.

The commission said its investigations had also revealed that the former PPMC boss allegedly abused his position by using cronies and shell companies to divert government funds.

It added that the accused had unlawfully used different companies to secure contracts from the Nigerian National Petroleum Corporation (NNPC) without any corresponding evidence of execution.

”The ICPC had secured an interim forfeiture order from a High Court of the Federal Capital Territory, Abuja, to seize the N2, 417, 037, 404 billion comprising of foreign and local currencies, stashed in multiple accounts in four different banks as well as five landed properties located in different parts of Abuja metropolis.

”He allegedly used Multi-Functions Nigeria Limited, Blaid Property limited and Blaid Construction Limited to carry out several unlawful activities running into billions of naira. Contracts were secured for the companies from the Nigerian National Petroleum Corporation (NNPC) without any corresponding evidence of execution.”

Further, the commission said it traced four bank accounts with the United Bank for Africa (UBA) to Mr Momoh’s wife – in them was stashed the sum of N469.2 million in foreign and local currencies.

Also $1.7 million and N496.2 million respectively were found in an account with Union Bank.

”The wife has four bank accounts with the United Bank for Africa (UBA) where the combined sum of N469.2 million in foreign and local currencies was stashed and two other accounts with Union Bank, where the Commission found $1, 678, 975 million and N496, 137, 895 million respectively.

”ICPC further discovered Euro 173, 601.55, $5, 563.21 and N876, 209, 744 million three Stanbic IBTC bank accounts traced to Multi-functions Nigeria Limited and the sum of N800, 663.43 in Citibank also belonging to the same company.”

Justice Adeniyi, while granting the interim forfeiture, ruled that the money be placed in an interest-yielding escrow account in the name of ICPC.

Continue Reading

Like Us OnFacebook

Trending