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Mixed Fortunes In Petroleum Sector … As Companies Roll Out Results

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There were mixed fortunes in the petroleum sub-sector of the Nigerian Stock Exchange (NSE) as three major players, Oando, African Petroleum and Chevron Plc released their results recently.

These results have taken their toll on trading as investors’ reaction had begun to reflect on stocks prices in the sector on the floor of the Exchange.

Oando and AP results were impressive while Chevron was a disappointment to investors.

Oando Plc posted an impressive result for the year ended with a turnover of N339.4 billion as against N185.9 billion in 2007, representing an increase of 82.59 per cent in its revenue. The company’s profit after tax, which recorded an impressive 31.5 per cent rise, stood at N8.34 billion compared with N6.34 billion in 2007. the directors of the company thus recommended a dividend of N8.00 per share to their shareholders. Investors approval immediately reflected in an upward movement of its share price. AP declared its audited result for the year ended December 31, 2008, with a turnover of N162.6 billion in contrast with N102.5 billion in 2007, representing an increase of 58.63 per cent in its revenue.

Profit after tax stood at N5.73 compared with N5.10 recorded in the previous year. The company’s board of directors proposed to pay N5.20 dividend per share to its shareholders with the closure date being July 7, 2009 and payment will be on July 27, 2009.Investors were, however disappointed with chevron Plc’s audited result for the year ended December 31, 2008. The result showed a turnover of N48.67 billion in 2007, indicating 32.96 per cent decrease. The company declared a loss after tax of 225.43 million as against profit after tax of N1.959 billion in 2007, indicating 111.51 per cent drop.

According to the Managing Director of Dakar Services Limited, Mr. Gerald Ibe, chevron’s result compared with its peers is a disappointment. “The other companies may not have paid much in dividend but their profit didn’t decline” He pointed out that Chevron had an internal crisis and urged the management to work on taking the company back to profitability. Analysts cited the intractable youth restiveness in the Niger Delta, relative stability in fuel pump price and the deregulation of the downstream sector of the industry as being responsible for this downturn in the fortune of the oil companies.

“The impact of activities of these youths obviously informed the instability of the oil sector listed on the floor of NSE as the prices fluctuate”, the Managing Director of Laksworth Investment & Securities Limited, Mr. Kayode Awotile said.

He attributed the decline in the PAT by some of the companies to the crisis in the Niger Delta and current global economic situation.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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