Business

FGN Bond 2022 Records High Volume

Published

14 years ago

April 11, 2012

In volume terms, the 16 .39 percent FGN January 2022 drove the over-the-counter Bond Market for the week ended April 5, 2012 with a record volume of 32.38 million units valued at N34.9 billion in 289 transactions.

The 9th FGN Bond 2022 series 1 was followed by the 7.00 percent FGN Bond October 2019 (6th FGN Bond 2019 Series 4) which recorded a traded volume of 27.10 million units at the value of N18.05 million in 125 deals.

In all, the market recorded a total of 129.62 million units worth N11.73 billion in 803 trades during the review week up from the 115.99 million units exchanged in 1,029 transactions at the value of N101.566 billion during the previous week.

Out of the 26 available FGN Bonds only eight were traded, the same number that was traded the preceding week according to market reports.

The stable but low key activities in the FGN Bonds, according to market analysis was attributed to the market expectation of the FGN Bonds second quarter issuance calendar by the Debt Management Office of Nigeria (DMO).

Market analysis say due to the maturity of Circa N98.00 billion worth of OMO bills and the injection of N106 billion from the excess crude account there was increased liquidity in the system which reduced the interbank rates during the review weeks.

Also the treasury bill market was active on the short and medium terms as more positions were taken by investors in response to the liquidity in the system.

The equities sector of the market recorded a transaction volume of 1.149 million units of shares valued at N7.796 billion in 15,027 deals as against a total of 1.442 billion units of shares at the cost of N11.5 billion exchanging hands in 18,849 deals in the previous week.

The financial services sector, according to the Nigerian Stock Exchange (NSE) weekly report accounted for 857.99 million units of shares valued at N4.94 billion recorded in 8,856 trades.

With a traded volume of 70,547 million units of shares valued at N35.54 million exchanged in 13 deals, the Natural resources sector followed the financial services sector.

The Banking subsector was the most active in the financial services sector in terms of volume having traded a total of 738.97 million units of shares worth N4.87 billion exchanged by investors in 8,450 trades.

Boosted by activities in the Shares Transnational Corporation of Nigeria Plc, the Diversified Industries subsector of the conglomerates sector emerged second on the week’s activity chart with a subsector turnover of 66.26 million units of shares valued at N33.5 million recorded in 212 deals.

The NSE-All Share Index surged by 1.40 percent to close on Thursday at 20,941.93 basis points while the market capitalization of the 187 main board equities rose from 6.549 trillion to finish at N6.641 trillion.

The NSE-30 Index soared by 1.85 percent to close at 956.19 points. Meanwhile both the NSE-All Share Index and the NSE-30 Index nose-dived the previous week by 2.5 percent and 3.45 percent respectively.

According to the NSE-Weekly report two out of the four sectorial indices appreciated during the week under review compared to one during the preceding week.

Vivian-Peace Nwinaene

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

16 hours ago

June 29, 2026

The Tide

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.

IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.

It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.

The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.

Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.

Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.

The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.

He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.

The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.

He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.

Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.

He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.

King Onunwor

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

19 hours ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

19 hours ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor