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By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has promised to prosecute the 20 suspected crude oil thieves apprehended last month by officials of the Nigerian Navy in Bayelsa State.
The suspects were nabbed by the Navy precisely on December 6, 2021, in Akassa River, Bayelsa State along with a vessel – MTT4, and were handed over to the agency over the weekend.
During the handing over of the accused persons to the EFCC, the Commander of the Nigerian Navy Ship Soroh (NNS), Commodore Patrick Effah, stated that the vessel was loaded with 700,000 litres of illegally sourced crude oil.
He said the handing over to the commission was in compliance with the naval headquarters’ directives, adding that the vessel and her crew were complicit in the crime that borders on economic sabotage.
“The Nigerian Navy has been given the mandate to apprehend any ship suspected to be carrying out illegalities in the Nigerian maritime domain, however, by law, we are not allowed to carry out prosecution of offenders.
“We are directed to hand over seized vessels to the EFCC for further investigations and possible prosecution,” he said.
On his part, Mr Anthony Mark, an official of the EFCC team, Port Harcourt Zonal Office, who received the vessel, reiterated the readiness of the commission to carry out a thorough investigation into the matter.
“We will carry out a thorough investigation with a view to determining the level of involvement, the content of the vessel and prosecution of those involved,” he said.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the second trading week of the year on a positive note, rising by 0.68 per cent at the close of transactions on Monday, January 10.
This stemmed from the positive price movement in one of the market bellwethers, Central Securities Clearing Systems (CSCS) Plc, which recorded a price growth of 4.8 per cent or 95 kobo to close at N20.00 per unit in contrast to N19.05 per unit it finished last Friday.
The performance of CSCS overpowered the loss posted by FrieslandCampina WAMCO Nigeria Plc. The share price of the milk-manufacturing company went down by 0.4 per cent or 43 kobo to N118.00 per share from N118.43 per share it closed at the previous session.
When the market closed for the day, the total value of the unlisted securities market in Nigeria stood at N636.05 billion compared with the preceding value of N631.72 billion, indiciating an increase by N4.33 billion.
Equally, the NASD Unlisted Security Index (NSI) increased by 5.11 points yesterday to end at 751.14 points as against 746.03 points it finished last Friday.
On the activity chart, the trading volume recorded an increase on Monday, rising by 21,937.6 per cent to 442,515 units from 2,008 units, while the trading value appreciated by 19,848.8 per cent to N10.3 million from N51,704, with the number of deals growing by 900 per cent to 20 deals from the two deals carried out last Friday.
The most active stock by volume on a year-to-date basis was CSCS Plc with the sale of 463,440 units valued at N9.2 million, followed by Friesland Campina WAMCO Nigeria Plc with the sale of 25,644 units of its stocks valued at N3.0 million, and Nipco Plc with the sale of 5,308 units valued at N334,404.
Also, CSCS Plc ended the session as the most active stock by value on a year-to-date basis with a turnover of 463,440 units worth N9.2 million. Friesland Campina WAMCO Nigeria Plc trailed again with 25,644 units sold for N3.0 million, while Nipco Plc occupied the third spot with 5,308 units worth N334,404.
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By Adedapo Adesanya
Oil prices fell on Monday as concerns about demand were stoked by the rapid global rise in Omicron coronavirus infections and rise in crude supply from Libya and Kazakhstan.
Brent crude lost 83 cents or 1.02 per cent to trade at $80.92 per barrel while the United States West Texas Intermediate (WTI) crude fell by 49 cents or 0.62 per cent to sell at $78.41 per barrel.
Demand worries sparked afresh as a new round of fears in the face of the nearly 2 million new coronavirus cases discovered in the last 24 hours, defying high vaccination rates.
This concern pushed off gains recorded last week following protests in Kazakhstan that hit production at the country’s Tengiz oilfield while pipeline maintenance in Libya lowered production to 729,000 barrels per day from a high of 1.3 million barrels per day last year.
The world’s largest oil exporter, China recorded its first local transmission of the Omicron variant over the weekend in the city of Tianjin.
According to analysts, the high rate of transmissibility, combined with China’s address of the coronavirus with lockdowns, could bring the country’s first-quarter growth down by 0.6 to 0.7 percentage points to a bit over 4 per cent year-on-year.
Also, Kazakhstan’s largest oil venture Tengizchevroil (TCO) is gradually increasing production to reach normal rates after protests limited output and this impacted prices yesterday.
In addition, production in Libya ticked up on Monday as it rose to 900,000 barrels per day from 729,000 barrels per day after the completion of repair work on a pipeline, the country’s oil ministry said amid continuous blockade.
The pipeline that was repaired links two oil fields to the Es Sider export terminal. Its shutdown for repairs took 200,000 barrels per day offline, which coincided with field outages caused by blockades that shaved off more barrels from Libya’s total.
Last week, oil prices found support from rising global demand and lower-than-expected supply additions from the Organisation of Petroleum Exporting Countries (OPEC) and allies including Russia, a group collectively known as OPEC+.
OPEC’s output in December rose by 70,000 barrels per day from the previous month, versus the 253,000 barrels per day increase allowed under the OPEC+ supply deal. That deal restored output cut in 2020 when demand collapsed during COVID-19 lockdowns.
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By Dipo Olowookere
The key trading indices of the Nigerian Exchange (NGX) Limited remained in the green territory on Monday as they ended the first trading session of the new week 0.10 per cent higher.
This was driven by a sustained buying interest in some large and mid-cap equities like BUA Foods, Ecobank, Dangote Cement, FBN Holdings, Honeywell Flour, Lafarge Africa and others.
When the market closed for the day, the All-Share Index (ASI) was up by 42.71 points to 43,897.13 points from 43,854.42 points, while the market capitalisation was up by N23 trillion to N23.651 trillion from N23.628 trillion.
Business Post reports that investor sentiment was positive yesterday as the market closed with 19 price losers and 28 price gainers led by BUA Foods, which rose by 9.96 per cent to N58.50.
MRS Oil appreciated by 9.72 per cent to N13.55, PZ Cussons grew by 8.53 per cent to N7.00, AIICO Insurance expanded by 7.69 per cent to 84 kobo, while NPF Microfinance Bank appreciated by 6.45 per cent to N1.98.
On the opposite side, Northern Nigerian Flour Mills ended the session as the heaviest price loser after its share price went down by 9.66 per cent to N6.55.
Union Bank declined by 6.90 per cent to N5.40, Red Star Express shrank by 6.38 per cent to N3.23, MTN Nigeria lost 5.84 per cent to sell for N185.50, while Sovereign Trust Insurance fell by 3.85 per cent to 25 kobo.
During the day, BUA Foods was the most active stock as it traded stock with a turnover of 101.4 million units valued at N5.9 billion and was trailed by Transcorp, which exchanged 51.2 million units for N50.2 million.
Zenith Bank sold 12.1 million equities worth N308.6 million at the market on Monday, GTCO transacted 10.4 million stocks valued at N265.6 million, while Sovereign Trust Insurance traded 9.5 million shares valued at N2.3 million.
Analysis showed that the volume of shares transacted by investors yesterday went down by 21.23 per cent to 311.3 million units from 395.2 million units, while the value dropped 30.30 per cent to N8.6 billion from N12.4 billion, with the number of deals appreciating by 31.51 per cent to 5,159 deals from 3,923 deals.
The sectorial performance of the session indicated that the insurance and industrial goods counters appreciated by 2.77 per cent and 1.71 per cent respectively, while the energy, banking and consumer goods sectors depreciated by 0.58 per cent, 0.12 per cent and 0.05 per cent respectively.
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