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Oil workers criticize proposed PIB, reject layoff plan

Oil . Nigerian workers

Oil workers, under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have condemned the proposed Petroleum Industry Bill (PIB), describing it as anti-labour.

Reacting to the official release of the proposed draft institutional and legal frameworks for reforms in the oil and gas industry by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, PENGASSAN’s acting General Secretary, Lumumba Okugbawa, said the provisions in the proposed PIB are not only anti-labour but is at variance with the national interest.

Okugbawa, who commended the renewed effort by the Minister to rejuvenate the reforms after several failed attempts in the past, noted that PENGASSAN has always been in support of the reforms in the oil and gas industry but with a caveat that it must be transparently done to make sure that stakeholders in the oil and gas industry are carried along.

He however added that, PENGASSAN will not support any reforms that jeopardises the welfare of its members, noting that, the restructuring will be resisted if it negatively affects the Association’ members.

On the planned to sack half of the current NNPC’s employees, Okugbawa said the plan if carried out will further compound the unemployment situation in the country.

We have said on many occasions that the problem of the NNPC is not the workers but the high level of political interference in the corporation and we are satisfied that the current government has promised to give the corporation free hand to operate for better service delivery to the Nigerian nation.

To this end, the oil workers called on the Minister of State for Petroleum Resources to engage the national body of the union as a matter of priority on the anomalies noticed in the draft Bill and quickly address the contentious sections of concerns to the unions, especially as it affects job loss, so as to avert industrial crisis in the industry.

Automobile assembly plant

Nigeria automobile sector to contribute 4.5% of 2016 global sales

Nigeria’s automobile sector may contribute at least 4.5 per cent of 2016 global automobile sales as a result of the country’s increased investment in the automobile sector in 2015, which encouraged local production.

This was contained in the review report of the trends in the automobile sector in Nigeria by online vehicle marketplace, Carmudi.com.ng.

According to the report, “In 2015, investment in the automobile industry in Nigeria was at an all time high as more than 12 automobile manufacturing plants including cars, bikes, tricycles, and trucks began production in Nigeria. With the rise of local automobile manufacturing industry, investors, auto financing and favourable government policies, 2016 promises to be an interesting year for Nigeria’s automobile industry.

It is estimated that the revenue generated from this sector will produce 25 per cent of the national GDP in the first quarter of 2016.”

The report also noted that “vehicle ownership increased in 2015 with the availability of locally manufactured cars, increase in the availability and sale of Nigerian used cars and access to car loans. Use of personal cars also increased.”

The report’s projection for 2016 trends in Nigeria noted that “E-car technology will be taken into consideration more in 2016. More people will embrace hybrid cars because of their low fuel consumption and reduced exhaust emission and production of these cars will increase by 4.6 per cent by 2020. Demand for cars with other simple technologies such as GPS, remote sensor locks, car tracking devices, keyless ignition will increase.”

It added: “E car market penetration will also increase in 2015 as research paper by Carmudi Nigeria showed that 83 per cent of Nigerians start their search for cars online before purchase. The research also stated that the online car market in Nigeria is driven by internet growth and mobile penetration. 2016 promises to surpass the 300 million searches online for new and used cars in Nigeria.”

On auto brand trends, the report said: “A brand research in 2015 showed that Volkswagen may have greater potential than its closest competitors in Nigeria. Hyundai market shares will also continue to increase in 2016 followed by Toyota, General Motors and German automakers.”

Recall that recently, the KPMG 2015 global Automotive Summary Survey pointed out that the automobile industry across Africa will increase in volume and global sales will pass the 100 million mark and continue to rise till the end of the decade.

Vanguard

Oil prices logo

Oil prices slide by one per cent on 2016 weak outlook

Crude oil futures fell around half a dollar yesterday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices.

Crude prices have plunged by two-thirds since mid-2014 as soaring output from the Organization of the Petroleum Exporting Countries, Russia and the United States led to a global surplus of between half a million and 2 million barrels per day.

More recently, a slowing demand outlook, especially in Asia but also Europe, has started dragging on prices.

Front-month U.S. West Texas Intermediate crude futures were trading at $37.18 per barrel at 0140 GMT, down 69 cents or 1.82 percent from their last settlement. Brent futures were down 47 cents, or 1.24 percent, to $37.32 a barrel.

U.S. crude and Brent had both rallied about 3 percent in the previous session on hopes that a drop in temperatures would buoy demand for oil for heating purposes.

But weather data in Thomson Reuters Eikon shows that average continental European temperatures are expected to drop from around 5 degrees Celsius currently toward and slightly below the seasonal norm of 2.4 degrees by Jan. 3 before rising to as high as 6-8 degrees by Jan. 7.

MBR

LNG . NLNG logo

Nigeria earns N413bn from gas export in three months

Nigeria earned N412.983 billion from the export of Liquefied Natural Gas, LNG, Liquefied Petroleum Gas, LPG, also known as cooking gas and other gaseous materials in three months, between July and September 2015, according to data obtained from the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics Report for the Third Quarter of 2015, revealed that this represented an increase of 9.5 per cent or N35.813 billion when compared to N377.17 billion earned by the country from the export of those commodities in the second quarter of 2015.

Giving a breakdown of the third quarter figures, the NBS stated that the country’s LNG export stood at N262.202 billion; liquefied propane export was valued at N106.803 billion, while the export of other petroleum gases, among others, in gaseous state was valued at N22.762 billion.

In addition, the country earned N10.101 billion from the export of LPG and other gaseous hydrocarbons, while it also earned N8.115 billion from the export of liquefied butanes.

MBR

Dangote-cement

Dangote Cement leads gainers, indices up by 3.6%

Dangote Cement traded higher at the end of transactions yesterday on the trading floor of the Nigerian Stock Exchange.

It led 32 others with 8.59 per cent to close at N164.95 per share.

Following Dangote Cement yesterday was Nigerian Breweries, adding 7.83 per cent to close at N124.00 per share.

Other gainers yesterday’s transactions include; FBN Holdings, Unity Bank, Union Bank, adding 7.61, 6.86 and 5.00 per cent to close at N5.09, N1.09 and N6.30 per share.

Stanbic IBTC added 5.00 per share to close at N15.75 per share. NPF Micro Finance Bank gained 5.00 per cent to close at N1.05 per share.

Fidson and Airservice added 4.98 and to close at N2.53 and N2.11 per share respectively.

UPL gained 4.95 per cent to close at N5.72 per share. Vitafoam also garnered 4.88 per cent to close at N5.16 per share.

However, Etranzact topped the losers chart with 5.00 per cent to close at N3.02 per share while Nigerian Aviation Handling Company followed with 4.99 per cent to close at N3.43 per share.

Diamond Bank lost 2.13 per cent to close at N2.30 per share. First City Monument Bank shed 1.79 per cent to close at N1.65 per share.

African Prudential dropped 1.63 per cent to close at N2.41 per share.

Ecobank TransNational Incorporated and Zenith Bank lost 1.63 and 1.23 per cent to close at N2.41 and N16.00 per share.

Zenith Bank dropped 1.06 per cent to close at N14.05 per share. Guaranty Trust Bank also shed 0.60 per cent to close at N18.10 per share.

Consequently, market capitalisation rose by N352 billion or 3.6 per cent, from N9,201 trillion recorded on Tuesday to N9,553 trillion yesterday, while the All-share index increased by 1014.59 points from 26,763.24 to 27,777.83.

On the activity chart, the banking subsector remains the most active stock in volume terms with 51.6 million shares worth N290 million while the conglomerates followed with 12 million units valued at N79.6 million.

The telecommunication services sub sector ranked third with 10 million units valued at N5 million.

The banking subsector was energized by activities in the shares of Sterling Bank with 15 million shares worth N27 million while Guaranty Trust Bank followed with 9 million units worth N173 million.

The conglomerates was buoyed by activities in the shares of Transnational Corporation with 9 million units worth N14 million followed by the UACN with 3million units worth N65 million.

In all, investors exchanged 1.4million shares, valued at N1.9 million in 2,559 deals.

TheGuardian

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MBR

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Biz News Hour

Port Harcourt refinery to resume production in one week

Nigeria’s Minister of State for Petroleum, Dr. Ibe Kachikwu visited the premier oil refinery in Nigeria, the Port Harcourt Refinery as oil prices continue to plummet . . .

Continue reading “Port Harcourt refinery to resume production in one week”

Port Harcourt refinery to resume production in one week

Dangote bought back Tiger Brands to save 3,000 Nigerian jobs

Aliko Dangote

Tiger Brands of South Africa agreed to sell its major Nigerian food business investment to Aliko Dangote but what was in the mind of the richest African was actually to save more than 3000 Jobs in Nigeria . . .

Continue reading “Dangote bought back Tiger Brands to save 3,000 Nigerian jobs”

Dangote bought back Tiger Brands to save 3,000 Nigerian jobs

Court Adjourns Guinness’ Suit against NAFDAC to Feb 8

A Lagos High Court yesterday adjourned the suit filed by Guinness Nigeria Plc against the National Agency for Food and Drugs Administration and Control (NAFDAC) till February 8, 2016 to enable the parties to meet for amicable resolution of the dispute.

Continue reading “Court Adjourns Guinness’ Suit against NAFDAC to Feb 8”

Court Adjourns Guinness’ Suit against NAFDAC to Feb 8

Buhari presents his 2016 Budget to National Assembly

Buhari . 2016 Budget presentation to NASS

President Muhammadu Buhari presented his 2016 budget to a joint session of the National Assembly on Tuesday Dec 22, 2015. Buhari delivered the speech in the House of Representatives Chamber (Green Chamber) . . .

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Buhari presents his 2016 Budget to National Assembly

Guinness sues NAFDAC over N1 Billion fine

Guinness Nigeria Plc has approached a Lagos High Court in Igbosere to challenge the N1bn fine imposed on it by the National Agency for Food and Drug Administration and Control.

Continue reading “Guinness sues NAFDAC over N1 Billion fine”

Guinness sues NAFDAC over N1 Billion fine

Tiger Brands agrees to sell Nigerian business to Dangote

Tiger Brands of South Africa agreed to sell its major Nigerian food business investment to Aliko Dangote: Report . . .

Continue reading “Tiger Brands agrees to sell Nigerian business to Dangote”

Tiger Brands agrees to sell Nigerian business to Dangote

NSE launches broker oversight & supervision system (X-BOSS)

NSE . Nigeria Stock Exchange

The Nigerian Stock Exchange (NSE) has launched the Broker Oversight & Supervision System (X-BOSS).

Continue reading “NSE launches broker oversight & supervision system (X-BOSS)”

NSE launches broker oversight & supervision system (X-BOSS)

Stanbic IBTC launches ‘security lending product’

MBR . Stanbic IBTC building

The Stanbic IBTC Bank Plc drive to deepen the Nigerian capital market through introduction of more asset classes has received a boost with the launch of its Securities Lending product.

Continue reading “Stanbic IBTC launches ‘security lending product’”

Stanbic IBTC launches ‘security lending product’