Turnover of transactions in the Fixed Income and Currency markets amounted to ₦9.75 trillion in August, 2016, according to the FMDQ OTC securities exchange.
A statement posted on FMDQ OTC platform said that the figure represented a decrease of 23.49 per cent or ₦2.99 trillion from amount recorded in July.
The statement added that the figure also represented a year-on-year decline of 15.88 per cent or ₦1.84 trillion.
According to the statement, activities at the Foreign Exchange market accounted for 23.29 per cent compared to 27.56 per cent recorded in July.
It said that Treasury Bills transactions accounted for 33.02 per cent of total turnover during the period while secured money accounted for 36.65 per cent.
“Transactions in the foreign exchange market settled at 3.16 billion dollars in August, a drop of 66.53 per cent ($6.28bn) compared with the value recorded in July.
“The second Naira-settled OTC FX Futures contract (NGUS AUG. 24, 2016), with a total outstanding amount of 152.48 million dollars, priced at $/₦310, matured and was settled within the month.
“The CBN revised the rates on all outstanding OTC FX Futures contracts, whilst a new 12-month contract – NGUS AUG. 16, 2017 was introduced at $1/₦241.00,’’ the statement said.
The statement said that member-member trades stood at 260 million dollars during the period, a decline of 69.80 per cent.
It added that member-client trades also declined by 62.40 per cent or 4.78 billion dollars from the previous month and 68.46 per cent or 6.26 billion dollars year-on-year.
The statement said that at the interbank market, the naira appreciated by 1.56 per cent to close at ₦316.24 to a dollar for the month, while at the parallel market, it depreciated by 9.93 per cent to close at ₦413.00 to a dollar.
Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
Aliko Dangote: Dangote Refinery Set to Commence Operations, Eyes 350,000 Barrels Daily
In a recent interview with the Financial Times, Aliko Dangote, the President and CEO of the Dangote Group, announced that the long-anticipated $20 billion Dangote Refinery in Lekki, Lagos, is set to commence operations by refining 350,000 barrels per day.
Dangote revealed that a deal had been secured for the delivery of the first cargo of approximately 6 million barrels in December 2023.
He expressed confidence that the refinery could achieve its full capacity of 650,000 barrels per day by the end of 2024.
The Dangote Refinery, touted as the world’s largest “single train” facility with a singular distillation unit, is expected to significantly reduce Nigeria’s dependence on imported fuel and save billions in foreign exchange.
Dangote lamented the irony that Nigeria, a major oil producer for over 50 years, has struggled to refine its own crude adequately.
However, the project, which has faced delays and exceeded its budget by about $8 billion, has not been without challenges.
Dangote dismissed doubts about the refinery’s efficiency, stating that the challenges encountered during the project could have jeopardized his business empire.
He acknowledged being under intense pressure, facing allegations of underhand business practices and gaining unfair access to foreign exchange, which he vehemently denied.
Despite these challenges, Dangote expressed gratitude for overcoming the hurdles and reaching the destination.
The refinery is expected to generate substantial revenue, and plans are underway to eventually list it as a separate company on the Lagos stock exchange.
Dangote Cement Advocates for Sustainable Cement Production Amid Rising Carbon Emissions
In a bid to address the escalating global concerns over carbon emissions, Arvind Pathak, the Group Managing Director of Dangote Cement Plc, highlighted the cement industry’s pivotal role in contributing to seven per cent of worldwide carbon emissions.
Speaking at the 12th Africa Cement Trade Summit in Abidjan, Cote d’Ivoire, Pathak emphasized the necessity for the industry to adopt sustainable practices.
Pathak acknowledged the energy-intensive nature of cement production, outlining the emissions generated throughout the value chain, from raw materials’ processing to the final product’s dispatch.
Dangote Cement, a significant player in the industry, has committed to decreasing carbon emissions through a strategic fuel substitution approach.
Pathak, represented by the Group’s Head of Sustainability, Dr Igazeuma Okoroba, advocated for the use of alternative fuels, such as municipal, agricultural, and industrial wastes, to reduce emissions.
He emphasized that these alternative fuels emit less CO2 when combusted, contributing to a more sustainable and environmentally friendly cement production process.
Despite the challenges posed by global climate shocks, Pathak stressed that decarbonization is not merely an option but a necessary strategy for future-proofing businesses.
Dangote Cement, as a pioneer in decreasing CO2 emissions, has leveraged sustainability reporting and received positive ratings for its climate change initiatives.
The adoption of alternative fuels aligns with the broader goal of addressing climate change concerns and reducing the cement industry’s environmental impact.
Pathak highlighted the need for clear and detailed decarbonization targets, emphasizing that companies must adapt to a rapidly changing world by embracing sustainable practices.
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