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NNPC Posts N127.73bn Loss in Eight Months

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NNPC - Investors King
  • NNPC Posts N127.73bn Loss in Eight Months

The Nigerian National Petroleum Corporation recorded a total loss of N127.73bn between January and August this year, its latest group financial report released on Wednesday showed.

The report for the month of August, however, indicated that the national oil firm reduced its losses to N11.22bn in the month compared to the N24.18bn recorded in July.

It further revealed that pipeline vandalism in the country was reducing following the Federal Government and the NNPC’s sustained engagements with the Niger Delta militants.

“In August 2016, there was 28.94 per cent drop in the number of pipeline vandalised points relative to July 2016; that is, from 311 vandalised points in July to 221 in August 2016,” the report stated.

It added that the largest single loss of N76.33bn came from the corporation’s headquarters during the eight-month period, adding that the total loss by the country’s refineries during the same period was N48.69bn.

The report showed that from January to August, the NNPC recorded a total expense of N1.14tn, against a total revenue of N1.02tn.

On the improvement in August, the corporation explained that it was largely due to the increase in Pipelines and Products Marketing Company’s coastal sales and the significant improvement in the Nigerian Petroleum Development Company’s revenue for the month.

It noted that the average crude oil spot price stood at $44.87 barrel per day in August, up from $44.13bpd in the preceding month, and down from $45.69bpd a year ago.

This, it said, represented an increase of 1.68 per cent from the previous month and a decrease of 1. 75 per cent from a year ago.

The NNPC said in July, crude oil production stood at 1.65 million barrels per day, adding that this was a 6.47 per cent decrease relative to June and 22.43 per cent lower than the July 2015 performance.

“The shrinkage in the July production is due to subsisting force majeure at the Forcados terminal, which accounts for 300,000bpd. Other factors that negatively impacted on production include the force majeure at the Que Iboe terminal following sabotage on the export loading line 2, sabotage of the Trans Niger Pipeline, Claugh Creek-Tebidaba pipeline and Escravos terminal delivery pipelines,” the corporation said.

It stated that production from the deep water assets, which are beyond easy reach by militants, remained steady.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Finance

Konga Chairman, Ijogun, Zinox Group ED, Etukudoh Bow Out in Style

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Ijogun and Etukudoh- Investors King

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh have heaped praises on two recently retired Executive Management staff, Chairman of Konga Group, Mr. Olusiji Ijogun and Executive Director, Zinox Group, Mr. Etiene Etukudoh for their immense contributions and years of outstanding service to the companies, even as he expressed deep gratitude to them for their invaluable efforts and sacrifices.

Ekeh spoke at a smart valedictory event held in honour of Ijogun and Etukudoh.

The event was held at the impressive Yudala Heights located at Idowu Martins, Victoria Island, Lagos on Tuesday, August 3, 2021. The well-attended event, organized in strict compliance with COVID-19 regulations, saw Executive Management and staff of the Zinox and Konga groups, as well as other guests and associates of the departing staff in attendance.

While delivering his appreciation speech, Ekeh explained his many years of a fruitful relationship with the two distinguished personalities and wished them greater heights in their future endeavours.

Ekeh, who described Ijogun as a brother, stated that integrity is a major quality for the choice of Chairman for any organization.

“For a company to be successful, the biggest brain is the Chairman and the CEO as they prescribe and supervise the implementation of quality culture, structure and systems. It is not just the knowledge of the business, the integrity of the personality and the quality of leadership. The business is bound to fail if the leaders don’t believe in God and that’s a major problem with start-ups in Africa. Konga wouldn’t have survived if I hadn’t known Siji.

‘‘It is a privilege to have Mr. Ijogun as Chairman of the Konga Group and we really appreciate his many efforts,” Ekeh said.

Further, Ekeh drew rich illustrations from his many professional and personal experiences with Mr. Ijogun, noting that his time as Chairman of the Konga Group was a blessing to the entity.

Also speaking about Etukudoh, who spent many performance-filled years at TD Africa where he rose to the position of Managing Director, Ekeh described him as an ideas man who he can always vouch for.

“Etiene is an all-rounder. He worked for all the companies in the Group. He is a good Nigerian and he has style. He’s one young man I can vouch for. He’s brilliant, modern and trustworthy. I have great confidence in him and I always told him when I have new businesses. He’s a man of great ideas and we consider it a privilege for him to have worked with us. This relationship is for life. You have me as a father so you can call me anytime,” Ekeh assured.

The event also offered attendees the opportunity to share their goodwill messages as well as their experiences of working with Ijogun and Etukudoh. Many of the speakers were effusive in hailing both men as inspirational professionals who will be greatly missed.

Reacting to the showers of encomiums, Ijogun, a certified corporate guru with a track record of exceptional service with a host of multinationals, expressed gratitude for the opportunity to serve as the first Chairman of the Konga Group after its acquisition by Zinox. He described Ekeh as a calculated risk-taker and an unmatched incubator of businesses that can turn a profit from waste.

He also predicted a progressive future for Konga and charged the Group to remain resilient by sustaining its impressive growth trajectory.

“Konga’s growth is phenomenal. Nobody knew online platforms would be the order of the day before COVID-19. To the glory of God, Konga has moved from loss-making to profit-making, with over 15 times greater in terms of revenue and I must commend Mr. Ekeh for the deep pockets. Since inception, we’ve added the Health, Food, Bulk and Travel business and still have more in the offing. With the influx of investors, Konga will be a major African business initiative in the nearest future,” Ijogun declared.

Also expressing gratitude for the memorable show of love, Etukudohreaffirmed his loyalty as a brand ambassador for the Zinox Group.

“I am grateful for the honour. In everything, I just wanted a big brand. I want to celebrate everyone who has been a part of my life. It’s been a journey. I came into the Group and made up my mind to demystify what people call the ‘Oga status’.

‘‘After today, nobody remembers the title but how you treated them. I’ll recommend that every staff work closely with the Chairman for at least one year before they leave the company. Chairman has been a big brother and his hunger has no part two. I’m grateful to Chairman, his wife, Mrs. Chioma Ekeh and everyone else. This is a great family and we have to keep it growing forever,” he said.

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Finance

CBN Reveals Framework For Creation Of Payment Service Holding Companies

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Godwin Emefiele CBN - Investors King

The Central Bank of Nigeria (CBN) on Tuesday released guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.

This is contained in a circular issued by Mr. Musa Jimoh, CBN’s Director, Payments System Management Department.

Jimoh instructed deposit money banks, payments service providers and other financial institutions to take cognizance of new license categorization for the Nigerian payments system.

“It requires companies desirous of offering switching and processing services, and mobile money services to set up a PSHC structure such that activities of the subsidiaries are clearly delineated.

“The CBN hereby issues the guidelines to facilitate the understanding of regulatory requirements for operations of PSHC in Nigeria,” he said.

He urged all stakeholders to ensure strict compliance with the guidelines and all other regulations.

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Banking Sector

Standard Chartered Launches Easy Payment Plan For Credit Card Users

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Standard Chartered

Standard Chartered Bank Nigeria Limited has launched one of a kind solution for clients tagged Easy Payment Plan (EPP). The EPP allows Credit Cardholders to choose an installment plan for purchases made with SC Credit Card.

Speaking on the solution, Bonaventure Odukwe, Head of Personal Banking and Alliance said, “Convenience and flexibility are at the heart of the solutions we continuously bring to our clients. With this EPP solution, clients can spread repayment in equal installments for a convenient period ranging from 3, 6, 9 to 12 months; enjoy a reduced interest rate of 1.5% per month and earn reward points when you make purchases and discounts at select merchant locations.

EPP attracts no processing or liquidation fees and gives our esteemed clients the opportunity to enjoy the lifestyle that they want now while ameliorating the stress of paying at once. For us this is one of the many ways that we continue to offer value to our clients, support their financial goals and reiterate that we are here for good.”

With the new Easy Payment Plan, clients can make purchases from their favorite stores and then spread the repayment in a flexible and stress-free way and at their own convenience. It is a convenient way to use ones’ Credit Card to make bulk purchases at a reduced interest rate, the bank said.

“This is open to all clients of the Bank that have operating credit cards and new clients that sign up for our credit cards.”

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