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Nigeria Imports 18bn Litres of PMS in One Year

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petrol
  • Nigeria Imports 18bn Litres of PMS in One Year

About 18.126 billion litres, an equivalent of 13.517 million metric tonnes of Premium Motor Spirit, PMS, also known as petrol, was imported into the country in 2015, according to a report from the Department of Petroleum Resources, DPR.

The DPR report disclosed that the volume of PMS imported in 2015, appreciated marginally by 0.08 per cent compared to total PMS imports of 18.11 billion litres recorded in 2014.

The DPR pointed out that independent petroleum marketers recorded the highest PMS importation in the year under review, accounting for 47.32 per cent of the total, with the import of 6.396 million metric tonnes.

The Products and Pipeline Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, imported 5.289 million metric tonnes of the products, representing 39.13 per cent of total PMS imports in the period while under review, while major oil marketers imported 1.832 million metric tonnes, representing 13.5 per cent of the total.

In the case of Dual Purpose Kerosene, DPK, the DPR report noted that the PPMC, major oil marketers and independent oil marketers imported a total of 1.53 metric tonnes of the commodity, representing 1.885 billion litres.

Further breakdown revealed that the PPMC accounted for 58.08 per cent of total DPK import, with 888,733.01 metric tonnes; independent marketers followed with 636,444.11 metric tonnes, representing 41.59 per cent of total import of the commodity, while major marketers imported 4,987.36 metric tonnes of the commodity, accounting for 0.33 per cent of the total.

Again, the report stated that 440,689.20 metric tonnes of Aviation Turbine Kerosene, ATK, also known as aviation fuel, an equivalent of 542.929 million litres was imported in the year under review.

According to the DPR, independent oil marketers imported 251,212.03 metric tonnes of ATK in the period under review, representing 57 per cent of total ATK import; major marketers recorded 189,477.17 metric tonnes, accounting for 42.99 per cent of total ATK imports, while the PPMC did not record any ATK import in the period under review.

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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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

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Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

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Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

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Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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