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NNPC Posts N68.84bn Loss in 10 Months

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NNPC
  • NNPC Posts N68.84bn Loss in 10 Months

The Nigerian National Petroleum Corporation posted a group operating loss of N68.84bn between January and October 2017.

According to the latest oil and gas report from the firm, the corporation made a group revenue of N3.05tn and an expense of N3.119tn during the period under review.

Two subsidiaries of the NNPC, Pipelines and Product Marketing Company and Nigerian Pipelines Storage Company recorded the highest losses in the group, a development that eroded the profits made by other subsidiaries of the group in the corporation’s overall financial account.

Two of the country’s refineries, Kaduna Refining and Petrochemical Company and Warri Refining and Petrochemical Company, recorded deficits of N24.3bn and N14.95bn, respectively during the period under review.

The Port Harcourt Refining Company, on the other hand, posted a surplus of N28.65bn during the 10-month period.

The NNPC’s latest report, however, showed that the corporation’s trading deficit dropped significantly in October 2017 when compared to the value recorded in the preceding month.

It said the corporation “recorded a trading deficit of N0.41bn (in October 2017) which is significantly lower than the previous month’s deficit of N2.81bn. This represents 85 per cent or N2.4bn improvement compared to the last month’s performance.”

The report further stated that during the month of October 2017, products pipeline breaks stood at 126 points, out of which 116 pipelines were vandalised.

It said the Port Harcourt-Aba and Aba-Enugu pipeline segment accounted for almost 80 per cent vandalised points.

The NNPC said crude oil production in Nigeria averaged 1.93 million barrels per day in September 2017, representing a slight decrease compared to August 2017 production, but up by 17.11 per cent relative to September 2016 performance.

It said the stability in production was connected to the engagement with the various stakeholders and the resumption of export activities at the Forcados Terminal after many months of non–operational activities.

“Some of the major negative impact on production were shut-in of about 195,000 barrel per day at Qua Iboe Terminal, other production shut-in was in Bonny and Akpo Terminals,” the report stated.

It also stated that the national gas production for October 2017 stood at 253.41 billion cubic feet, translating to an average daily production of 8,174.41 million standard cubic feet, adding that this represented 10 per cent increase relative to the previous month.

The report stated that the daily average natural gas supply to gas power plants amounted to 716.28mmscfd or equivalent to power generation of 2,885 megawatts, which was 17.04 per cent higher than what was supplied in September 2017 and 18 per cent higher than the corresponding supply recorded in October 2016.

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.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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