Petrol price soars as scarcity persists nationwide

Pump price of petrol has continued to increase in towns across the country as scarcity of the product persists on Wednesday, the News Agency of Nigeria (NAN) reports.

A survey by NAN in major cities across the country shows that long queues have characterised the few fuel stations that are selling the product, while others remained closed.

Some residents in Osun expressed worry over the lingering scarcity of petrol, which according to them, has worsened the living conditions of the people.

Mr Sulaimon Ayoola, a commercial driver at Orita-Sabo in Osogbo, said the scarcity of petrol was adversely affecting businesses in the area.

He said that a litre of petrol was being sold for between N120 and N140 per litre at few fuel stations with long queues.

Mrs Tejumola Oso, a trader in the Orisunbare Market in Osogbo, said the high transport fares, caused by the scarcity of petrol, had affected sales in the market.

She urged the Federal Government to quickly intervene to ease the sufferings of the people.

A Public Affairs Analyst, Mr Dotun Deinde, described the current situation as unfortunate and urged government to immediately arrest the situation.

NAN reports that the situation was the same in Keffi in Nasarawa State as residents agreed that government should end to the lingering fuel scarcity.

Mrs Cecilia Austin, a commuter, said she paid N700 from Keffi to Lafia against the usual N500.

She said the scarcity of the petroleum products was causing untold hardship to her and many others in the area.

She advised the Federal Government to take strong measures against petroleum dealers and marketers who were hoarding petroleum products.

Austin advised government and marketers to address the problem immediately for social and economic development of the country.

“It is unfortunate and uncalled for that some selfish fuel marketers are creating artificial scarcity of petroleum products in the country.

Mr Emmanuel Anejuka, another commuter, urged government to quickly address the difficulties being experienced by Nigerians.

Mr Haruna Abdullahi, a commercial driver, accused fuel stations of sharp practices, saying that many of them had adjusted their metres above the N87.00 per litre official pump price.

Ayuba Danjuma, another motorist, said that petrol scarcity had forced him and other drivers in the area to resort to patronising the black market.

NAN reports that only three fuel stations were dispensing fuel with long queues out of the 13 fuel stations in Keffi.

Residents in Owerri and other communities in Imo also urged the Federal Government to urgently address the scarcity to ease the sufferings of Nigerians.
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Correspondents of NAN, who monitored petrol sales in Owerri and other towns across Imo, report that petrol was being sold between N140 and N200 per litre.

Many fuel stations on Port Harcourt Road, Orji Road, and Egbu Road in Owerri sold a litre of the product for between N150 and N165 per litre.

NAN also reports that the petrol stations in other parts of the town sold the product for between N170 and N200 per litre.

Zahara opens World class Spa & Salon in Abuja

Zahara, a world class Spa & Salon is now open in the Federal capital city - Abuja, with specialty in high end beauty, hair and spa treatments for men and women of class.

Zahara Spa which is the first of its kind in professional services offered, is located in the heart of the FCT - 8a Thaba Tseka Street of Ademola Adetokunbo Crescent. Wuse II, with all sort of beauty treatment.

The Spa is offering a 5-20% discounts on all treatments this year end as a way of saying thank you to Abuja residents, with promises of super packages in 2016.

Dangote Flour changes name to Tiger Branded Consumer Goods

Dangote Flour Company secretary and legal adviser of Dangote Flour Plc, Aisha Ladi Isa has notified the Management of the Nigerian Stock Exchange (NSE), of the company’s change of name to Tiger Branded Consumer Goods Plc.

The new name is to better reflect the new ownership of the company as the change in the substantial ownership and shareholding of the company has been approved by the shareholders.

In a letter dated September 2nd, 2015, the company’s secretary said the change of name was in line with the special resolution passed at its annual general meeting (AGM), held in July 2015. She therefore requested the Exchange to effect the change of name as well as use the new symbol of Tiger Branded Consumer Goods. The new name has been approved by the Corporate Affairs Commission.

Tiger Brands, it would be recalled acquired a 63.35 per cent shareholding interest in Dangote Flour Mills in Nigeria in 2012 for approximately R1.5billion.

Peter Matlare, CEO of Tiger Brands had then said: “We are especially pleased with the successful conclusion of this transaction. We believe it will present growth opportunities for both organisations and be mutually beneficial. Dangote Flour Mills will add significant scale to Tiger Brands’ existing Nigerian businesses.”

The company for the third quarter ended June 30, 2015 recorded an increase in its Group’s revenue from N28.7 billion in the corresponding period of 2014 to N33.1 billion. Its gross profit also to N2.6 billion as against N1.75 billion it recorded in the corresponding period of 2014.

27 Ships To Arrive Lagos Ports With Foods, Petroleum Products

 

Twenty-seven ships laden with assorted foods, general cargoes and petroleum products are expected to arrive at Lagos ports from Nov. 18 to Nov. 30, the Nigerian Ports Authority (NPA) said on Wednesday.

The NPA made this known in its daily ‘Shipping Position’ made available to newsmen.
It indicated that 14 of the expected ships would sail in with containers, while general cargoes would arrive in three other ships.

The NPA said food items including bulk malt, buckwheat, bulk sugar, rice and crude palm oil would be brought in seven ships while the remaining three ships would sail in with petrol.

The News Agency of Nigeria reports that nine ships laden with rice, general cargoes, petrol, diesel and base oil arrived at the Lagos ports, waiting to berth.

Nigeria’s economy grew by 2.84%in Q3, 2015, says NBS

NATIONAL Bureau of Statistics (NBS) yesterday dis- closed that Nigeria’s Gross Domestic Product (GDP) grew by 2.84 per cent (year- on-year) in real terms in the third quarter of 2015.

The disclosure was contained in a report by the bureau in Abuja, where it said that GDP growth was higher by 0.49 per cent points from the growth recorded in the preceding quarter, yet lower by 3.38 per cent points from growth recorded in the corresponding quarter of 2014.

According to NBS, during the quarter, aggregate GDP stood at N24,313,636.94 mil- lion (in nominal terms) at basic prices.

Compared to the 3rd Quarter 2014 value of N22,933,144.01 million, nominal GDP was 6.02 per cent higher. Nominal GDP growth was also higher relative to growth recorded in Q1 of 2015 by 0.85 per cent points. The Nigerian economy can be more clearly under- stood according to the oil and non-oil sector classifications.

During the period under review, preliminary data on oil production reflects output at 2.17 million barrels per day (mbpd) up from production in the 2nd Quarter of 2015 by 0.17mbpd. Oil production was also marginally higher to the corresponding quarter in 2014 by 0.02mbpd when output was recorded at 2.15mbpd.

As a result, real growth of the oil sector increased by 1.06 (year-on-year) in Q3 of 2015, higher by 4.65 per cent points from the corresponding quarter of 2014, and higher from the Q2 when growth declined by 6.79 per cent. Quarter-on-Quarter, growth also increased by 14.35 per cent.

As a share of the economy, the oil sector represented 10.27 per cent of total real GDP, down from the shares recorded in the corresponding period of 2014 by 0.18 per cent points and up from the share in the Q2 of 2015 by 0.46 per cent points.

The non-oil sector grew by 3.05 per cent in real terms in the Q3 of 2015. This was 4.45 per cent points lower from the corresponding quarter in 2014 and marginally lower from the Q2 of 2015. In real terms, the non-oil sector contributed 89.73 per cent to the nation’s GDP, marginally higher from shares recorded in the Q3 of 2014 (89.55 per cent), but lower from the Q2 of 2015 (90.20 per cent).

Growth in the non-oil sector was largely driven by the activities of crop production, financial services, telecommunications and trade, among others.

DPR supplies 294 trucks of PMS in Abuja - PRO

The Department of Petroleum Resources (DPR) said that 149 trucks loaded with petrol were supplied to Abuja and its environs on Tuesday.

Mr Mohammed Saidu, Head, Public Relations of DPR in a statement in Abuja, said that the supply brought the number of PMS supplied to Abuja between Monday and Tuesday to 294 trucks.

Saidu said the measure was to ease off fuel queues at filling stations in the city.

He added that 145 trucks were earlier supplied on Monday.

Giving the breakdown of the PMS supplied on Tuesday, he explained that 99 trucks were supplied to Abuja city with Forte oil receiving four trucks, while Conoil received 10.

According to him, Mobil has eight trucks, as MRS gets seven, while Nipco and Oando have six and 11 trucks respectively.

He stated that Total plc received 14 trucks, while NNPC retail was allocated 34 as IPMAN had five.

He said that 50 trucks were dispersed to immediate and extended environment of the capital city.

It will be recalled that the DPR Director, Mordecai Ladan, had earlier warned petroleum products marketers against engaging in sharp practices.

He said any station caught would face sanctions, including N2 million fine and licence revocation.

Minister directs free distribution of hoarded petroleum products in Abuja

The Ministry of Petroleum Resources has instructed the Department of Petroleum Resources (DPR) to distribute petrol of any filling stations involved in hoarding to customers free of charge.

Dr Ibe Kachikwu, the Minister of State, Petroleum Resources, announced this during his tour and monitoring of fuel stations in the Federal Capital Territory (FCT).

He said that the decision became necessary given the attitude of some filling stations to hoard fuel to the detriment of the masses.

“I have instructed DPR as they proceed on monitoring that any station that has the product and they are hoarding, they should sell all the products for free to customers.

He noted that marketers who involved in sharp practices would also face heavy sanction.

“ We are going to impose very serious penalty to the fuel station. So selling their products is not the answer, it is penalising them when they do this.

“ I hope the message goes out loud and clear. I urge Nigerians to be patient, stop panic buying; there is product for everybody.“ he said.

Kachikwu also directed a 24-hour service operation by fuel stations, to serve Nigerians better.

“I am instructing NNPC retail stations to stay open for 24 hours; the police will provide protection for them.

“ Major fuel stations should move in and supply products and take responsibility for their stations just like we are taking responsibility for our own retail stations.

He said the current fuel queues playing out in the country could also be attributed to panic buying, noting that NNPC had made available adequate petrol to serve Nigerians.

Kachikwu added that the queue in the stations could also be attributed to the pipelines not being able to pump effectively.

He said measures had been put in place to activate some of the pipelines.

He also said that the delay in the process of releasing the approved subsidy money for oil marketers had limited the ability of some individuals to import fuel into the country.

He, however, added that processes were being finalised by the National Assembly and the Central Bank of Nigeria (CBN) to release the approved money.

Dangote flour ‘plunging’ after resignations

 The market value of Dangote Flour mills equity plunged on Monday, following the resignation of Africa’s richest man, Aliko Dangote.

On Monday, Tiger Brands of South Africa announced its decision to cease funding its Nigerian subsidiary, Dangote Flour, co-owned by Dangote. The announcement saw the market shares plunging by over 4.74 percent, with the downward movement continuing early on Tuesday.

Though the volume of trade on the Nigerian Stock Exchange(NSE) on the equity increased from 6,050 on Friday to 769,431 on Monday, November 16, the stock still took a downward turn.

In a statement available to TheCable, the company had urged shareholders to trade with caution, following its decision to review its economic stance about the billion naira outfit. “Shareholders are advised that Tiger Brands Limited has informed the Board of Directors of Tiger Branded Consumer Goods PLC., that Tiger Brands Limited has reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods PLC,” the statement said. “Shareholders are also advised that Aliko Dangote, Olakunle Alake, Asue Ighodalo and Arnold Ekpe have resigned their appointments as directors of Tiger Branded Consumer Goods PLC. “The Board of Directors of Tiger Branded Consumer Foods PLC. is considering the implications of these developments for the Company, and further information will be communicated in due course.

“In the meantime, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is released.” Though experts say this may be the end of the road for Dangote flour, the mother company says it is currently exploring various alternatives with regard to its investment in the company. Tiger Brands has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

Dangote flour ‘plunging’ after resignations ⌂Back To Homepage Subscribe To RSS Feed Dangote flour ‘plunging’ after resignations November 17 10:36 2015 Print This Article Share it With Friends 👤by Mayowa Tijani  0 Comments Advertisement The market value of Dangote Flour mills equity plunged on Monday, following the resignation of Africa’s richest man, Aliko Dangote. On Monday, Tiger Brands of South Africa announced its decision to cease funding its Nigerian subsidiary, Dangote Flour, co-owned by Dangote. The announcement saw the market shares plunging by over 4.74 percent, with the downward movement continuing early on Tuesday. Though the volume of trade on the Nigerian Stock Exchange(NSE) on the equity increased from 6,050 on Friday to 769,431 on Monday, November 16, the stock still took a downward turn. In a statement available to TheCable, the company had urged shareholders to trade with caution, following its decision to review its economic stance about the billion naira outfit. “Shareholders are advised that Tiger Brands Limited has informed the Board of Directors of Tiger Branded Consumer Goods PLC., that Tiger Brands Limited has reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods PLC,” the statement said. “Shareholders are also advised that Aliko Dangote, Olakunle Alake, Asue Ighodalo and Arnold Ekpe have resigned their appointments as directors of Tiger Branded Consumer Goods PLC. “The Board of Directors of Tiger Branded Consumer Foods PLC. is considering the implications of these developments for the Company, and further information will be communicated in due course. “In the meantime, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is released.” Though experts say this may be the end of the road for Dangote flour, the mother company says it is currently exploring various alternatives with regard to its investment in the company. Tiger Brands has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

Read more at: https://www.thecable.ng/dangote-flour-plunging-resignations

Dangote flour ‘plunging’ after resignations ⌂Back To Homepage Subscribe To RSS Feed Dangote flour ‘plunging’ after resignations November 17 10:36 2015 Print This Article Share it With Friends 👤by Mayowa Tijani  0 Comments Advertisement The market value of Dangote Flour mills equity plunged on Monday, following the resignation of Africa’s richest man, Aliko Dangote. On Monday, Tiger Brands of South Africa announced its decision to cease funding its Nigerian subsidiary, Dangote Flour, co-owned by Dangote. The announcement saw the market shares plunging by over 4.74 percent, with the downward movement continuing early on Tuesday. Though the volume of trade on the Nigerian Stock Exchange(NSE) on the equity increased from 6,050 on Friday to 769,431 on Monday, November 16, the stock still took a downward turn. In a statement available to TheCable, the company had urged shareholders to trade with caution, following its decision to review its economic stance about the billion naira outfit. “Shareholders are advised that Tiger Brands Limited has informed the Board of Directors of Tiger Branded Consumer Goods PLC., that Tiger Brands Limited has reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods PLC,” the statement said. “Shareholders are also advised that Aliko Dangote, Olakunle Alake, Asue Ighodalo and Arnold Ekpe have resigned their appointments as directors of Tiger Branded Consumer Goods PLC. “The Board of Directors of Tiger Branded Consumer Foods PLC. is considering the implications of these developments for the Company, and further information will be communicated in due course. “In the meantime, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is released.” Though experts say this may be the end of the road for Dangote flour, the mother company says it is currently exploring various alternatives with regard to its investment in the company. Tiger Brands has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

Read more at: https://www.thecable.ng/dangote-flour-plunging-resignations

Please call 08057008021, 08052195801, 08100941174 to report marketers selling petrol above the official 87N per litre

 marketers selling petrol above the official 87N per litre. Please call or send text messages to: 08057008021, 08052195801, 08100941174

All Share Index Goes Down By 1.07%

Markets around the world including the Nigerian Stock Exchange ended in the red today on the back of the Paris terrorist attacks. The All Share Index of the Nigerian Stock Exchange started the week on a negative note losing 1.07% compared to a 0.15% gain recorded on Friday.

The All Share Index lost 318 basis points to end the day at 28,523.81 basis points. Market Capitalization for the market at the close of trading today was N9.8 Trillion.

2,614 deals were struck on the floor of the exchange today, an increase from 2,501 deals recorded on Friday; the total volume of shares traded on the floor today were 202,219,162 while the total value of transactions recorded today was N1Billion.

SEPLAT led the gainers chart today adding N3 to close at N230 followed by 7UP and FBNH which added N2.91 and N0.42 close at N183.01 and N5.45 respectively; ETERNA and UNITYBANK added N0.04 and N0.04 to close at N1.85 and N1.2 respectively.

The losers chart was led by NB who lost N2.69 to close with a share price of 125.01 followed by STANBIC and DANGCEM who lost N1.04 and N0.92 to close with share prices of N19.85 and N162 respectively; GUARANTY and ZENITHBANK lost N0.87 and N0.82 to close with share prices of N22.51 and N16.18 respectively.

The top five most actively traded shares by volume on the exchange today were CONTINSURE with shares valued at N72 Million, FBNH with shares valued at N217 Million, ACCESS with shares valued at N72 Million, STERLNBANK with shares valued at N18 Million and UBA with shares valued at N33 Million.

Market breadth closed negative as SEPLAT led 10 Gainers against 25 Losers led by NB for the second day in a row. Year-To-Date currently stands at -17.67%

MTN wins respite over huge fine

South African telecoms giant MTN has won a respite on the payment of a massive $5.2 billion fine imposed on the company in Nigeria to allow for negotiations, the mobile phone operator said Monday.

The Nigerian Communications Commission (NCC) slapped the penalty on Africa’s largest telecoms firm for failing to deactivate 5.1 million unregistered SIM cards, sending its share price plummeting and leading to the resignation of chief executive Sifiso Dabengwa.

The deadline for the fine to be paid was November 16, but the company announced that the NCC had agreed that it will not be payable until the end of negotiations entered into by acting executive chairman Phuthuma Nhleko, who has taken on Dabengwa’s role for six months.

“Shareholders are advised that the executive chairman of the company, Mr Phuthuma Nhleko, has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine,” the statement said.

“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.

“Shareholders are advised that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded.”

Nigeria, Africa’s most populous country, is MTN group’s largest market where it had over 62.8 million subscribers by the second quarter of this year.

The Johannesburg Stock Exchange (JSE) has  launched an investigation into MTN for “possible insider trading” before the company announced it had been hit by the fine.

The probe could result in South Africa’s bourse operator slapping MTN with another hefty penalty or result in criminal charges.

Inflation slows Marginally To 9.3% In October

The country’s Consumer Price Index, which measures inflation, declined marginally to 9.3 per cent in October, a decrease of 0.1 per cent over the 9.4 per cent in September, and staying above the Central Bank of Nigeria’s target upper limit.

According to the inflation report released by the National Bureau of Statistics (NBS) in Abuja, this is the first time that the index has moderated in the last 12 months, having sustained a steady rise since November 2014.

The Statistic body said the marginal moderation, was due to the slower increases in most divisions which contribute to the Headline index with the exceptions being Transport, and Recreation and Culture divisions.

The report added that consumers across the country paid an average of N93.48 for a litre of Premium Motor Spirit (PMS) in the month of October; as against the official price of N87 per litre.