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How 15,634 Retirees Withdraw N7.79BN to Exit Pension Scheme How 15,634 Retirees Withdraw N7.79BN to Exit Pension Scheme
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Markets

Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
Markets1 week ago

Oando’s Assets More than Double to N2.68 Trillion in One Year

Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian...
Foreign Appetite for Nigerian Stocks Wanes as Outflow Hits N385.9 Billion in 9 Months Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During the period, portfolio investors invested N310.99 billion on stocks even as they sold off more equities worth N385.89 billion, amounting to a net foreign outflow of N72.9 billion. In the nine-month period under review, the Nigerian Exchange recorded N3.968 trillion in equities trading and this was primarily driven by strong domestic investor participation The while the figure represents a remarkable increase from the N2.712 trillion worth of stocks traded during the same period in 2023, foreign investors contributed the least while domestic counterparts continued to dominate the space. Expatriates in the market were responsible for just N696.88 billion, accounting for 17.56% of the total value of stocks traded, while domestic investors dominated the market with N3.271 trillion, or 82.44% of total trading volume The latest Foreign Portfolio Investment report highlights the performance of domestic investors, with retail investors trading N1.739 trillion worth of stocks and institutional investors contributing N1.531 trillion during the nine-month period. Investments in September 2024 In September 2024, total transactions on the Nigerian Exchange saw a month-on-month increase of 29.90%, rising from N379.52 billion (approximately $237.70 million) in August to N493.01 billion (about $307.84 million). This is a notable improvement compared to September 2023, where total transactions were valued at N295.80 billion, marking a 66.67%t increase year-on-year. In September 2024, domestic investors outperformed foreign investors, executing transactions valued at 84% more than their foreign counterparts. Domestic transactions rose significantly, with total domestic trading increasing by 40.23% from N322.05 billion in August to N451.60 billion in September. Conversely, foreign transactions saw a decline of 27.95%, dropping from N57.47 billion (about $35.99 million) in August to N41.41 billion (approximately $25.86 million) in September. The report also indicates that retail investors surpassed institutional investors, outperforming them by 28%. A closer look at the domestic market reveals that retail transactions increased by 59.42 percent, from N180.72 billion in August to N288.10 billion in September, while institutional transactions rose by 15.6%, from N141.33 billion to N163.50 billion during the same period. Foreign Appetite for Nigerian Stocks Wanes as Outflow Hits N385.9 Billion in 9 Months Foreign investors are increasingly losing appetite in the Nigerian stock market as activities in the first nine months of the year shows withdrawal of investment. During the period, portfolio investors invested N310.99 billion on stocks even as they sold off more equities worth N385.89 billion, amounting to a net foreign outflow of N72.9 billion. In the nine-month period under review, the Nigerian Exchange recorded N3.968 trillion in equities trading and this was primarily driven by strong domestic investor participation The while the figure represents a remarkable increase from the N2.712 trillion worth of stocks traded during the same period in 2023, foreign investors contributed the least while domestic counterparts continued to dominate the space. Expatriates in the market were responsible for just N696.88 billion, accounting for 17.56% of the total value of stocks traded, while domestic investors dominated the market with N3.271 trillion, or 82.44% of total trading volume The latest Foreign Portfolio Investment report highlights the performance of domestic investors, with retail investors trading N1.739 trillion worth of stocks and institutional investors contributing N1.531 trillion during the nine-month period. Investments in September 2024 In September 2024, total transactions on the Nigerian Exchange saw a month-on-month increase of 29.90%, rising from N379.52 billion (approximately $237.70 million) in August to N493.01 billion (about $307.84 million). This is a notable improvement compared to September 2023, where total transactions were valued at N295.80 billion, marking a 66.67%t increase year-on-year. In September 2024, domestic investors outperformed foreign investors, executing transactions valued at 84% more than their foreign counterparts. Domestic transactions rose significantly, with total domestic trading increasing by 40.23% from N322.05 billion in August to N451.60 billion in September. Conversely, foreign transactions saw a decline of 27.95%, dropping from N57.47 billion (about $35.99 million) in August to N41.41 billion (approximately $25.86 million) in September. The report also indicates that retail investors surpassed institutional investors, outperforming them by 28%. A closer look at the domestic market reveals that retail transactions increased by 59.42 percent, from N180.72 billion in August to N288.10 billion in September, while institutional transactions rose by 15.6%, from N141.33 billion to N163.50 billion during the same period.
Markets1 week ago

Foreign Appetite for Nigerian Stocks Wanes as 9-month Outflow Hits N385.9 Billion
Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover
Markets2 weeks ago

Investors Lose N1.22 Trillion on Stocks amid Mixed Turnover
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Naira Struggles at NAFEM Despite $326.6m Boost in Reserves
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Naira Falls by 7% as Nigeria’s FX Crisis Toughens
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Cryptocurrency

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Americans Duped $5.6 Billion in Crypto Scams in 2023 – FBI    

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Technology

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Economy

Tax Committee Proposes Relief for Loss-making Firms
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Commodities News & Agribusiness

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Finance

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Viewpoints

NASENI Trains Procurement Officers, Others on Global Best Practices
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Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. The court subsequently fixed July 3 for a hearing of the plaintiff’s substantive suit.
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General News

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Travels & Aviations

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African airlines experienced an 11.9% increase in passenger demand in September 2024 compared to the previous year, achieving a load...
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Showbiz

Netflix Inflates Subscription Price by 40%
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Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. The court subsequently fixed July 3 for a hearing of the plaintiff’s substantive suit.
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Appointments

Henrietta Ugboh
Appointments1 day ago

UBA Appoints Henrietta Ugboh Independent Non-executive Director

United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an independent non-executive Director. The appointment has...
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Meet Sunday Akin Dare: President Tinubu’s New Special Adviser on Public Communication and Orientation
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Sports

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Nigerian-born Bodybuilder Samson Dauda Wins 2024 Mr Olympia, Takes Home $600k Prize
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Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party. Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party.
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Unity in Victory: TECNO’s Bold Move Amplifies Community Spirit at AFCON Showdown
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