CAPITAL MARKET
SEC, AfDB Commence Implementation of Risk-based Supervision Project
The Securities and Exchange Commission (SEC) and African Development Bank (AfDB) have commenced the implementation of the regulatory capacity improvements under the risk-based supervision framework and capacity building project. The SEC in a statement yesterday said the project funded from the AfDB Group administered/Capital Markets Development Trust Fund is to finance the Risk Based Supervision Framework Implementation and Capacity Development Project. Punch. This Day
NGX sustains bullish profile as index inches further by 0.7 per cent
The Nigerian Exchange Limited (NGX) sustained rising profile, as more blue-chip stocks appreciated at price, resulting to a further increase in the All-share index by 0.7 per cent. At the close of transactions yesterday, the ASI rose by 271.84 points or 0.7 per cent from 39,176.62 recorded on Tuesday to 39,448.46 yesterday, while market capitalisation increased by N142 billion from N20.411 trillion to N20.553 trillion. On the price movement chart, 20 stocks recorded price appreciation while 14 constituted the losers’ chart. Guardian
ECONOMY
NNPC incurred N473bn loss operating moribund refineries – Report
The Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021, a new report by SBM Intelligence, a geopolitical and socioeconomic research firm has claimed. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become costly pastime, adding that the NNPC incurred a loss of N473.3bn operating the refineries in Warri, Port-Harcourt and Kaduna. “Nigeria’s refineries are becoming an increasingly expensive pastime. Between January 2015 and February 2021, the NNPC has posted a combined loss of N473.3bn while operating the three refineries: Warri, Port-Harcourt and Kaduna,” the report stated. Punch
Oil recovers after U.S. asks OPEC+ to increase production
Oil prices recovered after trading lower following the public pressure from the United States on OPEC+ to raise oil supply more than the cartel had earlier planned, in order to check rising fuel prices. Prices traded below $70 a barrel before Brent rose to $71.38 around 7.08 pm local time. Unlike in Nigeria where subsidy is retained to check the impact of oil price rally at the retail end, the prices of gasoline trended higher in the United States and others, forcing the U.S. to call for higher production. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” U.S. National Security Advisor Jake Sullivan said on Wednesday in a statement. Guardian
FG reintroduces toll plazas, Nigerians to pay N500, N200 per trip
This is as it exempted diplomatic, military, para-military vehicles, tricycles, motorcycles from the scheme. Minister of Works and Housing, Babatunde Fashola, disclosed these on Wednesday while briefing the State House correspondents at the end of the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. The decision was made almost two decades after the Olusegun Obasanjo’s administration dismantled all toll plazas on federal roads across the country in 2003. Punch
Shell pays N46bn to Ogoni community in final compensation
The Shell Petroleum Development Company (SPDC) has concluded plans to pay N45.9 billion as compensation to the people of Ogoni in Rivers State as compensation for oil spills in their communities which occurred in 2010. Lawyer to Shell, A. O Ejelamo, while addressing Ahmed Mohammed, Judge of a Federal High Court in Abuja, said the company has resolved to pay the monetary compensation awarded in 2010. The Sun