The Chartered Institute of Stockbrokers (CIS) has stated that derivatives traded on the Exchange are essential in the market as they allow for market sophistication, transparent financial contracts as well as offer a useful risk management tool for implementing risk mitigation, or hedging strategies against financial risks. President of the Institute, Oluwole Adeosun, said this while speaking at a virtual capacity-building workshop for Exchange Traded Derivatives stakeholders organised by the Nigerian Exchange Limited (NGX) and the CIS with the theme, ‘Exchange-Traded Derivatives: Enhancing the Capital Market for Robust Value Creation’. Adeosun noted that the instruments also present an alternative investment acceptance useful for pursuing diversification and investment strategies. Guardian
The Securities and Exchange Commission (SEC) has revealed that its 10-year Capital Market Master Plan (CMMP), has now been admitted as the 246th programme and project in the recently approved National Development Plan 2021-2025 (NDP2515033). Its Director General, Lamido Yuguda, disclosed this at the First Nigeria Employers Summit organised by the Nigeria Employers Consultative Association in Abuja, recently. Whilst noting that the commission has executed several initiatives to build a collaborative regulatory environment for enterprise competitiveness, job creation and national development, Yuguda reaffirmed that the SEC, through its ten year plan, has mapped out strategies to build a capital market that is the largest on the continent of Africa and one of the world’s deepest by 2025. The Sun
The Federal Government says it is determined to create an enabling and attractive environment for businesses in Nigeria. This was contained in a statement on Thursday by the Assistant Director, Public Relations, Nigerian Maritime Administration and Safety Agency, Osagie Edward. According to the statement, the Minister of State for Transportation, Gbemisola Saraki, was quoted as saying this when she embarked on a tour of facilities and assets of the NIMASA, She was quoted to have added that collaboration amongst all maritime agencies of government in terms of information gathering and sharing was key to achieving this. Punch
Oil marketers on Thursday said they had escalated their call for an increase in the pump price of Premium Motor Spirit, popularly called petrol, to the Federal Government, as the current cost of the commodity was no longer sustainable. Also, PMS transporters confirmed that they had resumed operations in full following last week’s raise in the freight rate being paid by the Federal Government for the transportation of petrol nationwide. Amidst the call for petrol price hike and the full resumption of operations by transporters, the queues by motorists for PMS in Abuja and neighbouring states grew longer on Thursday. Punch
Almost two years after the Federal Government launched the Autogas Initiative on the back of National Gas Expansion Programme, prevailing circumstances, especially with rising cost of diesel, is forcing motorists, most importantly those with high fuel-consuming vehicles, to convert their diesel engines to petrol, Compressed Natural Gas (CNG) or Liquefied Petroleum Gas (LPG). The Guardian learnt that many of such operators, who hitherto, preferred diesel engines due to its heavy capacity and low combustion rate, are beginning to find the cost of sustaining their operations unbearable, notwithstanding the many hours of travel time due to traffic congestion. Guardian
Nigeria LNG Limited has reiterated its commitment to 100 per cent of its Liquefied Petroleum Gas (LPG) production to the domestic market to support the growth of LPG utilisation in the country and help reduce the health, safety and environmental risks associated with the use of other domestic fuel sources. The Deputy Managing Director of Nigeria LNG Limited (NLNG), Olalekan Ogunleye, said this during his speech at the 2nd West Africa LPG Expo and NLPGA Summit yesterday. Ogunleye stated NLNG remained committed to collaborating with regulators, partners, and industry players to grow the domestic LPG market and bring cleaner energy to Nigerians.
He added that through the supply of LPG, NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future. Guardian
The Independent Petroleum Marketers Association of Nigeria, (IPMAN) has called on the management of the Nigerian National Petroleum Company Limited, (NNPCL) to investigate the activities of private depots owned by members of the Depots and Petroleum Products Marketers Association, (DAPPMA) over their role in the ongoing fuel scarcity. National President of IPMAN, Debo Ahmed and National Publicity Secretary, Chinedu Ukadike, made the observation in a joint statement yesterday, where they expressed concerns over the sale of petroleum products to members of IPMAN above the NNPCL approved template of N148.00 which was inimical to the survival of industry. The Sun