Category: Business

  • Swedish firm targets Nigeria’s oil industry

    Nigeria’s oil and gas industry may attract a major investment as Alfa Lava, a leading Swedish equipment manufacturer has concluded arrangement to collaborate with an indigenous firm, Jocam Nigeria Limited, to provide parts and maintenance services for all the former’s equipment with manufacturer’s warranty.

    The collaboration will focus on skills acquisition, equipment maintenance and technology transfer to boost growth in the nation’s economy.

    The Managing Director of Alfa Laval, Mrs. Maryne Lemvik, said the company will participate in the upcoming Nigeria Oil and Gas (NOG) conference and exhibition, which will hold at the International Conference Centre, Abuja, between February 18 and 21.

    Lemvik said that Nigeria is a very fast-growing economy and has become globally relevant to equipment makers such as her company. She said: “We see growth and opportunities in Nigeria and we want to be fully involved. Our ambition is to provide for companies in the oil and gas sector a wide range of key solutions designed for increased efficient performance.”

    Established in 1883 with headquarters in Sweden and regional offices across the world, Alfa Laval is a global manufacturer of equipment specially designed for oil and gas sector. Such equipment, include systems for liquid/solid separation, heat transfer and treatment, fluid handling, among others, and operates in Nigeria both directly and through distributors.

    Jocam is a representative company that has wide range of interests in the oil and gas, power and marine support services such as international procurement, coating, and equipment stocking; sales and services of all range of industrial equipment for surface preparation, design, installation and maintenance.

    The Managing Director of Jocam, Mr. Nnamdi Okam, said that the Nigeria Oil Gas conference and exhibition will afford the visiting Swedish team an opportunity to interact with “our clients with a view to understanding the challenges of performance and maintenance of Alfa Laval equipment as well as introduce the latest and most modern solutions for improved productivity and cost-efficiency in the industry because oil and gas industry in Nigeria is yet to attain its full potential as most of the key technologies and expertise needed for optimal operation are still sourced from abroad.”

    The Communications Manager of Alfa Laval, Virginia Nordmann, said the company is a leading global provider of specialised products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling.

     

     

  • Local content: biometric registration for expatriate workers

    The Nigerian Content Development and Monitoring Board (NCDMB) has directed that expatriates working in the Nigerian oil and gas industry would, henceforth, undertake biometric registration as part of conditions they must fulfil before their organisations can secure expatriate quota approvals from the Board.

    The exercise, according to the board, will capture details of all foreigners working for operating and service companies in Nigeria on the electronic platform – Nigerian Content Joint Qualification System, (NOJICJQS) being operated by the Board.

    NCDMB Executive Secretary, Ernest Nwapa stated this in Lagos at the Addax Executive Business Seminar on Nigerian Content. He said the exercise will start in the first quarter of 2013.

    The registration, he noted, will help the board evaluate the skills of the expatriates and confirm that such skills are not available locally in the industry. It will also assist the board to electronically track the numbers of expatriates in the industry, their length of stay, compliance with provided succession plans and expected date of exit.

    He said at the completion of the biometric registration, each expatriate will get a unique card, which he or she will produce whenever the monitoring team from the board comes around for periodic verification.

    Nwapa added that Section 33 of the NOGICD Act mandates operators to apply and receive the approval of the Board before making any application for expatriate quota to the Ministry of Internal Affairs or any other agency of the Federal Government.

    Among other conditions, the Board requires companies seeking to get expatriate quota approvals for their operations in the oil and gas industry to first advertise the positions to Nigerians through national and international media outfits.

    Other new initiatives of the Board endorsed by its Governing Council chaired by Mrs. Deziani Alison-Madueke, include the planned establishment of industrial parks in each oil producing state in partnership with the state governments. This will stimulate the participation of the communities in the local supply chain and provide a direct platform for collaboration with original equipment manufacturers that are now required to manufacture a minimum proportion of components in Nigeria.

    He said the Board will collaborate with major operators, service companies and the relevant state governments to build industrial parks, which will support operations of the industry and help achieve service efficiency through shared services.

    Other benefits of the industrial park concept include the reduction of start-up investment cost for new business, stakeholders’ collaboration and industry commitment to utilise manufactured products from industrial parks.

    The parks will host manufacturing activities driven by the oil and gas industry demand but will certainly service other sectors of the economy as they grow organically into integrated industrial zones. The start-up product slate will include steel pipes and allied fittings, switch gears , panels, skids, pipe racks and brackets, environmental protection equipment and chemicals. It will also include industrial gases, computers, telecom and other ICT equipment components, furniture, liquefied petroleum gas (LPG) cylinders, bolts and nuts, and drilling fluids.

    Nwapa said that the strategy has been successfully deployed to stimulate small and medium scale enterprises (SMEs) focused on the oil and gas technology into sustainable engines for technological growth and employment at the grass root level.

    He noted that the major operators will benefit from increased entrepreneurial activities in their host communities, adding that the Board has reached out to the state governments to participate in an SME fair to enable it identify companies with potentials to incubate and grow.

    In this way, over 100,000 productive jobs will be created across the communities for skills ranging from professional to artisanal and deemphasize the social employment prevalent in the communities.

    “The fair will identify SMEs with capacity, which will be supported and accommodated in the new industrial parks to manufacture goods used in industry with the active involvement of the traditional OEMs,” he added.

    He said the Board would activate the provisions of the Act to provide specific incentives for OEMs that participate in the initiative such as locking in orders for equipment or components manufactured/assembled in these parks for extended period. He added that Nigerian companies had committed to invest over $600 million in the manufacture and assembly of various equipments and components.

  • Falcon Petroleum eyes gas distribution in Ghana

    •To manufacture equipment

    Falcon Petroleum Limited, which has the franchise to distribute natural gas to industries and bulk energy users in Ikorodu, Lagos, has concluded arrangement to extend distribution of the product to Ghana.

    The Managing Director of the company, Prof. Joseph Ezigbo, made this known at an event for women of Ikorodu Phase II pipeline host communities.

    He said: “We are not only hoping to invest in Nigeria, we are also looking at Ghana. At the moment, we are working with our partners in Ghana to supply gas in the West African country. We are interested in building a gasification plant in Ghana to supply gas to industries in that country.

    “Though Ghana is already getting gas from Nigeria through the West Africa Gas Pipeline Company (WAPCo), this is not enough for Ghana at the moment.”

    On the other plans of the company, Ezigbo said: “Falcon Petroleum has grown substantially. We are consolidating on pumping gas to industries. We are also increasing our capacity. At the moment, the company is building a 12-inch gas pipeline. This will increase the gas supply as well as gas coming into our system. This will also increase the ability of our customers to be connected to our gas supply grid as required.

    “We have also gone into assembly and manufacturing of equipment, which is used in the country’s oil and gas sector. We have entered into a partnership with a company in India to operate a company in Nigeria to fabricate gas stations. We believe that when the Petroleum Industry Bill (PIB) is passed, there will be industrial explosion in the country. That means the industrial development will escalate.

    “We hope to complete the first phase by March this year. We are also trying to expand to other areas of the country because whether we believe it or not, industries depend on gas and the industrial revolution will not just be within the western region, but all over the country.”

    Commenting on the company, Ezigbo said: “As the first phase of the Ikorodu gas distribution phase project continues to witness an upsurge in the gas requirements of customers, and coupled with new industrial off-takers and prospects positioned along the Lagoon expansion axis, Falcon Petroleum Limited has initiated a capacity upgrade on its existing City Gate metering and regulating facility.

    “The capacity upgrade is necessary to enable the company to meet its immediate, medium and long-term supply obligations to its ever growing customer base. The new 25 million standard cubic feet per day (mmscf/d) capacity City Gate station will ensure a hitch-free gas delivery to all our customers in accordance to the requirements. The enhanced station will also ensure availability of excess capacity to meet any future supply nominations that may be required over the next few years.”

    He said the Ikorodu community has provided friendly environment for the company’s operations.

    “In Ikorodu, the people are so civilised and are very appreciative as well. This vocational training being sponsored by Falcon Petroleum is a way of saying thank you to the people of Ikorodu.

    “We will not stop here. We will send them for industrial attachment and will have monitoring team to monitor them, after which a starter-pack will be provided for them. They will be given a certain amount of money and equipment to start their businesses and we monitor them for one year to ensure that the system goes on as planned.

    “At the end of the training, we will select another group. It is a progressive thing because at the end of the day, the company would have empowered them to face the future positively.”

    Falcon Petroleum supplies gas to industrial giants such as Mayor Engineering, Spintex Mills, African Steel Mills, Sunflag Steel, Lucky Fibres and Energy Company of Nigeria – an independent power plant,, among others.

     

  • Equities rally to 19.35% as index hits new high

    NSE signs MoU with Thomson Reuters

    Average year-to-date return at the Nigerian stock market rallied to 19.35 per cent yesterday as several equities jumped to new highest and the main index at the Nigerian Stock Exchange (NSE) set a new highest index level.

    The market opened bullishly with 56 advancers against 18 decliners. The All Share Index (ASI), the common index for all equities on NSE, gained 0.59 per cent to close at 33,511.63 points as against its opening index of 33,313.49 points.

    Aggregate market value of all equities rose correspondingly by N65 billion from N10.659 trillion to N10.722 trillion. The market performance was driven by widespread gains across the high, mid and small capitalisation levels.

    Mobil Oil Nigeria Plc led the advancers with a gain of N5.53 to close at N125.97. PZ Cussons Nigeria followed with a gain of N4.04 to close at N44.48. UAC of Nigeria added N3 to close at N53. Unilever Nigeria rose by N2.57 to close at N52. GlaxoSmithKline Consumer Nigeria chalked up N2.38 to close at N49.98. Total Nigeria gathered N2 to close at N143. Cadbury Nigeria gained N1.94 to close at N40.81. CAP rose by N1.68 to close at N35.42 while MRS Oil and Gas and Presco increased by N1.37 and 94 kobo to close at N28.79 and N27.90 respectively.

    The price rally underlined increased demand for equities as investors repositioned their portfolios ahead of the imminent start of the earnings season.

    Volume and value of activities improved by 8.63 per cent and 33.87 per cent respectively as investors staked N4.35 billion on 683.24 million shares through 7,299 deals.

    Investors appeared to be showing increasing preference for low-priced stocks. Banking stocks remained atop activity chart with a turnover of 363.69 million shares worth N2.42 billion in 3,015 deals. Insurance sector followed with a turnover of 147.93 million shares worth N108.19 million in 499 deals.

    Unity Bank was the most active stock with a turnover of 115.22 million shares worth N115.18 million in 340 deals.

    However, Flour Mills of Nigeria, which posted a disappointing third quarter report, led the losers with a drop of N3.99 to close at N76.01. Lafarge Wapco Cement Nigeria trailed with a loss of N2.20 to close at N72 while Guinness Nigeria lost N1.41 to close at N296.

    Meanwhile, the NSE has signed a Memorandum of Understanding (MoU) with Thomson Reuters to provide investor relations services to its listed companies as part of its value added services.

    With this initiative, investor relations’ solutions from Thomson Reuters will be available to the NSE’s listed companies.

    The NSE stated that Thomson ONEInvestor Relations will help companies manage their investors relations programme workflow, including monitoring market activity, understanding investor behaviour and managing investor outreach.

    Thomson Reuters’ investors relations websites will also ensure companies are delivering a high standard of disclosure, providing investors with quality and professional investment information.

    Managing Director, Africa, Thomson Reuters, Keith Nichols, said his company was delighted to partner with the NSE.

    “Thomson Reuters provides integrated solutions across the investor relations workflow and we look forward to help NSE’s companies comply with the regulatory requirements and effectively communicate with institutional and retail investors,” Nichols said.

    Executive Director, Business Development, Nigerian Stock Exchange (NSE), Mr Haruna Jalo-Waziri, urged listed companies to take advantage of this investor relations package to improve their visibility to the local and international investor community.

     

  • Lagos, Benin airports lead in abandoned planes, says FAAN

    The Murtala Muhammed Airport (MMA), Lagos and the Benin Airport have the highest number of abandoned planes, the Managing Director of Federal Airports Authority of Nigeria (FAAN), George Uriesi, has said.

    He said FAAN may increase the number of teams dismantling dead and abandoned aircraft at airports nationwide.

    There are over 60 abandoned aircraft at the airside of airports across the country.

    The FAAN boss said many planes could have been abandoned at the Lagos airport because it once served as the base of their owners.

    He linked the high number of abandoned aircraft in Benin to the fact that it served as the operational base of Okada Air, hitherto one of the nation’s major operators.

    Most of the abandoned and moribund airplanes at Benin airport are the banned BAC 1-11.

    Uriesi said the team dismantling airplanes has successfully done three, adding that FAAN may increase the team to make the job faster.

    On the time frame for dismantling dead planes, Uriesi said there is no time frame, because some planes are bigger than others.

    He added that when FAAN issued ultimatums to owners of the dead airplanes to move them from the airport, many did not take the matter serious until the team started working on the aircraft.

    The United States (US) government, through a consular officer attached to its Embassy in Lagos, Mr Jerrod Hanssen, has hailed FAAN for remodelling of airports. Speaking when he led a delegation of economic officers to the corporate headquarters of FAAN in Lagos, Hanssen said it was necessitated by his government’s desire to extend a hand of fellowship to FAAN, which he said was making remarkable strides in repositioning airports.

    Welcoming the delegation, Uriesi said the upgrade of infrastructure at the airports was geared towards building a greater aviation future.

    Uriesi said FAAN is determined to change passenger’s experience of service delivery at the airports, stressing that airport terminals of the past were for travelling only, but modern airports have turned to commercial centres.

    He explained that some airports around the world would have folded up if they had relied solely on aeronautical sources of revenue, whereas the trend, which FAAN has adopted, is offering more commercial opportunities that will encourage business, entertainment and leisure at airports.

     

  • BA launches Valentine offer

    British Airways has announced another special discount offer for its Nigerian customers travelling on its World Traveller (Economy), World Traveller Plus (Premium Economy) and Club World (Business) class customers travelling to the United Kingdom, and select destinations in Europe, North America and Canada.

    Known as ‘The Valentine Special Offer’ in celebration of this year’s Valentine’s Day, a statement explained that it affords British Airways Nigerian customers the opportunity to make fantastic savings while travelling on these cabins to London and select, European, United States and Canadian cities. But the passengers must hurry as the amazing fares are only valid for booking until February 15, 2013.

    Explaining the offer, Country Manager, British Airways/Iberia in Nigeria, Mr Kola Olayinka, said the new offer, which is valid for flights from Lagos or Abuja means the airline’s customers can travel from Abuja to London and select European destinations from just US$255 in the airline’s World Traveller or US$949 in World Traveller Plus, and Club World from just US$2,199. The European destinations include France, Germany, Belgium, Netherlands, Switzerland and Luxembourg.

    For those travelling to select US and Canadian cities, the fare starts from US$609 for World Traveller, US$1,549 for World Traveller Plus, and US$2,959 for Club World.

  • Can the Bar Beach be saved?

    Samson Ajibade (not his real name) and his colleagues sat at one of the entrances to the wide concrete embankment on the Lagos Bar Beach on Ahmadu Bello Way, Victoria Island to collect N200 toll from picnickers. With his huge frame, he looks menacing. Many picnickers paid the toll without complaints. Some didn’t, but it was not to his hearing.

    Armed with an identity card purportedly issued by the Lagos State government, Ajibade, who is in his 30s, told a reveller: “Except you are bigger than the government, that is when you would be exempted from paying the toll; do you think we put ourselves here?” The reveller was not there for sight seeing, he had come to have his lunch at an eatery near the Eko Atlantic City sales office and showroom.

    There are others like him on the oldest Lagos Beach, who have made it their ‘cash cow’; feeding fat on unsuspecting visitors, by purportedly collecting tolls from them in the name of generating revenue for the Eti-Osa Local Government. They hide inside the 3.6 tonnes X shaped blocks to perpetrate their act. Their presence raises nostalgic feelings about the beach, which was the haven of fun seekers and revellers, especially during holidays and festivities. But neglect and frequent surges have made the beach a pain in the neck for residents of Victoria Island and motorists plying the Ahmadu Bello Way.

    Offices and homes are flooded when the ocean overflows its banks. A portion of Ahmadu Bello Way becomes impassable. Adjoining streets, such as Bishop Oluwole, Tiamiyu Savage, Adetokunbo Ademola, Oju Olobun, Ologun Agbaje and others are not spared.

    In 2005, when another surge occurred, the Bola Tinubu administration got the nod of the Federal Government to find a lasting solution to the problem. An extensive survey of severely affected areas showed places adjacent to the west of the Abia State Liason office on Ahmadu Bello Way, where the width of the beach was less than three metres. Shoreline protection, according to the Lagos State Government, was the best option. A Dutch shoreline protection firm, Hitech Group, was hired for the job.

    The project comprised the construction of shoreline protection of 1,000 metres length to start at a point to the west of Abia State Liaison office up to the defunct IMB Bank building. The design, according to the government, would use layers of rock placed on a geo-textile sheet with pre-cast concrete elements placed on the beach front, as the primary protection. The ‘x-blocks’ weighing 3.6 tonnes each, were designed to form an interlocking barrier to incoming waves. The sizes of the blocks, according to officials, were determined by computer simulation to withstand the worst predictable storm conditions within a 100-year period.

    “The restoration and stabilisation of the Bar Beach project was divided into two phases; Phase one of the project was awarded for N4.072 billion, while the Phase II contract was awarded for N2.259 billion,” the government said.

    The unprecedented success recorded at the waterfront protection made the Lagos State government to try reclaiming ‘lost lands’ in the last 100 years, which are estimated at about nine million square kilometres. This brought about the sealing of a multibillion-dollar concession deal in July 2006 with another foreign firm, South Energyx Nigeria Limited (SENL), to build a 21st century city, Atlantic City, meant to serve as the strategic business hub for the sub-Saharan Africa. Years back, the Federal Government tried many unsuccessful projects to check the over-flow of the beach without any success. It was alleged to be a sort of cash-cow for successive ministers. During the tenure of Alhaji Lateef Jakande as the Minister of Works and Housing, the government gave out a contract for dropping of sand bags on the shore to check the angry wave at the beach, but they were all washed away at the slightest surge. The value of real estate on Ahmadu Bello Way during this period dropped, which was hitherto a prime real estate axis that had most of the states’ liaison offices. But now the axis is having its groove back as the state government with recent developments on the beach seem to have found a permanent solution to the problem.

    The Bar Beach, according to those who know its history, is a beach with a natural bar. Rev Brother Steve Lucas of the Dominican Order of the Catholic Church, who lived on the Takwa Bay, adjacent to the beach, for 40 years, said the Bar Beach got its name from the bars it had in the past. “Because of those natural bars, no ship could berth at that beach. Each time any ship attempted it, it would crash as it would have run into a natural bar at the beach. This made the government to dredge it then, but that did not help much as there were other areas on Lagos coastline converted to ports,” the 80-year-old American Reverend Brother said.

    This natural bar, Rev. Brother Lucas said, might have accounted for the seeming neglect it suffered which invariably made it susceptible to erosion from the Atlantic Ocean. “Surges are natural occurrences, they happen when the ocean tide is high. We experience it often here and there is no human cause for it; it’s a natural phenomenon,” he said.

    The cleric would not support those who said the sand filling of the Atlantic City could have caused the flooding of some beaches in Lagos last year.

    As the raining season approaches, visitors to the beach have, however, noted that the embankment and the shoreline extension, though effective, may not last if periodic maintenance is not carried out. There are fears that activities of touts and miscreants may undo whatever good work was executed by the government.

    “My fear actually is that the beach may be no more. This reason is simple; the territorial reclamation of the government as it were, may phase it out. I’m talking about the Atlantic City, which I sense may swallow the beach later on,” said Akinwale Thomas, a property consultant who was at the Atlantic City showroom for a business transaction.

    The beach, according to him, has suffered seriously from the government’s neglect and various abuses from people who visited it for diverse purposes. “Is it the abuse from the so-called spiritualists, who have turned it to their churches you want to talk about, or the street urchins and miscreants who have made it their den?” he asked.

    But, in a statement, Lagos State Governor, Babatunde Fashola (SAN) said the state has made inroads into checking the ocean surge. He recalled that the solution embarked upon then by the government at the centre was to pump sand every two years, which was costing the nation between N3 and N4 billion.

    He said each time the sand was pumped, the sea just came and washed it away. He explained that when the Kuramo incident happened, the wave was as high as seven metres, stressing that the waves that hit Kuramo were possible because there was no protection for it.

    The governor said what his administration has done is to build a defence wall in the sea after reclaiming what the sea washed away.

    He said some of the projects the state government has embarked upon in the last three years was the clearing of the Itirin Canal, which has saved the state from greater calamity.

    He said: “I am happy we had to remove a property that was blocking the Itirin Canal then and it even became an issue during the last governorship election campaign because it’s the Itirin Canal that leads to Kuramo and down to the Five Cowries Creeks.”

    Elaborating other measures taken by the state, the governor explained: “If you go to the Mobil House on the Lekki-Epe Expressway, what that road has done for us is to improve our coastal drainage system. Before now, there was only one the engineers refer to as box culvert at the Mobil House, which links Itirin Canal into the Five Cowries Creek. We undertook a project to expand it to four. That expansion allowed free passage of water from the Atlantic to discharge into the lagoon – thereby checking the coastal surge from the bar beach.”

  • Nipco rewards loyal marketers

    Nipco Plc, an integrated downstream operator, appreciated its customers for their patronage and delivering quality service, particularly in the dispensing of petroleum products to Nigerians in all parts of the country.

    The event, which held at the company’s terminal in Lagos, was to recognise and honour outstanding marketers in which the overall best marketer for last year, went to Tamal Petroleum Nigeria Limited, based in Katsina State.

    The Managing Director of the company, Alhaji Muhammadu Usman Sarki, received the award on behalf of the company. He expressed appreciation for the honour and pledged to consolidate on the company’s business relationship with Nipco by pulling more volumes this year.

    Presenting the award to the recipient on behalf of Nipco, the Executive Director, Finance, Mr Ramesh Virwani, said the award was in recognition of the outstanding performance of the marketing company in the distribution of petroleum products to end-users through its outlets.

    Virwani assured the marketing companies doing business with Nipco of its excellent service delivery, which he added, is beneficial to both parties and in the interest of the sector.

     

     

     

     

     

     

     

  • FG targets 65% reduction in recurrent expenditure

    FG targets 65% reduction in recurrent expenditure

    FG targets 65% reduction in recurrent expenditure – Okonjo-Iweala

    The Federal Government on Monday said that it planned to reduce the recurrent expenditure by 65 per cent in 2015 to boost economic growth.

    The Minister of Finance, Dr. Ngozi Okonjo-Iweala, who disclosed this at the Renaissance Capital Fourth Annual Pan-Africa Investor Conference in Lagos, said the capital expenditure would also go down by 40 per cent.

    Okonjo-Iweala said that the gains from the reduction would be redirected at critical areas of the economy to ensure economic growth and reduction in unemployment rate.

    “We are correcting our past fiscal lapses to achieve the desired result and we will continue to slide down on recurrent expenditure.

    “The major challenge of the government is the rising unemployment rate currently at 23 per cent and all economic reforms are geared toward job creation,” the News Agency of Nigeria quoted the minister as saying at the forum.

    Okonjo-Iweala, who is also the Coordinating Minister for the Economy, said the government would reduce domestic debt in 2013 with the issuance of N100 billion redeemable bonds.

    According to her, the economy has been growing at an average of seven per cent in the past decade in spite of the challenges.

    She said that plans were on to establish a development finance institution to provide long-term finance for businesses and strengthen economic growth.

    The minister commended Renaissance Capital for its confidence in Nigeria and Africa, adding that the company had brought in a lot of investors.

     

  • Investors stake N25b on N289b gains

    Investors stake N25b on N289b gains

    Investors staked about N25 billion on equities last week and earned N289 billion in capital gains as positive sentiments continued to send most stocks to new price level.

    Turnover at the Nigerian Stock Exchange (NSE) stood at 3.57 billion shares worth N24.69 billion in 39,321 deals, a marked increase on a total of 2.81 billion shares valued at N22.19 billion traded in 33,123 deals two weeks ago.

    The overall market situation remained exceedingly positive with average weekly gain of 2.78 per cent. Aggregate market capitalisation of all equities rose from N10.37 trillion to N10.66 trillion. The All Share Index (ASI), the market-wide valued-based benchmark index at the NSE, also trended upward to 33,313.49 points as against its index-on-board of 32,411.86 points.

    The financial services sector remained the most active with 70.75 per cent, 66.16 per cent and 58.71 per cent of the total equity volume, value and number of deals. It recorded a sectoral turnover of 2.53 billion shares valued at N16.34 billion in 23,085 deals. Banking stocks were the main drivers of turnover. Banking subsector recorded turnover of 1.78 billion shares worth N13.05 billion in 16,104 deals.

    Volume in the banking subsector was largely driven by activities in the shares of Unity Bank Plc, Access Bank Plc and United Bank for Africa (UBA) Plc, which altogether accounted for about 45 per cent of the subsector’s turnover. The conglomerates sector followed with a total turnover volume of 473.15 million shares worth N1.05 billion in 2,341 deals. Volume in the sector was largely driven by the shares of Transnational Corporation of Nigeria Plc with a turnover volume of 465.210 million shares valued at N803.042 million in 1,826 deals.

    The pricing trend indicated an overtly bullish market with 73 advancers against 18 decliners. Lafarge Wapco Cement led the advancers with a gain of N6.20 to close at N74.20. Guinness Nigeria followed with a gain of N5.38 to close at N297.41 while Ashaka Cement added N5.33 to close at N26.03.

    On the downside, Nestle Nigeria topped the losers’ list with a drop of N5.03 to close at N814.96. Nigerian Breweries slipped by N1.50 to close at N163.50 while Flour Mills of Nigeria lost 91 kobo to close at N80.

    Meanwhile, about 30.96 million shares resulting from recent bonus issue was at the weekend added to the outstanding shares of Guinness Nigeria Plc, bringing the total outstanding shares to 1.505 billion shares.