The Nation Newspaper

Tag: Total Oil

  • NSE trading maintains bearish trend, index down 0.68%

    Equity transactions on the Nigerian Stock Exchange (NSE) ended on a negative note on Friday with the market indices dropping further by 0.68 per cent.

    The market capitalization shed N87 billion or 0.68 per cent to close at N12.722 trillion against N12.809 trillion posted on Thursday.

    Also, the All-Share Index, which opened at 35,086.67, lost 238.22 points or 0.68 per cent to close at 34,848.45 amid price losses.

    An analysis of price movement indicated that Total Oil led the price losers’ table with a loss N2.3 to close at N189.7 per share.

    Nigerian Breweries trailed with a loss of N2.1 to close at N97.9, while GTBank dipped by N2 to close at N36.

    Glaxosmith declined by 9k to close at N13.1 per share, while Zenith Bank also lost 65k to close at N21 per share.

    Conversely, Okomu Oil led the price gainers’ table, gaining N35.75 to close at N76.95 per share.

    Read Also: NSE indices grow further by 0.63%, amid Dangote Cement gain

    FlourMill came second with a gain of N1.3 to close at N24.3, while Stabic IBTC appreciated by 75k to close at N48.

    Air services and Eternal Oil appreciated by 5K each to close at N5.5 and N6.7 per share, respectively.

    The volume of shares traded, however, increased by 35.24 per cent as 384.893 million shares worth N9.79 billion were traded in 4,070 deals.

    This was against the 284.596 million shares worth N3.44 billion exchanged in 3,303 deals on Thursday.

    Diamond Bank was the most active, exchanging 102.82 million shares valued at N124 million.

    Zenith Bank followed with 47.77 million shares worth N997.18 million, while GTBank traded 36.40 million shares valued at N1.34 billion.

    Dangote Cement traded 25.29 million shares worth N5.3 billion, while Stanbic IBTC traded 19.86 million shares valued at 953.08 million.

    NAN

     

  • Total oil, communities renew pact in Rivers 

    Total Exploration and Production of Nigeria (TEPNG) yesterday assured its host communities in Rivers State of prompt release of funds to implement the company’s responsibility in the new Memorandum of understanding (MOU) signed with them.

    Total’s Deputy Managing Director (DMD), Port Harcourt District,  Francois Le Cocq, spoke during the signing of the  MOU with Rumuogba and Rumuji communities of Obio/ Akpor and Emohua local governments in Port Harcourt.

    Le Cocq, who was represented by a company official,  Okechukwu Obara, said the company attached importance to the agreements and would manage it amicably so it would not affect operations of the company.

    “In order to embrace the current global anti bribery and compliance campaign ongoing in the compound, we must ensure transparency and integrity in project nomination and execution process.

    “On our part, notwithstanding the challenges that affected the past agreements,  we shall do our best to manage disbursement of funds for the implementation of the MOUs such that it will not put the company’s operation at risk.”

    Earlier, the deputy managing director hailed the process leading to the signing, believing that with sincerity and cooperation from parties,  the  agreement would spread in such a way that the impact would be all-embracing

    Le Cocq said: “It is with great pleasure that I welcome you to this formal signing ceremony of the renegotiated Memorandum of Understanding (MOU) with the communities.

    “I am proud that the various engagements and negotiation meetings with you have yielded mutually acceptable agreements that will form the basis of our relationship with your communities for the next five years.

    “I am quiet convinces that the content and depth of the agreements to be signed today(yesterda), are far reaching and have the potential to positively affect the lives of the communities if parties show sincerity in their implementation and management.

    “Judging from the various provisions made in therein, from the infrastructure to human capital development initiatives, it is clear that the company is committed to touching the lives of the communities regardless of the challenges which the industry is facing today.” he said.

    The deputy managing director promised that Total would ensure that issues which affected past agreements were avoided.

    “Reflecting from the outcome of various implementation reviews,  I believe we have understood the causes and the effects of our actions and/or inactions.

    “We have observed and are worried about some grey areas of our implementation strategies. We believe that projects and programmes nominations and implementation should address identifies needs and not contract driven venture for few benefit captors.

    “As we celebrate this renewed relationship,  let us so so with a renewed spiritband conviction to implement the provisions of the new agreement for the mutual benefit of all the parties as TEPNG will be fulfilled and proud to identify with positive results which shall be brought to the communities through the implementation of this MOU,” he expressed.

  • Abia community youths protest alleged neglect by Total oil

    YOUTHS in Owaza community in Ukwa West Local Government Area of Abia State have demonstrated against alleged neglect of the community by oil giant, Total Oil. According to reports, the youths are angry that in spite of the presence of a gas producing plant in their community, no member of the community is in the employ of the oil company.

    Speaking with The Nation at Owaza, the president of the youths, Austin Nwarie, said that the people in charge of the gas plant find it difficult to employ any of the youths despite the fact that most of them are to work in any position there. Nwarie lamented that despite the presence of two oil giants, Total and Shell in the community since 1958, the people have continued to suffer. “Despite their presence in our community since 1958, our roads remain in bad shape. These companies find it difficult to repair any of the roads.

    There is no water or light. “All we want is employment for our youths, as there are no Owaza people working in any of the oil companies operating in our area all these years. We have over 5000 capable youths, yet they bring workers from outside our community,” the president lamented.

    The protest was disrupted when one of the soldiers who act as escorts for the oil workers shot into the air to scare away the protesting youths. It took the intervention of a former member of NDDC, Chief Sam Nwogu to stop the youths from attacking the convoy of the oil workers. Nwogu pleaded with the youths to sheath their swords, stressing that their community was not known to be violent despite the environmental degradation caused by the oil companies.

  • Community pickets oil installation

    Community pickets oil installation

    People of Egi in Ogba/Egbema/Ndoni Local Government Area of Rivers State yesterday picketed Total Oil Nigeria Exploration and Production oil installations spread in different villages that make up the community to protest against  what they termed injustice.

    Some of the messages on their placards read: “ From today, Total know it now: No community, no production; Egi contract staff of Total must be called back immediately; Conversion-MD of Total, do it now” and “We say no to the neglect given to our paramount rulers; Total will pay dearly for the neglect.”

    The people made up of men, women and youths said  their grievances with the oil firm had to do with the sack of 45 Egi youths by the company because they joined other workers from different ethnic groups to protest against their non-conversion to permanent staff and lack of good welfare package.

    Speaking through the Chairman, Council of Chiefs, High Chief Shadrach Orikeoha, the people said:  “Total has desecrated our land and they have violated the agreement reached with them and the land.”

    Orioke also recalled that in 2012, Egi people and Total signed an MoU and it was agreed that an account to be jointly operated by the two parties should be opened and billions of naira would be deposited there for the development of Egi land.