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Conoil Plc, 10 other firms suspended from trading shares

The Nigerian Stock Exchange (NSE), has suspended Conoil Plc alongside 10 other firms from trading their shares on The Exchange.

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Conoil Plc, NSE, Conoil Plc's shares, NSE suspends shares from trading shares

The Nigerian Stock Exchange (NSE), has suspended Conoil Plc, alongside 10 other firms from trading their shares on the Exchange.

In a statement signed and released by NSE’s Head, Listings Regulation Department, Godstime Iwenekhai, the Exchange named the firms to be FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.

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Mike Adenuga, Chairman, Board of Directors, Conoil Plc

Mike Adenuga, Chairman, Board of Directors, Conoil Plc

The suspension takes effect from today Tuesday, July 2, 2019.

[READ MORE: NSE has placed these 34 companies on red alert.]

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NSE, however, notified its dealing members that the move to suspend the companies from trading their shares is in pursuant of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).

What the rule provides: The quoted rule provides that, “If an issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.

[READ ALSO: NSE lifts suspension on Unity Bank.]

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Any hope for the hammered firms? The suspension of the companies can be lifted if the firms submit the relevant accounts, and provided that NSE is satisfied that the
accounts comply with all applicable rules of The Exchange.

The consequence of the NSE move: The shares have been placed on full suspension, meaning that they will neither trade nor will there be any change in price movement. The company will also be fined for the late submission of the results.

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Any worry? The firms will not be the only ones affected by this development, as investors who own these shares will also not be able to trade them, till the suspension is lifted.

Patricia

[READ ALSO: House of Reps endorse Kemi Adeosun’s suspension of SEC DG]

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Around the World

Bonny light up by over 5%, inches closer to $40

Crude oil prices, against earlier predictions, surged past the $40 per barrel mark in the early hours of Wednesday – the highest in almost 3 months.

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Bonny light, Oil prices, Nigeria’s sweet crude hits $12, yet nobody is buying, Oil prices slump from 5 week high over lockdown concerns, Crude oil prices hit $40 per barrel as inventory build-up declines

As part of signs that the global oil market is moving closer to rebalancing, Nigerian Bonny light price against earlier predictions, surged closer to $40, as it closed at $37.57 per barrel mark, up by 5.57% on Wednesday.

This is coming against the backdrop of a decline in crude oil inventory by 483,000 barrels for the week ending May 29, as estimated by the American Petroleum Institute (API) on Tuesday, and signs that OPEC+ producers are close to agreeing on a short extension of their historic deal to cut output.

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According to data from oilprice, the Brent crude was sold for $39.79 per barrel. The American WTI dropped to $36.79 per barrel.

Meanwhile, Russia and some other OPEC+ member countries are pushing for an extension by a month or 2 of the current output cut of 9.7 million barrels per day beyond June. This is within the 1-3 months’ extension that Saudi Arabia is pushing for.

(READ MORE:Crude oil prices rally as investors remain optimistic about oil production cut)

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Either way, the market likes the idea of more cuts, with the understanding that going through with the earlier agreed output cut after June, will not be enough to draw down the global oil glut that is negatively affecting prices and building up inventories.

crude oil, Nigeria's Crude oil, Bonny light crude oil crashes as Nigeria runs into deeper revenue crisisBonny light crude oil crashes as Nigeria runs into deeper revenue crisis, Brent crude futures gained 0.92%, at $36.08 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures also gained 0.54%, at $33.67 a barrel, Crude oil prices hit $40 per barrel as inventory build-up declines

Analysts had predicted an inventory build of over 3 million barrels, and last week, the API had predicted a crude oil inventory of 9.731 million barrels. Meanwhile, the Energy Information Administration (EIA) estimated that the inventory was going to be up by 7.9 million barrels by last week.

 

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NNPC unveils COVID-19 contacts tracing app, marketers to buy petroleum products online

NNPC has developed a contact tracing software application that would be deployed in all its location across the country. 

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NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

The Nigerian National Petroleum Corporation (NNPC), has, as part of its contribution to curb the spread of the dreaded coronavirus disease, has developed a contacts tracing software application that would be deployed in all its location across the country.

This was disclosed in a press release by the Group General Manager, Group Public Affairs Division NNPC, Dr. Kennie Obateru on Wednesday June 3, 2020.

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Obateru, while quoting NNPC’s Group General Manager, Information Technology Division (ITD), Danladi Inuwa, said the novel app was part of the oil company’s sectoral contribution to the containment of the spread of the pandemic within its formations and ministries, departments and agencies of the government.

This is in line with the Transparency, Accountability and Performance Excellence (TAPE) agenda of the present Leadership of the NNPC, and the commitment to continually deploy Information and Communications Technology (ICT) for the purposes of operational efficiency and accountability within the corporation’s system.

(READ MORE:Just In: PPPRA reduces petrol price to N121.50 per litre)

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According to Inuwa, “The Contacts-Tracing Solution is ready to be deployed, all the technical testing has been done and the solution is ready to go live. Everywhere you go around NNPC locations would be covered by this novel application which would reveal all information about persons visiting any official and should there be any medical challenge, the NNPC Medical would be able to track from the information at the database all the contacts and advise properly,

NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

He said the application could also be used by members of staff of the corporation to document their private visitors at their homes, stressing that the novel application would enable the workforce to adjust adequately to the ‘new normal’ way of living to minimize the spread of the disease.

The IT expert stated that in order to minimize human contacts in business transactions at the Petroleum Products Marketing Company (PPMC), a Downstream subsidiary of NNPC, in the face of COVID-19, the corporation has also deployed a Sales and Distribution application in the Oil and Gas Secondary Model Portal that would enable marketers buy petroleum products online.

He said the application, known as the Customer Express, would also enable marketers to register, validate and revalidate their Bulk Purchase Agreements online within a week, adding that the portal provides a dashboard that enables the corporation to track every molecule of products being imported, transported and sold at every given time.

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(READ MORE:Petrol: OMCs to resume importation of Petrol)

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Inuwa said, “The Portal shows what product is in transit in terms of volume, what quantity is in the jetty, what volume has gone into the pipelines, what quantity has gone into NNPC depots, private depots, and refinery depots. So, we have an accurate accounting of every molecule of products that we have in our system,”

Inuwa also pointed out that the members of Major Marketers Association of Nigeria (MOMAN) are now buying products online seamlessly while the Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and other relevant Downstream stakeholders are expected to start transacting business on the platform soon.

He stated that an application that can show the volume of stocks in the tanks of all NNPC Retail stations across the country has equally being deployed and the ticketing digitized, affirming that more technological innovations would be deployed in the months ahead.

 

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Despite COVID-19, Lagos State Government says Q1 budget performance rose to N163.2 billion

This performance, according to the Lagos State Commissioner for Economic Planning and Budget, Mr. Sam Egube, “is higher than the 68% (N148.3 billion) recorded for the same period in 2019.”

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Despite COVID-19, Lagos state raised ₦163.2 billion in revenue in Q1 2020, N14.9 billion higher than Q1 2019

In spite of the challenges posed by the COVID-19 pandemic, the Lagos State Government recorded a 56% budget performance in Q1 2020 with N163.2 billion in revenue, N14.9 billion more than Q1 2019.

This performance, according to the Lagos State Commissioner for Economic Planning and Budget, Mr. Sam Egube, “is higher than the 68% (N148.3 billion) recorded for the same period in 2019.”

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Speaking at the press briefing on Wednesday, Egube noted that the downside of the COVID-19 pandemic had necessitated a 21% reduction in the go-forward budget size, to make the budget realistic.

In preparation for the post-COVID-19 economy, the government is working out terms to harness public and private investments towards creating a strong mixed-sector economy, expanding social services, and environmental stability.

(READ MORE:Lagos State partners Microsoft to train 18,000 teachers)

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According to Egube, “the government will also restart the Lagos State economy by focusing on job creation, economic stabilisation, and fiscal consolidation, in addition to re-imagining the way Lagos operates, focusing on digitisation, business environment reforms and economic diversification.”

All of these are geared towards neutralizing the adverse effects of the pandemic on the economic planning of the state, and building a strong response focused on food security, economic intervention, and public safety.

The government had also assured that the impact of the pandemic on the economy of Lagos state will be minimal, as palliatives have been structured to ensure that residents thrive beyond the crisis.

Creating a resilience committee

The commissioner added that during Q1 2020, the government inaugurated the Lagos State Resilience Committee which worked with the ministry of economic planning and budget to assess the state and develop a resilience strategy.

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(READ MORE:COVID-19: Lagos receives N200 Million, 5 ambulances from BUA Foundation)

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“The initiative is aimed at improving the resilience of the State and its ability to bounce back from adversity”, Egube explained.

The strategy entails building “efficient power, effective mass transit systems, access to potable water and key infrastructure to support a growing economy and achieve social progress”. 

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