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NSE lifts suspension on Conoil Plc’s shares

Barely 3 days after suspending the shares of 11 firms, including Conoil Plc, @nsenigeria has lifted the suspension on the company’s shares. Here’s why.

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The Nigerian Stock Exchange (NSE) has lifted the suspension on the shares of Conoil Plc. This follows the company’s submission of its outstanding Audited and Interim Financial Statements to The Exchange.

In a statement signed by Godstime Iwenekhai, NSE’s Head of Listings Regulation Department, it was confirmed that the suspension of trading in the Issuer’s securities was lifted upon submission of the relevant accounts.

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NSE lifts suspension on Conoil's shares

Mike Adenuga, Chairman, Conoil Plc

Nairametrics had earlier reported that Conoil was suspended from trading its shares alongside 10 other firms for their failure to submit their statements.

[READ MORE: NSE’s sanctions Royal Exchange]

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The other suspended firms were – 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.

Perpetual offender: Conoil Plc is one of the usual suspects with respect to late submission of financial statements.

The company’s audited results for the 2017 financial year were submitted on the 1st of June, nearly six months after the financial year end of December. Conoil blamed the delay on challenges with its accounting software. FY 2016 results were submitted on the 21st of June 2017. FY 2015 results were submitted on the 8th of September 2016.

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Q1 2017 results were submitted on the 22nd of June 2017. Q1 2016 results were submitted on the 16th of September 2016. Q1 2015 results were submitted on the 21st of September 2015.

[READ ALSO: UPDATE: Staff denied access as police take over Oando plc headquarters]

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A laudable move for The Exchange? The NSE has often been criticised by a section of investors for taking too long to wield the big stick on rogue listed companies who continue to flout listing rules, despite the obvious risk they pose to investor funds. It is, therefore, always good to see it act tough in order to get stuff fixed.

Patricia

Conoil Plc traded N23.80 during the NSE’s last trading session.

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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Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

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Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

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“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

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Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

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ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

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NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

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The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

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Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

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Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

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NNPC raises alarm over low grade, contaminated diesel in the market

This warning was contained in a report by the Managing Director, NNPC Retail Limited Managing Director, Dr. Billy Okoye, who also admonished motorists to be careful of the off-spec products. 

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The Nigerian National Petroleum Corporation (NNPC) has raised alarm over the circulation of low grade and contaminated AGO, popularly known as diesel, which is offered at discounted prices in some parts of the country. 

This was disclosed in a press release by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, on Friday June 5, 2020. 

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This warning was contained in a report by the Managing Director, NNPC Retail Limited Managing Director, Dr. Billy Okoye, who also admonished motorists to be careful of the off-spec products. 

READ MORE: FG projects $2 billion annual revenue from Escravos Gas project

The state oil giant, in the press statement, said, “The Nigerian National Petroleum Corporation (NNPC) has raised an alarm over prevalent low grade and contaminated AGO, otherwise called diesel, offered at discounted prices in parts of the country.” 

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Dr. Okoye, stated that the warning became necessary because the low grade contaminated diesel is harmful to machines and the environment. He explained that NNPC Retail Ltd is a market leader and therefore considered it incumbent upon it to alert the general public on the circulation of these low grade products. 

While urging consumers of the product to patronize the oil firm’s service stations where the quality of their products was assured, Dr. Okoye gave assurances that NNPC Retail Limited dealt only in premium high-quality products in the interest of Nigerian motorists and users. 

READ MORE: Fitch revises national ratings of GTBank, Zenith bank

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Unlike the premium motor spirit otherwise known as petrol, which was operating a fixed price regime and had NNPC as the sole importer, the diesel products were deregulated and had other independent marketers apart from NNPC importing the products as well. 

The intense competition and unhealthy drive for profit, in addition to poor regulation, could have given rise to this.  

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