NASCON Allied Industries Plc, Forte Oil Plc, Exxon Mobil Plc, Africa Prudential Plc and Guaranty Trust Bank Plc were the best-performing stocks on the Nigerian Stock Exchange (NSE) at the end of trading on Tuesday.
While NASCON top the gainers’ chart, gaining 10% to close at N14.85, followed by Forte Oil, which gained 6.08% to close at N15.7. Mobil was the third on the list, gaining 5.64% to close at N147.9, followed by Africa Prudential Plc, with 3.36% to close at N4, and finally, GTB that gained 0.56% to close at N26.7.
Top Losers: Champion Breweries Plc was the worst-performing stock, dropping by 9.57% to close at N1.04. Dangote Sugar Refinery Plc also fell by 2.86% to close at N10.2. While Guinness Nigeria Plc fell by 1.22% to close at N32.5, MTN Nigeria Plc and Dangote Flour Mills, fell by 1.15% to close at N128.5, and 0.67% to close at N22.3 respectively.
Meanwhile, trading at the bourse ended Tuesday in negative territory as the All-Share Index closed at 26,809.92 basis points, down by 0.21%.
Top Trades by Volume: Zenith Bank Plc was most actively-traded stock today with 60.91 million shares valued at N1.09 billion traded in 546 deals. First City Monument Bank Plc was next with 37.33 million shares valued at N59.73 million traded in 79 deals, followed by Guaranty Trust Bank Plc with 27.89 million shares valued at N744.38 million traded in 240 deals.
FBN Holdings Plc was next with 6.56 million shares valued at N34.67 million traded in 197 deals. Union Bank for Africa Plc rounded off the top five most actively traded stocks today with 5.26 million shares valued at N31.63 million traded in 171 deals.
Unilever Nigeria Plc has announced that it would observe the close period of trading from Tuesday, October 8, 2019, until Monday, October 28, 2019, in respect of its third-quarter financial statements.
Ikeja Hotel Plc announced that its Board meeting would be held at the company’s office at 84, Opebi Road, Ikeja, Lagos on Tuesday, October 22nd 2019, by 11:00 am to discuss its 3rd quarter financial statement among other matters.
Goldlink Insurance Plc also announced the resignation of Mr. Kenneth Egbaran as its Managing Director, and the appointment of Mr. Roland Awoyinfa, the Group Head Technical, as its acting Managing Director. The appointment took effect from the 4th of October 2019.
Omatek Ventures Plc released its audited financial statements for the year ended 31st December 2016.
AXA Mansard Insurance Plc notified the public of the scheduled commencement of the closed period for trading in its shares on October 9, 2019, to when the Unaudited Financial Statements for the period ended September 30, 2019 are released on the floor of the NSE.
The company also disclosed that its Board of Directors is scheduled to meet on Thursday, 25th of October 2019 to consider the Unaudited Financial Statements.
Berger Paints Nigeria Plc, also disclosed that its Board of Directors will meet on Thursday, October 24, 2019, to discuss its 2019 Q3 Unaudited financial statements. A close period of trading will be observed from October 9, 2019, till October 25, 2019, in respect of the financial statements.
Why the proposed Borno power plant may not materialise
The glaring security challenge cannot be overlooked in considering a major power plant project in Borno State.
Only a few days ago, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, led a delegation to Borno State to meet with the Governor of the State, Babagana Zulum.
In the conversation with Zulum, Kyari promised the establishment of a gas-fired power plant in Borno State within a maximum of 4 months to solve the recent blackouts that resulted from insurgents cutting off Borno from the national grid since January this year.
In Kyari’s words, “We have talked to each other and we think it’s very possible to establish a dedicated power plant in Maiduguri which will serve current needs of power supply not only in Maiduguri but to other parts of the neighbouring cities.”
Yet, there is a significant possibility that the power plant promised by Kyari may not materialize for many reasons, the first of which is security. In the meeting with Kyari, Governor Zulum had noted: “The ongoing insurgency has cut off the entire Borno from the national grid in the last three months. We put all our efforts and restored it back… but unfortunately, after 48 hours, the same group of insurgents went back and destroyed the main tower again.”
This glaring security challenge cannot be overlooked in considering a major power plant project in Borno State, particularly noting that the State and its surrounding communities have been the hot zone of insurgent and terrorist attacks by Boko Haram insurgents since 2009. Borno, Yobe and Adamawa have particularly been states where the insurgents have set up shop and carried out various activities, including kidnap, extermination of entire communities, burning of markets and religious buildings and the attack on the United Nations compound, in each case claiming tens or hundreds of innocent lives.
One report reveals that at least 37, 500 people have been killed by the insurgent group since May 2011, a modest number, some say. Also, till date, some of the secondary school girls kidnapped in the April 2014 Chibok incident are yet to be returned to their families. It is then bewildering how Kyari intends to see to the construction and operationalizing of this gas power plant.
Additionally, while the Minister of Petroleum for State, Chief Timipre Sylva, announced last year about the discovery of oil and gas deposits in the North, we have not seen any exploration and production kick-off. It then begs the question of where the gas for the Borno power plant intends to be sourced. The only gas pipeline that runs through the North – the AKK- is still in its first phase of construction out of three phases and has been earmarked at the earliest, to be completed in 2023 – not counting the typical delays the project will experience along the way.
Should the AKK by some stroke of luck materialize much earlier than the target date, the pipeline route is a considerable distance from Borno. It runs the route of Ajaokuta-Abuja-Katsina-Kano, its endpoint, a striking 481km from Borno State. Thus, there would have to be construction of a tie-in pipeline almost as long as the AKK from Kano to Borno State to get gas to Borno.
Optimists may reference the oil and gas discovery in the North and how production may start soon, thus obliterating the need for a 481km pipeline. This optimism however is not well-founded, as insecurity has been shown to be a major risk to oil and gas projects everywhere in the world. One of the major reasons the Trans-Saharan Gas Pipeline proposed to run from Nigeria to Algeria was abandoned was due to security challenges posed by Nigeria’s Movement for the Emancipation of the Niger Delta (MEND), the Tuareg guerilla movement in Niger and other insurgent groups along the proposed route of the pipeline.
These increased the risks across board, including for completion and operations through the lifecycle of the project. As such, failing to fix the security threats in northeast Nigeria makes any proposed gas plant project a pipe dream. Transporting gas via LNG trucks is not a better option, given that the drivers and their cargoes would be in danger of being kidnapped, shot at or bombed. The risks for both personnel and investors are high.
In any event, promising a power plant in 4 months for the people of Borno is unconscionable, since a typical gas power plant will take between 1 to 6 years to construct in relatively peaceful regions. What the government needs to do instead of making promises it cannot keep is to work arduously to fix the security challenges in Northern Nigeria and at the same time consider using decentralised solar power to provide power supply to homes, government institutions, schools and businesses while plans to produce gas in the region or transport gas to it are underway.
Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway
The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.
The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.
The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.
That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.
Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.
What the statement from the Lagos State Police Command is saying
The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.
The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.
The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.
The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.
The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.
REF NO. CZ: 5650/LS/PPRO/VOL.3/85
LAGOS CP DISMANTLES ILLEGAL ROAD BLOCKS ON BADAGRY EXPRESSWAY
*Threatens to Sanction Defaulters*
In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy
— Lagos State Police Command (@LagosPoliceng) April 10, 2021
Nairametrics | Company Earnings
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- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.