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Sterling Bank shares plummets

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The value of Sterling Bank’s stock is said to have plummeted in the 2021 fiscal year, causing a panic among investors.

According to reports, this dipped decreased investor confidence in the bank by 28.10 percent.

Sterling Bank shares began trading at N2.10 on January 4, 2021, but were later sold at N1.51 at the close of business on December 31, 2021, according to the report.

Investors lost 21.50 percent of their money in the bank in 2021, according to reports.

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Sterling Bank’s equity, on the other hand, has increased by 2.61 percent this year, from N1.53 on January 4 to N1.57 at the market’s close on January 18.

The lender has a low dividend payout, having paid only 21 kobo as dividend in the last five financial years.

According to financial experts, this may be one of the reasons investors were unwilling to invest in its equity last year. It paid just 5 kobo as a dividend in the 2020 fiscal year.

In a 26.55 percent improvement to the N7.37 billion declared in September 2020, Sterling Bank posted N9.47 billion post-tax profit in the same period in 2021.

The bank disclosed that N156.89 billion was raked in as gross revenue in the third quarter of 2021, 6.85 percent higher than the N146.84 billion it made in the same period in 2020.

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Meanwhile, Sterling Bank’s income growth was due to the 65.30 percent and 104.02 percent rise in net fee and commission income and other operating income respectively.

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Net Operating Income went up by 19.4 percent to N67.9 billion, which was attributed to the growth in credit loss expenses.

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Nigerian civil society group demands investigation, reform of NNPCL to support local refining

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Nigerian refineries sabotage investigation

Nigerian Civil Society Organisations demand an investigation into alleged sabotage by NNPCL, urging support for local refining and energy self-sufficiency.

 

 

A coalition of Nigerian Civil Society Organisations (CSOs) staged a protest on Friday at the National Assembly Complex in Abuja, calling for urgent investigations into alleged sabotage within the Nigerian National Petroleum Company Limited (NNPCL).

The group, known as the Nigerian Coalition of Civil Society Organisations, urged the immediate dismissal of the NNPCL Group Chief Executive Officer, Mele Kyari, accusing his leadership of prioritising profit-driven policies over Nigeria’s push for energy independence and economic stability.

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Also read: NNPCL reports 218 oil theft incidents and 31 arrests in Niger Delta

 

The national spokesperson of the coalition, Segun Adebayo, voiced the group’s concerns regarding policies that continue to hinder local refining efforts.

He stated, “Despite Nigeria’s potential to refine fuel locally, vested interests within the NNPCL impose import dependency on Premium Motor Spirit (PMS), costing billions in foreign exchange and creating economic strain.”

According to Adebayo, this dependence on imported fuel has left Nigeria vulnerable to global oil price fluctuations, perpetuating a system that benefits a few while burdening the nation’s economy and citizens.

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The coalition’s protest highlights the role of Nigerian industrialists, such as Aliko Dangote, who have invested significantly in local refineries.

“The Dangote Refinery represents a transformative opportunity for energy independence and economic growth,” Adebayo emphasised.

He accused NNPCL’s leadership of “calculated sabotage” in discouraging local refinery initiatives, citing an ongoing prioritisation of imported PMS over supporting the growth of domestic refineries.

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The group further implored President Bola Tinubu to authorise an immediate investigation into NNPCL’s internal operations to uncover any activities that may be hindering Nigeria’s progress toward self-sufficiency.

“We know President Tinubu wants the best for Nigeria; therefore, we urge him to investigate the cabal’s activities within the fuel sector,” said Adebayo, calling for transparency and accountability.

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Adding to the demands, Benjamin James, the coalition’s national coordinator, proposed a shift in crude oil sales policies, advocating for transactions to be conducted in naira rather than dollars.

James argued that this change could significantly reduce foreign exchange losses, empower local businesses, and strengthen the naira.

“Selling crude domestically in naira would empower local investors, create jobs, and help reduce fuel prices, demonstrating a commitment to Nigeria’s economic sovereignty,” he said.

The coalition’s demands extend to the dismissal of Mele Kyari from his role as Group Chief Executive Officer, accusing him of frustrating local refining initiatives.

They further threatened to escalate protests to the 36 states if their calls for reform are ignored. “We are committed to rallying across the 36 states until this administration meets our demands for transparency, reform, and accountability,” James concluded.

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The protest and calls for policy reform underscore the CSOs’ vision for a Nigeria that leverages its natural resources for the benefit of all citizens, advocating for a national shift toward local production, energy independence, and economic resilience.

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Dangote refinery raises alarm over substandard petrol blending by international firm

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Dangote refinery substandard petrol alert

Dangote Refinery warns Nigerians of substandard petrol being blended by an international firm, posing risks to health and the refining industry.

 

 

The Dangote Petroleum Refinery has raised concerns about a newly leased depot adjacent to its facility, allegedly used by an international trading company to blend and distribute substandard petroleum products in Nigeria.

According to the refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina, these low-quality fuels are intended to undercut market prices, posing risks to both public health and the local refining industry.

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Also read: Dangote Refinery receives four crude oil shipments under naira-for-crude deal

 

This warning follows recent claims from the Independent Petroleum Marketers Association of Nigeria (IPMAN) that importing fuel is currently more economical than purchasing petrol from the Dangote Refinery.

While IPMAN and other associations assert that they can sell fuel below the refinery’s rate of approximately N1,015 to N1,028 per litre, Dangote Refinery maintains that these products are of substandard quality and potentially harmful.

“We benchmark our prices against international rates and believe our prices remain competitive,” Chiejina stated in a press release on Sunday.

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He added, “If anyone claims they can land PMS cheaper than us, they’re likely colluding with traders to bring in substandard fuel without regard for Nigerians’ health or vehicle durability.”

The Dangote Refinery sells petrol at N960 per litre for ship-based supplies and N990 for truck-based supplies, setting its rates in line with NNPC’s current pricing structure, following Nigeria’s recent deregulation of the petroleum sector.

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While NNPC prices are N971 for ships and N990 for trucks, Dangote Refinery slightly undercuts these, aiming to support domestic refining.

Chiejina also pointed out flaws in regulatory oversight, claiming that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) lacks a functional laboratory to test and detect substandard imports.

He argued that this regulatory gap enables low-quality products to enter the Nigerian market unchecked, exacerbating the problem.

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Highlighting the importance of protecting local industry, Chiejina drew parallels to protective policies in the US and Europe, stating, “It’s standard practice worldwide for governments to protect their industries, create jobs, and sustain the economy.”

He urged Nigerians to ignore misleading information circulated by those who prefer importing fuel over developing domestic refining capacity.

The $20 billion Dangote Refinery, located in Lekki, is focused on delivering high-quality, domestically refined petroleum products.

The company calls on the public to remain vigilant about product quality and supports a robust regulatory framework to secure industry standards in Nigeria’s refining sector.

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Massive fuel shipment and incoming vessels with goods arrive at Lagos Ports

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Nigerian Ports Authority vessels Lagos ports

The Nigerian Ports Authority confirms the arrival of vessels with 40 million litres of fuel at Lagos ports, alongside ships carrying various goods.

 

 

The Nigerian Ports Authority (NPA) confirmed the arrival of two vessels carrying an estimated 40,766,400 litres of Premium Motor Spirit (PMS), commonly known as petrol, at Tincan Island Ports in Lagos on Friday.

This shipment is expected to bolster local petrol supplies and potentially impact fuel distribution across the region.

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Also read: Dangote advocates ending crude oil mortgaging for Nigeria’s refining future

 

In its daily report, the NPA also noted that an additional ten vessels, each loaded with various commodities, are scheduled to arrive at the ports between Friday, 1 November 2024, and 8 November 2024.

These vessels will carry a range of goods, including vehicles, diesel, containers, and bulk wheat.

Three of the incoming vessels will specifically deliver vehicles, with two ships carrying a total of 600 used vehicles and one vessel delivering 600 new vehicles.

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The remaining five vessels will bring in consignments such as AGO (diesel), assorted containers, and bulk wheat, reflecting the diverse import activity at Nigeria’s major port facilities.

The NPA has designated multiple terminals across Lagos for the berthing of these vessels, including the Kirikiri Lighter Terminal, Five Star Logistics, Ports & Terminal Multipurpose Limited, Josepdam Ports Service Limited, and the Tincan Island Container Terminal.

This week’s shipments follow recent updates regarding fuel pricing in Nigeria, where marketers plan to offer petrol below N1,028 per litre, closely monitoring local production costs and availability.

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Amid inflation and ongoing debates about workers’ minimum wage, the delivery of these essential goods will likely be of considerable interest to both businesses and consumers.

The Nigerian Ports Authority’s coordination ensures the timely arrival and efficient processing of critical imports, supporting the nation’s economy and addressing the demand for essential commodities.

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