Oando
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
Trading remains upbeat on NSE, index up 1.28%
Activities on the Nigerian Stock Exchange on Friday remained upbeat for the fifth consecutive day, with the All-Share Index growing by 1.28 per cent to cross 26,000 mark. The index rose by 332.20 points or 1.28 per cent to close at 26,319.34, compared with 25,987.14 recorded on Thursday. In the same vein, the market capitalisation grew by N173 billion to close at N13.754 trillion, from N13.581 trillion on Thursday. Nigerian Breweries led the gainers’ table, appreciating by N4.70 to close at N52.55 per share. Presco followed with N3.50 to close at N53, while Dangote Cement appreciated by N3.10 to close at N139 per share. Stanbic IBTC garnered N1.40 to close at N40.50, while Flour Mills gained N1.35 to close at N21.50 per share. On the other hand, Northern Nigeria Flour Mills topped the lagg...
