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2020 is the Year of Gas- Sylva

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The Honourable Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva has declared 2020 as the year of Gas for the Nation. He made this known when he received the Executive Management of the Nigeria Liquefied Petroleum Gas Association (NLPGA) led by the Mr. Nuhu Yakubu, President of NLPGA.

The visit afforded the visiting team the opportunity to deeply explore the imperativeness for heightened Government involvement in shaping action plans to grow the Liquefied Petroleum Gas (LPG) industry as well as deepening the utilization of LPG in Nigeria. It may be recalled that amongst the key priorities of Chief Sylva, completion of the Nigerian Gas Flare Commercialisation Programme remains paramount with associated gas focused deliverables that include deepening domestic gas penetration and adoption amongst others.

Chief Sylva who commended the NLPGA for its recently concluded Annual LPG Conference and Exhibition, noted the importance of Safety and applauded NLPGA’s launch of the LPG Safety Check List, aimed at enthroning Self-Regulation on safe practices across the entire LPG value chain. The Honourable Minister further disclosed that plans are underway to mop up old and obsolete gas cylinders in circulation and replace them with brand new ones while noting the innovation that Techno Oil; a member of NLPGA, has brought to the table with its LPG Cylinder Manufacturing Plant. This has also granted the Company the ‘Pioneer Status’ which exempts it from paying tax on import of all raw materials for LPG cylinder production and will help to reduce the cost of production.

Mr. Nuhu Yakubu who is also the Managing Director/Group Chief Executive Officer of Banner Energy Limited, made a presentation, focused on Affordability, Accessibility, Acceptability and Availability of LPG. He expounded several solution focused strategies that when effectively implemented will not only demonstrate FG’s deep commitment in solidifying the sector but also ensure that LPG utilization becomes the norm. He noted that “LPG accessibility starts with cylinder distribution.”

The Technical Adviser on Gas Business and Policy Implementation to the Minister of State for Petroleum Resources, Mr. Justice Derefaka in his statement, noted the high annual flare volumes of over 2 million tonnes of LPG. He further stated that when this is fully closed out by the Nigerian Gas Flare Commercialisation Programme, it will effectively position Nigeria on the part to deepened domestic gas usage and adoption.

The NLPGA delegation comprised of the President, Nuhu Yakubu; Executive Secretary, Olakunle Oyebanjo; Kenneth O. Abazie (General Manager, Commercial, Techno Oil); Geoffrey Gideon (Northern Regional Manager, Banner Energy Limited) and Daniel Isiocha (AGM, Government Relations, Techno Oil).

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SPONSORED: CALL FOR SMALL GRANT APPLICATION

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Women United for Economic Empowerment (WUEE) is a non-governmental organization with a mission to promote women/children rights, human development to the rural/urban poor women, youth, children and other vulnerable groups. WUEE in partnership with United Nations Democracy Fund (UNDEF) announces a Call for small grant application for interested and eligible CSOs/CBOs in Rivers and Akwa Ibom States, on STRENGTHENING GOOD GOVERNANCE AND DEMOCRATIC PROCESSES AT THE LOCAL LEVEL IN NIGERIA

Purpose for Fund

The project seeks to increase the capacities of 20 civil CSOs/CBOs and Local Government Chairmen in order to help them fulfill their roles and responsibilities more effectively in a democratic system. It is meant to strengthen good governance and democratic processes at the local level in Nigeria and to increase citizen participation. The project shall be conducted in Rivers and Akwa Ibom States. Trained representatives of selected CSOs and CBOs shall in conjunction with local stakeholders organize civic education programs for Twenty Thousand (20,000) local citizens in their local communities (1,000 per CSO/CBO), in order to promote citizens’ understanding and participation in the democratic processes.

MINIMUM ELIGIBILITY

Applicants must:

  • Be Not-for-profit organizations.
  • Have expertise in governance programming.
  • Have presence in the Local Government/community in which the program will be conducted.
  • Be registered with the Corporate Affairs Commission (CAC).
  • Have a track record of working with indigenous women, youth, persons with disabilities (PWD).
  • Be willing to comply with all technical and financial requirements for participation in the program, including reporting and documentation of project activities, communication strategy and capacity development opportunities.
  • Be willing to participate in assessments, trainings, workshops, meetings and other activities considered important for achieving project goal.

SUBMISSION INFORMATION:

Interested organizations shall submit 4 hard copies of grant proposal including Certificate of registration with CAC to Women United for Economic Empowerment Office located at No. 70 Nwaniba Road, Uyo, Akwa Ibom State and soft copy via Email: wuee2002@yahoo.com or wuee2002@gmail.com. Applications must be received not later than Thursday, 13th August, 2020 at 16.00 hrs.  No late application will be accepted

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Nigerian stock market opens with N119 billion loss

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Nigerian equities market resumed trading on Monday with a loss of 0.91 per cent as a result of profit taking in some blue chips.

Speficially, the All-Share Index which opened the week at 25,182.67 lost 228.35 points or 0.91 per cent to close at 24,954.32.

Accordingly, Month-to-Date and Year-to-Date losses increased to -1.2 per cent and -7.0 per cent, respectively.

Also, the market capitalisation shed N119 billion or 0.91 per cent to close at N13.017 trillion against N13.136 trillion posted on Thursday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), BUA Cement, Zenith Bank, Ecobank Transnational Incorporated and Guaranty Trust Bank.

Analysts at United Capital Plc said: “Looking ahead, we expect the market to remain volatile, as investors lock funds in cheap and fundamentally sound stocks, while taking profit on some stocks that gained last week.”

Consequently, market breadth closed negative with 16 stocks compared with 25 decliners.

Prestige Assurance led the losers’ chart in percentage terms, dropping by 10 per cent, to close at 63k, per share.

Neimeth International Pharmaceuticals followed with 9.73 per cent to close at N2.32, while AIICO Insurance shed 9.32 per cent to close at N1.07, per share.

ETI dropped 7.34 per cent to close at N5.05, while UACN Property Development dipped 6.73 per cent to close at 97k, per share.

Conversely, Fidson Healthcare and Red Star Express led the gainers’ chart in percentage terms, appreciating by 10 per cent each to close at N3.30 and N3.63 per share, respectively.

Cornerstone Insurance followed with a gain 9.80 per cent to close at 56k, per share.

Honeywell Flour Mills rose by 9.78 per cent to close at N1.01, while Unity Bank appreciated by 8.77 per cent to close at 62k, per share.

In the same vein, the total volume traded declined by 29.51 per cent with an exchange of 237.65 million shares, worth N1.61 billion, and traded in 4,808 deals.

This was in contrast with a total of 337.13 million shares valued at N3.41 billion achieved in 3,880 deals on Thursday.

Transactions in the shares of FBN Holdings topped the activity chart with 24.35 million shares worth N128.76 million.

Zenith Bank followed with 24.14 million shares valued at N392.36 million, while FCMB Group accounted for 19.47 million shares valued at N33.48 million.

Caverton Offshore traded 17.37 million shares worth N39.02 million, while United Bank for Africa transacted 14.64 million shares valued at N95.74 million.

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