After years of painstaking research and meticulous planning, NNPC Retail Limited, the Downstream Subsidiary of the Nigerian National Petroleum Corporation in charge of retail sales and marketing of petroleum products, Thursday in Abuja, commenced a promising entry into the lubricant market with the unveiling of a broad range of high performance engine oils to provide better options to customers across the country.
The package has on offer Nitro (Diamond, Gold, Super, 2T) and Nitro Super 40, all designed for petrol-power engines, while the diesel propelled engines have the Rhino (Rhino HD40 & Rhino X) engine oils.
The event which took place at the Amphitheatre of the NNPC Towers in Abuja was presided over by Mallam Mele Kyari, Group Managing Director of the Corporation, in the presence of highly elated crowd made up of management and staff of NNPC Retail Limited as well as dealers and representatives of the 380 NNPC Downstream subsidiary company’s outlets across Nigeria.
Unveiling the products, Mallam Kyari said the entry of NNPC into the lubricant market was to ensure that the corporation opened up new areas of revenue generation while ensuring stakeholders reaped bountifully from the participation of the corporation in the entire value chain of the Oil and Gas Industry.
The GMD said NNPC Retail Limited had a history of accuracy, saying when it sold a litre of product, the customers actually got a litre.
He stated that overtime, the company had built trust in customers, expressing the expectation that it would not only maintain the trust, but also carried it into the lubricant business to give Nigerians value for money.
He assured that the NNPC would continue to provide the needed support and encouragement to its Retail unit to keep up the required standards and fulfil its mandate and obligation to stakeholders.
Engr. Yemi Adetunji, Chief Operating Officer, Downstream, whose unit superintends the operations of NNPC Retail Limited, expressed confidence that the entry of the company into the engine oil market would provide refreshing options to customers. He informed that the new products have all the required ISO certification, noting that the company would take full advantage of its massive outreach across Nigeria to push the products to all corners of the country.
He said the coming of NNPC lubricants would bring prosperity to all stakeholders.
“Its prosperity for our partners, prosperity for NNPC Retail Limited, prosperity for NNPC and prosperity for all Nigerians who now have a product they can truly call their own,’’ he said.
In his remarks, Sir. Billy Okoye, Managing Director of NNPC Retail Limited, said though the products had been in the offing for such a long period, the wait was worthwhile because NNPC Retail Limited took advantage of the period to consolidate research on the lubricant.
He informed that come February next year, the lubricants would be available in all the 774 Local Government Areas in Nigeria, declaring that dealers and stakeholders have been fully mobilized in this regard.
SPONSORED: CALL FOR SMALL GRANT APPLICATION
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.
- 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.
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: firstname.lastname@example.org or email@example.com. Applications must be received not later than Thursday, 13th August, 2020 at 16.00 hrs. No late application will be accepted
Nigerian stock market opens with N119 billion loss
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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