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Full Physical Trading Resumes at NGX

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NGX: Transactions maintain bearish trend with 0.0% loss

 

There is a measure of excitement among stakeholders in the Nigeria capital market with the Nigerian Exchange Limited (NGX) opening its doors to full physical trading this week.

 

This has seen the Chartered Institute of Stockbrokers (CIS) pledge support to the NGX’s efforts at building a global standard market.

 

President, CIS, Oluwole Adeosun, gave the assurance on Thursday in Lagos, at the closing-gong ceremony to celebrate the CIS and the commemoration of the return to full physical trading at the NGX.

 

He said, “I’m pleased to affirm that the CIS and NGX in a working relationship all these years have continued to wax stronger and will continue to improve because we will support the exchange with the members on the trading floor of NGX.

 

“We reiterate that we will continue to work with the exchange as partners and support in its effort to build a world-class securities market in Nigeria.”

 

He commended the NGX for the resilience and creativity shown during the COVID-19 pandemic in 2020 to ensure that the bourse kept on operating, adding that the exchange did not allow the pandemic to dominate trading as investors made gains during the period.

 

The CIS President thereafter said the institute will work hand in hand with NGX to restore the position of fixed-income trading platforms and urged the NGX board to maintain its zero policy on market manipulations.

 

Similarly, Chairman, Board of Directors, NGX, Abubakar Mahmoud, noted that the NGX and the CIS have in 30 years, enjoyed a mutually beneficial relationship through strategic partnerships and landmark initiatives, which has contributed to deepening and repositioning the capital market for efficient service delivery to the public and its valued stakeholders.

 

Mahmoud, who was represented by a non-executive director on the NGX board, Yomi Adeyemi, said, “The capital market, especially the NGX has no doubt benefitted immensely from the quality of professionals that have come through the ranks of the institute.

 

“It is our strong hope that we can continue to count on the institute to sustain this unimpeachable record of producing exceptional professionals, who have the highest sense of duty and devotion to the development of the capital market ecosystem.

 

“There is no doubt that at the outset of COVID-19, NGX had to rely on the cooperation of key stakeholders, including CIS, to respond effectively to the change and uncertainty.

 

“We are indeed delighted to note that NGX successfully transited to remote trading with no downtime recorded throughout the entire period. This is a landmark achievement that would have been impossible without the cooperation of the institute and the unrelenting support of its members.

 

“We are confident that the return to full physical trading will be beneficial to the capital market, and lead to improved outcomes that will renew investor confidence and catalyse the market for greater contribution to the economy.”

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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FHC Orders NUPRC to Comply with PIA

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Local Firms Lead Revival of Idle Oil Wells – SPE

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Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

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