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Headlines

Africa needs industrialisation-led growth to match Asia’s success

Africa’s quest to achieve significant growth and development can become a near-term reality if the continent, with one of the world’s youngest populations, replicates the industrialisation-led expansion that powered Asia.

How tech firms are growing healthcare business

The disruption that investment by technology companies have brought into Nigeria’s healthcare business has come to stay and continues to drive significant growth in the back and front ends of service delivery.

Local investors see opportunities in Nigeria healthcare

There are viable opportunities in the manufacturing of medical supplies in Nigeria’s healthcare sector that investors can tap as the need to overhaul the structure of the health system grows across Africa, experts said on Wednesday at the Africa Business Conference convened by BusinessDay.

Retail rebounds after 7-year decline

After recording seven straight years of decline, Nigeria’s total retail sales improved marginally by three percent to $108 billion in 2021 a new report has said. According to the 2021 Global Retail Development Index (GRDI), Nigeria’s total sales had been trending south falling to $105 billion in 2019 from $109billion.

FG uncovers 96 financiers of terrorism in Nigeria

The Federal Government says it has uncovered 96 financiers of terrorism in Nigeria, particularly those supporting Boko Haram and the Islamic State of West Africa Province (ISWAP). Lai Mohammed, Minister of Information and Culture, disclosed this at a briefing on the anti-corruption fight of President Muhammadu

Nigeria’s January box office revenue drops to N234.4m, lowest in 4 years

The box office in January 2022 has dropped to a four-year low, compared to previous revenues recorded in the months of January from 2019. According to data obtained by BusinessDay from the Cinema Exhibitors Association of Nigeria, the total January(weekend) box office earnings in 2022 is recorded at N234.4

Investors Gain N215.08bn as NGXASI Inches up by 0.85%; Erases Previous Day Loss

Equities market closed on a positive note, as NGXASI appreciated by +0.85% to close at 47,329.80 basis points as against  -0.38% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +10.80%.     

Market breadth closed positive as OANDO led 23 Gainers as against 19 Losers topped by PHARMDEKO at the end of today’s session an improved performance when compared with previous outlook.  

Market turnover closed negative as volume moved down by -20.29% as against +27.36% uptick recorded in the previous session. FIDELITYBK, FBNH and GUARANTY were the most active to boost market turnover.  GUARANTY and NGXGROUP topped market value list.

CHAMPION leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

SEPCOL Confirms Fire Incident on the Trinity Spirit FPSO

A Floating Production, Storage and Offloading (FPSO) vessel with a capacity to process up to 22,000 barrels of oil per day, inject up to 40,000 barrels of water per day and store 2 million barrels of oil, has exploded and sunk at the Ukpokiti Terminal, around Excravos, Warri South-west, Delta State.

In a press release issued yesterday, Ikemefuna Okafor, Chief Executive Officer, Shebah Exploration and Production Company Ltd (in receivership) said:

“The Management of Shebah Exploration & Production Company Ltd (SEPCOL) in RECEIVERSHIP hereby announce the unfortunate incident of a fire that engulfed our offshore facility, the FPSO Trinity Spirit located at the Ukpokiti Teminal, following an explosion during the early hours of Wednesday, 2nd of February 2022.

The cause of the explosion is currently being investigated and we are working with necessary parties to contain the situation.

At this time there are no reported fatalities, but we can confirm that there were ten crew men on board the vessel prior to the incident and we are prioritising investigations with respect to their safety and security.

We appreciate the assistance provided us by the Clean Nigeria Associates, the Chevron team operating in the nearby Escravos facility and our community stakeholders as well as fishermen, who have been of tremendous assistance since the incident happened.

We have duly notified all relevant authorities and we appeal to the members of the public to stay away from the area while our Crisis Management Team continue to monitor the situation and update all stakeholders with new information as the investigation evolves.”


 The FPSO is owned by Shebah Exploration and Production Company Limited (SEPCOL) which in 2004 acquired all of 40 per cent of ConocoPhillips equity interest in OML 108.

Further, SEPCOL (now in receivership) is owned by a combination of Nigerian and overseas corporate entities, which include: Abbeycourt Trading Company Limited (ATCO), Abbeycourt Petroleum Company Limited and Allenne Limited.

The FPSO served as the primary production facility of for OML 108 and is also a government approved terminal for lifting operations for all OML 108 production.

 

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