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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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NDX launches Exchange Traded Derivative Market

By Akinola Ajibade


NGX has successfully launched its Exchange Traded Derivatives, Market, with the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures.

This milestone according to the Exchange is a critical step towards its repositioning effort to further consolidate its place, as the sustainable Exchange championing Africa’s growth.

“NGX ETDs Market, the first in West Africa, is part of our efforts to build a market that is dynamic, innovative, and responsive to the growing demands of domestic and foreign investors. In specifics, the ETDs market will complement our existing asset classes, by providing investors and other market players with the necessary tools for tactical asset allocation. In addition, the market is expected to attract foreign capital flow, reduce the cost of capital and deepen the market”, said NGX Limited.

“The Exchange kicked off the Derivatives project in 2015 following a market-wide feasibility study concluded in 2014, which pointed to prospects for product creation in the equity, debt, currency, energy, and commodity markets. The successful completion and subsequent launch of this project is therefore a victory for everyone and a testament to our capacity, for partnerships, collaboration, and consolidation of previous efforts”, it added.

“To promote clearing efficiency, stability, and confidence, the Exchange has collaborated with a premier Central Counterparty, CCP, in Nigeria, NG Clearing Limited, to provide the clearing infrastructure for NGX Derivatives Market and its clearing members – Access Bank and Zenith Bank. The ETDs Market commenced with trading activities recorded by three Derivatives Trading License Holders – Cardinal Stone Securities Limited, Meristem Securities Limited, and APT Securities and Funds Limited – who have been cleared by NGX Regulation Limited to facilitate transactions on behalf of investors on NGX Derivatives Market. The contracts traded are the NGX30 Futures for June 2022, and NGXPENSION for September 2022. Other listed contracts available for trading are NGX30 Futures for September 2022, NGXPENSION for June 2022”, noted NGX.

 

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