Business
OPEC cuts Nigeria’s oil quota by 4.6% to 1.742mb/d
Organisation of Petroleum Exporting Countries and its allies, OPEC+, have cut Nigeria’s oil output by 4.6 per cent to 1.742 million barrels per day, mb/d, minus condensate, for November 2022 market, from 1.826 mb/d in August 2022.
It was part of measures adopted on Wednesday to achieve market stability following increased volatility, which witnessed the prices of many crude oil grades, including Nigeria’s Bonny Light, dropping below $90 per barrel last week, from about $100.
The ‘November 2022-December 2023’ data showed that amongst African producers, Nigeria’s 1.742 mb/d was the highest, while Sudan’s 72,000 bp/d was the lowest.
In its review of the market, Wednesday, OPEC+ maintained that the market situation was still clouded by some uncertainties, adding that it remained committed to achieving stability.
The price of Nigeria’s Bonny Light rose to $93.36 per barrel, from $90 per barrel recorded the previous day.
This showed $28 per barrel in excess of the nation’s $62 per barrel 2022 budget benchmark, even though losses associated with oil theft and fuel subsidy still impact negatively on the ability of the oil revenue to deliver desired budgetary estimates.
Vanguard reports that Nigeria might not be able to meet the new target because of increased pipeline vandalism, oil theft, and illegal refining in the Niger Delta.
In its latest report, “Crude Oil and Condensate Production 2022” obtained by Vanguard, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that Nigeria produced 972,394 barrels, excluding condensate in August 2022, showing more than 700,000 bpd less than its 1.826 mb/d, during the period.
Meanwhile, OPEC+ has extended the duration of the Declaration of Cooperation, which involves the commitment of all members, initially scheduled to end in 2022, until the 31st of December 2023.
In a statement, OPEC+ said, “In light of the uncertainty that surrounds the global economy and oil market outlooks, the Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020.
“Extend the duration of the Declaration of Cooperation until the 31st of December 2023. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.”
Business
ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%
ABC Transport CNG trucks, cargo, others excite investors as stock rises 22%
ABC Transport Plc has experienced a significant increase in its stock performance with the company’s shares rising by 22% year-to-date, climbing from N1.23 at the start of January to N1.50 on March 11, 2025.
This has thus elevated the company’s market capitalization from N2.942 billion to N3.588 billion over the same period.
Analysts attribute this positive momentum to ABC Transport’s strategic diversification initiatives, notably its substantial investment in Compressed Natural Gas (CNG) trucks and the establishment of ABC Cargo Limited, a fully independent logistics division.
Over the past six months, ABC Transport has invested over N8 billion in acquiring CNG-powered and other specialized trucks, underscoring its commitment to sustainable and cost-effective transportation solutions.
This move not only reduces the company’s carbon footprint but also lowers operational costs by decreasing reliance on diesel fuel. The adoption of CNG technology represents a crucial step in ABC Transport’s sustainability journey, aligning with global environmental standards.
In a bid to diversify its service offerings, ABC Transport launched ABC Cargo Limited, an autonomous logistics division.
This new entity is poised to enhance the company’s market presence in the logistics sector, providing specialized services that cater to the evolving needs of clients across Nigeria and the West African region.
The company’s recent financial results have further bolstered investor confidence.
For the fiscal year ending December 31, 2024, ABC Transport reported a pre-tax profit of N634.7 million, a remarkable turnaround from the pre-tax loss of N260.1 million recorded in 2023.
Total revenue surged to N12.6 billion from N7.1 billion in the previous year, with significant contributions from loads and waybills (₦4 billion), sales of vehicle spares and speed governors (N2.8 billion), and haulage operations (N2.8 billion).
Speaking on these developments, the company’s Managing Director, Mr Jude Nneji, commended that the ABC’s leadership had also taken other strategic steps towards sustaining growth in these new segments.
For instance, he said it had invested heavily in a new maintenance facility in Calabar and also improved its driver training facilities.
These strategic initiatives and robust financial performance have positioned ABC Transport favorably in the market, reflecting a strong buy trend that commenced in 2024 and has persisted into 2025.
As the company continues to innovate and expand its operations, it remains a focal point for investors seeking sustainable and profitable opportunities in the transportation and logistics sector.
Business
UBA, ICAN partner to drive innovation in finance, accounting
UBA, ICAN partner to drive innovation in finance, accounting
United Bank for Africa, UBA Plc, weekend, hosted the 60th president of the Institute of Chartered Accountants of Nigeria, ICAN, Chief Davidson C. S. Alaribe, in a meeting to foster collaboration and innovation between both institutions.
The meeting signalled a pivotal moment in the relationship between the two institutions, as they explored strategic partnerships to drive mutual growth and development in the financial and accounting sectors.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who welcomed the ICAN President and his high-profile delegation, expressed his enthusiasm for the partnership and assured that the bank was ready and willing to support the institution in its drive for excellence.
He said: “UBA is proud to be home to a significant number of ICAN members, whose expertise has been instrumental to our success as Africa’s global bank. This visit reaffirms our shared commitment to excellence and innovation.
“We are particularly excited about potential collaboration in the Graduate Management Accelerated Programme, GMAP, training initiatives, and other business opportunities that will create a win-win for both organisations.”
Alawuba, who was visibly excited at the corroboration between both organisations, said: “UBA is not just a financial powerhouse in Nigeria but a global leader with a strong presence across Africa and beyond.
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‘’ICAN recognises the immense value UBA brings to the table, and we are excited to explore opportunities for collaboration in areas such as capacity building, professional development, and business expansion. This partnership will undoubtedly benefit our members and the broader financial ecosystem.”
The discussions also focussed on several key areas of collaboration in capacity building, joint training programmes to enhance the skills of accounting professionals and UBA staff, collaborating on initiatives to promote ethical standards, financial literacy, and best practices in accounting and finance and setting up a branch of ICAN at UBA House.
This historic meeting marks a significant milestone in the relationship between UBA and ICAN, two institutions committed to driving excellence and innovation in the financial and accounting professions.
Both parties expressed optimism about the future and pledged to work closely to achieve their shared goals.
The Institute of Chartered Accountants of Nigeria, ICAN, is the leading professional accounting body in Nigeria, established to regulate the practice of accountancy and promote excellence in the profession.
Business
Naira strengthens, gains N29.89 against US dollar
Naira strengthens, gains N29.89 against US dollar
The Nigerian Naira closed the week on a positive note, appreciating by N29.89 against the US Dollar in the official market.
According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,517.93 per dollar on Friday, reflecting a 1.9% increase from Thursday’s closing rate of N1,547.82.
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The currency’s recovery comes after a period of decline since March 5, offering a sign of relative stability. In recent months, the Naira has traded within a range of N1,500 to N1,900 against the dollar across both official and parallel markets.
This uptick suggests ongoing efforts to stabilize the currency may be yielding results, as market watchers remain hopeful for sustained improvements.
Naira strengthens, gains N29.89 against US dollar
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