By Adedapo Adesanya
The federal government has pledged to supply not less than 10 million gas cylinders of the Liquified Petroleum Gas to the market as part of efforts to increase access to the commodity.
This was disclosed by the Managing Director of the Nigeria LPG (NLNG), Mr Musa Ibrahim, during a two-day sensitization workshop in Bauchi on Tuesday.
The two-day sensitization awareness workshop was tagged Engaging Bauchi State Towards Sustainable Socio-economic Growth through LPG adoption and expansion.
He said the cylinders would be distributed nationwide through registered marketers, saying the agency would establish micro sales and distribution centres for the cylinders.
“The price of the safe cylinders is affordable as the LPG is capable of improving economic activities of the end-users,” he said.
On his part, Mr Dayo Adeshina, the Senior Special Assistant to the Vice President on LPG, urged the people of the state to embrace the use of the LPG in their households.
He explained that the federal government was considering the possibility of increasing access to the commodity by reducing the high cost of the LPG to expand affordability.
The SSA said the use of cooking gas would reduce instances of deforestation, desertification and soil erosion which contribute seriously to environmental hazards.
In his remarks, Governor Bala Mohammed, represented by his deputy, Mr Baba Tela, assured that his government would support the programme to succeed.
He called on the national LPG office to develop a means or device through which gas for firing automobiles to reduce carbon emissions will be introduced.
He explained that many Nigerians are ignorant of the potential of the LPG, stressing that citizens need to be adequately aware of the potential of the product.
Earlier in his remarks, the Bauchi State Commissioner for Natural Resources, Mr Nuruddeen Abdulhameed, said the government would fully support the implementation of the project.
He said the state government would provide a spacious plot of land and the political will to see to the successful take-off of the programme.
UBA processes over 25,000 transactions in 4 months
Africa’s Global Bank, United Bank for Africa (UBA) Plc says it has processed over 25,000 transactions in the last four months.
The bank was able to achieve this by leveraging cutting-edge technology to enhance its service provisioning to meet its customers’ demands.
The transactions successfully processed by the bank between January and April 2022, include requests for Personal Travel Allowance, Business Travel Allowance, Medical bills payment, Upkeep, and School fees payment.
This feat is quite huge considering the fact that other banks have not been able to process more than 10,000 transactions within this period. It is also a testament to how technology is revolutionising financial services.
What you should know
- Over the years, UBA has invested in robust technological platforms to support the seamless integration of services in a bid to satisfy the unique needs of its customers in this digital era.
- It has also provided access to trade links across most of its digital channels, making it easy for customers to perform transactions from the comfort of their mobile phones.
- The bank has continued to leverage its presence across Africa to create an avenue for trade between countries/individuals whilst facilitating easy payment for goods and services rendered across these borders.
- It continues to support businesses with processing Form M and Form Q for the importation of goods, Export Trade – Form NXP (commercial export) and NCX (non-commercial export).
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MTNN Plc emerges most capitalized stock on the NGX as share price closes at N261
Telecom giant, MTN Nig Plc, has emerged as the most capitalized stock on the Nigerian Exchange Group (NGX), surpassing its industry peer, Airtel Africa Plc by N63 billion to stand at N5.32 trillion.
Hence, Airtel Africa Plc with a market capitalization of N5.26 trillion and Dangote Cement Plc with a market capitalization of N5.11 trillion, have emerged as the second and third most capitalized stocks on The Exchange, respectively.
MTN Nigeria Plc closed the week on a positive note, appreciating by 15% in share price week-on-week, from N227.50 to end the week at N261.60 per share. This increased the company’s market cap by a whooping N694 billion during the week.
What you should know
- The company Plc recorded gains in share price, attributable to investors’ positive sentiments, which triggered buy-interests in the shares of the company, supporting a gain of N694 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.
- The buy-interests witnessed in the shares of MTNN positively influenced the company’s market capitalization from N4.63 trillion to N5.32 trillion at the end of the week’s trading activities.
- The growth in the company’s market capitalization also influenced the NGX Premium Board Index, which the company’s shares trade under, as the index appreciated by 3.83% during the week from 5,097.38 points to 5,292.40 points.
- The telecoms shares have gained 32.79% from year-to-date, starting the year at N197.00 and currently traded at N261.60. However, the company’s shares have returned about 63.50% gains for investors who bought them at their 52-week low trading price of N160 per share.
- MTN Nigeria Plc released its Q1 2022 financial results revealing a profit of N97 billion. This reflects a whopping 31.28% increase compared to N74 million in the corresponding period of 2021. The company’s segments delivered a combined revenue of N470.98 billion in Q1 2022 compared to N385.32 billion in the same period of 2020.
- MTN Nigeria Plc had declared a dividend of N8.57 kobo for FY 2021, which was paid on April 28, 2022, while Earnings per share for the Q1 2022 period is N4.76, a 31.49% growth from N3.62 in Q1 2021.
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