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The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has directed the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and Liquefied Petroleum Gas (LPG) producers to stop LPG export with effect from November 1.

Mr Ekpo issued the directive on Tuesday, October 22, 2024, in Abuja at a meeting with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians.

In a statement by his spokesperson, Louis Ibah, he expressed deep concern over the continuous increase in LPG prices.

“On the short-term solution, with effect from November 1, 2024, NNPC Ltd. and LPG producers are to stop exporting LPG produced in-country or import equivalent volumes of LPG exported at cost-reflective prices.

On pricing framework, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will engage stakeholders to create a domestic LPG pricing framework within 90 days indexing prices to the cost of in-country production.

This is rather than the current practice of indexing against external markets, such as the Americas and Far East Asia, whereas the commodity is produced in-country and Nigerians are required to pay a higher price for an essential commodity the country is naturally endowed with.

On long-term solution, within 12 months, facilities will be developed to blend, store, and deliver LPG, ending exports until the market achieves sufficiency and price stability,” Ibah said.

He explained that the directives were a step towards addressing the inherent challenges and ensuring that Nigerians have access to affordable cooking gas.

The minister said the new measures would improve availability and ensure affordability to protect Nigerians from the economic hardship caused by LPG price hikes.

To tackle its soaring price, the minister established a high-level committee in November 2023, led by the chief executive of NMDPRA, Farouk Ahmed, comprising key stakeholders in the LPG value chain.

However, despite efforts to address the issue, prices have fluctuated, recently soaring to N1,500 from an average of N1,100 – N1,250 per kg.

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Genuine Parts Co. (GPC) was the biggest decliner in the S&P 500 Tuesday after its third-quarter net income fell well short of estimates and it lowered its profit projections for the full fiscal year.

The parent of NAPA Auto Parts and other brands narrowly beat consensus revenue estimates at $5.97 billion, but profit of $226.6 million fell well short of the $338.4 million expected by analysts polled by Visible Alpha.

"Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business," GPC Chief Executive Officer (CEO) Will Stengel said. "While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to better position us when market conditions improve."

For the full fiscal year, GPC projects earnings per share (EPS) between $6.60 to $6.80, well below its previous range of $8.55 to $8.75. GPC also lowered the top of its total sales growth range to 2% from 3%, and now sees industrial sales declining by 1% to 2% from flat to 2% growth previously.

GPC executives said in the company's earnings call that it faced "market headwinds" in Europe and Australia that negatively impacted sales, according to a transcript provided by AlphaSense. The negative trends are likely to continue through 2024, leading to the lowered outlook, the company said.

GPC shares were down 20% at $114.30 midday Tuesday, their lowest point since March 2021.

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he bill which seeks to create the New Oyo State with Oyo town as the Capital City from Oyo State scaled through second Reading on the floor of the House of Representatives, on Tuesday.

The private member bill was sponsored by Hon. Adeniyi Adeyemi and six others who observed the effect of Consequential change of the name of the remaining Part of Oyo State to Ibadan State with Ibadan City as Capital City and defined for Local Government Areas comprising the two States.

In his lead debate, Hon. Adeyemi who observed that the bill is not new to the parliament, recalled that the bill was successfully passed in the Second Republic by both chambers (National Assembly) awaiting the presidential asset before military interregnum in our Democratic life.

“The then National Assembly in 1983 successfully passed a motion on the creation of New Oyo State with Oyo Town as its Capital. (See National Assembly Debates (Senate) Official Report. Volume 2. No. 24 of Wednesday 23” February, 1983). The 2014 National Conference held in Abuja also recommended in its final report for the creation of New Oyo State with Oyo town as its capital. This

This is stated in volume II page 708 of the report, It’s noteworthy that present Oyo State deserves to be split into two being the largest state in terms of landmass in the South-West geopolitical zone with thirty-three Local Governments and it has a population of 5,580,894 people (2006 census). The New Oyo State when created has all factors to be economically and politically viable and sustainable which include vast agricultural and water potentials.”

According to him, the three zones that constitute the proposed (New) Oyo State have abundant arable land for cash and staple crops; and abundant water resources for potable water, hydropower and irrigation.

While speaking on the abundant mineral resources endowment, he explained that the proposed New Oyo State is naturally endowed with mineral resources in commercial quantities including huge marble deposit gold, granites, kaolin, limestone, among others. “Industries: the proposed state has booming traditional cloth weaving craft, metal works, rich leather works of international quality and standard, craft and wood carving which are of huge commercial values.

“Tourism: the proposed New Oyo State has a plethora of tourist attraction sites and historical monuments which would be a great source of internally generated resources including: Old Oyo National Park, the Upper Ogun games reserves, the Ado Awaye’s suspended Lake, hills of various features, the Manor House at Iseyin and the Igbo Ode (Royal Forest) at Igboho as well as the palace of Traditional Rulers in the various towns which are repositories of legends of Benin with the potential to boost international economic activities and

“In the same view, the call to make the Capital of the proposed New Oyo State is justified considering the physical administrative and government facilities currently situated in Oyo Town. Oyo metropolis is the repository and the citadel of the linguistic and cultural heritage of Yoruba land, the seat of the old Oyo Kingdom which encompassed the original provincial set up of the colonial master from which Ibadan Province was carved out in 1936, the Imperial Headquarters of Oyo Empire which extended beyond the boundary of Nigeria and it remained the provincial headquarters of Oyo province, after the creation of Ibadan Province.

“Oyo metropolis was also the divisional headquarters of Oyo division and the District Headquarters of Oyo District. Oyo host a good number of Tertiary Institutions (colleges and private and public universities). The Erelu Dam in Oyo metropolis supplies water to the four Local Government Areas in Oyo zones as second largest water reservoir in the present Oyo state.

“The Government reservation arca in Oyo metropolis is one of the first and the largest of G.R. As to be established in the country and could serve as temporary government house for the proposed New Oyo State. There are 14 functional branches of Ministries, Parastatals and Agencies of present Oyo State Government in Oyo metropolis which could be effectively used as take-off officers for the proposed new Oyo State.

“Oyo Town is the only provincial headquarters in the Federation today that has not become a State Capital, hence the call for balancing of this national equation. In term of security, the Nigeria Police Area Command in metropolitan Oyo which covers 14 of the 19 Local Government in the proposed (new) Oyo State can serve effectively as the Police Headquarters of the State Command in the proposed State. In addition, the Federal Medium Security Prison is currently situated in Oyo.”

He therefore solicited support for the passage of the bill, which he argued will “enhance socio-political and economy development of my people and Nigeria. The entire populace supports the ongoing national exercise of constitution review that will include new state creation, devolution of powers to the state and Local Governments and a swift return to true federalism.” To this end, the bill was referred to the Special Ad-hoc Committee on Constitution Review for further legislative action.

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Lockheed Martin (LMT) shares tumbled Tuesday as the defense contractor missed revenue estimates on a drop in aerospace sales.

The company reported third-quarter revenue rose 1% year-over-year to $17.10 billion, while analysts surveyed by Visible Alpha were looking for $17.38 billion. Earnings per share (EPS) of $6.80 exceeded forecasts.

Lockheed's Aeronautics unit sales declined 3% to $6.49 billion, primarily because of delays in contractual authorization and funding for the F-35 fighter jet. Sales at its Space division were down less than 1% to $3.08 billion. Missiles and Fire Control segment revenue jumped 8% to $3.18 billion, and Rotary and Mission Systems unit revenue was 6% higher at $4.37 billion.

The company raised its full-year EPS outlook to $26.65 from a range of $26.10 to $26.60, and narrowed its revenue outlook to $71.25 billion from the previous $70.50 billion to $71.50 billion. 

Shares of Lockheed Martin hit an all-time high yesterday, and even with today's roughly 5% declines they're up nearly 30% year-to-date.

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American depositary receipts (ADRs) of SAP (SAP) traded at an all-time high Tuesday, a day after the German business software giant reported better-than-anticipated results and boosted its sales outlook on booming demand for its cloud products.

SAP posted third-quarter earnings per share (EPS) of 1.25 euros ($1.35), with revenue rising 9% to 8.47 billion euros ($9.16 billion). Both were above consensus estimates of analysts polled by Visible Alpha.

Cloud revenue jumped 25% to EUR4.35 billion, and total cloud and software sales were up 11% to EUR7.43 billion. The company noted that its current cloud backlog also increased 25% to EUR15.4 billion.

Chief Executive Officer (CEO) Christian Klein explained that while demand for its cloud products was solid, "even more importantly, we are making strong progress" on business artificial intelligence (AI), adding that "a significant part of our cloud deals in Q3 included AI use cases."

SAP now expects full-year cloud and software revenue of EUR29.5 billion to EUR29.8 billion, raising the midpoint of its previous outlook by EUR400 million. It sees free cash flow in the range of EUR3.5 billion to EUR4.0 billion, up from the earlier prediction of EUR3.5 billion.

SAP ADRs recently were up about 2% to $233.41 after touching a record $237.71 earlier Tuesday morning. They are more than 50% higher this year.

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The Federal Capital Territory Administration has issued a warning to roadside beggars to desist from the act or risk being arrested by enforcement agents.

The minister disclosed at Katampe during the flag-off ceremony of the construction of the access road to the newly flag-off judges’ quarters.

He lamented that the number of persons who stay on the road is alarming which poses a thr3at to security in the metropolis. He then issued an October 27, 2024 ultimatum to the concerned parties to vacate the streets.

Wike had on Monday, recalled how he revoked the certificate of occupancy (C of O) of some plots of land allocated to German construction giant, Julius Berger, in the Katampe District of Abuja. The minister spoke at the official Flag-Off Ceremony of the Design and Construction of 40 Judges’ Quarters at the nation’s capital.

The event was attended by the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun; and the President of the Court of Appeal of Nigeria, Justice Monica Dongban-Mensem; among other dignitaries.

Wike said 70% of funds for the project had been released after its approval by the Federal Executive Council last month. He said out of the 40 units to be constructed, 20 will be allocated to the FCT High Court, 10 to the Federal High Court, and 10 to the Court of Appeal.

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