Economy

NNPC Vows to Cooperate With NEITI, Stakeholders to Probe Alleged Debts

Published

3 years ago

07/11/2023

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has said it would continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders towards a probe of several monies allegedly owed to the federation by the national oil company.

In a statement, the NNPC said this followed the Reconciliation Committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the federation by both NNPC Limited and the Federation Accounts Allocation Committee (FAAC) by a non-governmental organisation (NGO).

In the statement signed by the organisation’s Chief Corporate Communications Officer, Mr Olufemi Soneye, it was stated that the claims by the organisation were baseless. It said this is considering the fact that NEITI itself had dismissed many of the allegations in the said 2021 report, following a series of engagements with NNPC Limited

NNPC stated that at the outset of President Tinubu’s administration, it was made to sell Premium Motor Spirit (PMS) imported into the country at one-third of its value, a development that gave rise to an average of N400 billion monthly subsidy bill, which subsequently put a strain on its revenues and finances.

NNPC further stated “that subsidy bill accumulated to up to N3.736 trillion as of May 31st, 2023.”

With respect to gas-to-power debts, the non-payment of NNPC’s share of upstream joint venture gas supplied to the government-owned plants led to the accumulation of indebtedness of N174.07 billion by the Federation.

Similarly, the receivables due from the federation to NNPC Exploration & Production Limited (NEPL) as of May 31, 2023 amount to $712 million (equivalent to N309.07 billion at N434.08/US$1) for revenues not remitted to NEPL but paid into the Federation account.

While the country owed NNPC the sum of N4.207 trillion as net indebtedness, the company was only indebted to the Federation in the sum of N2.852 trillion.

Giving a breakdown, it said this is made up mainly of outstanding Good and Valuable Consideration (GVC) in respect of government upstream divestments, royalties, and Petroleum Profit taxes (PPT).

“We would also like to use this opportunity to clarify that over the years, our relationship with NEITI has been very cordial, as seen in August 2020 when we became an EITI supporting company, joining a group of over 65 extractive companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company expectations.

“Indeed, aside from being a signatory to several of EITI’s global ethics and standards, NNPC Ltd., on the sidelines of the United Nations General Assembly (UNGA) in New York in September this year, signed up to the United Nations Global Compact on human rights, labour, environment, and anti-corruption, thereby becoming the first state-owned oil company to join the global initiative,” the statement said.

The state oil firm also said its book remains open to all stakeholders, adding that it remains “committed to delivering value to Nigerians with integrity and as espoused in our principles of Transparency, Accountability and Performance Excellence (TAPE), the bulwark of the Mele Kyari leadership of the company.”

Economy

SEC Okays Emerald Holdco’s Takeover of N6.94bn Beta Glass Minority Shares

Published

34 minutes ago

08/07/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Emerald Holdco has been authorised by the Securities and Exchange Commission (SEC) to proceed with its mandatory takeover offer (MTO) of shares of Beta Glass Plc worth N6.94 billion held by minority investors.

In a notice to the Nigerian Exchange (NGX) Limited, it was disclosed that the MTO involves 11,741,509 ordinary shares of Beta Glass at a unit price of N590.94.

Shareholders of the company are required to fill out the MTO form for the exercise, which opened on Tuesday, July 7, 2026, and is expected to close at 5:00 pm on Tuesday, August 4, 2026.

Business Post reports that Emerald Holdco recently completed the acquisition of 100 per cent of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V), which owns 76.03 per cent of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group.

As part of this transaction, Emerald Holdco has assumed indirect ownership of 331,260,999 ordinary shares in the company, previously held by Frigoglass Group, which represent approximately 55.22 per cent of the issued share capital of the organisation.

In accordance with the Nigerian Takeover Rules, Emerald Holdco is required to make a takeover offer to all other shareholders of Beta Glass. It is permitted to make an offer for all or a portion of the shares held by the other shareholders of the firm.

Following this requirement, Emerald Holdco sought and obtained approval from its board and shareholders to launch a takeover offer to all qualifying shareholders for the acquisition of up to 11,741,509 ordinary shares, representing 1.96 per cent of the total issued and fully paid-up share capital of Beta Glass.

The board and shareholders granted this approval on February 5, 2026, and March 3, 2026, respectively.

Economy

NASD Index Crashes 6.11% as FrieslandCampina Shares Tumble

Published

1 hour ago

08/07/2026

Adedapo Adesanya

By Adedapo Adesanya

A plunge in the share price of FrieslandCampina Wamco Nigeria Plc purged the NASD Over-the-Counter (OTC) Securities Exchange by 6.11 per cent on Tuesday, July 7.

The milk producer, famed for brands like Peak Milk and Three Crowns, was the sole price loser during the session, shedding N12.41 to end at N139.41 per unit compared with the previous day’s N151.82 per unit.

As a result, the market capitalisation of the alternative stock market went down by N155.40 billion to close at N2.387 trillion, in contrast to Monday’s closing value of N2.543 trillion, and the NASD Security Index (NSI) fell by 258.90 points to close at 3,978.07 points compared with the preceding session’s 4,236.97 points.

Business Post reports that NASD Plc was the only price gainer for the day, gaining 80 Kobo to close at N34.10 per share versus N33.30 per share.

Yesterday, the value of securities surged by 98.3 per cent to N15.9 million from the preceding session’s N2.8 million, the volume of securities increased by 183.6 per cent to 323,780 units from 114.175 million units, and the number of deals grew by 61.1 per cent to 29 deals from 18 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded security by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units exchanged for N4.9 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Falls to N1,375/$1 at Official Market, N1,395/$1 at Parallel Market

Published

2 hours ago

08/07/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened by N7.48 or 0.55 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 7, to N1,375.75/$1, in contrast to the previous day’s N1,368.27/$1.

Equally, the local currency fell against the Pound Sterling in the same official FX market yesterday by N14.66 to trade at N1,841.57/£1 versus Monday’s closing price of N1,826.91/£1, and against the Euro, it depreciated by N10.61 to close at N1,573.30/€1 compared with the preceding session’s N1,562.69/€1.

In the parallel market, the Nigerian currency lost N5 against the US Dollar during the trading day to settle at N1,395/$1 compared with the previous day’s N1,390/$1, and at the GTBank forex desk, it remained unchanged at N1,831/$1.

Liquidity fluctuations amidst sustained FX inflows from foreign portfolio investors, exporters, non-bank corporates and other sources weakened the Naira despite rising external reserves. Updated data showed that gross external reserves increased to $ 51.525 billion from $51.549 billion.

Daily interbank FX turnover stood at $54.180 million across 70 deals, from $70.430 million.

The Central Bank of Nigeria (CBN) signalled its intention in the first half of the year to slow the Naira rally and avoid capital flight by purchasing US Dollars from the market.

As for the cryptocurrency market, benchmarked tokens dipped following renewed strikes on Iran by the US after an attack on commercial ships in the Strait of Hormuz. The US Central Command forces said it began launching a series of powerful strikes against Iran to impose high costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.

The latest exchange of fire will test the fragile ceasefire as Iran struck back by targeting US bases in Bahrain and Kuwait. The renewed attacks in the Middle East have doused the flames of the recent rally, with markets losing $50 billion over the past 12 hours.

Cardano (ADA) fell by 5.8 per cent to $0.1695, Solana (SOL) dropped 3.4 per cent to sell at $78.24, Ripple (XRP) depreciated by 3.3 per cent to $1.08, Dogecoin (DOGE) declined by 3.2 per cent to $0.0724, and Binance Coin (BNB) slid by 1.9 per cent to $567.58.

Further, Ethereum (ETH) went down by 1.1 per cent to $1,751.40, Bitcoin (BTC) lost 0.8 per cent to quote at $62,538.88, and TRON (TRX) decreased by 0.4 per cent to $0.3289, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.