Economy
No More Licenses to Gas Firms Without Pipeline Capacity—FG
By Adedapo Adesanya
The federal government has said it would stop granting licences to gas companies with no capacity to build pipelines for gas distribution following the aftermath of the explosion which claimed a life in Abeokuta, the Ogun State capital.
This was communicated by the Minister of State For Petroleum Resources (Gas), Mr Ekperikpe Ekpo, when he visited Abeokuta for an on-the-spot assessment of Saturday’s CNG explosion at Ita Oshin.
According to him, the development became imperative to discourage the transportation of compressed natural gas through the roads.
On Saturday (April 28), a Compressed Natural Gas (CNG) gas truck owned by Gasco Marine suffered a brake failure, rammed into the road barricade and went up in flames, killing one person and razing some vehicles.
Mr Ekpo, who was received into the state by Governor Dapo Abiodun and his deputy, Mrs Noimot Salako-Oyedele, stated that he was sent by President Bola Tinubu to see to the root cause of the incident and sympathise with the people of Ogun State.
While saying the country must transit from fossil fuel to CNG, Mr Ekpo revealed that he had directed the Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Mr Farouk Ahmed, not to issue licenses to anyone who could not pipe CNG to the end users.
The gas Minister emphasised, that there was the need to stop virtual gas transportation, saying the federal government was putting efforts in top gear to build pipelines for seamless transmission of CNG.
According to him, this would prevent explosions on the road, while saving lives and property.
“As the Federal Government, we are trying all that we can to ensure we reduce virtual transportation of gas because of the volatility of it, especially with the Ajaokuta–Kaduna–Kano pipeline,” he said
“I have directed the authority chief executive that for any further issuance of a licence, the company should be competent enough to pipe it to their end users so that we are not exposed to this kind of danger any longer.
“As a ministry, we are looking at how we can reduce a lot of virtual conveyance of gas. That is why we are putting much in developing the gas pipeline infrastructure so that the transportation would not be virtual, but rather through the pipelines. This will reduce this kind of incident and take off the pressure on our roads,”
Mr Ekpo stressed that despite the incident, CNG remains a better alternative to petrol, urging Nigerians not to be discouraged.
“This is better than even fuel if you look at what happened in Port Harcourt where lives were lost and so many vehicles burnt. It is better we go this route,” he added.
He harped on the importance of companies using only quality cylinders for the distribution of gas to avoid incidents.
On his part, Mr Ahmed the NMDPRA boss, assured Nigerians that the agency is working with the Standard Organisation of Nigeria and the Federal Road Safety Corps to forestall similar explosions on the road.
Ahmed maintained that some of the accidents occur due to the roadworthiness of the vehicle, adding that training programmes are being organised for truck drivers to ensure safety on the road.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
