Economy
Oil-Producing Communities Urge FG to End Petrol, Diesel Importation
By Aduragbemi Omiyale
The federal government has been urged to put an end to the importation of premium motor spirit (PMS), commonly known as petrol, and automated gas oil (AGO), otherwise known as diesel, because it is putting the nation at the mercy of some oil cartels and international oil companies (IOCs).
This appeal was made by a group known as the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) over the weekend.
The association was reacting to the recent development involving the lamentation of Africa’s richest man, Mr Aliko Dangote, who claimed that IOCs were frustrating the operations of his $20 billion refinery in Lagos.
HOSTCOM lamented that despite the billions of dollars spent on turnaround maintenance of Nigeria’s refineries, the country remains reliant on importing refined products.
This persistent issue, it argues, highlights the widespread corruption within Nigeria’s oil and gas industry, allegedly orchestrated by influential cabals who are intent on maintaining the status quo of exporting crude oil while importing refined petroleum products, warning that it will not hesitate to publicly name these identified cabals if necessary.
It threatened to renew agitation for greater autonomy and control of its natural resources if the Nigerian National Petroleum Company (NNPC) Limited and the IOCs fail to sell and supply crude oil to Dangote Refinery and other local refineries in their bid to ensure that Nigeria becomes self-sufficient in the local production of petroleum products.
The National President of HOSTCOM, Mr Benjamin Tamaramiebi, accompanied by his executives and traditional rulers from the Niger Delta region, during a tour of the Dangote Petroleum Refinery & Petrochemicals and the Dangote Fertiliser Limited complex in Lagos, also called for the removal of the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, over his recent statement that the government would not halt the importation of refined petroleum products.
“Our visit today to the largest and magnificent 650,000 bpd private refinery in Africa (Dangote Refinery) has opened our eyes to several ills, particularly the monumental corruption going on in the Nigerian oil and gas industry,” Mr Tamaramiebi said.
“It is obvious why the existing federal government refineries in Port Harcourt, Warri, and Kaduna can never work or operate maximally despite the billions of dollars spent on so-called turn-around maintenance (TAM) over the years.
“It is now clear that some persons in government and outside government have been identified as the cabal holding Nigeria’s oil sector by the jugular. We have identified them, and we shall reveal their names to the people of Nigeria if this trend continues,” he added.
Mr Tamaramiebi called on President Bola Tinubu to support and sustain Dangote Refinery, advising him to “do away with the cabals holding the oil sector to ransom,” emphasising that the government must not tolerate the economic sabotage being carried out by the IOCs operating in Nigeria, which have refused to sell crude oil to the Dangote Refinery and other modular refineries.
“We call on Mr President to direct NNPC or NNPCL to compel the IOCs operating in our communities to sell and supply crude oil to Dangote Refinery and other local refineries in line with Section 109 of the Petroleum Industry Act PIA 2021, particularly Section 109(4)(b), which states that “the supply of crude oil shall be commercially negotiated between the lessee and the crude oil refining licensee, having regard to the prevailing international market price for similar grades of crude oil.”
In his remarks, the Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, in his remarks, explained that the refinery was established primarily to source and refine local crudes for the benefit of Nigeria while also exporting excess production to boost the economy.
He noted that the lack of sufficient Nigerian crude supplies has necessitated importing crude from other countries and continents, adding that if the refinery had not been designed to process a wide range of crudes, including various African and Middle Eastern crudes as well as US Light Tight Oil, it would have become inactive due to the lack of Nigerian crude supplies.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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