By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked President Bola Tinubu to help oil marketers with N100 billion in intervention to help 10,000 filling stations stay afloat amid current economic realities.

The group made up of owners and stakeholders in private petrol stations once again asked the federal government to privatise state-owned refineries, with the old Port Harcourt and Warri refineries coming online recently.

In a statement over the weekend, titled PETROAN’S Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association listed several groundbreaking moves in the sector in the outgone year.

But it recommended the privatisation of “Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending”.

PETROAN in a statement signed by its President, Mr Billy Gillis-Harry, national secretary, Mr Adedibu Aderibigbe, and spokesman, Mr Joseph Obele, said the grant request is to avoid the closure of oil marketers’ businesses.

This, it said, is “to help prevent the closure of 10,000 marketers’ businesses. The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.”

The association called on authorities to work with “neighbouring countries to strengthen border security and prevent smuggling, and also utilize digital tracking systems to monitor petroleum products from refineries to retail outlets”.

“To boost Nigeria’s refining capacity and reduce reliance on imported petroleum products, we strongly recommend that crude oil be made available for local refineries,” the statement read.

“This strategic move will have a positive impact on the country’s economy and energy security. By prioritizing local refineries’ access to crude oil, Nigeria can unlock the full potential of its refining sector, drive economic growth, and enhance energy security.”

PETROAN reiterated that it wants a “competitive market by encouraging new entrants and promoting a level playing field to prevent monopolies and ensure fair pricing”.

Recall that in November 2024, the group said it was willing to engage in a price war with Dangote Refinery.

By Dipo Olowookere

A total of 2.618 billion shares worth N69.742 billion in 47,953 deals exchanged hands last week on the floor of the Nigerian Exchange (NGX) Limited versus the 1.387 billion shares valued at N52.023 billion transacted in the preceding week in 33,411 deals.

Business Post reports that last week, the market opened for four trading days as a result of the New Year public holiday observed last Wednesday.

In the previous week, the NGX operated for three days after the federal government declared Wednesday, December 25 and Thursday, December 26, 2024, as public holidays for Christmas and Boxing Day.

In the period under review, financial shares dominated the bourse with 1.751 billion units worth N17.079 billion in 20,595 deals, contributing 66.88 per cent and 24.49 per cent to the total trading volume and value, respectively.

Services stocks traded 205.807 million units valued at N1.829 billion in 3,654 deals as ICT equities recorded the sale of 189.938 million units worth N1.844 billion in 3,686 deals.

Royal Exchange, Chams, and Universal Insurance accounted for 612.033 million shares worth N773.439 million in 2,108 deals, contributing 23.38 per cent and 1.11 per cent to the total trading volume and value, respectively.

Prestige Assurance was the best-performing stock last week with a price appreciation of 46.00 per cent to trade at N1.46, Neimeth gained 45.26 per cent to settle at N2.76, Sovereign Trust Insurance expanded by 45.16 per cent to N1.35, Coronation Insurance rose by 44.92 per cent to N2.71, and Universal Insurance improved by 43.64 per cent to 79 Kobo.

The worst-performing stock in the week was PZ Cussons with a decline of 13.79 per cent to finish at N25.00, CWG lost 10.83 per cent to trade at N7.00, Union Dicon Salt fell by 10.00 per cent to N7.20, NGX Group shrank by 9.17 per cent to N27.25, and Cadbury Nigeria went down by 6.52 per cent to N21.50.

At the close of business, 82 equities appreciated versus 64 equities in the previous week, 18 shares depreciated compared with 20 shares of the preceding week, and 52 stocks closed flat, in contrast to 69 stocks a week earlier.

Last week, the All-Share Index (ASI) and the market capitalisation appreciated by 1.42 per cent and 2.02 per cent to 103,586.33 points and N63.166 trillion, respectively.

Similarly, all other indices finished higher apart from the energy and sovereign bond indices, which depreciated by 0.45 per cent and 3.28 per cent, respectively while the ASeM and commodity indices closed flat.

By Bon Peter

The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.

This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.

He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.

According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.

“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.

“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.

He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.

“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.

Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.

“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”

The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.