Economy
Nigeria Cuts Crude Oil Theft to 5,000 Barrels Per Day
By Adedapo Adesanya
Nigeria has adequately reduced the amount of crude oil lost to theft by 95 per cent to as low as 5,000 barrels per day at the end of 2024, from a high of up to 108,000 barrels per day in first quarter of 2022.
This was disclosed by the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, while speaking in Abuja over the weekend.
According to Mr Komolafe, the reduction is a major boost for the 2025 budget as Nigeria aims to produce 2.06 million barrels per day this year, at an international crude oil price of $75 per barrel.
The country also aims to reduce deficit financing for the over N54 trillion budget this year.
Mr Komolafe stated that due to the renewed onslaught on oil theft, crude production in Nigeria now averages 1.75 million barrels per day, with gas production now hitting 7 billion standard cubic feet per day (scfd).
“Oil theft averaged 108,000 bpd in Q1, 2022 resulting in the shutdown of trunklines (TNP, TFP, NCTL etc).
He noted that production dropped to as low as one million barrels per day in September 2022 (loss of around 600, 000 barrels per day) due to the shutdown of the trunk lines.
“Oil theft has significantly reduced due to the ongoing kinetic and non-kinetic intervention by the government. The oil theft which averaged about 12,000 barrels per day in the last 24 months further reduced to 5,000 barrels per day in the last quarter.
“Whereas the production fluctuated around 1.5 million barrels per day, the sustained fight against oil theft has resulted in steady increase in production. We were able to restore and sustain the production to 1.7 barrels per day. Efforts are ongoing to increase the production by l million bpd by December 2026,” Mr Komolafe stated.
He emphasised the need for a paradigm shift to position Nigeria as a leader in energy security and economic growth, highlighting several reforms and achievements in Nigeria’s oil and gas sector.
On Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, and that the country stands as the continent’s second-largest oil reserve holder.
In the same vein, he stated that Nigeria has the largest gas reserves standing at 209 Trillion Cubic Feet (TCF), with oil reserves estimated at 37.5 billion barrels.
The NUPRC boss stated that since the enactment of the Petroleum Industry Act (PIA) in 2021, the commission had driven several initiatives to enhance regulatory effectiveness and attract investments.
The commission, he said, unveiled its 10-year regulatory and corporate strategic plan (2023–2033) in May 2023, followed by a regulatory action plan for 2024, detailing key industry reforms.
These reforms, according to him, focus on increasing oil and gas reserves and production, enhancing hydrocarbon accounting transparency and achieving cost efficiency and decarbonisation in upstream operations.
On the 2024 licensing round and investment drive, Komolafe highlighted that NUPRC launched its 2024 round, offering 24 oil and gas assets to investors, explaining that to attract global participation, the commission held roadshows in Houston, Miami, London and Paris, showcasing Nigeria’s energy potential.
He said the government aims to increase production by 1 million barrels per day by December 2026 under the Project 1 MMBOPD Initiative, leveraging collaboration among operators, service providers, financiers and host communities.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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