Economy
NNPC Gas Subsidiary Takes 15% Equity Stake in Starz CNG Facility
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited, through its subsidiary, NNPC Gas Marketing Limited (NGML), has agreed to take a 15 per cent equity shareholding in Starzs Gas Limited’s 2 million standard cubic feet per day (2mmscf/d) Compressed Natural Gas (CNG) facility.
The station is located at Iwhrekan in Ugheli South Local Government Area of Delta State and largely owned by Nigeria’s foremost maritime investor, Mr Greg Ogbeifun.
As part of the equity partnership, the national oil company has also agreed to guarantee gas supply to the multi-million-dollar facility on a competitive pricing basis and allow its logo to stand side by side with that of Starzs Gas in further demonstration of the partnership.
The partnership was announced at the groundbreaking ceremony of the project led by the Managing Director of NGML, Mr Justin Ezeala, who represented the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo.
The facility sited close to NAZ 3 gas plant in Utorogu, on a land size of 21,002.226sm², is planned for inauguration in the first quarter of 2026 while its scale up to 5mmscf/d will happen within 18 months.
The project aligns with the federal government’s commitment to ensure penetration and utilisation of domestic gas to drive industrialization, increase access to affordable power, and reduce the country’s carbon footprint through the adoption of CNG as autofuel.
Upon completion, the one-stop-shop facility is expected to undertake industrial CNG supplies, power generation-based load supplies, natural gas vehicle fueling, vehicle conversion, and general natural gas distribution to off-grid and satellite locations lacking pipeline infrastructure, all supported by a virtual pipeline system.
The first phase of the project is estimated to cost over $7 million.
Speaking at the event, Vice Chairman of Starzs Gas Limited, Miss Iroghama Ogbeifun, said through the facility, the company and its partners were setting the stage for a future powered by clean, efficient, and sustainable energy and also setting the stage for further development and empowerment in their host community.
Miss Ogbeifun noted that the facility was in tandem with the federal government’s declaration of the current decade as the Decade of Gas, adding that it also supports the Presidential CNG initiative whose mandate was to deepen the use of CNG as auto fuel thereby reducing carbon emissions into the environment.
She noted that the south-south region has long been a pillar of Nigeria’s energy landscape, she said with this project, the company was reinforcing that legacy by harnessing natural gas as a cleaner alternative to conventional fuels.
“This plant represents our unwavering commitment to reducing carbon emissions, enhancing energy accessibility, and fostering economic growth—not only in Delta State or the South South region but across Nigeria”, Miss Ogbeifun stated.
She announced the strategic partnership with NNPCL, saying NGML was offered and has agreed to accept a 15 per cent equity stake in the project
“Our journey has been fueled by vision, collaboration, and unwavering determination. However, to achieve this project, we require strategic partners who can guarantee it’s success and it is on that note that I am happy to announce that NNPC through its subsidiary, the NNPC Gas Marketing Ltd (NGML) was offered and has agreed to accept a 15 per cent equity in this project.
“This will not only help to guarantee gas supply at competitive pricing but will avail the project all the expertise NNPC has developed over the years in the Gas value chains. This partnership is a testament to the viability and importance of this project and we look forward to an impactful relationship.”
She recognised the invaluable contributions and the steadfast support of the company’s investors, government, regulatory agencies, and the local community while deeply appreciating their collaboration, trust, and shared vision for a greener and more prosperous future.
“As we break ground today, we embark on a journey that will drive industrial growth, create jobs, and provide affordable energy solutions for generations to come,” Miss Ogbeifun added.
On his part, Mr Ezeala, said the state oil company was showing the way in the private sector’s response to the federal government’s call for private investment in the nation’s gas space.
He reiterated that the NNPC will supply gas to the facility through the NNPC Gas Company (NGCs) pipeline.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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