Economy
NNPC Lauds FG’s Moves on Illegal Refineries
By Dipo Olowookere
The Nigerian National Petroleum Corporation (NNPC) has described the interplay between members of the executive and the legislative arms of government as an indispensible element of the democratic process with potential positive spin-off effect on the oil and gas industry in the country.
Delivering a keynote speech at the Executive Intelligence Management Course, EIMC 10 of the Institute for Security Studies, Bwari, Abuja on Tuesday, entitled: “Executive-Legislative Relations: Gaps, Challenges and Prospects”, the Group Managing Director of NNPC, Dr Maikanti Baru, said the occasional struggles between the executive and legislature when handled with the interest of the Nigerian people at heart can be a healthy rivalry capable of unlocking the potentials of the nation for prosperity, good governance and democratic excellence.
“It is believed that a government business enterprise such as the NNPC, and by wider application, the oil and gas industry as a whole, will benefit from a constructive legislative-executive interplay that stimulates government agencies and parastatals to thrive and support our national aspirations,” he said.
On the relations between the national oil company and the legislature, the GMD said the contributions of the National Assembly to the effective operation of the NNPC were immeasurable over the years.
“While the critical role of the legislature may be blurred to the laity, we in the oil and gas industry, the NNPC, appreciate this arm of government’s immeasurable significance in our day-to-day operations. In appreciation of the importance of the National Assembly to our operations, a full department headed by a General Manager, is dedicated to managing the relationship between NNPC and the legislature,” he said.
The GMD said about 21 committees of the National Assembly made up of eight core standing committees, 11 non-core standing Committees and two ad-hoc committees perform oversight functions on the operations of the NNPC.
Dr Baru said the NNPC was currently collaborating with the legislature and other industry stakeholders to ensure the passage of the Petroleum Industry Governance Bill, PIGB, hitherto referred to as the Petroleum Industry Bill.
He re-iterated that the Industry, under the leadership of the Honourable Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu and with the support of His Excellency, President Muhammadu Buhari, has adopted the approach of splitting the PIB into four segments, namely: the Petroleum Industry Governance Bill, (PIGB), the Fiscal Regime Bill, the Upstream and Midstream Administration Bill and the Petroleum Revenue Bill in order to expedite its passage.
The NNPC GMD said that despite the cordial relations between the Corporation and the Legislature, there existed grey areas which occasionally reared their ugly heads in the relationship which has spanned closed to two decades.
Dr Baru stressed his inability to be physically present at all National Assembly engagements, pleading that the legislature should show understanding as the commitment of the office of the GMD of NNPC was highly demanding which he noted must be appropriately shared between doing the operational/administrative functions and responses to the National Assembly and other arms of government’s invitations.
On the reported move by the Federal government to legalize and regularize the operations of illegal refineries in the Niger Delta, the GMD said the initiative would help instill sanity and provide the much needed technical support and framework for the operation of the would-be modular refineries.
Dr Baru identified enacting laws to criminalize pipeline vandalism or sabotage as an area in which he sought closer relations with the legislature, explaining that the activities of the vandals posed a lot of challenges to the industry and that existing legislation on the subject appeared too weak to serve as deterrence.
In his remark, Mr Mathew Seiyefa, Director of the Institute of Security Studies, commended Dr Baru for making time out from his busy schedule to share his perspectives on the subject with the course 10 participants.
He said as the cash cow of the entire country, the strategic role of the NNPC could not be over stated, noting that apart from serving as the main foreign exchange earner for the nation; the Corporation was critical to Nigeria’s national energy security.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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