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Shell Invests $2bn in Nigeria’s Offshore Gas Development

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SNEPCo workers Shell

By Adedapo Adesanya

Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell Plc, in partnership with Sunlink Energies and Resources Limited, has taken a final investment decision (FID) on the HI gas project offshore Nigeria, valued at $2 billion.

The project, when completed, will supply 350 million standard cubic feet (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6 per cent), which produces and exports liquefied natural gas (LNG) to global markets.

According to a statement, production is expected to begin before the end of this decade.

“Following recent investment decisions related to the Bonga deep-water development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on Deepwater and Integrated Gas,” said Mr Peter Costello, Shell’s Upstream President, adding that  “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”

The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5 per cent per year until 2030.

It is the third major oil and gas FID in the last 18 months, following the Ubeta gas project and Bonga North deepwater, bringing total upstream investment commitments to over $8 billion since President Bola Ahmed Tinubu assumed office in 2023.

It also disclosed that this will also bolster NLNG’s contribution to Nigeria’s national economic development goals, including jobs in construction and operations.

In reaction, Ms Olu Verheijen, the Special Adviser to President Tinubu on Energy, said the investment showed that Nigeria’s bold energy reforms are delivering results.

She noted that project will deliver over 30 per cent of gas needed for Train 7, ensuring more reliable gas exports that will reduce imports, boost FX earnings, and make clean cooking accessible to many Nigerians.

“These landmark projects are proof that targeted policy reforms, fiscal incentives, and streamlined processes are restoring investor confidence and repositioning Nigeria as a competitive global investment destination,” she said.

“And this is only the beginning, more FIDs are on the horizon as we unlock Nigeria’s vast gas potential to drive industrialization, create jobs, and power a cleaner, more prosperous future,” she added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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  1. Pingback: Shell Gives Nigerian Offshore Gas Deal to Halliburton | Business Post Nigeria

  2. Pingback: Shell: Lokpobiri Eyes Additional Final Investment Decisions into Nigeria | Business Post Nigeria

  3. Pingback: Shell invests $2bn in new offshore gas project in Nigeria

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Economy

NGX, Secondary School Students Engage in Smart Money Talks

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NGX Smart Money Talks

By Aduragbemi Omiyale

Over 200 secondary school students from Covenant Child Academy, Testimony College, and Green Pastures High School were recently introduced to the fundamentals of financial literacy, capital markets, and responsible investing, offering early exposure to wealth-building principles by the Nigerian Exchange (NGX) Limited.

It was part of Customs Street’s week-long programme to commemorate Global Money Week 2026, themed Smart Money Talks.

The bourse joined the global community to celebrate the week as part of its commitment to advancing financial literacy and equipping the next generation of investors.

The students, who underwent the seminar under the NGX’s flagship X-Tour initiative, were guided by representatives from NGX and NGX Regulation on key considerations before investing, as well as common warning signs to watch for when evaluating investment opportunities.

The session reinforced the importance of cultivating positive money habits to support sound financial decisions in the future.

Extending its impact beyond in-person engagement, the exchange also convened an interactive Instagram Live session in collaboration with United Capital Plc.

Featuring Stanley Onuorah, widely known as Online Banker, the session focused on Building a Portfolio in Today’s Markets. It addressed pressing questions from young Nigerians on navigating the capital market, understanding available investment products, and making informed financial choices.

During the session, a representative from NGX’s Trading and Products division shared practical insights into the range of instruments available in the market, including equities, fixed income securities, and exchange-traded funds, while outlining clear pathways for getting started and building resilient portfolios across varying market conditions.

In parallel, a representative from Market Regulation emphasised the importance of investor protection frameworks, educating participants on their rights, the safeguards that ensure fair market practices, and the necessity of due diligence in sustaining trust and integrity within the market.

The session has since attracted thousands of views, significantly amplifying awareness around financial literacy and encouraging greater youth participation in the capital market.

Through these initiatives, NGX continues to play a pivotal role in shaping financially responsible citizens, in line with its broader mandate to drive inclusive growth and strengthen investor confidence within Nigeria’s financial ecosystem.

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Economy

OTC Securities Exchange Dips 2.14% as NSI Closes at 4,109 Points

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NASD OTC securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange declined by 2.14 per cent on Monday, March 30, weakening the Unlisted Security Index (NSI) by 89.95 points to 4,109.74 points from 4,199.69 points.

During the session, investors lost N53.82 billion, leaving the market capitalisation of the trading platform at N2.458 trillion versus the previous session’s N2.512 trillion.

The bourse recorded four price gainers and four price losers led by 11 Plc, which shed N35.12 to close at N316.50 per share compared with last Friday’s value of N351.17 per share. MRS Oil Plc declined by N20.00 to quote at N190.00 per unit versus the previous price of N21o.00 per unit, FrieslandCampina Wamco Nigeria Plc dropped N11.00 to trade at N99.00 per share versus N110.00 per share, and Central Securities Clearing System (CSCS) Plc dipped N2.93 to N77.17 per unit from N80.10 per unit.

Conversely, IPWA Plc appreciated by 55 Kobo to N6.06 per share from N5.51 per share, Industrial and General Insurance (IGI) Plc expanded by 5 Kobo to 57 Kobo per unit from 52 Kobo per unit, Geo-Fluids Plc gained 4 Kobo to close at N3.22 per share versus N3.18 per share, and Acorn Petroleum Plc improved by 1 Kobo to N1.34 per unit from N1.33 per unit.

Trading data revealed a decline of 63.7 per cent in the volume of securities to 21.3 million units from 58.6 million units, a 59.6 per cent drop in the value of securities to N651.1 million from N1.6 billion, and a 24 per cent contraction in the number of deals to 38 deals from 50 deals.

The most active stock by value on a year-to-date basis was CSCS Plc with 56.3 million units exchanged for N3.8 billion, trailed by Okitipupa Plc with 27.5 million units traded for N1.8 billion, and Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion.

Resourcery Plc was the most traded stock by volume on a year-to-date basis with 1.1 billion units worth N415.7 million, followed by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 133.1 million units transacted for N511.2 million.

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Economy

Investors Lose N275bn to Profit-taking on Stock Exchange

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Nigerian market stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited began the new week bearish after it shed 0.21 per cent on Monday due to profit-taking.

Business Post reports that four of the five key sectors of Customs Street tracked pointed southwards yesterday, as only the energy index gained 0.10 per cent.

The insurance counter lost 1.38 per cent, the banking space depreciated by 0.81 per cent, the industrial goods sector weakened by 0.45 per cent, and the consumer goods segment declined by 0.02 per cent.

As a result, the All-Share Index (ASI) retreated by 428.63 points to 200,484.43 points from 200,913.06 points, and the market capitalisation moderated by N275 billion to N128.694 trillion from N128.969 trillion.

The market breadth index was negative during the session, as there were 27 price gainers and 34 price losers, representing weak investor sentiment.

Secure Electronic Technology depreciated by 10.00 per cent to N1.17, May and Baker slumped by 9.42 per cent to N38.00, Legend Internet tumbled by 8.67 per cent to N6.85, Cutix shrank by 8.29 per cent to N3.21, and Fortis Global Insurance lost 7.97 per cent to trade at N1.27.

On the flip side, Austin Laz appreciated by 9.98 per cent to N4.41, Zichis gained 9.93 per cent to quote at N15.16, Trans Nationwide Express soared by 9.65 per cent to N2.84, The Initiates advanced by 9.60 per cent to N21.70, and Learn Africa improved by 9.41 per cent to N9.30.

The bourse closed with a turnover of 593.3 million shares valued at N25.7 billion executed in 60,311 deals compared with the 595.2 million shares worth N24.5 billion traded in 43,440 deals in the previous trading day.

This showed that the value of transactions went up by 4.90 per cent, the number of deals increased by 38.84 per cent, and the volume of trades decreased by 0.32 per cent.

Access Holdings finished the session as the most active with 86.6 million units sold for N2.3 billion, First Holdco exchanged 84.6 million units worth N4.3 billion, Secure Electronic Technology traded 31.1 million units valued at N37.4 million, Fidelity Bank transacted 26.7 million units worth N512.4 million, and Zenith Bank traded 26.1 million units valued at N2.6 billion.

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