By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has challenged the federal government and the Nigerian National Petroleum Company (NNPC) Limited to set out a clear, realistic and workable timeline for the long-delayed revival of Nigeria’s state-owned refineries, warning that billions of dollars in public funds have yielded no tangible results.

Nigeria’s three refineries in Port Harcourt, Warri and Kaduna have a combined installed capacity of 445,000 barrels per day, yet remain largely non-operational years after repeated rehabilitation efforts.

PETROAN claimed that over $4 billion has been spent on turnaround maintenance and rehabilitation over time, including the most recent contracts, without restoring sustained production.

“Despite this huge expenditure of taxpayers’ money, Nigerians are yet to see tangible results,” PETROAN said, raising concerns over efficiency, accountability and project delivery in the refinery rehabilitation programme.

The association said Nigerians and industry stakeholders are now asking a critical question: when will the refineries resume production, and what has become of the billions of dollars committed to their rehabilitation?

While acknowledging NNPCL’s disclosure that it is conducting project appraisals and sourcing strategic partners, PETROAN insisted that such efforts must be backed by definite timelines and measurable milestones.

“Every serious project must be guided by a clear timeline with deliverables. Nigerians deserve to know exactly when these refineries will return to operation,” the association stated.

According to PETROAN National President, Mr Billy Gillis-Harry, warned that delays could worsen as the country approaches another election cycle.

“Nigeria is fast approaching another election season, and we know that governance and project execution often slow down during such periods,” Mr Gillis-Harry said. “That is why decisive action must be taken early in the year to avoid another round of delays.”

He stressed that reviving domestic refining capacity is critical to easing the burden on the economy and consumers.

“The operationalisation of Nigeria’s refineries will significantly reduce the cost of petroleum products,” Gillis-Harry said. “Local refining will drastically cut importation, conserve foreign exchange, strengthen the naira and create thousands of direct and indirect jobs across the petroleum value chain.”

PETROAN reaffirmed its willingness to support the Federal Government and NNPCL in reviving the refineries, noting that credible foreign technical and financial partners are ready to collaborate.

“We are prepared to work with all stakeholders to achieve this national objective, but it must be driven by transparency, accountability and a clear roadmap,” the association added.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell further by 0.14 per cent on Wednesday, January 21, remaining in the danger zone for the third straight day.

This reduced the market capitalisation of the platform by N3.13 billion to N2.184 trillion from the N2.187 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) lost 5.23 points to 3,651.13 points from 3,656.36 points.

Yesterday, two securities depreciated, with FrieslandCampina Wamco Nigeria Plc shrinking by N2.96 to sell at N69.04 per share compared with the previous day’s N72.00 per share, and Central Securities Clearing System (CSCS) Plc dropped 96 Kobo to close at N40.47 per unit versus Tuesday’s closing price of N41.43 per unit.

During the session, there were five price gainers led by Food Concepts Plc as it chalked up 25 Kobo to sell at N3.00 per share versus the preceding session’s N2.75 per share, IPWA Plc went up by 18 Kobo to end at N1.97 per unit versus N1.79 per unit, Ge0-Fluids Plc improved by 6 Kobo to trade at N7.06 per share compared with Tuesday’s closing price of N7.00 per share, First Trust Mortgage Bank Plc expanded by 6 Kobo to sell at 69 Kobo per unit versus 63 Kobo per unit, and Mass Telecom Innovation Plc added 4 Kobo it previous traded value of 40 Kobo per share to end at 44 Kobo per share.

Business Post reports that the total value of transactions jumped by 74.9 per cent in the midweek session to N75.7 million from N43.3 million, the volume of transactions went up by 71.9 per cent to 4.5 million units from 2.6 million units, and the total number of deals appreciated 40 per cent to 42 deals from 30 deals.

CSCS Plc remained the most traded stock by value on a year-to-date basis with 5.4 million units traded for N217.2 million, followed by MRS Oil Plc with 278,971 units valued at N55.7 million, and Geo-Fluids Plc with 7.7 million units worth N52.2 million.

Geo-Fluids Plc ended the session as the most active stock by volume on a year-to-date basis with 7.7 million units sold for N52.2 million, followed by CSCS Plc with 5.4 million units transacted for N217.2 million, and Industrial and General Insurance (IGI) Plc with 3.1 million units worth N1.9 million.

By Dipo Olowookere

An underwriting firm, Guinea Insurance Plc, has submitted application for approval and listing of its proposed N5.8 billion rights issue.

Business Post reports that the application was filed to the Nigerian Exchange (NGX) Limited by the insurer through its stockbrokers, Forte Financial Limited, and Mega Equities Limited.

Guinea Insurance is offering in the exercise a total of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as of the close of business on Wednesday, January 21, 2026.

In a statement yesterday, the Head of Issuer Regulation Department of the stock exchange, Mr Godstime Iwenekhai, confirmed the development.

He said, “Guinea Insurance Plc has through its stockbrokers, Forte Financial Limited and Mega Equities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on Wednesday, January 21, 2026.

“The qualification date for the rights issue is Wednesday, January 21, 2026.”

At the market at midweek, the shares of Guinea Insurance closed flat at N1.30 per unit, with a total of 2,313,400.00 units transacted by investors during the session.

Last month, the organisation held an Extraordinary General Meeting (EGM), where shareholders authorised the board to “raise additional equity capital of up to N15.0 billion by way of rights issue and private placement, on such terms, pricing, allotment structure, and timetable as the board of directors may determine in the best interest of the company.”

This was after they passed a resolution for the firm’s minimum issued share capital be increased “from N4.0 billion made up of 8.0 billion ordinary shares of 50 Kobo each to N19.0 billion made of 38.0 billion ordinary shares of 50 Kobo each.