Economy
FG Earned N69b from Solid Minerals in 2015 Buoyed by Cement
By Modupe Gbadeyanka
A new report released by the Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that a total of N69.20 billion was generated from the solid minerals industry in 2015.
NEITI, in the 2015 Mineral Audit Report, explained that this figure was against N55.81 billion made earlier from the sector, which represented 23.98 percent increase.
The agency said in the report that the value of solid minerals exports in 2015 stood at $9.733 million, which was 1.45 percent of non-oil exports for the year.
It noted that Lead and Zinc topped the chart with 79 percent valued at $7.7 million, while 175 ounces of gold valued at $122,000 were exported during the period.
NEITI, which released the report on Sunday after its approval by the National Stakeholders Working Group, which is the board of NEITI, revealed that the solid minerals sector contributed 0.12 percent to Nigeria’s Gross Domestic Product (GDP) in 2015, a marginal increase of 0.01 percent on the 0.11 percent contribution of the sector to GDP in 2014.
The audit report further disclosed that the total production of solid minerals in the country stood at 39.27 million tons.
This, it stressed, represents a reduction of 17 percent from the 47.1 million tons produced in 2014.
The drop in 2015’s production was attributed to insecurity in parts of the country and more stringent approval process for explosives used in mining.
However, while mineral production reduced, government revenues went up in the same year.
“This increase in revenue was due to the growth in taxes collected from the sector and review of royalty rates paid by companies which came into effect within the year under review,” the report stated.
NEITI’s previous solid minerals audit reports had recommended upward review of Nigeria’s royalty rates to align with prevailing industry and present day realities.
“This report shows evidence that the contribution of the solid minerals sector to government revenues and macro-economic indicators is beginning to improve, even if marginally,” said Waziri Adio, NEITI’s Executive Secretary. “The sector could definitely contribute more to revenues, job and wealth creation, exports, imports substitution, industrial development and overall national growth.”
“But there is a sign of progress already,” Adio added. “What we need to do is to build on, deepen and sustain this early promise to ensure that the country returns to being a major mining destination and maximizes the abundant opportunities offered by the sector”.
“Faithful and sustained implementation of the roadmap developed by the Ministry of Mines and Steel Development and of the recommendations in this report will be necessary.”
The report highlighted the specific contributions by companies and states to the sector revenue growth and development.
“Cement manufacturing companies were the major revenue contributors to the sector, accounting for over 60 percent, while construction companies and real mining companies contribute about 31 percent and 8% respectively.
For instance, three states- Ogun, Kogi and Cross River and the FCT accounted for about 70 percent of the production volumes in 2015. However, Ogun state topped the table with 36 percent.”
According to the report, a total of 4,305 mineral titles were valid in 2015. It was learnt that 204 were mining leases, 657 were for small scale mining, 1,865 were for quarrying licenses while exploration licenses accounted for the remaining 1579.
It noted that 1,220 of the 4,305 mining titles were issued in 2015 alone.
Mr Adio, the NEITI Executive Secretary, disclosed that the NEITI 2015 Oil and Gas report will be released next month. He also reaffirmed the commitment of the Board to ensuring that its reports are more timely.
He said “resources and processes permitting, NEITI plans to clear the backlog of reports by the middle of 2018. Our goal is not just to make our reports more timely but also to make them as real-time as possible to enhance their utility and relevance.”
“We are finalizing the procurement process of the 2016 reports and will soon commence the procurement for the 2017 reports. We are also working hard to automate our data collection and to mainstream the EITI process”.
“Once we achieve this, we hope to then concentrate more on adding extra value to the country through cutting-edge analyses, modelling and forecasting, and setting agenda for more prudent and accountable application of natural resources for the benefits of all Nigerians,” Mr Adio stated.
The just released 2015 solid minerals audit report recognized the progress being made by the government towards repositioning the sector to be a major driver of the economic and revenue diversification agenda of the present administration.
To sustain this growth and further enhance the capacity of the sector to contribute to the economy, the report called for “the speedy release of the N30 billion solid minerals development fund recently approved by the Federal Executive Council to the intended beneficiaries in order to support some of the activities already stipulated in the Roadmap for the sector”.
The report also called for the improvement of the economic value of Nigeria’s minerals across the value chain before export in order to maximize their potentials and contributions to the growth of the Nigerian economy, while a ban should be placed on the importation of some minerals like gypsum, barite and kaolin which Nigeria has in good quality and quantity.
As part of measures to curb the activities of illegal miners resulting in loss of revenues to government and ensure the security of field officers, the NEITI report recommended the “re-introduction of mines police to protect the officers, reduce the activities of illegal miners and subsequently increase production and investments in the sector. Government should also build the capacity and equip the states’ mines officers and surveillance teams so they can effectively verify production figures and accurately calculate royalty payments.”
The report underscored the need for synergy between relevant government agencies to ensure that all minerals export including samples have permits duly issued by the Mining Inspectorate Department while urgent measures should be taken by government to curb multiple taxation in the sector in line with its policy on Ease of Doing Business in the country.
NEITI’s first intervention in the solid minerals sector began with the conduct of a scoping study in 2011, followed by an independent audit of the sector in 2012 which covered the years 2007-2010.
The six cycles of audit so far conducted by NEITI in the sector show that Nigeria earned a total of N271.77billion from 2007 to 2015.
The NEITI 2015 solid minerals audit was conducted by Amedu Onekpe & Co, a Nigerian audit firm selected through international competitive procurement process.
The audit covered 481 companies that made royalty payments in that year. The process specifically reconciled the payments made by 42 companies to government receipts. These 42 companies met the materiality threshold of N3million royalty payment set by NEITI which accounted for about 87 percent of the total royalty payments made in the sector, NEITI said.
The report also has comprehensive information on financial flows in the sector, governance and process issues and the implications for revenues tracking, computation and management, it added.
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
