Economy
NNPC to Pick Main Investor for Benue Bio-Fuel Project
By Dipo Olowookere
All is now set for the selection of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State.
Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, said the state-owned firm will announce the main investor shortly after concluding a painstaking due diligence exercise.
The Benue plant, after completion, will generate about one million direct and indirect jobs for the populace.
It would also help link the energy sector with the agriculture sector through the commercial production of biofuels from selected energy crops.
Other components of the project include a sugar cane feedstock plantation of about 20,000 hectares; a cane mill and raw/refined sugar plant capable of producing 126,000 tonnes annually as well as a fuel-ethanol processing plant with production capacity of 84 million litres annually.
The bio-fuels projects will also help to establish the Bio-gas cogeneration power plant which will generate 64 MW; a carbon dioxide recovery and bottling plant that will produce 2, 000 tonnes annually as well as an animal feed plant that will produce 63, 000 tons annually.
Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, Mr Baru, who was represented by the Chief Operating Officer in Charge of Ventures Directorate, Dr Babatunde Adeniran, explained that the core investor would provide 70 percent of the required funding for the project, while Benue State government and the NNPC would take up the balance equity contribution.
Commending NNPC on the strides so far recorded, Engr. Abounu said that Benue State was offering the 20,000 hectares of irrigable land space along the bank of the river Benue as its equity contribution to the project in addition to a yet to be specified tranche of funds to shore up its stake to the level of directorship in the yet to be constituted board.
The Benue State deputy governor also assured that the state had since taken concrete measures to sensitize the host communities not only in respect of the bio-fuel project, but also for the ongoing effort by the Corporation for fresh hydrocarbon find in the Benue trough.
In a related development, the Renewable Energy Division of the NNPC is set for a 2-Day Workshop on Climate Action in the Oil and Gas Sector in response to the need for knowledge sharing on the necessary policy actions, plans and strategies to be taken on the subject.
According to Mr Kallamu Abdullahi, the Group General Manager in charge of the RED, the workshop, the 3rd in the series, will bring together policy makers, the executives, industry players, regulators, financiers and other relevant stakeholders to make presentations and stimulate ideas on the various aspects of the discourse.
Minister of Environment, the National Designated Authority (DNA), Chairmen, Senate and House Committees on Environment, representatives of World Bank, the Organisation of the Petroleum Exporting Countries, OPEC, United Nations Framework Convention on Climate Change, UNFCCC, Civil Society Organizations, Captains of Industry are all expected to grace the occasion.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on state-owned enterprises to increase standards of transparency, ethics, and performance as Nigeria pushes to build a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health, designed to position state-owned enterprises for investment, growth, and long-term value creation.
According to Mr Edun, this scorecard is not just a document; it’s a test, adding that strong governance attracts capital, builds trust, and delivers real economic returns.
The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Limited, Mr Edun noted that state-owned enterprises must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.
On his part, MOFI Chairman, Mr Shamsudeen Usman, confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth, with governance now central to growth, resilience, and investor confidence.
The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for state-owned enterprises.
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange rose by 1.70 per cent or N32.36 billion on Thursday, April 10, closing at N1.925 trillion, in contrast to the N1.892 trillion quoted at the preceding session.
However, the NASD Unlisted Security Index (NSI) went up by 10.46 points or 0.32 per cent to 3,287.85 points from the 3,277.39 points it ended a day earlier.
The market capitalisation was higher yesterday after admitting additional shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the platform after regulatory approval. The firm joined the NASD Exchange on March 6.
The company, backed by the Nigerian sovereign wealth fund, added 11.166 million units to bring its volume to 26.421 million.
At the trading session, FrieslandCampina Wamco Nigeria Plc gained N1.91 to close at N38.50 per unit versus N36.59 per unit, Mixta Real Estate Plc rose by 41 Kobo to N4.55 per share from the previous closing value of N4.14 per share, Lagos Building Infrastructure Company (LBIC) Plc grew by 17 Kobo to N2.63 per unit from N2.80 per unit, and Paintcom Investment Plc improved by 2 Kobo to N10.74 per share from N10.72 per share, while Geo-Fluids Plc declined by 22 Kobo to N2.00 per unit from N2.22 per unit.
The volume of transactions surged by 9,665.9 per cent to 18.1 million units from 185,449 units, the value of transactions soared by 7,174.3 per cent to N192.9 million from N192.9 million, and the number of deals rose by 81.8 per cent to 20 deals from 11 deals.
Impresit Bakolori Plc ended the day as the most active stock by volume (year-to-date) for trading 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million, and Geo Fluids Plc with 44.6 million units sold for N90.2 million.
FrieslandCampina Wamco Nigeria Plc also remained as the most active stock by value (year-to-date) with 14.5 million units valued at N559.2 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N365.0 million.
By Adedapo Adesanya
The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.
In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.
As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.
The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.
However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.
Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.
Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.
Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.
The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.
Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.
On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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