Economy
NNPC Declares N18b Trading Surplus in May 2018, Supplies 1.2b Litres of Fuel
By Modupe Gbadeyanka
A trading surplus of N18.12 billion was achieved for the month of May 2018 by the Nigerian National Petroleum Corporation (NNPC), a statement from the agency disclosed on Monday.
This was relatively higher than the trading surplus of N17.16 billion recorded in the preceding month, with the additional monthly trading surplus of N960 million mainly due to increased performance of some of the corporation’s subsidiaries like the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics.
Details of the transactions contained in the recently released May 2018 edition of the Monthly NNPC Financial and Operations Reports also indicated that within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favourable variance of N18.22 billion due to increase in revenue with parallel decrease in expenses, resulting in N20.93 billion net increase in the upstream gas and power surplus.
Overall, the report indicated that the increase in performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April 2018 which was sold in May 2018 thereby reducing cost per unit.
Under the national crude oil and natural gas production, lifting and utilization segment, the report noted that 58.96 million barrels of crude oil and condensate were produced in the month of April 2018 representing an average daily production of 1.97 million barrels. This represents 1.02 per cent increase compared to the preceding month.
A breakdown of the production figure indicated that Joint Ventures (JV) and Production Sharing Contracts (PSC) contributed about 32.82 percent and 41.77 percent respectively, while Alternative Financing (AF), NPDC and Independents accounted for 14.68 percent, 7.65 percent and 3.08 percent respectively.
It was also indicated that the NPDC’s cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil which translated to an average daily production of 120, 909 barrels per day.
In terms of national gas production, the 34th NNPC Financial and Operations Report highlighted that 231.59 Billion Cubic feet (BCF) of natural gas was produced in the months of May, 2018, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day (MMSCF/D).
In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country.
In May 2018, 1.19 billion litres of petrol were supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation.
In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through existing Joint Monitoring Team.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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