Economy

NNPC Records 34% Increase in Trading Surplus for December 2019

Published

6 years ago

23/03/2020

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded a 34 percent increase in trading surplus, amounting to N5.3 billion in its December 2019 operations compared with the N3.9 billion surplus posted in November.

This disclosure was made through a statement released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who explained that details of the surplus were captured in the December 2019 edition of the National Oil companies’ Monthly Financial and Operations Report (MFOR).

The national oil company noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), also posted N337.63 billion products sales during the period under review.

It was further disclosed that the breaches of the corporation’s pipelines was a major problem during the period, adding that the Mosimi-Ibadan axis accounted for 31 percent of the breaks while Atlas Cove-Mosimi network which contributed 19 percent to vandalised facilities both in November, increased in the latest report with the breakages spiking to 35 percent and 30 percent respectively, while other pipelines in the country accounted for 35 percent of pipelines vandalism.

In previous times, the NNPC explained that most of the damages to pipelines were reportedly carried out in the Niger Delta, where the country’s oil and gas resources are found but this changed in December 2019.

The corporation explained that the 34 percent increase for the period resulted from improved performances by some of its entities both in the upstream and downstream sectors.

It was further disclosed that the corporation’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.

“In general terms, the performance was impacted positively by the reduced deficit posted by NNPC corporate headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC respectively,” the NNPC said in the statement.

In the gas sector, out of the 239.29 billion cubic feet (BCF) of gas supplied in December 2019, a total of 148.32 BCF was commercialised, consisting of 34.78 BCF and 113.54 BCF for the domestic and export market respectively.

It said that this translated to a supply of 1,121.77 million standard cubic feet per day (mmscfd) of gas to the domestic market and 3,662.70 mmscfd of gas supplied to the export market for the month.

The oil agency noted that 62.22 percent of the average daily gas produced was commercialised, while the balance of 37.78 per cent was re-injected and used as upstream fuel gas or flared.

It added that gas flare rate was 7.78 percent lower for the month under review, a total of 598.03 mmscfd, compared with the average gas flare rate of 8.56 per cent which is 678.02 mmscfd for the year-on-year period December 2018 to December 2019.

The report stated that gas supply for the period December 2018 to December 2019 stood at 3,105.48 bcf out of which 466.00 bcf and 1,369.90 bcf was commercialised for the domestic and export market respectively. The National oil company explained that gas re-injected, fuel gas and gas flared in tbr month under review stood at 1,269.59 bcf.

“In the Downstream Sector, Petroleum Products Marketing Company (PPMC), NNPC’s downstream entity in charge of bulk supply and distribution of petroleum products, distributed and sold 2.775 billion litres of white products in December 2019 compared with 0.841 billion litres in November same year.

“This comprised 2.762 billion litres of Premium Motor Spirit (PMS) otherwise called petrol, 0.013 billion litres of Automotive Gas Oil (AGO) or diesel, and 0.000 billion litres of Dual Purpose Kerosene (DPK) as well as sale of special product of 0.003 billion litres of Low Pure Fuel Oil (LPFO) in the month under review,” it said.

The NNPC added that sale of white (refined) products for the period December 2018 to December 2019 stood at 21.861 billion litres, with PMS asccounted for 21.514 billion litre.

Economy

Four Securities Erase N51.17bn from NASD Exchange

Published

24 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

Great Nigeria Insurance (GNI) Plc remained the most active 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 worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

Published

1 day ago

27/06/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

Published

1 day ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.