Economy
FG Must Urgently Reform NNPC—BudgIT
By Adedapo Adesanya
Data analytics firm, BudgIT, on Monday called for the reformation of the Nigerian National Petroleum Corporation (NNPC) following the recent release of its 2018 audited financial statements.
In a statement in Abuja, signed by its Communications Associate, Mr Iyanu Fatoba, BudgIT called for an urgent reform of the national oil company in order reverse the massive losses recorded by some of its subsidiaries.
Business Post had reported on Monday that the three refineries under the corporation had incurred a massive loss of N154 billion in 2018, with one of them unable to generate any revenue.
BudgIT commended the NNPC for publishing the audited accounts of its subsidiaries and business divisions for the first time, and for launching the OpenData segment on its website, as a measure to promote transparency in its financial operations.
According to BudgIT, while these are important steps regarding transparency, more still have to be done by the Federal Government to reform the NNPC.
“The Federal Government needs to reform the NNPC to reverse the trend of the massive losses recorded by some of the NNPC subsidiaries, annually. This audit report is a laudable step towards showing Nigerians the true picture of what is going on in NNPC,” BudgIT’s Principal Lead, Mr Gabriel Okeowo, was quoted as saying.
Also, the statement quoted Mrs Adejoke Akinbode, a Project Officer with BudgIT’s Extractive Department, as noting that a financially viable and transparent NNPC is pivotal to the Nigerian economy as the government still largely depends on revenue from oil to finance its budgets.
According to the statement, over the years, BudgIT has consistently requested that the NNPC should make its audited report available to citizens, in addition to publishing its monthly financial and operations reports, to further ensure transparency and accountability.
“In our last policy brief on NNPC reforms titled: “NNPC: The burden of Africa’s Oil and Gas Giant”, making NNPC’s audit report public was one of the 7 recommendations for reforms we put forward.
“Launching an OpenData segment on its official website is a very commendable step by the NNPC. We encourage Nigerians to download the audit reports and other data put up by NNPC, study them, and Ask Questions,” the firm said.
Furthermore, BudgIT stated that there was no doubt that the Mr Mele-Kyari led NNPC management has achieved a milestone by making the audited report of all NNPC’s subsidiaries available online, for the first time ever.
“For the past four years, BudgIT, through the Extractives Consultative Forum and with support from the Natural Resource Governance Institute (NRGI), has been engaging key oil and gas stakeholders annually; including officials from Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, Ministry of Petroleum Resources, Civil Society Organisations and private individuals.
“These engagements have centered on ways by which the NNPC can become more transparent, assume, and maintain the status of a commercially viable entity, as its consecutive losses are not sustainable in the long term,” it said.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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