Economy
Oil Marketers Laud FG Autogas Scheme
By Adedapo Adesanya
The Major Oil Marketers Association of Nigeria (MOMAN) has lauded the autogas scheme of the federal government, saying it will bring long-term economic benefits to the country if sustained.
This was disclosed by the Chairman of the association, Mr Tunji Oyebanji, following the unveiling of the Natural Gas Expansion Programme (NGEP) and Auto-gas initiative in the country with the inauguration of gas-powered Mass Transit Buses by President Muhammadu Buhari on Tuesday.
The President also inaugurated over 10 Liquefied Petroleum Gas-powered vehicles for various government agencies and users as part of the flagging off exercise.
Mr Buhari called on Nigerians to embrace the use of gas as an alternative to Premium Motor Spirit (PMS), especially in view of the nation’s huge gas reserve.
According to the NGEP, the committee behind deepening gas utilisation in Nigeria, autogas service stations are already in operation in the Federal Capital Territory Abuja, Kano and Kaduna states.
Others are Kogi, Kwara, Ogun, Ondo, Oyo, Lagos, Edo, Delta, Rivers and Bayelsa states.
Reacting to the development, Mr Oyebanji said Nigeria, a gas country with 203 trillion cubic feet (TCF) of proven gas reserves, should utilise the resource for the development of the country.
He said the scheme was initiated as a way of reducing Nigeria’s dependence on oil, while at the same time providing a cheaper and cleaner alternative source of energy for Nigerians.
“Therefore, I see the launch of the autogas scheme as a step in the right direction. The government needs to stay the course and provide incentives to the industry to enable it to grow, ” Mr Oyebanji said.
He said MOMAN had keyed into the scheme and was ready to support the government to ensure its success.
“The NGEP met with MOMAN and other stakeholders and told us to put in an expression of interest on how the scheme should be rolled out because they wanted to do it quickly.
“So, we have expressed interest and they have started with some companies for the rollout.
“We are also engaging the Department of Petroleum Resources to get approval for co-location of Compressed Natural Gas equipment in some of our facilities, ” Mr Oyebanji noted.
He said the government should provide conversion support to vehicle owners, grant tax holiday to investors in gas facilities and also grant a waiver on importation of gas equipment to accelerate the process.
Mr Oyebanji said that gas pricing should also be right to encourage switch by vehicle owners, while domestic allocation to the market should be increased by the Nigeria LNG Limited (NLNG).
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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