Economy
AKK Gas Pipeline Project at 15% Completion
By Adedapo Adesanya
The construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project is currently at 15 per cent completion.
This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, at the inspection of the second leg of the project at Karogo community in Igabi Local Government Area, Kaduna State.
“The project is currently at about 15 per cent completion but what is important for us to know is that we are crossing the river Niger, what we call the Ndoni-Aboh river crossing in Rivers and Delta states that will deliver gas from the eastern part to the country into the western corridor.
“That means expanding gas supply into the help line and also making gas ready. We are happy that this project is going on and we will deliver it on course and schedule.
“We have all the assurances of government and particularly that this government is focused on delivering this project so that we clear the transnational gas pipeline which has eluded us.
“By completing the project and expanding the L2 lines and crossing the Ndoniabo River, we would have created a major gas trunk line for gas delivery to our domestic market,” he said.
Also speaking at the event, the Minister of Finance, Budget and National Planning, Mrs Zaniab Ahmed, assured full funding of the project for delivery at the targeted timeline.
She commended the NNPC and the contractors for the commitment and quality of the job done so far with the project.
“I have seen a very high level of work that has been done and the excellent quality, I can see the potential of what will happen to the cities that the project is passing.
“It is going to bring huge businesses and employ a lot of people, already the project is employing people at the level the work is done so far.
“This project is assured in terms of funding, we already secured a loan from China Export and Import Bank of $2.5 billion, the financing has been closed, all that is done now is disbursements for the contractors to continue doing their work,” she said.
The minister urged all stakeholders to continue to collaborate to ensure full delivery of the project at the targeted period.
On his part, the Minister of State for Petroleum Resources, Mr Timipre Sylva, said the project symbolises transformation and revolution for development.
“This project will create a corridor of opportunities for Nigeria and drive a lot of development. We just came back from Kano and have seen what gas is already doing, a lot of factories are coming up.
“A lot of factories closed down because of the high cost of energy and running on diesel was unsustainable but with this now, it will be cheaper and cleaner and a lot of businesses will spring up around here.
“It will be quite transformational and a lot of jobs will be created, I see a lot of opportunities growing from this project,” he said.
Business Post had reported that President Muhammadu Buhari inaugurated the 614km gas pipeline project in June and had promised completion within 24 months of project commencement in July 2020.
The AKK Gas Pipeline is a pipeline planned to transport natural gas from Ajaokuta, in Kogi State to Kano, in Kano State, through several states and urban centres, as part of the Trans-Nigeria Gas Pipeline.
Upon completion, the project will enable the injection of 2.2 billion standard cubit feet per day (bscf/d) of gas into the domestic market and facilitate additional power generation capacity of 3,600 megawatts.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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