Economy
SON, Kano Govt. Target Middle East Market for Export
By Adedapo Adesanya
As part of efforts to boost non-oil exports, the Standards Organisation of Nigeria (SON) and the Kano State Government have agreed to work together to ensure ways of capturing the Middle East market with quality locally made goods.
The Governor of Kano State, Mr Abdullahi Ganduje, said this when he received the management of SON led by its Director-General, Mr Farouk Salim, at the Government House in Kano.
During the visit, both parties agreed to collaborate and provide the needed assistance for effective service delivery on quality locally made goods for exports.
Mr Ganduje stressed the need to strengthen SON to make the nation’s local industries to be competitive, saying that the Middle-East market is available for Nigeria’s export of quality products since she imports most of its food needs.
The Governor pointed out the need for economic managers to encourage SON, stating that the standards body remained vital towards the nation’s industrial and economic growth.
In his words: “There is no doubt that without standards, we all know how we would have fared in terms of being competitive in dealing with the international market, hence we need to deepen and widen the agency’s responsibilities to boost export of locally made goods.”
He added that recently, the federal government banned the importation of some food items in its bid to make Nigeria self-sufficient in food production, saying that this would attract both foreign and local investment to boost food production in Nigeria.
“Nigeria is trying to be self-sufficient and already the President, Muhammadu Buhari, has banned the importation of some food items and some countries are in trouble because we no longer import food items from them, so in order to feed ourselves well, we need standards, the right quality for the food that we eat and for export,” he said.
He expressed confidence in the director general’s ability to improve the agency’s services being provided locally and internationally.
“When we need to export we have to be competitive and in order to do that, we have to meet international standards. I believe your appointment will add more mileage to the agency’s efforts to achieve this feat.
“I believe you will raise the bar of the agency. I have heard all your request and there is no doubt that you need a befitting office and a laboratory in Kano State all we need now is a letter from your organisation telling us your specifications and requirements so that will direct the appropriate ministry to provide you this service.
“SON is vital to the nation’s development and we will continue to support you to achieve your mandate,” he assured.
On his part, the Director-General said the partnership would seek ways on how goods produced in the state and other parts of the country can be exported to the Middle-East market, saying that SON would not only improve its standardisation processes but establish laboratories to test locally and imported goods in the state.
“We want to ensure that goods produced here can be exported to the Middle East. We will not only improve our standards but also provide laboratories to test for standards because that way our goods are treated more efficiently so that they can go into the market without being compromised.
“We are partners with manufacturers and we will make sure we address their challenges,” he said.
According to him, one of the greatest challenges of manufacturers in the northern cities and states is that they have to cross the River Niger to get their goods certified, hence the need to set up laboratories to meet their product testing needs.
Mr Farouk added, “One of the biggest challenges most northern cities are having right now is that we have to cross the river Niger to get the food we eat certified and most times these goods are perishable goods that cannot travel long distances and for that reason, it will be too late to export them.”
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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