Economy
128 Firms Bid for Nigeria’s Crude Import Scheme
By Dipo Olowookere
Not less than 128 indigenous and international oil and gas companies have indicated interest to participate in the Nigerian National Petroleum Corporation’s (NNPC) Direct Sale of Crude Oil and Direct Purchase of Products (DSDP) programme.
The DSDP arrangement is a model introduced last year and is carried out through direct sales of crude oil to refiners or consultants, who in turn supply NNPC with equivalent worth of products.
The batch over which the bids were opened is scheduled to last for the next one year, starting from April 1, 2017.
Addressing the interested bidders and other stakeholders at the NNPC Towers in Abuja, the Group Managing Director of the Corporation, Dr Maikanti Baru, said the DSDP had saved over $500 million, particularly through reduction in the amount paid on demurrage by the Corporation.
Dr Baru described the DSDP as a major component of the NNPC’s petroleum products supply portfolio, stressing that since inception, it has greatly helped in the stabilization of product supply to the nation.
He said, “The DSDP programme has ensured that the supply from the refineries is fully augmented to meet national supply and sustained over 30 days sufficiency of Premium Motor Spirit, PMS, otherwise known as petrol.”
Touting the transparency of the programme, Dr. Baru said the DSDP arrangement was a major instrument of partnership between NNPC and product suppliers, both local and international, adding that over the last one year, significant lessons have been learnt which have been incorporated into the tender process in order to improve quality assurance.
“One of the cardinal principles of NNPC under my leadership is the entrenchment of measures that will ensure transparency, accountability, performance and profitability in line with our FACTI principle of a Focused, Accountable, Competitive, Transparent Organization conducting its business with Integrity as enshrined in our 12 Business Focus Areas (BUFA)”, the GMD stated.
According to him, the DSDP programme was a major instrument for the attainment of this cardinal objective which he declared would be guided by the overriding public interest and in compliance with extant laws and regulations.
Earlier, the Group General Manager, Crude Oil Marketing Division, Mallam Mele Kyari said the tender process was to optimize revenue for the Federal Government in compliance with the anti-corruption drive of the Government, adding that yardsticks for successful bidders would include: possession of financial strength, cognate experience in crude oil business as well as competence to deliver on mandate.
Meanwhile, the Chief Operating Officer, Corporate Services, Mr Isa Inuwa has said the NNPC has set a trend of complying with the public procurement law of due process in the selection of bidders to execute any of its projects.
He stated this during the Invitation to Tender for prequalification of contractors for procurement, installation and commissioning of 4×4.687MVA and 1x635KVA dual engine generators at the NNPC towers.
Mr Inuwa said the Corporation was in search of the best supplier, installer and the best price on the basis of a transparent selection process, assuring bidders that they would all receive equal consideration based on the NNPC criteria and entries made.
General Manager, Supply Chain Management, Mrs Sophia Ndukwe, said 29 bids were submitted for the supply and installation of generators at the NNPC towers.
Representatives of the Nigerian Extractive Industries Transparency Initiative (NEITI), Bureau of Public Procurement (BPP) and the Nigerian Content Development and Monitoring Board (NCDMB) were on hand to ensure strict compliance to the bidding process.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
