Economy
Revenue from Petrol, Kerosene Sales Jump 24.7% in March
By Adedapo Adesanya
The revenue from the sale of white products – petrol, kerosene, diesel, cooking gas – rose by 24.7 per cent to N234.6 billion in the month of March from N188.2 billion sales recorded in February 2021.
This was disclosed by the Nigerian National Petroleum Corporation (NNPC) downstream subsidiary, the Petroleum Products Marketing Company (PPMC), in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
According to a statement by the Group General Manager, Group Public Affairs Division of the corporation, Mr Kennie Obateru, the report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.2 per cent of the total sales with a value of N2.113 trillion.
In terms of volume, the above value translates to 1.75 billion litres of white products sold and distributed by PPMC in March 2021 compared to the 1.4 billion litres in February 2021.
This volume is made up of 1.782 billion litres of Premium Motor Spirit (PMS) or petrol and 0.45 million litres of Automotive Gas Oil (AGO), popularly known as diesel.
Total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres and PMS accounted for 17.265billion litres or 99.4 per cent, the statement noted.
The state oil corporation emphasized that it will continue to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.
In the gas sector, a total of 222.74 billion cubic feet (BCF) of natural gas was produced in the third month of this year, translating to an average daily production of 7,183.33million standard cubic feet per day (MMSCFD).
For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced, representing an average daily production of 7,409.60mmscfd during the period.
Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.2 per cent, 19.8 per cent and 63.9 per cent respectively to the total national gas production.
In terms of natural gas off-take, commercialization and utilization, out of the 210.6 bcf supplied in March 2021, a total of 138.4 bcf was commercialized, consisting of 45.4 bcf and 92.9 bcf for the domestic and export markets respectively.
This translates to a total supply of 1,465.4 mmscfd of gas to the domestic market and 2,998.3 mmscfd of gas supplied to the export market for the month.
This implies that 63.2 per cent of the average daily gas produced was commercialized while the balance of 36.8 per cent was re-injected, used as upstream fuel gas or flared.
Nigeria is the seventh country with the largest flaring rate and this was confirmed as the review showed that the gas flare rate was 9.5 per cent for the month under review (i.e. 671.1 mmscfd) compared to the average gas flare rate of 7.3 per cent (i.e. 532.37 mmscfd) for the period of March 2020 to March 2021.
On domestic gas supply to the power sector, a total of 844 mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530 megawatts (MW) compared with February 2021 where 825 mmscfd was supplied to generate 3,580 MW.
The report also informed that the corporation recorded 70 vandalized points across its pipeline network in the period under review, representing a 29.6 per cent increase from the 54 points recorded in the previous month.
While the Port Harcourt area accounted for 63 per cent of the vandalized points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent.
NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.
The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).
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.
