Economy
Brace up for Change in Oil & Gas Sector—Baru
**Urges Investors to Set up Refinery in A/Ibom
By Dipo Olowookere
Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Kacalla Baru, has engaged investors on the need to establish a refinery in Akwa Ibom State.
Speaking at a two-day PENGASSAN Triennial Retreat/Synergy workshop held in Uyo, Akwa-Ibom State, Mr Baru said the state was well-positioned geographically to have a refinery.
According to him, “Investors have been coming to us and I have seen one that is quite promising. It is in this light that I encouraged these investors to come and see the state government and discuss.”
He explained that although the preferred location of the investors was not Akwa Ibom State, but he had convinced them to consider establishing the refinery there, to leverage, especially on the state’s deep coastline.
The GMD called on the Akwa Ibom State government to explore partnership opportunities provided by investors towards establishing the refinery in the state.
Speaking further at the opening of the two-day event in Uyo, Mr Baru called on industry players to brace up for change in the sector.
He stressed that the current state of the international energy market, the urgent need to rehabilitate the nation’s refineries as well as the Petroleum Industry (Governance) Bill currently being considered by the National Assembly, were dire challenges, necessitating that the industry charts a new course
Mr Baru emphasized that navigating these challenges successfully required strong, purposeful and focused leadership from stakeholders in an industry where changing regulatory and macroeconomic realities are imminent.
He used the opportunity of the event to commend the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigerian Union of Petroleum & Natural Gas Workers (NUPENG) for their role in ensuring harmony in the nation’s Oil and Gas Industry, saying this has helped stabilize petroleum products supply across the country.
“I would like to appreciate the support given to us by the two unions, PENGASSAN and NUPENG. You have over the years exhibited high level of maturity and partnership.
“This is evident in your pragmatic approach to issues, your support during difficult times as well as strategic engagement with industry stakeholders which has not only guaranteed industrial peace and harmony, but has also ensured the stable supply of petroleum products across the country,” Mr Baru stated.
He assured that NNPC management would continue to accord priority to staff welfare and ensure that staff are trained to face the current realities of the industry.
The GMD, who congratulated PENGASSAN for a successful delegates’ conference, also urged them to chart a new course for the Union and the Oil and Gas Industry that is hinged on greater collaboration for improved productivity and innovative ideas towards growth and development.
Akwa Ibom State Governor, Mr Udom Emmanuel, said the state government had been working hard towards attracting private investors to build a refinery in the state.
Mr Emmanuel, who was represented at the occasion by one of his top special advisers, Pastor Umoh Bassey, urged oil companies in the country to deploy more resources to sustainable Corporate Social Responsibility (CSR) projects in their host communities, as he further extolled the strategic role of PENGASSAN in moving the nation’s economy forward.
Mr Emmanuel challenged the industry unions to partner with their employers in the area of capacity building for the betterment of the industry.
In his welcome address, the National President of PENGASSAN, Comrade Francis Johnson, pledged the oil workers’ union commitment to remain “true partners of progress in the nation’s Oil & Gas Industry.”
The two-day retreat, which has as its theme “Leadership and Team Building for Change in Trade Union Administration“, attracted PENGASSAN members from various NNPC locations nationwide.
It is expected to provide a platform for forging relationships and strategies for effective collaboration between the unions and other partners towards repositioning the industry for brighter future.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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