Economy
Chevron Sells 40% Stake in OMLs 86, 88 to Conoil
By Adedapo Adesanya
Chevron has reportedly divested its last stake in old oil assets located in Nigeria’s shallow waters; Oil Mining Licenses (OMLs) 86 and 88.
The American oil major was said to have finally sold its 40 per cent stake to Conoil Producing Limited.
In April, it had been reported that the sale of 40 per cent equity held by Chevron on both leases was in top gear and companies were lining up and were expected to disclose their financial and operating capacities.
The oil giant had acquired the OMLs alongside two others, OMLs 83 and 85 from Texaco in 1999 after a merger of both oil firms. Chevron’s largest producing asset in Nigeria, the Agbami field, was also inherited in that same transaction with Texaco.
The deepwater field alone produces 165,000 barrels of oil per day, more than a third of Chevron’s total operated crude oil production in Nigeria.
However, between 2013 and 2015, after a successful sale of OMLs 83 and 85, Chevron failed to secure a buyer for OMLs 86 and 88.
OML 86 contains the Apoi fields, the largest being North Apoi, and holds fields like Funiwa, Sengana and Okubie.
On the other hand, OML 88 contains Pennington, Middleton, and as well as the undeveloped condensate discovery, Chioma fields.
Chevron then re-launched sale of the 6,200 barrels of oil equivalent per day OMLs 86 and 88 last year as it seeks to focus on booming shale production in the U.S.
The fields also have untapped potentials of 55 million oil barrels and 2.8 trillion cubic feet of undeveloped gas reserves.
Chevron is not the only international oil giant selling their assets. Exxon Mobil late last year announced plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects.
Royal Dutch Shell also sold off some of their onshore and shallow-water oil assets to local companies in Nigeria due to oil theft.
By Dipo Olowookere
A total of 1.854 billion shares worth N56.025 billion were transacted in 51,386 deals at the Nigerian Exchange (NGX) Limited last week compared with the 1.525 billion shares valued at N43.006 billion traded a week earlier in 51,156 deals.
The market was opened for business in the week for four days because of the public holiday observed last Monday for Easter.
In the week, the financial services sector led the activity chart with 1.266 billion stocks valued at N29.400 billion exchanged in 24,351 deals, contributing 68.28 per cent and 52.48 per cent to the total trading volume and value, respectively.
The ICT industry followed with 136.707 million stocks worth N12.472 billion in 2,974 deals, and the consumer goods space traded 118.617 million equities for N4.415 billion in 5,869 deals.
The trio of Fidelity Bank, Access Holdings, and GTCO accounted for 797.873 million shares worth N22.043 billion in 8,618 deals, contributing 43.03 per cent and 39.34 per cent to the total trading volume and value, respectively.
Business Post reports that 64 equities appreciated in the four-day trading week versus 31 equities in the previous week, 27 equities depreciated versus 44 equities in the previous week, and 57 equities remained unchanged versus 72 equities recorded in the previous week.
International Breweries topped the gainers’ log with a 40 per cent rise to settle at N7.70, NASCON appreciated by 26.22 per cent to N52.95, Africa Prudential expanded by 25.64 per cent to N17.15, Vitafoam Nigeria rose by 21.22 per cent to N44.85, and Ikeja Hotel jumped by 21.00 per cent to N12.10.
On the flip side, VFD Group topped the losers’ chart with a decline of 82.19 per cent to trade at N17.10, John Holt lost 18.60 per cent to finish at N6.30, Dangote Cement shed 10.00 per cent to close at N432.00, Tripple Gee crashed by 10.00 per cent to N1.98, and Haldane McCall depreciated by 9.96 per cent to N4.70.
The All-Share Index (ASI) and the market capitalisation appreciated by 1.46 per cent and 1.47 per cent each to close at 105,752.61 points and N66.465 trillion, respectively.
Similarly, all other indices finished higher apart from the premium, energy, industrial goods, growth and sovereign bond indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.
The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.
Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.
This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.
A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.
Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.
The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.
The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.
By Dipo Olowookere
The need to make the Nigerian stock market more attractive to retail investors has again been emphasised by a business enthusiast and food expert.
The chief executive of UAC Foods, Mr Oluyemi Oloyede, said efforts must be made by the regulators to ensure the man on the street understands the stock exchange and the capital market like the back of his hand.
In a post on Sunday, Mr Oloyede specifically gave this task to the Nigerian Exchange (NGX) Limited, noting that it should educate Nigerians on how to trade equities so as to make the space robust, which he insinuated would be good for the economy.
This, he said, can be achieved through an intensive investor education to further improve confidence in the market.
“The Nigerian stock exchange needs to bring the market to the streets, to social media, to the commonplaces where Nigerians can understand what the market is about and break down big concepts to simple, everyday languages. People are putting hard earned money in wrong places,” he said in the post yesterday.
The NGX has been churning out some activities to carry retail investors along, including organising workshops to explain how the market works.
It also recently introduced a cutting-edge web application known as NGX Invest, which is designed to transform the primary market equity capital-raising process, specifically public offers and rights issues.
This online capital-raising platform has been approved by the Securities Exchange Commission (SEC) and was introduced in line with NGX Group’s commitment to market development.
The platform was created to boost retail participation in the capital market, promote financial inclusion and further deepen the pool of available capital in the market by enhancing its capabilities to fulfil the needs of Issuers and other market stakeholders.
Last year, the NGX released a new edition of a unique comic book, StockTown, designed to promote financial literacy among the younger generation of Nigerians.
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