Economy
CNPP Seeks Accountability, Incentives for Local Refineries from NNPC
By Modupe Gbadeyanka
The new management of the Nigerian National Petroleum Company (NNPC) Limited has been asked to provide incentives for local refineries.
This call was made by the Conference of Nigeria Political Parties (CNPP) via a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.
This group sought this as well as accountability while reacting to the reinstatement of the Naira-for-crude initiative for local refiners, which was suspended during the tenure of the immediate past chief executive of NNPC, Mr Mele Kyari.
On April 2, 2025, President Bola Tinubu removed Mr Kyari from office after he dissolved the entire members of the NNPC board. He then chose Mr Bayo Ojulari, a former Shell chief, as the new head of the state-owned oil agency.
On Wednesday, the Minister of Finance, Mr Wale Edun, said the Naira-for-crude policy will now continue, a thing that has excited CNPP, which described the latest development as a “bold and transformative step” toward revitalizing Nigeria’s oil sector and ensuring the availability of refined petroleum products for domestic consumption.
“The Naira-for-crude initiative is a groundbreaking policy designed to empower local refineries by providing them with direct access to crude oil in exchange for naira payments.
“This approach not only reduces dependency on foreign exchange but also strengthens local refining capacity, creating jobs, boosting the economy, and ensuring energy security for the nation,” the statement said.
The organisation emphasized the broader benefits of the initiative, noting that it has the potential to lower the cost of petroleum products for Nigerians and stabilize the oil sector.
“A lower pump price for Premium Motor Spirit (PMS), commonly known as petrol, will lead to a significant reduction in transportation costs for goods and services, ultimately lowering food prices and easing the financial burden on the masses,” it added.
However, the CNPP did not shy away from addressing past challenges, condemning the actions of Mr Kyari.
“Reports indicate that instead of implementing the directive of President Bola Ahmed Tinubu, the past leadership attempted to renegotiate the initiative, thereby undermining Nigeria’s economic interests. Such actions are unacceptable and constitute a betrayal of public trust,” the statement declared.
In light of these allegations, the CNPP called for a thorough investigation into the tenure of Mr Kyari.
“We demand the arrest and trial of all individuals involved in the attempt to renegotiate the naira-for-crude initiative, as their actions amount to economic sabotage and an attempt to derail the Renewed Hope Agenda of President Bola Tinubu’s administration.
“Accountability is essential to restore public confidence in the management of Nigeria’s oil resources,” it stated.
The CNPP also proposed additional measures to support local refineries, advocating for discounted crude oil prices as an incentive.
“We propose that, in addition to the naira-for-crude policy, the government should provide discounted prices on crude oil for all local refineries as an incentive for a period of no less than two years.
“This policy would enable stability in the oil refining business, encourage investment in the sector, and ensure the sustainability of the naira-for-crude initiative,” the group noted.
To address potential export concerns, the CNPP recommended a commensurate export levy on locally refined petroleum products during the incentive period.
“For refineries exporting refined products, a commensurate export levy can be imposed on all locally refined petroleum products during the period of these incentives,” it proposed.
Reiterating its commitment to transparency and accountability, the CNPP concluded by expressing its support for the new NNPCL management.
“We stand firmly in support of the new NNPCL management in their efforts to implement reforms that will transform the oil sector, drive national development, and reduce poverty across the country,” the organisation affirmed.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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