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 Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
By Dipo Olowookere
Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.
Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.
The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.
Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.
On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.
Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.
The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.
Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.
The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.
During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.
It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.
A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.
The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.
Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
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