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
UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.
The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.
As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.
There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.
However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
By Adedapo Adesanya
The Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.
During the session, it lost 35 Kobo or 0.02 per cent against the greenback to sell for N1,603.51/$1 compared with the previous day’s value of N1,603.16/$1.
Also, in the same official FX market, the value of the local currency depreciated against the Pound Sterling yesterday by N17.31 to quote at N2,137.55/£1 versus Tuesday’s closing price of N2,120.24/£1 and tumbled against the Euro by N19.89 to close at N1,837.58/€1 compared with the preceding session’s N1,817.69/€1.
However, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.
The Nigerian Naira has been under pressure lately after a recent ease in concerns about the country’s FX reserves, which have been been dropping.
A look at the digital currency market showed that it was bearish at midweek due to profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Earlier this week, President Donald Trump said he had no intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China (which is facing tariffs as high as 245 per cent on some items) would significantly reduce some of its levies.
The mixed signals and frequent tone shift are worrying traders, however, who continue to monitor comments for further cues on positioning, with market analysts noting that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.
Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.
In addition, Cardano (ADA) slumped by 1.9 per cent to $0.6837, Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN