Economy
Dangote, NNPC Seal Strategic Gas Supply Deals
By Aduragbemi Omiyale
Three subsidiaries of Dangote Industries Limited have signed Gas Sales and Purchase Agreements (GSPA) with two business segments of the Nigerian National Petroleum Company (NNPC) Limited.
The three firms of Dangote Industries Limited involved in the strategic gas supply deals are Dangote Petroleum Refinery, Dangote Fertiliser Plant and Dangote Cement Plc, while the two belonging to the NNPC include the Nigerian Gas Marketing Limited and the NNPC Gas Infrastructure Company Limited (NGIC).
It was gathered that the deals were signed at the unveiling of the NNPC Gas Master Plan (GMP) 2026 tagged NGMP 2026 at the NNPC Towers over the weekend in Abuja.
The gas supply agreements will help to drive the conglomerate’s Vision 2030, resulting in increased output, better and cleaner energy supply as well as support ongoing expansion projects.
A statement from Dangote Industries Limited disclosed that the chief executive of Dangote Petroleum Refinery, Mr David Bird, signed for the refinery, while his counterpart at Dangote Cement, Mr Arvid Pathak, signed for the cement business, with Mr Mustapha Matawalle, putting pen to paper for Dangote Fertiliser FZE.
In his remarks, Mr Bird said that the agreement demonstrates the refinery’s bold steps to expand its capacity, noting that it marks a critical milestone in the expansion drive as well as a proactive measure to lock in vast energy requirements for the anticipated increase in its production capacity.
On his part, Mr Pathak point out that the deal guarantees the gas required to support the drive towards CNG adoption as Autogas and to meet the increasing gas demand as production capacities in Nigeria are expanded. It also promotes the adoption of cleaner fuel for both Autogas through CNG and gas to support increased production output, he added.
For Dangote Fertiliser FZE, it is anticipated the agreement will support the company’s fertiliser capacity expansion projects, given that fertiliser is a product of natural gas.
Also speaking at the event, the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, described the Gas Master Plan as a deliberate pivot from policy articulation to disciplined execution, anchored on commercial viability and integrated sector-wide coordination.
“Today’s launch is not merely the unveiling of a document; it represents a deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector, aligned with Nigeria’s development aspirations. Nigeria is fundamentally a gas Nation.
“With one of the largest proven gas reserves in Africa, our challenge has never been potential, but translation: translating resources into reliable supply, infrastructure into value, and policy into measurable outcomes for our economy and our people. The Gas Master Plan speaks directly to this challenge,” he stated.
The Minister further noted that the plan’s strong focus on supply reliability, infrastructure expansion, domestic and export market flexibility, and strategic partnerships aligns seamlessly with the federal government’s Decade of Gas Initiative, positioning natural gas as the backbone of Nigeria’s energy security, industrialisation, and just energy transition.
In his address, the chief executive of NNPC, Mr Bashir Bayo Ojulari, described the plan as a bold, effective execution-anchored roadmap designed to unlock Nigeria’s immense gas potential and elevate the country into a globally competitive gas hub.
Mr Ojulari noted that with about 210 trillion cubic feet (Tcf) of proven gas reserves and an upside potential of up to 600 Tcf, Nigeria possesses one of the most consequential hydrocarbon basins in the world; one reinforced by the Petroleum Industry Act (PIA) and the federal government’s gas-centric energy transition agenda.
“The plan is structured not just to deliver – but to exceed- the Presidential mandate of increasing national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, while catalysing over 60 billion dollars in new investments across the oil and gas value chain by 2030,” he said.
The NNPC chief explained that the plan prioritises cost optimisation, operational excellence, and systematic advancement of resources from 3P to bankable 2P reserves, while strengthening gas supply to power generation, CNG, LPG, Mini-LNG, and critical industrial off-takers.
Reaffirming his personal commitment as Chief Sponsor of the initiative, the NNPC boss stressed that the company has adopted a more collaborative, investor-centric approach in shaping the NGMP 2026, with strong alignment to industry stakeholders, partners, and investors.
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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