Economy
DPR Pledges to Complete First Floating LNG Production Plant
By Adedapo Adesanya
The Department of Petroleum Resources (DPR) has pledged support to the completion of Nigeria’s first floating Liquefied Natural Gas (LNG) production plant.
This was disclosed by the Director, DPR, Mr Sarki Auwalu, at an online contract signing of an agreement by an indigenous oil and gas company, UTM Offshore Limited and its partners on the project on Tuesday, May 11.
At the event, the pre-front end engineering design (Pre-Feed) agreement was signed between UTM and JGC Corporation (UK) Limited.
UTM also signed a contract with KBR Engineering Company for the third-party review of the Pre-Feed deliverables from JGC.
Mr Auwalu recollected that the DPR had in February, issued a Licence to Establish (LTE) to UTM for the project and that it is expected to be completed in 2025.
He said that the project was in line with the vision of the Federal Government to transform Nigeria into a gas-based economy by 2030.
He noted that the declaration of 2021 – 2030, by President Muhammadu Buhari as the decade of gas, was becoming a solid reality with the commencement of preliminary engineering of this LNG project.
He said the DPR, under the leadership of the Minister of Petroleum Resources, had continued to implement policy and regulatory reforms driven by a commitment to attract investments.
According to him, the reforms will also create value and improve the contributions of the oil and gas sector to Nigeria’s Gross Domestic Product (GDP).
“The DPR will continue to provide opportunities and enable the businesses of promoters and investors in the oil and gas industry for the economic growth, stability and sustainability of Nigerian and for the mutual benefit of all investors and industry participants.
“Our licences, permits and approvals will continue to serve as stimulants for value addition and enablers of development.
“Please be assured of the Department’s unflagging support to see you through the successful execution of this landmark project in a safe, cost-effective and timeline manner,’’ Mr Auwalu said.
He added that the DPR would ensure adherence to laws and regulations, all in a bid to ensure successful development and optimum return on investment.
The director also called on industry stakeholders to take advantage of the recently inaugurated National Oil and Gas Excellence Centre to promote safety, value and cost efficiency in the sector.
On his part, the Managing Director of UTM Offshore Limited, Mr Julius Rone, thanked the Muhammadu Buhari-led administration for creating an enabling environment for indigenous oil and gas companies to thrive.
Mr Rone expressed optimism that the project would be completed within the stipulated time frame.
He noted that the plant, when operational, would be processing 176 Million cubic feet per day (MMcfd) natural gas and condensate.
He said that it would help create job opportunities for Nigerians and boost the country’s economy.
By Dipo Olowookere
The first trading day of the new week at the Nigerian Exchange (NGX) Limited ended on a negative note on Monday with a 0.15 per cent loss.
This was influenced by a decline in the appetite for Nigerian stocks by investors, as market participants chose to trade cautiously.
The profit-taking put most of the sectors under pressure, with the insurance index crumbling by 1.70 per cent at the close of transactions.
Further, the consumer goods space declined by 0.38 per cent, the banking counter shrank by 0.20 per cent, and the energy industry depreciated by 0.19 per cent, while the industrial goods and commodity sectors closed flat.
Consequently, the All-Share Index (ASI) gave up 155.96 points to settle at 105,799.17 points compared with last Friday’s 105,955.13 points, and the market capitalisation tumbled by N8 billion to close at N66.344 trillion versus N66.352 trillion.
The worst-performing stock yesterday was eTranzact after it lost 10.00 per cent to trade at N5.85, Sunu Assurances depleted by 9.92 per cent to N4.63, Prestige Assurance fell by 8.26 per cent to N1.00, Sovereign Trust Insurance crashed by 7.77 per cent to 95 Kobo, and Red Star Express stumbled by 7.76 per cent to N5.35.
The best-performing stock for the session was Academy Press as it chalked up 9.92 per cent to sell for N2.88, Neimeth appreciated by 8.43 per cent to N2.70, Tantalizers rose by 6.83 per cent to N3.13, Dangote Sugar jumped by 4.71 per cent to N36.70, and Stanbic IBTC grew by 4.24 per cent to N61.50.
Business Post reports that there were 18 price gainers and 35 price losers on Monday, representing a negative market breadth index and weak investor sentiment.
During the trading day, investors traded 477.5 million shares valued at N7.1 billion in 13,520 deals compared with the 750.6 million shares worth N11.1 billion transacted in 10,584 deals in the preceding session, indicating a growth in the number of deals by 27.74 per cent, and a slump in the trading volume and value by 36.38 per cent and 36.04 per cent, respectively.
Jaiz Bank topped the activity chart after selling 197.4 million stocks for N606.2 million, Zenith Bank transacted 26.0 million shares for N1.2 billion, Sovereign Trust Insurance traded 19.3 million equities worth N18.5 million, Prestige Assurance exchanged 18.5 million shares valued at N19.0 million, and Fidelity Bank sold 15.9 million equities worth N270.5 million.
By Modupe Gbadeyanka
In February 2025, inflation in Nigeria moderated to 23.18 per cent from the 24.48 per cent recorded in January 2025, data from the National Bureau of Statistics (NBS) on Monday revealed.
The agency disclosed in the report yesterday that on a year-on-year basis, the average prices of goods and services eased by 8.52 per cent from the 31.70 per cent achieved in February 2024.
In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.
It stated that housing, water, electricity, gas, and other fuels accounted for 1.95 per cent of inflationary concerns, which education services contributed 1.44 per cent, with health accounting for 1.40 per cent.
It added that clothing and footwear accounted for 1.17 per cent, information and communication contributed 0.76 per cent, and personal care, social protection, miscellaneous goods and services accounted for 0.76 per cent.
Further, furnishing, household equipment, and routine household maintenance contributed 0.69 per cent; insurance and financial services accounted for 0.11 per cent; and alcoholic beverages, tobacco, recreation, sport, and culture, sport, and culture contributed 0.07 per cent.
Also, food and non-alcoholic beverages accounted for 9.28 per cent, restaurants and accommodation services contributed 2.99 per cent; and transport accounted for 2.47 per cent.
The agency also revealed that last month, food inflation went down on a year-on-year basis by 14.41 per cent to 23.51 per cent from 37.92 per cent in the same period of last year.
On a month-on-month basis, food inflation was 1.67 per cent, with the average annual rate for the 12 months ending February 2025 over the previous 12-month average at 34.74 per cent, in contrast to 30.07 per cent in February 2024.
It stated that core inflation, which excludes the prices of volatile agricultural produces and energy, also declined by 2.12 per cent to 23.01 per cent, year-on-year in February 2025, compared to the 25.13 per cent in February 2024.
On a month-on-month basis, the core index stood at 2.52 per cent in February while the average 12-month annual inflation rate was 25.33 per cent for the 12 months ending February 2025, higher than 21.72 per cent in February 2024.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals from the capital market.
The suspension was announced by the commission in a statement titled Additional Enforcement Measures on Erring Capital Market Operators.
The SEC stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for guidance.”
This is not the first time Centurion Registrars has had issues with the Nigerian government as it was convicted in 2022 by a Special Offences Court in Lagos over fraud involving N206.5 million stocks after it was arraigned by the Economic and Financial Crimes Commission (EFCC).
The latest action of the SEC on the company is part of the agency’s broader efforts in 2025 to crack down on capital market operators it deems illegal to sanitise the investment environment in Nigeria.
Recall that the regulator revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory non-compliance and outstanding complaints against the company.
In a related development, the commission also said it would publish the names of Capital Market Operators who violate market regulations in its Name and Shame journal.
The SEC said the decision reflects a zero-tolerance policy for infractions in the capital market and aligns with newly revised enforcement strategies.
According to the notice, “The publication will be in addition to the sanctions and penalties for the respective infractions prescribed in the ISA 2007 and the SEC rules and regulations.”
Business Post had reported that the SEC listed mainstreaming the Nigerian capital market into the economy as its top priority in 2025.
Mr Emomotimi Agama, the Director General of SEC, said this in his New Year 2025 message to the capital market community on Monday.
He also said the commission would intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.
He said that protecting investors remained a cornerstone of the commission’s mission.
Mr Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.
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