Economy
Ejigbo NNPC Depot Shut Down over Missing Petrol
By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) depot in Ejigbo area of Lagos State has shut down due to alleged incessant disappearance of petroleum products pumped into the facility.
ThisDay reports that the issue of missing petrol forced management of the state-owned oil agency to launch an investigation into the matter.
The Ejigbo NNPC depot had resumed loading activities in March after the efforts of NNPC to tackle vandalism had yielded results with the repairs of the vandalised portion of the pipelines linking the depot with Atlas Cove Depot, also in Lagos.
Ejigbo Depot is one of the depots under NNPC’s System 2B Pipeline Network, which is the most active network, accounting for 60 per cent of fuel supply and distribution in the country.
Under the System 2B, the NNPC pumps imported products from the Atlas Cove Depot in Lagos through pipelines to Ejigbo Depot also in Lagos and Mosimi Depot in Ogun State.
From these two depots, the products are pumped further through pipelines to Ibadan Depot in Oyo State, Ore Depot in Ondo State and Ilorin Depot in Kwara State, for petrol tankers to lift products from these depots.
THISDAY gathered that most of these depots have been inactive as a result of the vandalism of the feeder pipelines between the Atlas Cove Depot and Arepo in Ogun State.
A source at Ejigbo Depot told THISDAY at the weekend that with the improvement recorded by the NNPC in repairing the pipelines and tackling vandalism, the depot resumed loading activities in March.
“It started loading in March but it has been shut down because NNPC complained of missing products. Each time they pump petrol into the depot, they will discover during loading that there is shortage. So, they shut down to investigate,” he explained.
Group General Manager in charge of Group Public Affairs Division of NNPC, Mr Ndu Ughamadu told THISDAY at the weekend that the rehabilitation of the depots was an ongoing exercise.
Mr Ughamadu, who was silent on the condition of Ejigbo Depot, added that the most important thing is that the ‘train has left the station,’ obviously referring to the ongoing nationwide reactivation of the depots following the success recorded by the corporation in reducing vandalism.
“And we are progressing. Today, depots that were not wet are filled with products. We shall get to your target,” Mr Ughamadu said. He was however, silent on the issue of Ejigbo Depot.
Western Zonal Chairman of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) to which the Petroleum Tanker Drivers (PTD) is affiliated, Mr Tokunbo Korodo, told THISDAY that tanker drivers would be glad to load at all the depots in System 2B.
“If there is fuel in the other depots under System 2B, the tanker drivers will go there and load. As, I am talking to you now, no loading is taking place in Ibadan, Ore and Ilorin. Even Mosimi and Ejigbo are just doing skeletal loading. So, there is more pressure on Apapa, which was worsened by the closure of Capital Oil. If Capital Oil is loading, it will also reduce pressure on Apapa,” Korodo explained.
THISDAY gathered that the situation at Ejigbo is worsened with the absence of enough parking spaces for the tankers waiting to lift products.
Source: ThisDay
By Adedapo Adesanya
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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