Economy
Energy Expert Advises Tinubu to End Petrol Import Racket
By Aduragbemi Omiyale
An energy expert, Mr Dan Kunle, has advised President Bola Tinubu to do everything possible to put an end to racketeering in the importation of Premium Motor Spirit (PMS), otherwise known as petrol in Nigeria.
Speaking on a programme on Arise TV on Sunday, Mr Kunle said the continued importation of petrol and diesel by the Nigerian National Petroleum Company (NNPC) Limited and some marketers despite the Dangote Petroleum Refinery’s capacity to meet domestic demand is a disservice to the country.
According to him, there is no need for the nation to bring in fuel from abroad when the private oil facility has the capacity to meet local demands.
Recall that recently, it was reported that the NNPC and some oil marketers spent about N5.5 trillion to import petrol and diesel into the country in four months.
The energy expert described this as an anomaly, likening this to the notorious cement Armada, a scandal from the 1970s, during Nigeria’s oil boom, where hundreds of cement-laden ships flooded the ports, causing years of congestion.
He expressed his disappointment that, despite President Tinubu’s directive to allocate local crude oil to domestic refineries, relevant government agencies are blatantly disregarding these directives with no consequences.
“I was expecting a transition following the Federal Executive Council’s decision in October 2024 to allocate local crude to domestic refineries, with Dangote Refinery being the key player due to its technical capacity.
“However, the situation hasn’t changed, and we’re still seeing a massive influx of imported fuel. It’s still a full import Armada, similar to the cement Armada.
“The level of imports we’re witnessing is unprecedented, raising serious concerns about what’s really going on. Is it an attempt to flood the market, introduce substandard fuel into Nigeria, and possibly frustrate Dangote Refinery?
“The mistake here is that Dangote Refinery is operational, already refining 550,000 bpd and producing high-quality products. This importation is completely unnecessary. It’s time to urge the president to act and end this petrol import racket once and for all,” he stated.
Mr Kunle emphasised that it defies logic for certain individuals to continue pushing for imports, especially when countries like the United States are protecting domestic industries to boost their own economies.
He added that the Dangote Refinery could ensure energy security, something the regulatory authorities have neglected for years, calling on Mr Tinubu to demand a transition timetable from the relevant authorities outlining when Nigeria will shift from being an importer of refined products to a net exporter.
Stressing that Dangote Refinery is a strategic national asset, Mr Kunle urged the government to remove obstacles to its smooth operation.
“The Dangote Refinery is a national strategic asset. There’s no need for a court case. The federal government should step in. We don’t need a legal battle; the government should ask NMDPRA for a transition timetable to move us from importing petrol to self-sufficiency.
“If the president stays aloof, it will harm the country. No new investments will come if you treat an investment like Dangote’s as an enemy. The importers are the true enemies,” he said.
Mr Kunle stressed that with Dangote Refinery’s capacity and the reported revival of the Port Harcourt and Warri refineries, Nigeria should be transitioning from reliance on oil imports to becoming a net exporter of refined petroleum products.
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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