Economy
FG Expects Completion of AKK Gas Pipeline in Q1 2025
By Adedapo Adesanya
The federal government has assured that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project will impact the nation’s economic growth and industrialisation when complete in the first quarter of 2025.
This was made known by the Group CEO of Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, during the visit of three cabinet Ministers to the AKK Gas Pipeline Project site where they inspected the River Kaduna crossing milestone of the project in Kaduna, on Friday.
The three Ministers who visited the Project Site were the Minister of Finance/Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Information & National Orientation, Mr Mohammed Idris and the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo.
Speaking at the project site, Mr Edun described the AKK Gas pipeline as the pipeline of prosperity, which is very dear to President Bola Tinubu because it will deliver the critical infrastructure needed to trigger the nation’s economic growth and industrialisation.
“The AKK Gas Pipeline is crucial for this administration and its delivery is in line with Mr. President’s strategy of bringing prosperity to the people,” Mr Edun added.
In his remarks, Mr Idris said the AKK Gas Pipeline Project is a testimony to the fact that the Federal Government’s “Decade of Gas” has commenced in earnest.
“Nigerians should be proud of the AKK Gas Pipeline project. With the delivery of this project, the prosperity that Mr. President is always talking about is unravelling right here before our eyes,” he said.
Also speaking, the Minister of State for Petroleum Resources (Gas), Mr Ekpo said the gas pipeline is part of the Federal Government’s many efforts to harness the nation’s abundant gas resources towards improving power generation, revamping ailing industries and creating employment opportunities in the country.
Mr Ekpo urged all stakeholders to support the NNPC Ltd towards delivering the project and several other gas projects as the country depends on it to bring prosperity to the people.
The three ministers lauded the NNPC Ltd and its project partner, Brentex/CPP Ltd (BCL) on the progress made so far, and also expressed optimism that the NNPC will deliver as promised.
Earlier in his remarks, Mr Kyari assured the Project will be delivered by the first quarter of 2025 as major segments of the job have been completed.
“Without promising too much, we assure you that this Project will be delivered on schedule. Our mission is to work towards delivering it by December this year. But we are confident this project will be delivered by 1st Quarter of 2025,” Mr Kyari informed the three visiting Ministers.
The NNPC helmsman recognised the strategic importance and enormous value of the project to Nigeria’s economy and stressed that the Company was bankrolling the project on the back of its balance sheet.
In his speech, the Governor of Kaduna State, Mr Uba Sani, represented by his Deputy, Mrs Hadiza Sabuwa Balarabe, said the completion of the AKK gas pipeline will herald the much-needed economic and industrial revival in the state.
“If you know about the Kakuri Industrial Area and how most of our factories there have become moribund, you will understand why we in Kaduna State are all excited about the AKK Gas Pipeline. Without a doubt, the pipeline will revamp our industries and bring about a huge impact on our people. We can’t wait for it to be completed,” the Governor added.
The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline is a 40-inch by 614km linear pipeline system running from Akaojuta in Kogi State to Kano with associated intermediate, terminal gas facilities and other related equipment to transport natural gas to off-takers at Abuja, Kaduna and Kano.
By Modupe Gbadeyanka
The need to serve Africans living in the United Kingdom with easy, fast, and reliable remittances from to Nigeria has inspired Moniepoint to introduce a remittance product known as MonieWorld.
The company introduced this product after it got the funding support of a global tech giant, Google, as well as Verod Capital and Lightrock in October 2024, and from Visa in January 2025.
MonieWorld will complete transactions in seconds, with exchange rates adjusted throughout the day, and no transaction fees for customers.
The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly – making financial transactions easier.
“The launch of MonieWorld is an exciting step on our journey to create financial happiness and support Africa’s entrepreneurial potential.
“It is a natural addition to our existing suite of solutions and will be hugely valuable for customers. It makes it easy, quick and reliable to send remittances – a critical source of funds for Nigeria’s economy.
“The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market.
“I am thrilled Moniepoint is tackling this challenge and can’t wait to announce future additions to the MonieWorld solution.
“Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
Remittances are a material contributor to Nigeria’s economy. They supplement foreign direct investment, while supporting household consumption and foreign exchange liquidity.
Global remittances to Nigeria rose by 9 per cent in 2024 to $20.98 billion, with the UK diaspora contributing about 50 per cent, helping to grow businesses, support families, and drive economic development.
Moniepoint is the leading financial platform for Nigeria’s vast network of SME businesses and their consumers with its integrated suite of services – digital payments, bank accounts, credit, and management tools.
The platform processes over a billion transactions monthly, with total payments volume of over $22 billion, serving 10 million businesses and individuals across Nigeria, driving financial inclusion efforts.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.21 per cent on Tuesday, April 15, helped by three stocks on the trading platform.
During the session, the NASD Unlisted Security Index (NSI) jumped by 6.73 points to 3,271.02 points from the previous session’s 3,264.29 points and the market capitalisation increased by N3.94 billion to close at N1.915 trillion versus the N1.911 trillion it ended on Monday.
Trading data showed that there was a 68.7 per cent rise in the volume of securities transacted in the session as 736,215 units were quoted compared to the 436,357 units traded in the previous trading day, the value of transactions jumped by 20.5 per cent to N12.2 million from N10.1 million, while the number of deals fell by 49 per cent to 26 deals from 51 deals.
Yesterday, Newrest Asl Plc gained N3.45 to close at N37.97 per share compared with the preceding day’s N34.52 per share, FrieslandCampina Wamco Nigeria Plc went up by N1.82 to close at N37.45 per unit versus Monday’s price of N35.63 per unit, and Mass Telecom Innovation Plc expanded by 1 Kobo to trade at 41 Kobo per share against the 40 Kobo per share it ended a day earlier.
However, Central Securities Clearing System (CSCS) Plc lost 20 Kobo to finish at N20.70 per unit compared with the previous closing value of N20.90 per unit, and Geo-Fluids Plc dropped 20 Kobo to settle at N1.80 per share versus the previous day’s N2.00 per share.
Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed 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 worth N24.2 million.
Okitipupa Plc remained the most active stock by value (year-to-date) with 153.6 million sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units valued at N568.1 million, and Impresit Bakolori Plc with 533.9 million units worth N520.9 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar by 0.24 per cent or N3.85 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 15, closing at N1,601.40/$1 compared with the previous day’s N1,605.25/$1.
However, according to data from the Central Bank of Nigeria (CBN), the Naira depreciated against the Pound Sterling in the official market yesterday by N59.23 to sell for N2,115.26/£1 compared with Monday’s closing price of N2,056.03/£1 and tumbled against the Euro by N38.75 to trade at N1,808.89/€1, in contrast to the previous session’s N1,770.14/€1.
As for the black market, the Nigerian Naira maintained stability against the Dollar during the trading session at N1,615/$1.
The Nigerian currency closed mixed on Tuesday as Nigeria’s inflation data edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS) on Tuesday.
It was the first time the Consumer Price Index (CPI) has risen since it was rebased in January. The new rate indicates an upward movement of 1.05 per cent from the 23.18 per cent reported in February 2025, signalling a return to levels (24.48 per cent) recorded in the beginning of the year after the CPI rebasing.
In the cryptocurrency market, there were major negative outcome as Nvidia, which plays a crucial role in mining cryptocurrencies, received a US ban restricting its H20 chip sales to China.
This adds to fears triggered by President Donald Trump’s trade war with China and other trading partners, leading to profit-taking.
Cardano (ADA) lost 5.5 per cent to trade at $0.6055, Solana (SOL) slumped by 4.2 per cent to $125.44, Ethereum (ETH) slid by 4.0 per cent to $1,570.96, and Ripple (XRP) dropped 3.9 per cent to $2.05.
In addition, Dogecoin (DOGE) depreciated by 3.8 per cent to $0.1535, Litecoin (LTC) went down by 2.7 per cent to $75.72, Bitcoin (BTC) fell by 2.4 per cent to $83,405.30, and Binance Coin (BNB) shrank by 1.3 per cent to $580.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
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