Economy
FG, PINL Sign Peace Treaty to Unlocks 200,000bpd Crude Production in Ogoni
By Adedapo Adesanya
A landmark peace accord has been signed in Bodo community, Gokana Local Government Area of Rivers State, setting the stage for the resumption of oil production in Ogoniland after decades of conflict.
The peace deal, brokered by Pipeline Infrastructure Nigeria Limited (PINL) if executed will see an end to years of violent intra-community clashes in Bodo, one of the most strategic host communities on the eastern corridor of the Trans Niger Pipeline (TNP).
The renewed stability opens the way for the restart of production activities with a projected capacity of 200,000 barrels per day from the area.
Bodo, had been engulfed in violence fueled by power tussles among local factions, leading to loss of lives, sabotage, and exclusion from surveillance contracts and social benefits linked to oil infrastructure protection.
Speaking at the peace accord, Mr Eddie Julius, Special Adviser to the Minister of Petroleum Resources (Oil) on Host Communities, assured that the peace pact will also unlock Corporate Social Responsibility projects, jobs, and empowerment programs that were previously denied due to insecurity.
“Today marks the beginning of a new dawn for Bodo, Ogoniland, and Nigeria. This peace deal will translate directly to production, development, and peaceful coexistence. In a few months, you’ll see the results.
“This deal means development, roads, water, health care, empowerment. It is a win for everyone,” said Hon. Julius.
The agreement, witnessed by officials from the Ministry of Petroleum Resources, the National Security Adviser’s office, the Department of State Services (DSS) and PINL, now entrusts pipeline surveillance back to indigenous youths of the community.
The federal government had set a target of ramping up oil production to 2.5 million barrels per day, but persistent insecurity and vandalism in the Niger Delta have hampered efforts.
It was reported that Bodo has the potential to contribute up to 200,000 barrels per day to daily production quota, a significant boost if hostilities cease.
“This deal is not just reconciliation, it’s restoration. If anyone violates it, the federal government will come for you. There will be no sacred cows,” declared Mr Young Harry Amakiri, representative of the NSA’s Niger Delta Office.
For years, PINL had to assign the Bodo pipeline surveillance contract to outsiders due to intense local hostilities, however, with trust gradually restored, the agreement effectively hands control of that responsibility back to the local community.
“We knew it was wrong to exclude Bodo people. But peace had to come first. Today, we’re handing back full responsibility to the community,” said Dr. Akpos Mezeh, General Manager of Community and Stakeholder Relations at PINL.
The Paramount Ruler of Bodo City, King John B. Berebon, pledged total support for pipeline protection.
“I will never condone economic sabotage. I suffered because I refused to support vandalism. But today, peace has returned, and with it, progress will follow.”
He urged youths to remain peaceful and warned external actors against fomenting trouble for selfish interests.
“The peace we are signing today is not just for oil, but for our future. We want total peace, and we’ll defend it.”
Two former Secretaries to the Rivers State Government, Mr Gabriel Pidomson and Mr Kenneth Kobani, praised the deal and called for equal treatment of Bodo with the other 214 pipeline host communities in PINL’s surveillance portfolio.
“The people of Bodo are ready. They deserve fairness and inclusion like every other host community.”
The peace accord was sealed with the signing of a Memorandum of Understanding, MoU, between the Bodo community leadership and PINL officials, witnessed by government representatives.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited managed to finish in the green territory on Monday after it marginally closed higher by 0.01 per cent.
The last minute escape from the bears was triggered by the gains posted by large-cap equities like Zenith Bank, Aradel Holdings and others, offsetting the losses recorded by GTCO, Oando, First Holdco and others.
According to data obtained by Business Post, only 29 stocks ended on the gainers’ chart, while 44 equities landed on the losers’ table, indicating a negative market breadth index and weak investor sentiment.
Universal Insurance rose by 10.00 per cent to sell for N1.32, Premier Paints appreciated by 10.00 per cent to N11.00, DAAR Communications improved by 9.93 per cent to N1.55, RT Briscoe increased by 9.92 per cent to N8.64, and Morison Industries advanced by 9.91 per cent to N10.98.
On the flip side, Omatek declined by 10.00 per cent to N2.70, Union Homes REIT declined by 9.96 per cent to N85.40, AXA Mansard shrank by 9.94 per cent to N14.31, Deap Capital decreased by 9.90 per cent to N8.46, and C&I Leasing moderated by 9.80 per cent to N6.90.
On the first trading session of this week, market participants bought and sold 762.8 million shares valued at N18.4 billion in 55,374 deals compared with the 687.4 million shares worth N15.0 billion traded in 41,553 deals last Friday, a spike in the trading volume, value, and number of deals by 10.97 per cent, 22.67 per cent, and 33.26 per cent, respectively.
Tantalizers ended the day as the most active stock with 88.5 million units sold for N329.4 million, Zenith Bank traded 40.2 million units worth N2.9 billion, Veritas Kapital transacted 39.2 million units valued at N92.1 million, Universal Insurance exchanged 29.3 million units for N38.1 million, and First Holdco transacted 27.6 million units worth N1.1 billion.
The sectorial performance yesterday showed that the mood of investors was in the sell region despite the slight growth recorded by Customs Street, as only the energy index closed in green, rising by 2.00 per cent.
The insurance counter was down by 1.99 per cent, the banking industry depleted by 0.64 per cent, the consumer goods shrank by 0.37 per cent, and the industrial goods retreated by 0.08 per cent.
When the first trading day of February 2026 ended on Monday, the All-Share Index (ASI) went up by 14.23 points to 165,384.63 points from 165,370.40 points, while the market capitalization chalked up N9 billion to finish at N106.162 trillion compared with the previous session’s N106.153 trillion.
By Adedapo Adesanya
The two major crude oil grades in the global market fell by more than 4 per cent per barrel on Monday after the most recent tensions between the United States and Iran appeared to have eased.
Brent crude futures went down by $3.02 or 4.4 per cent to settle at $66.30 per barrel, while the US West Texas Intermediate (WTI) crude futures declined by $3.07 or 4.7 per cent to $62.14 per barrel.
Last week, markets reacted to the renewed tension in the world’s most important oil-producing and exporting region, and oil prices soared.
However, this weekend, US President Donald Trump said that he believes Iran is “seriously” talking with the US, adding he hopes that negotiations could lead to an “acceptable” deal with the member of the Organisation of the Petroleum Exporting Countries (OPEC).
Market analysts noted that with the US President facing weak poll numbers, a military escalation that risks pushing petrol prices sharply higher appears unlikely ahead of the November midterm elections.
Prices were also pressured by a stronger US Dollar and milder weather forecasts. The American currency strengthened as currency traders cheered President Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. A stronger Dollar makes oil more expensive for investors using other currencies.
US futures prices for diesel, used in heating and power generation, fell more than 6 per cent triggered by forecasts of milder weather in the US, the world’s largest oil consumer.
OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday. The brief meeting reaffirmed that decision for March, after earlier gatherings did the same for January and February.
The eight producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – raised production quotas by about 2.9 million barrels per day from April through December 2025, roughly 3 per cent of global demand.
In November, the group froze further planned increases for January through March 2026 because of seasonally weaker consumption.
Four OPEC+ producers that have been pumping crude above their respective quotas have filed with the OPEC Secretariat updated compensation plans through June 2026, OPEC said on Monday.
The countries: Iraq, the UAE, Kazakhstan, and Oman filed updated plans to compensate for pumping above OPEC+ quotas through June 2026.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
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