Economy
FG to Set up Commission to Regulate Mining Sector
By Modupe Gbadeyanka
Minister of Mines and Steel Development, Mr Kayode Fayemi, has revealed plans by Federal Government to a regulatory agency to control the affairs of the mining sector in the country.
The agency to be called the Nigerian Mining Commission will control the leasing of mining sites to investors as well as be the final authority on regulatory matters.
Mr Fayemi, who made this known in a statement by his Special Adviser on Media, Mr Yinka Oyebode, noted that the law setting up the commission was already with the National Assembly.
Addressing participants at the Nigeria Day event at the ongoing African Mining InDaba in Cape Town, South Africa, the Minister said government was determined to strengthen regulation in the sector as well as ensure the improvement of its geological data.
Mr Fayemi further said the delivery of the geological data was in line with government’s desire to ensure bankable geological data that would be an incentive to investors.
He noted that the ministry would undertake more extensive electromagnetic Airborne Geological Survey of some promising parts of the country this year and the completion of the National Mineral Database.
“We want to ensure predictability; that is what we want to offer; we want to be a big mining designation.
“To achieve this, we have to put certain things in place, including provable data, sound regulations, capacity building for Artisanal and Small Scale Miners as well as access to funding, he said.
The Minister explained that while mining circle was not the same as electoral circle, it was important for government to put in place sound policies and reforms as well as bankable geological data that would make the Nigerian mining jurisdiction a major attraction.
He also spoke on government’s determination to enhance its collaboration with state governments and the host communities.
He said the development was being worked out administratively through the establishment of the National Council on Mining and Minerals Development Council, where the states were playing active roles.
Mr Fayemi said the combination of the various reforms being put in place, inputs by the National Council on Mining and Minerals Resources Development and the Chamber of Mining, would help to re-position the sector for better result.
Those who spoke on various aspects of the Electromagnectic Survey results included Gaig Annison, Director, Business Development, Compagnie Generale de Geophysique (CCG) Airborne Surveys PTY, Australia, who anchored the presentation.
Annison described Nigeria as a nation taking very bold steps towards becoming a major mining destination.
Mr Franklin Ramirez Venezuela, Deputy Minister of Mines and minerals, said the oil and gas rich country was also diversifying to mining to shore up its economy.
He said Venezuela had a lot to learn from Nigeria in its economic diversification efforts.
The minister had in December 2017, disclosed that the ministry secured the delivery of 26,000-line kilometre of electromagnetic data, following the payment of outstanding fees to the consultant that handled the project.
The Consultants had held on to the results of the Electromagnectic survey following the failure of the previous administration to effect payment for it.
The minister said that a good percentage of the N30 billion fund made available to the ministry from the National Resource fund, would be committed to exploratory work and data gathering.
Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.
The presentation of the new Airborne Electromagnetic Survey Results, a major high point of the Wednesday event at the week-long mining conference, was witnessed by renowned stakeholders in global mining and other important dignitaries from different countries.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the first cargo of the new Obodo crude blend has been shipped.
Business Post gathered that the first cargo could be headed for the North Sea port of Wilhelmshaven, Germany.
In a statement by the chief executive of NUPRC, Mr Gbenga Komolafe, Conoil Producing Limited was congratulated on the successful shipment of the first cargo of the Obodo crude blend.
Mr Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.
“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” he said.
Mr Komolafe maintained that this achievement by Conoil, under the production sharing contract framework with the Nigerian National Petroleum Company Limited, also reflects the positive outcomes of collaborative regulatory support, enabling indigenous players to thrive.
“As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.
“We look forward to more milestones of this nature that advance national energy security and economic resilience,” he said.
According to tracking data from Kpler, the Suezmax Atlanta Spirit loaded on April 25 from the floating production, storage and offloading vessel Tamara Tokoni.
Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to Argus.
Obodo joins the list of crude grades launched by Nigeria in the last year.
The Nigerian National Petroleum Company (NNPC) restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier.
Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country’s crude.
By Adedapo Adesanya
Dangote Oil Refinery has reportedly cancelled planned maintenance on its 204,000 barrels per day petrol-producing unit for June.
This comes as the $20 billion structure has carried out the necessary work during an unplanned shutdown from April 7 to May 11, according to industry tracker, IIR.
Dangote Refinery had originally scheduled a 30-day maintenance shutdown in June for its gasoline-producing Residue Fluid Catalytic Cracking (RFCC) unit.
The refinery has since pushed back on reports of the unit being under unplanned repair, stating that such claims are not entirely accurate.
According to data from shipping analytics firm, Kpler, during the unplanned outage, the refinery ramped up exports of residual products such as straight run fuel oil, while shipments of finished fuels like jet fuel and gasoil declined.
The 650,000 barrels per day refinery, built by Africa’s richest man, Mr Aliko Dangote, began producing diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.
Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
Already, the refinery has triggered a spate of changes in fuel prices locally with back to back cuts down to N825 per litre earlier this week from N835 previously sold.
The refinery, however, has not been able to operate at its optimal level due to challenges around feedstock. So far, in addition to local crude acquisition, it has bought crude from the US, Brazil, Angola, and Algeria.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose further by 1.02 per cent on Tuesday, May 13, buoying the market capitalisation by N19.77 billion to close at N1.967 trillion compared with the preceding day’s N1.947 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 33.77 points to finish at 3,359.79 points, in contrast to the 3,326.06 points reported a day earlier.
Central Securities Clearing System (CSCS) Plc increased during the trading session by N2.35 to N27.20 per share from N24.85 per share, NASD Plc added N1.90 to close at N20.90 per unit compared with the previous day’s N19.00 per unit, FrieslandCampina Wamco Nigeria Plc gained 87 Kobo to close at N41.30 per share versus the previous closing value of N40.43 per share, Mixta Real Estate Plc climbed higher by 51 Kobo to end at N5.51 per unit compared with Monday’s price of N5.00 per unit, and AG Mortgage Bank Plc appreciated by 5 Kobo to settle at 58 Kobo per share, in contrast to the preceding session’s 53 Kobo per share.
The level of activity was higher yesterday, with the volume of securities transacted going up by 61,474.7 per cent to 414.5 million units from the 673,233 units traded in the previous trading day, the value of trades jumped by 16,714.4 per cent to N1.05 billion from N6.3 million, but the number of deals fell by 28.6 per cent to 25 deals from 35 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.3 million units sold for N470.5 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Okitipupa Plc also remained the most active stock by value on a year-to-date basis with 153.6 million units sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.2 million units valued at N770.6 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
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