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Economy

FG to Supply Farmers Newly Released BT Cowpea

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BT Cowpea

By Adedapo Adesanya

The federal government, through the National Biotechnology Development Agency (NABDA), has announced that farmers would be supplied the newly released Pod Borer Resistant (PBR) Cowpea (beans) for the 2021 planting season.

The Director-General of the agency, Mr Abdullahi Mustapha, disclosed this during the presentation of the Open Forum for Agricultural Biotechnology (OFAB) Media Award prizes to the recipients.

This follows the decision by the Varietal Release Committee, which approved the commercial release of the PBR cowpea which has been genetically modified for planting.

The NABDA DG said a National Stewardship Committee has been inaugurated to monitor the multiplication and distribution of the variety of the new beans.

“The recently released PBR cowpea will be getting to farmers this planting season, this stage of commercialisation requires the active involvement of the media to ensure that farmers get value for their money.

“It is also the duty of the media to monitor all the stages and channels, through which the PBR cowpea seeds reach the farmers to ensure that there is no compromise or sharp practice that will deny farmers the maximum benefit the technology offers.

“A National Stewardship committee to monitor the PBR Cowpea has been inaugurated, I encourage you to work closely with the committee and inform Nigerians what is happening with the PBR cowpea,” Mr Mustapha stated.

He further said; “Our agricultural biotechnology in the country is fast developing as we, in collaboration with other research institutes, released Bt. cotton and Bt. cowpea.”

Mr Mustapha, therefore, charged on science journalists to avoid fake news, focus on factual news that promotes the deployment of technology in various aspects of development including agriculture especially, as Nigeria strategies on how to feed its teeming population.

He said at NABDA, the promotion, coordination, and deployment of cutting-edge biotechnology research and development, processes, awareness creation and products for the socio-economic well-being of the nation shall remain their priority.

In her remarks, the Country Coordinator of OFAB, Mrs Rose Gidado, explained that due to the COVID-19 pandemic, the recipients of the award were unable to get their prizes because they attend the event which was held in Nairobi, Kenya virtually.

She called for more support from the journalists as Nigeria is entering its first phase of commercialisation of genetically modified crops.

“We will continue to seek your partnership and your cooperation, I know you have supported us so well till this time, we need you more than ever, because this is the critical time because of the commercialisation that has started in Nigeria on BT Cotton and BT cowpea,” she added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Conoil Ships First Cargo of Obodo Crude from Nigeria to Germany

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Gbenga Komolafe obodo crude

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.

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Economy

Dangote Refinery Cancels June Maintenance on Petrol Producing Unit

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Fifth Crude Cargo Dangote Refinery

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.

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Economy

Unlisted Stocks Rise N19.77bn Amid High Activity

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Unlisted stocks traders

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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