Economy
FG Unveils Phases of Autogas Rollout Plan
By Adedapo Adesanya
The federal government has unveiled the phased plan to convert 200,000 commercial vehicles to run on gas this year.
This followed a meeting between Minister of State for Petroleum Resources, Mr Timipre Sylva and oil marketers in Abuja towards the deployment of Compressed Natural Gas (CNG) popularly called autogas in Nigeria.
According to Mr Sylva, the autogas rollout plan is to ensure that it made available alternatives required before the removal of subsidy on Premium Motor Spirit (PMS) otherwise known as petrol, stressing that the deployment of autogas was one of such key alternatives.
He also stated that the government would be supporting them with 50 per cent of the conversion kits to fast-track the process, adding that additional support as required would be given, going forward.
“We said we must provide alternative fuel and the alternative that we concluded on was the autogas alternative. To provide it for our people,” he stated.
He added, “Since this agreement between us (government and marketers), a lot of work has been going on and we have come to a certain point where we need to take it further. But we cannot move further without ensuring that you as our partners are fully on board.”
In the framework, the government explained that with abundant gas reserves of about 206.53 trillion cubic feet, a population of about 200 million people, and the enactment of the Petroleum Industry Act, which eliminated the continuous absorption of petrol subsidy, it was now vital to deploy autogas.
It stated that its priority now was the rapid and strategic introduction of Natural Gas Vehicles as an alternative fuel for transportation in Nigeria in line with the approved National Gas Policy.
“This will pave the pathway to full deregulation of the downstream petroleum sector in Nigeria while reducing the effect of deregulation on transportation costs,” the document read in part.
It added, “The Ministry of Petroleum Resources was charged with the responsibility to provide autogas (LPG, CNG, LNG) as an alternative and competitive fuel for mass transportation
“CNG was selected as the fuel of choice because it holds a comparative advantage due to its ease of deployment, its comparatively lower capital requirements, commodity’s supply stability, existing in-country volumes, and local market commercial structure which relies predominantly on the Naira.
“Hence a single track CNG deployment is proposed in the initial phase and other alternatives can be considered as the market attains maturity.”
Three implementation options were highlighted in the document, as the government stated that in the first option, its target was to convert one million public transport vehicles and install 1,000 refuelling centres within 36 months.
For the first 18 months, it targets to achieve 500,000 conversions and 580 refuelling centres supplied by five Original Equipment Manufacturers, among other targets.
In the plan, the government targets to convert 200,000 commercial vehicles this year, including tricycles, cars, mini-buses and large buses.
The cities captured in Phase 1 of the project include Abuja, Kaduna, Kano, Kogi, Kwara, Lagos, Ondo, Oyo, Edo, Delta, Bayelsa, Niger, and Rivers.
Cities under Phase 2 were listed as Sokoto, Katsina, Jigawa, Borno, Bauchi, Gombe, Yobe, Osun, Ekiti, Enugu, Anambra, Imo, Cross River, Abia, Akwa Ibom and Plateau. For Phase 3 cities, they were listed as Kebbi, Zamfara, Yobe, Gombe, Taraba, Adamawa, Benue and Ebonyi
On the selection criteria for network operators, the government stated that the marketer must own and/or operate a minimum of 21 stations nationwide.
The dealer must own and/or operate a minimum of five stations in each proposed city and must be willing to demonstrate creditworthiness and the ability to pay back within the stipulated time frame.
Senior officials of the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, as well as other key players in the downstream sector, attended the meeting.
On his part, the Executive Secretary, MOMAN, Mr Clement Isong, explained that marketers were willing to partner with the government and expressed delight in the government’s resolve to support marketers with 50 per cent of the required conversion kits.
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
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