Economy
Fuel Queues Will Disappear Weekend—NNPC Assures
By Dipo Olowookere
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured Nigerians that queues at petrol stations across the country will disappear this week.
He said as part of efforts to achieve, his agency has doubled the daily supply of Premium Motor Spirit (PMS), otherwise called petrol, from about 27 million–30 million litres per day supply (700 trucks) to 80 million litres per day.
Mr Baru attributed the hiccups in the supply of petrol to rumours about purported planned increase in the price of petrol, revealing that some marketers, in their quest to cash in on the situation, suddenly started hoarding products.
Speaking shortly before the signing ceremony of a memorandum of Understanding (MoU) between the corporation and the Benue State government on the Agasha-Guma Bio-fuels Projects, in Abuja, on Tuesday, the NNPC chief said, “But we swiftly swung into action by doubling our supply nationwide. At the time the rumour started, we had about 30 day sufficiency. The normal daily supply to the nation is 700 trucks, equalling about 27-30m litres per day.
He further informed Nigerians that the NNPC has enough products sufficiency that will last up to 30 days.
Mr Baru said that at least a billion litre petrol laden cargoes were heading to Nigeria shores at the end of December which he noted would return the Country to a 30-day-plus sufficiency.
While expressing joy at PENGASSAN’s call-off of its planned strike, the GMD called on motorists not to engage in panic buying as the corporation has more than enough products for domestic consumption.
Assuring that the fuel situation would soon fizzle out this week, Mr Baru also warned marketers against hoarding, stressing that any filling station found wanting in this regard would lose its entire products to motorists.
He commended NNPC’s sister agencies, the Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA), for their support in helping NNPC tackle the menace of hoarding by filling stations.
While signing the MoU on the Bio-fuels Project with the Benue State government, Mr Baru said the project would provide employment for the teeming youths in the state.
“I believe that Benue has what it takes to lead the country in the bio-fuels industry. I hope that your state will soon move from food basket to fuel basket of the nation,” he noted.
Earlier in his remarks, Deputy Governor of Benue State, Engr. Benson Abounu, said his state was happy with the signing of the MoU, which he said was a watershed in the nation’s quest to find alternative sources of energy.
He pledged the support of the entire Benue citizens to the project, adding that various host communities for the project would give their 100% for its success.
The Agasha-Guma bio-fuels project aims at developing Integrated Sugarcane Plantation and Fuel-Ethanol/Sugar/Power Plant Complex in Benue State through a Special Purpose Vehicle (SPV).
Expected to create one million direct and indirect jobs for Nigerians on completion, the project will also produce about 84 million litres of fuel ethanol annually.
NNPC plans to mobilize to Site by First Quarter of 2018.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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