By Adedapo Adesanya

The average price of refilling a 5kg cooking gas cylinder surged 12.60 per cent in March 2026 to N7,655.73 from N6,799.18 in February 2026, according to the latest estimates by the National Bureau of Statistics (NBS).

The NBS disclosed this in its Cooking Gas Price Watch for March, released this week.

It disclosed that on a year-on-year basis, the 5kg price climbed 4.55 per cent from N7,322.49 in March 2025, as Nigerians suffer the ripple effect of the Middle East crisis.

Kaduna had the highest state price at N9,212.21, followed by Lagos at N8,909.73, and Taraba at N8,802.78, while Bauchi recorded the lowest at N6,295.40, with Osun at N6,457.35, and Ondo at N6,598.10.

By zone, the North-West led at N8,137.81, trailed by the North-East at N7,890.53, while the South-South had the lowest at N7,300.95.

For 12.5kg cylinders, prices jumped 15.62 per cent month-on-month to N19,652.83 from N16,997.94 in the previous month, and rose 6.48 per cent year-on-year from N18,456.24.

Nasarawa hit the highest at N23,418.12, followed by Kaduna at N23,030.52, and Akwa Ibom at N22,816.74. Bauchi was lowest at N15,738.50, then Osun at N16,143.38, and Ondo at N16,495.25. The North-West zone averaged at N20,701.66, with the South-East lowest at N18,432.63.

The rise in the price of cooking fuel came as the closure of the Strait of Hormuz affected prices of liquified natural gas (LNG) and over 10 billion cubic feet per day (Bcf/d) of global LNG supplies. Coupled with other issues like volatile exchange rates, global market swings, and high transport costs to northern rural areas, the cost continued to bite.

LPG, priced in US Dollars, faces higher landing costs from Naira devaluation and imported supply reliance.

By Aduragbemi Omiyale

The one-for-three bonus share issue proposed by the board of Nigerian Exchange (NGX) Limited has been approved by shareholders.

The approval was given at the 65th Annual General Meeting (AGM) of the organisation on Wednesday. They also authorised the payment of the proposed N2.00 per share dividend for 2025.

Shareholders applauded the board and management for the group’s performance and strategic direction, urging continued focus on growth and long-term value creation.

They okayed the re-election of Mr Umaru Kwairanga as the chairman, Okechukwu Itanyi as an independent non-executive director, and Mrs Ojinika Olaghere as an independent non-executive director.

Speaking at the event, the president of New Dimension Shareholders Association, Mr Patrick Ajudua, commended the leadership of the firm for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution.

“The numbers speak to a business that is gaining strength and direction,” he said.

Similarly, the chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, lauded the group’s commitment to innovation and infrastructure development.

“The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.

Mr Kwairanga, while addressing investors, appreciated them for their continued support and reaffirmed the board’s commitment to sustainable value delivery, saying, “The progress recorded reflects the strength of the group’s strategy and the performance of its operating businesses.

|As a board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”

The chief executive of NGX Group, Mr Temi Popoola, said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”

By Adedapo Adesanya

Nigerian upstream petroleum operator, Ingentia Energies Limited, has unveiled an ambitious expansion plan to raise production to 30,000 barrels per day by 2030.

This came as the company met with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during a recent strategic engagement.

The NUPRC reaffirmed its commitment to strengthening indigenous participation in Nigeria’s oil and gas industry while insisting on strict regulatory compliance, corporate responsibility, and investment in human capital development.

Speaking with Mr Valentine Ugbeide, the chairman of Ingentia Energies Limited and his top management team at the commission’s headquarters in Abuja, Mrs Oritsemeyiwa Eyesan, the agency’s chief executive, emphasised that indigenous operators remain critical to the future growth, sustainability, and survival of Nigeria’s upstream petroleum sector.

Mrs Eyesan said indigenous companies have a major role to play in expanding production, deepening local participation, and driving long-term industry resilience, stressing that even modest production contributions from multiple indigenous operators could significantly boost national output.

According to her, “For the indigenous players, this is a major space. Little drops matter, and when you have many operators contributing consistently, the cumulative impact becomes substantial for national production.”

She commended Ingentia Energies’ leadership for demonstrating seriousness and strategic direction, noting that strong execution capacity, visionary boards, and management commitment are essential for indigenous firms seeking to scale successfully in Nigeria’s competitive oil and gas landscape.

The NUPRC boss, however, warned that growth must be matched with institutional strength, regulatory discipline, and operational structures capable of sustaining long-term industry participation.

She stressed that many indigenous firms often prioritise immediate production and market survival at the expense of building robust internal systems, technical competence, and sustainability structures previously embedded by international oil companies.

“Human capital development is no longer optional. Indigenous companies must deliberately invest in the right capabilities, systems, and structures to remain competitive and sustainable,” she said.

Mrs Eyesan called for stronger collaboration among indigenous operators, regulators, and industry stakeholders to enrich the sector’s resource base and build a more resilient local industry.

She further urged operators to uphold good corporate citizenship by meeting statutory obligations, including the payment of royalties, gas penalties, and other regulatory debts.

On his part, Mr Ugbeide, Ingentia Energies Chairman, in his response, unveiled an ambitious expansion plan to raise production to 30,000 barrels per day by 2030, as the company secured a facility from a Nigerian bank to deepen drilling, end gas flaring, and strengthen its position as a model for local participation in Nigeria’s oil and gas industry.

Mr Ugbeide said Ingentia’s journey from a challenging indigenous acquisition to a growing production company demonstrates that Nigerian firms can successfully operate strategic upstream assets when backed by the right regulatory support, technical competence, and collaborative governance structure.

Describing the company’s Egbolom field development as a template for indigenous operators, he said Ingentia had overcome formidable structural and financial barriers that were initially designed to frustrate local operators.

“Egbolom has become a role model that mirrors what indigenous companies can achieve despite obstacles. Our success should serve as a blueprint for other local firms,” he said.

He revealed that after demonstrating operational discipline and strong compliance performance, local financial institutions gained confidence in Ingentia’s business model, leading to the recent debt financing.

“We got debt funding from a local bank last week to continue our activities. They saw our performance and began pursuing us because of what we have achieved,” he said.

He added that Ingentia has maintained strong regulatory compliance, including consistent royalty payments and zero defaults on gas flare penalties, while currently flaring between 1.8 million and 3 million standard cubic feet of gas daily.

However, he announced that this would end before year-end as the company finalizes infrastructure with a Chinese technical partner to commercialise its gas resources and supply gas to on-site facilities.

“Before the end of this year, that gas will be fully utilised, and we will stop flaring completely,” he stated.

Mr Ugbeide also highlighted Ingentia’s significant infrastructure investments, including the Ogunokun operational base with jetty and mooring systems, alongside additional investments in drilling sites, accommodation, and logistics support structures.

From an initial workforce of just two staff members, he said the company has grown to over 100 direct and indirect employees, with plans for more aggressive recruitment as production scales from current levels toward 10,000 barrels per day and beyond.

He disclosed that Ingentia plans to drill a minimum of two wells annually, supported by fresh seismic campaigns targeting deeper reservoir opportunities.

“Our target is clear — by 2030, we want to be in the neighbourhood of 30,000 barrels per day,” he said.