Economy
IPMAN, Investors in Talks for Modular Refineries
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is mulling the idea of building modular refineries and it is discussing this with some investors.
The Principal Consultant to IPMAN, Mr Maurice Ibe, disclosed this when he appeared on Prime Time, a programme on Arise News Channel, on Wednesday night.
He was on the show to discuss the supply of diesel and jet fuel to the local oil market by Dangote Refinery.
He said that while the 650,000 barrels per day refinery was a welcomed development, Nigeria would need more than one working refinery, noting that the country could work better and eliminate supply issues by having small refineries spread all over the country
To this effect, the association was speaking to investors to see how that could happen.
Mr Ibu also stressed the need for the Nigerian National Petroleum Company (NNPC) Limited to explain to Nigerians how funds deployed for oil drilling at the Kolmani River between Bauchi and Gombe states were expended 16 months after former President Muhammadu Buhari flagged off the project with a lot of fanfare and publicity.
He said NNPC was the right authority to provide information on what happened in the project which is estimated to hold about 1 billion barrels of crude oil reserve and 500 billion cubic feet of gas deposit.
Also, the Kolmani Integrated Development Project, which had reportedly attracted Foreign Direct Investment (FDI) of about $3 billion, was designed to house a 120,000-barrels per day refinery, a 500-million standard cubic feet per day gas processing plant, a 300-megawatt capacity power plant, and a fertiliser plant of 2,500 tons per day.
According to the IPMAN consultant, many of the association’s members had argued for and against the drilling campaign in Kolmani, and said that some people think it was a waste of resources.
He added that there needs to be transparency on the money spent in the process, calling on the NNPC to tell the country everything concerning the drilling campaign.
“Honestly, I will try not to delve into that issue. It’s actually within the realm of NNPC. They are better informed, they have the data, they have the feasibility, and they are the ones supervising that project. So, I will not want to delve into discussing that issue in Bauchi.
“A lot of members have argued for and against it. Some think it’s a waste of resources, others think that it is good to explore. So, I would stay neutral on that. I think NNPC would be the better people to speak on what is happening with.
“Frankly, there is a lot that meets the eye, but we don’t have all the information. We are not on the ground. A lot of money has been spent.
“A lot of money has been abused in that process, and what we are saying is that NNPC needs to tell the country what is happening, what has happened, how the resources have been deployed and what has been achieved.
“If it is a total waste of resources, the country needs to know and somebody needs to account for it. But for now, nobody so far is saying anything,” he stressed.
He also said IPMAN had been at the forefront in advocating that the public refineries be made functional, saying that the country’s refineries have been virtually comatose for many years after billions of Dollars were spent on them without producing a single litre of petroleum products.
“The government must do more, pressure more on those currently servicing these refineries to get them functional. Dangote is doing his best. We applaud him for what he has done.“But the country still can’t and will not feel the effect of Dangote Refinery for now because if you look at the price at the pump, PMS is still N680, N660 in some places, some parts of the country are selling at N700 per litre,” he said.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
