Economy
Kachikwu Writes Buhari to Save NNPC from Collapse Under Baru
By Modupe Gbadeyanka
Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has petitioned President Muhammadu Buhari, informing him of the rot in the Nigerian National Petroleum Corporation (NNPC), under the leadership of Mr Maikanti Baru.
The Minister said Mr Baru, who is the Group Managing Director (GMD) of the state-owned oil firm, has been running the agency without consulting with the board, which he (Mr Kachikwu) chairs.
In fact, the Minister said the attitude of the NNPC GMD is creating “a fear culture in NNPC.”
According to TheCable, the letter said, “Like the previous reorganisations and repostings done since Mr Baru resumed as GMD, I was never given the opportunity before the announcements to discuss these appointments. This is so despite being the minister of state petroleum and chairman, NNPC board.”
In August 2015, President Buhari appointed Mr Kachikwu as NNPC GMD, but barely a year later, precisely in July 2016, the President replaced Mr Kachikwu with Mr Baru.
In the letter, the Minister lamented to the President that, “The board of NNPC which you appointed and which has met every month since its inauguration, and which by the NNPC is meant to review these planned appointments and postings, was never briefed. Members of the board learnt of these appointments from the pages of social media and the press release of NNPC.
“Indeed, in anticipation of vacancies that would arise from retiring senior executives of NNPC, I wrote the GMD a letter requesting that we both have prior review of the proposed appointments. Not only did he not give my letter the courtesy of a reply, he proceeded to announce the appointments without consultation on board concurrence.
“Mr President, please note that there is a board service committee whose function is to review potential appointment and termination of senior staff prior to implementation. This committee was also not consulted.
“The open administration I introduced with your support in our year of pushing reforms, has been completely eroded. NNPC members of staff are afraid of contacting me for the fear of being punished, sidelined in appointments and targeted.
“The effect of the attitude of the GMD and the sidelining of the board is that there is a fear culture in NNPC.”
“That you save the office of the minister of state from further humiliation and disrespect by compelling all parastatals to submit to oversight regulatory mandate and proper supervision which I am supposed to manage on your behalf.
“That you kindly instruct the GMD to effectively leave the NNPC to run as a proper institution and report out along due process lines to the board and that your excellency instructs that all reviews be done with the minister of state prior to your decision.
“That to set right examples, you approve that the recently announced reorganisation changes be suspended until the GMD, myself and the board have made relevant input to same. This will send a clear signal of process and transparency.
“That your excellency encourages joint presentation meeting between head of parastatals and the minister of state to you as to encourage a culture of working together and implant discipline in the hierarchy,” the Minister said further.
However, when contacted on the matter, spokesman of the NNPC, Ndu Ughamadu, declined commenting on the issue.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
