Economy
Lokpobiri, Elumelu Say 2.06mbpd Oil Production Target Achievable
By Adedapo Adesanya
Nigeria can achieve the ambitious 2.06 million barrels per day crude oil production target in 2025 based on investment and security in the sector.
This was the view of stakeholders, including the Minister of State for Petroleum, Mr Heineken Lokpobori, the Chairman of Heirs Energies Limited, Mr Tony Elumelu, and others at the Nigeria Petroleum Industry Leadership Discourse in Abuja.
At the forum organised by Heirs Energies Limited, Mr Lokpobori said Nigeria’s target of 2.06 million barrels per day of crude oil production in 2025 is achievable.
“The 2025 budget is indeed predicated on 2.06 million barrels a day, and I want to assure Nigerians that this is doable.
”Nigeria has been doing 1.5 million barrels of production per day,” he said, adding that the industry has been able to make an additional 250,000 barrels incrementally.
“For now, we are operating at about 1.75 million barrels per day,’’ he said.
The minister said for over a decade, there has been no investment in the sector, adding that things are now changing for the better.
“We have changed the perception about Nigeria. So, investments are coming in.
“We want to improve the security situation in the Niger Delta. And I want to use the opportunity to thank our military.
“Nigerian military, the paramilitary, and civilian contractors. The combined effort of these stakeholders have led to less infractions in our pipelines, less thefts, less pipeline vandalisation,’’ he said.
Mr Lokpobori said the federal government has also carried out some reforms in the sector.
“We have taken care of the issue of bureaucracy. Before now, you must know the minister or somebody who knows the minister before your documents are signed.
“Right now, you do not need to know me before your documents are signed.
“Once I get the recommendation from NUPRC, statutorily, no documents stay on my table for more than 24 hours,’’ he said.
Mr Lokpobiri said the government has also addressed the issue of inefficiency by deploying technology.
“Before now, everything was done manually. We could not monitor real-time, what was happening in our terminals. We could not monitor real-time, when payments will be given.
“Technology has also been deployed to ensure that we reduce the corruption that has existed in that sector in the past,’’ he said.
On his part, the Chairman of Heirs Energies Limited, Mr Elumelu, said the oil industry has been able to turn around the season of decline to that of growth.
Mr Elumelu said the country’s increase in crude oil production to 1.7 million barrels per day in January attests to this growth.
He said that with the completion of the major divestments that have just come through, over 50 per cent of Nigeria’s oil production was now operated by indigenous companies.
“For a lot of people, there is trepidation that we can deliver. There is also optimism that we can deliver.
“Heirs Energies has been one of those companies that have stood strongly for growth, as demonstrated by the growth we have achieved in our company by doubling production since inception,’’ he said.
Mr Elumelu said that the leadership discourse was informed by the need to chart a way forward for the company, as well as the country.
“As we embark on our second leadership forum, we bring our entire leadership to discuss the way forward for our company.
“We thought that being a child of the Nigerian petroleum industry, we needed to bring all the parties together to discuss the growth of the industry.”
“In that light, we felt it was important to bring together the industries to start talking about the growth.
“Now that it is us, the indigenous companies that are in control of a larger proportion of the production, we have to power it, we have to own the challenge, and we have to deliver to the Nigerian people,’’ Mr Elumelu added.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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