Economy
Low Gas Feed, Crude Oil Theft Derail NLNG Train 7,8 Progress
By Adedapo Adesanya
The Nigeria Liquefied Natural Gas (NLNG) has lamented that low access to feed gas and the problems of continued crude oil theft are dragging the progress of Trains 7 and 8, while Trains 1 to 6 are compelled to operate at 50 per cent installed capacity.
This was disclosed by the chief executive of the NLNG, Mr Philip Mshelbila, when he received Mr Ekperikpe Ekpo, the Minister of State for Petroleum Resources for Gas.
He disclosed that the gas supply inadequacy is a direct result of rampant crude oil theft, adding that this was impacting gas production and supply to the company.
He stressed the need to overcome the challenges within Nigeria’s energy sector, noting that the government’s inability to tackle the root causes of crude oil theft would worsen Nigeria’s energy poverty and result in a significant loss of revenue from the monetisation of valuable resources.
“As we embark on the journey to complete Train 7, we are on the precipice of achieving a remarkable milestone – a capacity of 30 Million Tonnes Per Annum (MTPA).
“This accomplishment will not only position us as one of the largest single-site operations globally but potentially among the top three worldwide in terms of such capacity at a single site.
“It is an achievement that elevates Nigeria’s standing, placing us among the top six nations in this crucial industry,” the NLNG boss noted.
The NLNG boss noted that recent events, such as the Russian/Ukraine conflict, have ushered in a wave of new developments in the LNG sector.
He said the surge in activity underscored the robust demand for LNG, a demand recognised by nations worldwide as integral to the global energy transition.
“Considering these dynamic changes, our position in the rankings is likely to shift rapidly, as other countries make substantial investments in LNG production. This is why we believe it is important for us to conclude Train 7 and begin to look beyond that for further expansion,” he added.
Responding, Mr Ekpo said, “The development of gas is something we should pursue vigorously. The present administration will do everything possible to address the issues.”
“I am glad that the stakeholders in the sector, like NLNG, are not laid back. They are constantly seeking ways out of this issue. NLNG needs all the necessary encouragement to expand. It is for the good of this country. We must be quick to make these gains in development for the benefit of our future generations,” he further added in a statement released by NLNG’s Acting Manager of Corporate Communications and Public Affairs, Mr Yemi Adeyemi.
The Minister further complemented Mr Mshelbila’s complaint about the lack of feed gas.
“Today, the biggest challenge we have, one that poses a threat not only to our existing operations but also to our expansion plans, is feed gas supply.
“Trains 1 to 6 currently operate at roughly half their potential capacity, a situation that has persisted for some time. The main issue behind the challenge is crude oil theft which affects associated gas supply. The plant is half-full, not because we don’t have the capacity but because the feed gas is not there.
“We have aspirations for Train 8 but we cannot progress that work because we have no line of sight as to where that gas will come from.
“We believe that the gas can only come from deep water gas but the terms for that must be addressed. At present, the Production Sharing Contracts (PSCs) that govern deep-water exploration do not offer commercially viable terms for producers,” the statement quoted.
“With innovation, collaboration by a wide array of stakeholders, including the government, and unwavering determination, we can shape the energy landscape of tomorrow, driving economic prosperity, creating jobs, and mitigating environmental challenges through gas.”
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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