Economy
Nigeria Exports 950,000 Barrels of Cawthorne Blend Crude
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has marked a major milestone with the introduction and successful lifting of 950,000 barrels of Cawthorne Blend crude into the global market, a move aimed at boosting Nigeria’s production output and supporting its quota targets.
The feat was achieved through the FSO Cawthorne vessel, Nigeria’s first new crude oil terminal in 50 years, according to a statement by the Sahara Group on Monday, as the company said it welcomed the development.
It was recently reported that the country would introduce a new light sweet crude called Cawthorne in March. The launch of the new grade is part of Nigeria’s broader push to lift production, which has been constrained for years by crude oil theft, pipeline vandalism, and security challenges in the Niger Delta.
Cawthorne crude, which has an API gravity of 36.4, is similar in quality to Nigeria’s flagship Bonny Light, a grade widely valued by refiners for its high yields of gasoline and diesel.
The introduction of the grade could increase Nigeria’s crude and condensate supply from about 1.65 million barrels per day to roughly 1.7 million barrels per day for the rest of the year, depending on operational stability and market demand.
“Over the weekend, the first shipment of 950,000 barrels from FSO Cawthorne, Nigeria’s newest oil terminal, was initiated following its licensing and gazetting by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)”, the statement read in part.
FSO Cawthorne serves as a critical offshore production support asset, providing storage and offtake capabilities for crude produced from OML 18 and nearby producing assets.
On its part, Sahara Group, a global energy and infrastructure conglomerate, reiterated the strategic role of FSO Cawthorne in strengthening Nigeria’s energy security through its reliable production, storage, and evacuation infrastructure.
Sahara Group also recognised the advanced technologies deployed on FSO Cawthorne, noting that the facility incorporates cutting‑edge systems supported by artificial intelligence‑enabled monitoring and robust QHSE frameworks, enhancing operational efficiency, asset integrity, safety performance, and environmental stewardship.
Sahara commended NNPC for its leadership of Oil Mining Lease (OML) 18 and surrounding assets in the eastern Niger Delta, where Sahara Group is a joint operator and joint venture partner, noting that the company’s collaborative approach continues to drive continuous improvement and value delivery across Nigeria’s upstream sector.
Mr Tosin Etomi, Head, Commercial and Planning at Asharami Energy (a Sahara Group Upstream company), said the crude lifting from FSO Cawthorne represents a defining moment for the asset, the OML 18 partnership, and the wider oil and gas sector.
“The successful commencement of crude lifting from FSO Cawthorne is a significant milestone for the OML 18 partnership and a strong demonstration of what can be achieved through shared vision, technical discipline and committed collaboration,” Mr Etomi said.
Mr Etomi noted that the milestone aligns with Sahara Group’s broader upstream strategy, which is focused on building a resilient, scalable, and responsible production portfolio anchored on strong partnerships, asset optimisation, and long‑term value creation.
“The transition of FSO Cawthorne into active export is consistent with our upstream growth strategy, prioritising operational excellence, indigenous participation and infrastructure capable of sustainably supporting Nigeria’s production ambitions,” he said.
He noted that Sahara Group’s upstream portfolio includes a growing oilfield services division, which is redefining innovation, efficiency, and sustainability in the sector.
“Our expanding oilfield services capabilities are integral to our upstream vision, enabling smarter operations, improved efficiencies, and responsible resource development,” Etomi said.
“Sustainable social impact interventions and community participation have been key drivers of our upstream success, and we remain committed to aligning our operations with the highest global environmental, social, and governance standards.”
Mr Etomi also commended host communities and key regulatory and operational institutions, including the NUPRC, the Nigerian Ports Authority (NPA), the Nigeria Customs Service, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for their support in ensuring seamless operations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange was down by 2.48 per cent on Friday, June 19, with the Unlisted Security Index shedding 108.36 points to close at 4,252.73 points compared with the previous day’s 4,361.09 points.
During the trading day, the market capitalisation of the OTC securities exchange dropped 2.18 per cent or N67.29 billion to settle at N2.552 trillion, in contrast to Thursday’s N2.609 trillion.
The alternative stock market was in the red yesterday after finishing with three price losers led by Central Securities Clearing System (CSCS) Plc, which gave up N8.57 to trade at N77.77 per share versus the preceding day’s N86.34. FrieslandCampina Wamco Nigeria Plc lost N8.19 to quote at N170.00 per unit compared with the previous session’s N178.19 per unit, and Food Concepts Plc crashed by 26 Kobo to end at N2.51 per share versus N2.77 per share.
Business Post reports that there were also three price gainers during the session, led by Golden Capital Plc, which chalked up 67 Kobo to sell at N13.67 per unit versus N13.00 per unit. Afriland Properties Plc gained 65 Kobo to trade at N16.85 per share compared with the previous price of N16.20 per share, and MRS Oil added 3 Kobo to close at N142.23 per unit versus N142.00 per unit.
The volume of trades was up by 20.3 per cent on Friday to 954,106 units from 792,835 units, and the number of deals increased by 75 per cent to 35 deals from 20 deals, while the value of transactions went down by 12.9 per cent to N42.7 million from N49.0 million.
The most traded stock by value on a year-to-date basis was Great Nigeria Insurance (GNI) Plc, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.8 million units exchanged for N4.7 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The local stock exchange remained in the red on Friday after it further depreciated by 0.62 per cent due to panic sell-offs in some bellwether equities.
NAHCO lost 10.00 per cent to trade at N148.50, Royal Exchange depreciated by 10.00 per cent to N1.53, GTCO slumped by 9.97 per cent to N115.55, First Holdco dropped 9.84 per cent to quote at N55.00, and Neimeth slipped by 9.60 per cent to N28.12.
On the flip side, Deap Capital increased by 9.89 per cent to N4.89, RT Briscoe expanded by 9.62 per cent to N13.10, International Energy Insurance advanced by 7.43 per cent to N5.06, Jaiz Bank gained 7.14 per cent to sell for N9.00, and Living Trust Mortgage Bank rose by 5.26 per cent to N4.00.
During the session, the energy index chalked up 2.35 per cent, but this was not enough to lift the Nigerian Exchange (NGX) Limited when the closing gong was struck by 4 pm to signify the close of trading activities.
This was because the banking sector lost 4.41 per cent, the insurance counter shed 1.52 per cent, the industrial goods space declined by 0.71 per cent, and the consumer goods segment tumbled by 0.13 per cent.
Consequently, the All-Share Index (ASI) contracted by 1,463.45 points to 235,941.27 points from 237,404.92 points, and the market capitalisation retreated by M939 billion to N151.327 trillion from N152.266 trillion.
The activity chart was topped by Access Holdings, which posted a turnover of 65.0 million shares valued at N1.5 billion. Zenith Bank sold 35.2 million stocks worth N3.9 billion, Sterling Holdings exchanged 28.4 million equities for N217.8 million, UBA transacted 16.3 million shares valued at N650.7 million, and GTCO traded 14.0 million stocks worth N1.8 billion.
In all, investors transacted 440.4 million equities for N24.7 billion in 50,273 deals, in contrast to the 691.6 million equities valued at N116.9 billion traded in 50,025 deals on Thursday, implying an uptick in the number of deals by 0.50 per cent, and a decrease in the trading volume and value by 36.32 per cent and 78.87 per cent, respectively.
By Adedapo Adesanya
The Naira again depreciated against the United States Dollar by N7.16 or 0.53 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 19, to N1,370.46/$1 from the previous day’s N1,363.30/$1.
In the same vein, the Nigerian currency lost N9.07 against the Pound Sterling at the official market yesterday to trade at N1,814.76/£1 compared with Thursday’s closing price of N1,805.69/£1, and crashed against the Euro by N6.43 to settle at N1,571.50/€1 versus N1,565.07/€1.
Also, the Naira weakened against the greenback in the black market during the session by N5 to sell for N1,390/$1, in contrast to the preceding day’s N1,385/$1, and at the GTBank FX desk, it shed N3 to close at N1,376/$1 versus N1,373/$1.
The official market’s FX liquidity has been facing pressure over the last three trading sessions, contributing to a decline in the official exchange rate due to rising demand for foreign payments.
FX reserves rose to $51.03 billion, the highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN). The figure also represents the highest since the beginning of the year and under the administration of the current Governor of CBN, Mr Yemi Cardoso.
The latest figure underscores the steady strengthening of Nigeria’s external buffers, which continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.
Meanwhile, the cryptocurrency market was mixed, with Bitcoin (BTC) up by 0.8 per cent to $63,225.80 after trading activity was relatively subdued due to a US federal holiday, as the absence of stock and bond market activity led to quieter conditions across crypto markets, even though digital assets continue to trade around the clock.
Further, TRON (TRX) also gained 0.8 per cent to sell at $0.3230, Binance Coin (BNB) jumped 0.5 per cent to $579.84, and Ethereum (ETH) appreciated by 0.1 per cent to $1,704.23.
On the flip side, Ripple (XRP) declined by 0.9 per cent to $1.13, Cardano (ADA) shed 0.8 per cent to trade at $0.1611, Solana (SOL) fell by 0.1 per cent to $69.23, and Dogecoin (DOGE) slipped by 0.1 per cent to $0.0831, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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