Economy
Nigeria Loses $1.12bn to Gas Flaring in 11 Months
By Adedapo Adesanya
Nigeria lost $1.12 billion to gas flaring between January and November 2020 as oil and gas firms in the country flared 318.6 billion standard cubic feet (BCF) of gas within the period.
This was disclosed in a report published by the National Oil Spill Detection and Response Agency (NOSDRA).
The federal government agency reported that the volume of gas flared by the companies was equivalent to fines valued at $637 million, about N241.4 billion, many of which it said are not collected from the oil and gas firms.
It further stated that as a result of the volume of gas flared in the 11-month period, 17 million tonnes of Carbon dioxide (CO2) was emitted into the atmosphere contributing to global warming.
It also explained that 31,900 GigaWatt hours of potential power generation went to waste as a result of the quantity of gas flared, adding that this wasted energy was equivalent to the annual electricity use of 723 million Nigerian citizens.
NOSDRA disclosed that the volume of gas flared in the 11-month period of 2020 was 31.6 per cent lower than the 466 BCF of gas flared in the country in 2019.
NOSDRA noted that in the period under consideration, gas was flared from 70 oil blocks across 180 geographical locations in the country’s oil-producing region.
It identified some of the defaulting companies and oil wells as Shell Petroleum Development Company (SPDC) from Oil Prospecting Lease (OPL) 212 and Oil Mining Leases (OML) 04, 05, 11, 13, 14, 17, 21 OPL, OML, 22; 28, 29, 30, 32, 34, 35, 38, 40, 41, 42, 46; 79; Mobil Producing Nigeria, from OMLs 67, 68, 70 and 104; Chevron Nigeria Limited, from OML 49, 54, 55, 90, 95; and Elf Petroleum Nigeria Limited, from OPLs 105, 222; OMLs 56, 59, 99, 100, and 102.
Others gas flare defaulters in the period were Nigeria Agip Oil Company, from OPL 316, OMLs 60, 62 and 63; Esso Exploration and Production Nigeria, from OPL 209; Nigerian Petroleum Development Company (NPDC), from OPL 091; Addax Petroleum, from OPLs 090, 098, 118; Moni Pulo, from OPL 230; Agip Energy and Natural Resources OPL 472; Texaco Overseas (Nigeria) Petroleum Company, from OML 86; Express Petroleum and Gas, from OML 108; Crownwell, OPL 306; Summit Oil International, OPL 205; Famfa Oil, OPL 216; and South Atlantic Petroleum International, OPL 246, among others.
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.
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