Economy
Nigeria Loses N1.493trn Potential Revenue to Gas Flaring in 2025
By Adedapo Adesanya
Nigeria lost $1.1 billion (N1.493 trillion) to gas flaring in 2025, as oil and gas companies operating in the country burnt 323 billion Standard Cubic Feet (SCF) of gas between January and December 2025.
This is according to the latest data released by the National Oil Spill Detection and Remediation Agency (NOSDRA).
The agency, in its gas flare report for 2025, released recently, disclosed that the volume of gas flared in 2025 was 7.2 per cent higher than the 301.3 billion SCF (BSCF) of gas flared in 2024, which was also valued at $1.1 billion, about N1.493 billion.
The environmental impact regulator further stated that the volume of gas flared in the 12-month period of 2025 contributed 17.2 million tonnes of carbon dioxide into the atmosphere; had the potential to generate 32,300 gigawatt-hours (GWh) of electricity; while the offending companies were liable for penalties payment of $646.1 million, about N876.622 billion.
NOSDRA maintained that in the 12-month period of 2024, the 301.3 billion SCF of gas flared by oil and gas firms was valued at $1.1 billion, about N1.493 trillion, with penalties payable at $602.7 million, about N818.271 billion, while it contributed 16 million tonnes of carbon dioxide emissions, and had power generation potential of 30,100 GWh.
Providing a breakdown of gas flared data across segments of the oil-producing space in 2025, the agency reported that 206.3 billion SCF of gas was flared by oil and gas firms operating in the country’s onshore oil space, accounting for 63.8 per cent of total gas flared in the period under review, and was 18.36 per cent higher than the volume lost to gas flaring in this same segment in 2024.
NOSDRA added that the volume of gas flared onshore caused the country a loss of 20,600 GWh of electricity, and the emission of 11 million tonnes of greenhouse gases; this was valued at $722 million, about N979.754 billion; while the companies were liable to pay penalties of $412.6 million, about N560.441 billion.
In comparison, the 174.3 billion SCF of gas flared in 2024 by companies operating onshore was valued at $610 million, about N827.77 billion; with penalties payable at $348.6 million, about N473.593 billion; caused the loss of power generation potential of 17,400 GWh; and contributed 9.3 million tonnes of carbon dioxide into the atmosphere.
On the other hand, companies operating offshore accounted for 36.2 per cent of total gas flared between January and December 2025, with 116.8 billion SCF of gas, valued at $408.7 million (N555.013 billion); penalties payable at $233.5 million (N317.538 billion); contributed 6.2 million tonnes of carbon dioxide emission; and eroded 11,700 GWh of electricity generation potential.
Similarly, in the same 12-month period in 2024, offshore operations emitted 6.7 million tonnes of carbon dioxide into the atmosphere, causing the loss of power generation capacity of 12,700 GWh, with 127.1 billion SCF of gas flared, valued at $444.7 million (N603.865 billion), and penalties payable at $254.1 million (N344.678 billion).
NOSDRA noted that the offending companies flared gas from Oil Mining Leases (OML) 04, 05, 11, 13, 14, 17, 18, 22, 28, 23, 24, 38, 40, 42, 43, 72, 49, 54, 86, 90, 95, 67, 70, 104, 59, 99, 100, 101, 102, 110 and Oil Prospecting Licences (OPL) 090, 209, 212, 216, 222, 246, 316 and 306, among others.
It identified the offending companies as Shell Petroleum, Development Company (SPDC), Nigerian Petroleum Development Company (NPDC), Chevron Nigeria, Mobil Oil, Elf Petroleum Nigeria, Nigeria Agip Oil Company (NAOC), Addax Petroleum, Texaco Overseas (Nigeria), Esso Exploration and Production Nigeria, Allied Energy Resources, Ultramar Petroleum, Atlas Petroleum; Cromwell, Afric Oil and Marketing, Famfa Oil, Moni Pulo, and South Atlantic Petroleum, Star Deep Water, Summit Oil, among others.
By Dipo Olowookere
Sell-offs in mid- and large-cap stocks crashed the local bourse by 0.05 per cent on Monday, with almost all the major sectors closing lower.
The insurance counter depreciated by 1.69 per cent, the consumer goods space lost 1.07 per cent, the energy segment shed 0.14 per cent, and the industrial goods index contracted by 0.06 per cent. But the banking sector gained 0.78 per cent, which was not enough to offset the losses printed by the others.
As a result, the All-Share Index (ASI) moderated by 118.66 points to 247,238.74 points from 247,357.40 points, and the market capitalisation receded by N77 billion to N159.511 trillion from N159.588 trillion.
Investor sentiment was weak yesterday after the Nigerian Exchange (NGX) Limited ended with 27 advancing equities and 32 declining equities, implying a negative market breadth index.
Transcorp Power collapsed by 10.00 per cent to N219.60, SUNU Assurances also fell by 10.00 per cent to N3.24, International Breweries slipped by 9.85 per cent to N12.35, Neimeth depreciated by 9.78 per cent to N8.30, and Austin Laz lost 9.64 per cent to trade at N3.28.
Conversely, Thomas Wyatt appreciated by 9.92 per cent to N3.99, Lasaco Assurance gained 9.89 per cent to quote at N2.00, CMFC surged by 9.18 per cent to N3.45, Chams jumped by 7.78 per cent to N4.85, and NGX Group flew higher by 6.96 per cent to N158.30.
The level of activity increased during the session, as market participants bought and sold 638.0 million shares for N57.2 billion in 71,240 deals versus the 565.5 million shares worth N29.9 billion transacted in 53,688 deals last Friday, indicating a rise in the trading volume, value, and number of deals by 12.82 per cent, 91.30 per cent, and 32.69 per cent, respectively.
Access Holdings led the activity chart yesterday after trading 47.6 million stocks valued at N1.4 billion, FCMB exchanged 40.3 million equities for N478.3 million, First Holdco sold 34.2 million shares valued at N4.3 billion, Champion Breweries transacted 33.2 million stocks worth N372.2 million, and Zenith Bank traded 25.4 million equities valued at N3.2 billion.
By Adedapo Adesanya
The major crude oil grades fell more than 7 per cent on Monday, settling at their lowest levels in over a week, after the United States abruptly suspended a campaign of air strikes against Iran.
Brent crude futures declined by $8.42 or 8.7 per cent to settle at $88.36 a barrel, while the US West Texas Intermediate (WTI) crude futures shrank by $6.70 or 7.5 per cent to close at $82.61 per barrel.
Brent futures last week surpassed $100 a barrel as the conflict, which has reduced oil shipments via the Strait of Hormuz, spilt over to the Red Sea. This hindered exports from the world’s top exporter, Saudi Arabia, via the Bab el-Mandeb strait to Asia.
However, Iran said it had halted retaliatory attacks against American allies in the Middle East as the US refrained from attacking Iran for the second night in a row.
The overnight lull in attacks came ahead of a key meeting scheduled in Washington between President Donald Trump and Israeli leader Benjamin Netanyahu.
The visit is scheduled for Tuesday, exactly five months since US and Israeli forces launched a wide campaign of air strikes on Iranian targets.
Iran has pushed back, attacking US allies in the Middle East and essentially closing the Strait of Hormuz, the chokepoint waterway through which a massive amount of oil and gas normally passes en route to global markets.
President Trump on Monday said the US is holding “good talks” with Iran, and that “there’s a good chance that something could happen” in regard to a potential deal. He also threatened “strong military action” if diplomacy fails.
Saudi Arabia’s air defences intercepted and destroyed drones launched from Iraq as Yemen’s Houthis claimed they had targeted sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu.
Shipping data from Kpler showed that fewer than 10 commodity vessels passed through the Strait of Hormuz daily during the weekend.
Also, ship traffic through the Bab el-Mandeb Strait fell on Sunday after Yemeni Houthis attacked Saudi oil installations along the Red Sea coast, although a third Chinese supertanker exited via the waterway.
Kazakhstan, among the world’s 10 biggest oil producers, has more than halved its daily oil output following the closure of the main exporting terminal in Russia’s Black Sea over drone attacks.
By Aduragbemi Omiyale
Those interested in buying or selling the shares of Aluminium Extrusion Plc on the Nigerian Exchange (NGX) Limited will not be able to do so for now.
This is because trading activities on the company’s securities on the Nigerian bourse have been suspended by the NGX Regulation Limited.
The reason for this is that the organisation has failed to submit its financial statements as required by the listing rules for the perusal of the investing community.
After being given grace periods to file the results, the board of the firm has not done the needful, necessitating the wielding of the stick on the entity.
A notice from Customs Street disclosed that the suspension became effective last Wednesday. It will be lifted when the financial results are submitted.
“In accordance with the default filing rules, the suspension of trading in the shares of the company shall be lifted upon the submission of the relevant financial statements,” a part of the notice said.
Business Post reports that Aluminium Extrusion has not filed its financial statements for the year ended December 31, 2025, more than three months after it was required to submit its financial performance for the last fiscal year.
“Trading license holders and the investing public are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period1, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period; b) suspend trading in the issuer’s securities; and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
“Trading in the shares of Aluminium Extrusion Plc has been suspended from the facilities of Nigerian Exchange Limited effective Wednesday, July 22, 2026, for not filing its Audited Financial Statements for the year ended December 31, 2025,” the disclosure stated.
Shares of Aluminium Extrusion last traded on the domestic stock exchange at N9.90 per unit.
