Economy
Nigeria Loses N264.4bn as Famfa Oil, Others Flare 170.5BSCF Gas
By Adedapo Adesanya
Companies operating in Nigeria’s petroleum industry flared 170.5 billion standard cubic feet (BSCF) of gas between January and October 2022.
According to the latest data released by the National Oil Spill Detection and Response Agency (NOSDRA), the value of total gas flared in the ten-month period stood at $596.9 million. Using the current official exchange rate of the Central Bank of Nigeria (CBN) of N443/$1, this loss amounts to N264.427 billion in potential revenue to Nigeria.
The oil spill remediation authority also disclosed that the defaulting companies were liable to fines totalling $341.1 million, an equivalent of N151.107 billion.
NOSDRA further stated that the volume of gas flared in the period under review was equivalent to carbon dioxide emission of 9.1 million tonnes and had a power generation potential of 17,100 gigawatts hour (GWh).
Giving a breakdown of the volume of gas flared across oilfields, NOSDRA reported that companies operating in Nigeria’s offshore oil fields flared 86.8 billion standard cubic feet of gas valued at $303.9 million (N134.628 billion).
It added that carbon dioxide emissions from the volume of gas flared offshore was 4.6 million tonnes, while its power generation potential was 8,700 gigawatts-hour of electricity.
Specifically, in January, February, March, April, May, and June 2022, 10.83 BSCF, 13.09 BSCF, 6.003 BSCF, 14.85 BSCF, 12.58 BSCF and 4.81 BSCF of gas were flared, respectively; while 3.73 BSCF, 6.3 BSCF, 7.3 BSCF and 7.34 BSCF of gas were flared in July, August, September and October 2022, respectively.
In addition, the agency stated that the companies which flared gas offshore, were liable for fines of $173.6 million, an equivalent of N76.905 billion, for the volume of gas flared.
On the other hand, companies operating onshore caused the country loss of $293 million, about N129.799 billion, and were liable for $167.4 million (N74.158 billion) fines, for flaring 83.7 BSCF of gas.
Specifically, 19.14 BSCF, 14.03 BSCF, 10.49 BSCF, 6.63 BSCF, 8.72 BSCF, 4.87 BSCF, and 5.58 BSCF of gas were flared in January, February, March, April, May, June and July 2022, while in August, September and October 2022, 5.39 BSCF, 3.34 BSCF and 5.52 BSCF of gas were flared respectively.
Some of the oilfields from which gas flaring was detected, according to NOSDRA, are Oil Mining Leases (OML) 11, 13, and 14, operated by Shell Petroleum Development Company (SPDC); OML 63 and Oil Prospecting Licence (OPL) 316 and 209, operated by Nigeria Agip Oil Company (NAOC); OMLs 64 and 111, operated by Nigerian Petroleum Development Company (NPDC); OPL 209, operated by Esso Exploration and Production Nigeria Limited; OPL 216, operated by Famfa Oil Limited.
Others are OML 49, operated by Chevron Petroleum Nigeria Limited; OML 70, Mobil Producing Nigeria; OMLs 100, 101, and 102, operated by Elf Petroleum Nigeria; and OML 86, operated by Texaco Overseas (Nigeria) Petroleum Company, among others.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for 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.
