Economy
Nigeria to Daily Pump 2 million barrels of Crude Oil by December 2023
By Adedapo Adesanya
Nigeria is targeting to pump 2 million barrels per day when all loose ends are tied, according to the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri.
Mr Lokpobiri stated this at the weekend at the end of a three-day retreat for Ministers, Special Advisers and other presidential aides at the Conference Centre of State House, Abuja.
He said, “If we don’t increase the crude production, the midstream and downstream will also fail. We must produce the crude to refine before distribution but our problem right now, which we inherited, is the low level of production, which was a result of insecurity issues, lack of investments, and all other concerns.
“But we are addressing all those issues and I believe that in the next few months, we will be able to come up with a different report.
“We have addressed the issue of insecurity, we have rekindled the confidence of international oil companies to come back and begin to reinvest.
“We are addressing some of the issues they have raised with us, which has to do with both fiscal and regulatory, and so on and so forth.
“So, I believe that as a ministry we have set some very ambitious numbers for ourselves that before the end of the year, we should be doing at least close to two million barrels per day.”
Giving updates about the country’s refineries in Port Harcourt, Warri, and Kaduna, he said the responsibility and blame for any hiccup belonged to the Nigerian National Petroleum Company (NNPC) Limited if the deadline was not met by the end of 2024.
“Yes, the rehabilitation of the refineries, if you could remember, was started by the previous administration and as part of the president’s directive, I have gone around all the refineries and from what they have briefed me, Port Harcourt has 3 phases, so Phase 1 will be ready by the end of this year.
“I am not the one who is directly in charge of rehabilitation, it is the NNPCL and they have told me and I am holding them accountable.
“For Warri refinery, they said Phase 1 will be ready by the end of the year. Phases 2 and 3 in Port Harcourt will be ready next year and the whole of Kaduna refinery will be ready by the end of next year. That is what they said and I am holding them accountable to their words.
“I will be going there in the next few weeks, I will go there regularly and sometimes without a schedule so that nobody plans for me. I just appear to see what is going on.
“I believe that those refineries if we can achieve some level of rehabilitation by the end of this year, will also improve our domestic refining capacity. But that is not even the problem, Dangote refinery, too, is coming.”
Speaking on modular refineries, Mr Lokpobiri said, “We have a lot of modular refineries that we have given licences but the challenge has been the feedstock. Even if you have the modular refinery, do you have the crude to be able to refine?”
He revealed that more modular refineries were being licenced by the present administration but warned that the government would not hesitate to revoke licences of underutilised modular refineries.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis 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 transacted for N1.2 billion.
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