By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said the resolution of the dispute surrounding oil prospecting lease (OPL) 245 would enable the development of the Zabazaba–Etan deepwater project.

In a statement issued on Saturday, Mr Ojulari noted that advancing the project could increase Nigeria’s crude oil output by about 150,000 barrels per day (bpd).

On March 5, the presidency announced that a settlement agreement had been successfully concluded among the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).

It was stated that the agreement ended the protracted dispute over OPL 245 and created the opportunity to move forward with the development of one of Nigeria’s most important deepwater resources.

Commenting on the development, Mr Ojulari described the resolution as a major milestone for both the country and NNPC as efforts continue to promote the responsible development of Nigeria’s strategic energy assets.

“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” the NNPC chief said.

“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.

“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience,” he added.

Mr Ojulari further said the achievement demonstrates the value of collaboration, persistence, and a shared determination to utilise Nigeria’s vast energy resources for the country’s benefit.

The end of the long-standing dispute over Oil Prospecting Licence (OPL) 245 paves the way for the development of one of Nigeria’s most significant deepwater resources. The agreement, signed in Abuja, marked the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.

By Dipo Olowookere

The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, as it rallied by 0.08 per cent on Friday.

This was buoyed by strong investor sentiment due to renewed buying pressure, which left 35 stocks on the gainers’ chart, as 33 stocks ended on the losers’ log, indicating a positive market breadth index.

According to data, Eterna gained 10.00 per cent to close at N42.35, Union Dicon appreciated by 9.70 per cent to N16.40, John Holt grew by 9.25 per cent to N9.45, Tantalizers rose by 8.41 per cent to N4.64, and Fidson expanded by 7.27 per cent to N88.50.

Conversely, RT Briscoe lost 10.00 per cent to finish at N12.06, SCOA Nigeria retreated by 9.96 per cent to N34.35, ABC Transport receded by 9.96 per cent to N6.25, Mecure crashed by 9.96 per cent to N61.50, and Berger Paints declined by 9.93 per cent to N66.65.

Business Post observed that the industrial goods space appreciated by 1.20 per cent yesterday, while the energy index improved by 0.19 per cent.

However, the insurance counter fell by 0.61 per cent, the consumer goods segment shed 0.56 per cent, and the banking industry depreciated by 0.11 per cent.

The All-Share Index (ASI) was down by 161.00 points on Friday to 196,968.15 points from 196,807.15 points on Thursday, while the market capitalisation went down by N119 billion to N126.437 trillion from N126.318 trillion.

A total of 586.2 million units of shares worth N30.6 billion were transacted in 62,699 deals during the trading day versus the 634.0 million shares valued at N29.1 billion traded in 66,286 deals a day earlier, showing a jump in the trading value by 5.16 per cent, and a decline in the trading volume and number of deals by 7.54 per cent and 5.41 per cent, respectively.

The activity chart was led by First Holdco with 43.9 million units worth N2.3 billion, Access Holdings exchange 43.2 million units valued at N1.1 billion, Zenith Bank transacted 40.0 million units for N3.7 billion, GTCO sold 38.9 million units worth N4.6 billion, and Jaiz Bank traded 31.5 million units valued at N323.4 million.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange went up by 0.22 per cent on Friday, March 6, as a result of the rise in the share prices of five securities on the platform.

During the session, the market capitalisation of the bourse added N5.60 billion to close at N2.519 trillion versus the preceding session’s N2.513 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 9.35 points to 4,256.41 points from 4,256.41 points.

The five price gainers were led by 11 Plc, which gained N29.02 to close at N319.25 per unit versus Thursday’s closing value of N290.23 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N1.19 to N81.35 per share from N80.16 per share, Nipco Plc increased by N1.00 to N285.00 per unit from N284.00 per unit, FrieslandCampina Wamco Nigeria Plc rose by 72 Kobo to N125.20 per share from N124.48 per share, and UBN Property Plc improved by 19 Kobo to N2.17 per unit from N1.98 per unit.

On the flip side, Okitipupa Plc lost N20.00 to settle at N230.00 per share compared with the previous day’s N250.00 per share, NASD Plc declined by N5.21 to N51.00 per unit from N56.21 per unit, and First Trust Mortgage Bank Plc declined by 21 Kobo to N1.90 per share from N2.11 per share.

The volume of securities traded by market participants went down by 10.6 per cent yesterday to 3.4 million units from 3.8 million units, and the value of securities dropped 85.3 per cent to close at N62.4 million versus N423.3 million, while the number of deals jumped 4.8 per cent to 44 deals from 42 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 37.2 million units valued at N2.3 billion, followed by Okitipupa Plc with 6.3 million units worth N1.1 billion, and MRS Oil Plc with 3.4 million units sold for N506.8 million.

Resourcery Plc was the most traded stock by volume (year-to-date) with 1.05 billion units traded for N408.7 million, followed by Geo-Fluids Plc with 123.1 million units transacted for N481.6 million, and CSCS Plc with 37.2 million units worth N2.3 billion.