Economy
Nigeria’s Gas Output Drops 3.7% to 166.458bcsf in October
By Adedapo Adesanya
Nigeria’s total gas output dipped by 3.7 per cent to 166.458 billion standard cubic feet (SCF) of gas in October 2023 from the 172.77 billion SCF (BCF) of gas produced in September 2023.
According to the latest data released by the Nigerian National Petroleum Company (NNPC) Limited in its gas production and utilisation report, out of this total gas output, 9.796 billion SCF was flared, representing 5.9 per cent of total gas output.
The volume of gas flared in October was 4.1 per cent lower than the 10.21 billion SCF of gas flared in September 2023.
Giving a breakdown of the total gas produced and utilized, the NNPC stated that output from associated gas (AG) stood at 114.47 billion SCF, while non-associated gas (NAG) stood at 51.987 billion SCF.
In addition, the NNPC stated that of the total gas produced in October, apart from the 9.796 billion SCF flared, 156.661 billion SCF of gas was utilized, dropping by 3.63 per cent from the 162.561 billion SCF of gas utilized in September 2023.
Analyses of gas utilization data showed that 10.334 billion SCF of the commodity was utilized as fuel gas; 56.497 billion SCF was allocated to the Nigerian Liquefied Natural Gas (NLNG); while 7.425 billion SCF of gas was allocated to the Escravos Gas-to-Liquid (EGTL) project.
In addition, Natural Gas Liquid/Liquefied Petroleum Gas (NGL/LPG) gas output stood at 4.032 billion SCF; domestic gas sales by the Nigerian Gas Company (NGC) and others stood at 23.956 billion SCF, while gas re-injection and gas lift make-up stood at 54.417 billion SCF.
Furthermore, the NNPC reported that Nigerian Petroleum Development Company – Chevron Nigeria Limited Joint Venture (JV) and Seplat were the worst offender in terms of gas flaring, as they each flared 100 per cent of their total gas output of 184 million SCF and 202 million SCF of gas.
Agip Energy and Natural Resources (AENR) from its Agbara field, First E&P and Enageed Resources from Oil Mining Lease 148 followed, flaring 94.53 per cent, 93 per cent and 92.53 per cent of their gas output of 170 million SCF; 824 million SCF and 109 million SCF of gas respectively.
Others are Aiteo, which flared 50.72 per cent of its total gas output; Nigerian Agip Exploration, Abo Floating Production Storage and Offloading, with flared gas of 46.14 per cent of its total output; Newcross 44.28 per cent of its total output and Heirs Holding Oil and Gas (HHOG) joint venture, which flared 15 per cent of its gas output.
The least offenders are Sterling Oil Exploration and Production Company Limited (SEEPCO), flaring 0.01 per cent and 1.58 per cent from OML 143 and 146, respectively; Total Exploration and Production Nigeria (TEPNG)- 1.02 per cent; Shell Nigeria Bonga FPSO – 0.54 per cent and Shell JV, which flared 3.8 per cent of its total gas output.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
See the full list below:
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
