By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited remitted a total of N2.89 trillion to the Federation Account in the first quarter of 2026.

The state-owned oil company also added that its revenue rose to N2.774 trillion (up by 3.51 per cent from the February 2026 report) and that it made a profit after tax of N276 billion (up by approximately 102.94 per cent from February 2026).

These were contained in the company’s latest operational performance summary for March 2026, released on Monday.

According to the report, the country’s official crude oil and condensate output rose to 1.56 million barrels of oil per day while gas production climbed to 7,731 million standard cubic feet per day, representing increases of approximately 3.31 per cent and 3.66 per cent respectively, compared with the February 2026 report.

It added that gas production for the month reached its highest level in the trailing 12-month period covered by the report.

According to the statement, its Upstream pipeline availability was 76 per cent. This measures the readiness as well as operational status of pipelines that transport raw natural gas or crude oil from production sites to terminals or transmission pipelines.

The report read in part: “We also highlight key milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule, as well as the completed welding of the 24″ spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing continuing as scheduled.”

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.

The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.

The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.

Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.

The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.

“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.

Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.

“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.

He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.

“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange started the new week on an upward trajectory after it closed higher by 0.52 per cent on Monday, May 4.

This raised the market capitalisation by N12.48 billion to N2.409 trillion from last Thursday’s N2.396 trillion, and moved the NASD Unlisted Security Index (NSI) higher by 20.86 points to 4,026.64 points from 4,005.78 points.

The unlisted securities market gained weight yesterday despite recording two price gainers and two price losers.

FrieslandCampina Wamco Nigeria Plc added N8.92 to sell at N98.14 per share versus N89.24 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N1.12 to N77.14 per unit from N76.02 per unit.

Conversely, NASD Plc lost N3.47 to sell at N31.23 per share compared with the previous price of N34.70 per share, and Food Concepts Plc declined by 26 Kobo to settle at N2.41 per unit, in contrast to the previous rate of N2.67 per unit.

During the session, the volume of securities traded by investors fell by 14.4 per cent to 751,518 units from 877,682 units, and the number of deals decreased by 44.1 per cent to 31 deals from 56 deals, while the value of securities climbed 32.8 per cent to N35.4 million from N26.7 million.

The most active stock by value on a year-to-date basis remained Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.2 million units transacted for N4.1 billion, and Okitipupa Plc with 27.8 million units sold for N1.9 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.