Economy
NIPCO Mulls LPG Production For Good Returns to Shareholders
By Adedapo Adesanya
Managing Director of NIPCO Plc, Mr Sanjay Teotia, has hinted that the leading downstream oil company in Nigeria will consider “venturing into [Liquefied Petroleum Gas] LPG production [in the near future] against the background of the nation’s richness in natural gas.”
Mr Teotia made this disclosure at the 15th Annual General Meeting (AGM) of the energy firm held in the nation’s capital, Abuja, on Wednesday, September 25, 2019.
Business Post reports that the MD, while addressing shareholders at the gathering, explained that the reason for this is to “diversify and grow our streams of income through the expansion of the company’s oil and gas business would gain more momentum,” assuring investors that they would “continue to smile with good returns on their investment year in year out.”
According to him, “Our growth plans for the future would be hinged on focused implementation of our strategic intent of exceeding customer’s expectations in all our line of businesses.
He said, “Currently in LPG storage space, NIPCO does not only possess the largest capacity but also are the most active as well as the supplier of choice for LPG,” thanking shareholders for their “growing faith in the management over the years.”
Mr Teotia said he has been able to firm up the administration in his second successive year in the leadership of the company, in a way that each and every member of the NIPCO family possesses greater sense of belonging in the overall interest of the company, promising to take the form to greater heights.
He described the 2018 financial year as challenging especially with the setback suffered by the Petroleum Industry Governance bill, but said despite this and others, NIPCO was “able to drive its growth plans through expansion of some of its core business activities and a backward integration of its business lines.”
He said, “Management has continued to make more investments in the white and gas business to boost more revenues and deliver significant returns to you all. We were able to optimize cost without necessarily sacrificing quality service delivery,” emphasising that, “Fifteen years of operation in a stormy industry such as ours is great achievement worthy of applause.”
L-R, Group Executive Director, NIPCO PLC, Abdulkadir Aminu; Director, Mr Ramesh Kasangra; Chairman, Chief Bestman Anekwe; Managing Director, Mr Sanjay Teotia; and Company Secretary, Barrister Paul Obi at the company’s Annual General Meeting in Abuja.
On his part, Chairman of NIPCO, Mr Bestman Anekwe, noted that, “We have maintained a constant expansion of our retail outlets and furthermore our company has maintained the lead in the LPG subsector by doubling the number of LPG skids and plants all over the country,” adding that the company was able to sustain its steady growth through strategic expansion of some of its core business activities and made a turnover of about N254 billion and a profit after tax of N1.5 billion
Mr Anekwe also noted these achievements were recorded in the face of the difficult operating environment, which had prevailed in the sector in the last few years, adding that the board of directors of the downstream oil sector player also proposed a total dividend of N563 million translating into 300k (N3) per share from the profit after tax, which was unanimously approved by the shareholders .
In the year under review, the firm declared a profit after tax of N1.58 billion and recorded N254 billion turnover, while deepening its petroleum products outlets expansion and doubling its LPG market share in Nigeria.
By Adedapo Adesanya
Celebrities, including musicians and influencers, have been warned by the Securities and Exchange Commission (SEC) against promoting unregistered investment schemes following the recent collapse of Crypto Bridge Exchange (CBEX).
In a statement made available to the press on Sunday, the commission stated that those who promote such schemes risk legal consequences.
The warning comes following the enactment of the Investments and Securities Act 2025, signed into law by President Bola Tinubu.
Explicitly defining Ponzi schemes, the new law empowers the SEC to impose a minimum fine of N20 million and a jail term of 10 years on promoters of such schemes.
SEC’s Director-General, Mr Emomotimi Agama, who spoke on the provisions of the new law, said the regulator was collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.
“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment.
“We are therefore using this medium to warn such persons to desist from promoting unregistered entities,” Mr Agama stated.
He added that following the collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians over billions, the SEC has intensified its crackdown on Ponzi operators.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.
Business Post reports that celebrities and influencers are often major promoters of these schemes and in the past many of them have put Nigerians at losses. One such prominent case was Racksterli, founded by Mr Michael Chidiebere Oti known as Black Gold and was promoted by top Nigerian musicians and actors which promised high return of up to 40 -50 per cent monthly.
However, the platform collapsed in 2021, leaving many investors without their capital or promised returns.
At that time, affected individuals called for the arrest of these celebrities for their roles in endorsing the Ponzi scheme.
By Dipo Olowookere
Foreign and domestic investors have called on the Nigerian government to address some issues to make investing in the country attractive to them.
They made this call at a strategic investment forum hosted at the Nasdaq MarketSite in New York, USA, on Thursday, April 17, 2025. The event was organized by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange (NGX) Group Plc, JPMorgan, and the African Private Capital Association (AVCA).
The forum was put together to woo global capital and enhance investor’s confidence because it had in attendance leaders from the Nigerian diaspora, global investment institutions, and corporate executives.
While the investors welcomed Nigeria’s reform agenda, they emphasised that sustained confidence would require consistent foreign exchange (FX) policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The Governor of the CBN, Mr Yemi Cardoso, in a fireside chat with Nobel Prize-winning economist, Mr James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment.
“We inherited a crisis of confidence, but we chose a different path. We’re not turning back,” Mr Cardoso declared.
He also stressed the importance of strong collaboration between regulators like the CBN, market operators such as NGX Group and Nigerians in diaspora, describing it as critical to building a resilient financial system and mobilizing long-term investments.
On his part, the chief executive of NGX Group, Mr Temi Popoola, who moderated a panel on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital, said, “Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story.”
“The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth,” he added.
By Dipo Olowookere
The trio of Access Holdings, Fidelity Bank, and Universal Insurance were the business stocks on the Nigerian Exchange (NGX) Limited last week, accounting for 448.105 million units worth N6.730 billion in 6,481 deals, contributing 29.39 per cent and 15.65 per cent to the total trading volume and value, respectively.
In the four-day trading week, investors bought and sold 1.525 billion shares valued at N43.006 billion in 51,156 deals, in contrast to the 2.094 billion shares worth N52.967 billion traded in 64,612 deals in the previous week.
Data showed that financial equities led the activity chart with 1.122 billion units sold for N24.015 billion in 28,818 deals, contributing 73.56 per cent and 55.84 per cent to the total trading volume and value, respectively.
Business Post reports that ICT stocks recorded a turnover of 101.252 million units worth N4.819 billion in 2,541 deals, and services shares traded 99.776 million units valued at N1.230 billion in 3,063 deals.
Abbey Mortgage Bank topped the gainers’ chart with a price appreciation of 46.17 per cent to settle at N8.96, Nigerian Breweries gained 13.13 per cent to sell for N36.20, ABC Transport grew by 12.70 per cent to N1.42, Livestock Feeds rose by 11.24 per cent to N9.50, and Unilever Nigeria increased by 9.65 per cent to N38.05.
On the flip side, GTCO topped the losers’ table after it shed 13.24 per cent to finish at N59.00, Zenith Bank lost 11.91 per cent to quote at N44.00, DAAR Communications weakened by 11.11 per cent to 56 Kobo, Caverton dropped 10.63 per cent to N2.27, and RT Briscoe declined by 10.38 per cent to N1.90.
A total of 31 equities appreciated during the week versus 27 equities in the previous week, 44 shares depreciated versus 56 shares of the preceding week, and 72 stocks closed flat versus the 64 stocks recorded a week earlier.
When the market closed last Thursday because of the public holiday on Friday for the Easter break, the All-Share Index (ASI) and the market capitalisation depreciated by 0.32 per cent each to 104,233.81 points and N65.499 trillion, respectively.
Also, all other indices finished lower except the premium, pension, MERI Growth, consumer goods, energy, Lotus II, growth, sovereign bond and pension broad indices, which gained 0.57 per cent, 0.42 per cent, 2.67 per cent, 2.33 per cent, 0.20 per cent, 0.16 per cent, 0.26 per cent, 0.39 per cent, and 0.55 per cent, respectively, while the AseM and commodity indices closed flat.
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