Economy
NIPCO Throws Full Weight Behind FG’s Autogas Policy
By Adedapo Adesanya
The Nigerian Independent Petroleum Company (NIPCO) has expressed its commitment to ensuring that more vehicles run on gas in Nigeria to improve efficiency and guarantee a cleaner environment.
The Managing Director, NIPCO Gas Limited (NGL), Mr Sanjay Teotia, said the firm is committed to providing access to motorists to convert their cars to run on gas in furtherance of the federal government’s renewed initiative to reduce dependence on fossil fuels.
Speaking on the sidelines of a gas utilisation forum organised by Gas Aggregation Company of Nigeria in Imo State, Mr Teotia said NGL, which is a subsidiary of NIPCO Plc, is providing a lot of infrastructures to facilitate the use of gas as the preferred energy source to motorist and industrial concerns.
He described the new drive of the federal government has been very apt to spur the use of gas in transportation.
The company, which has so far fitted about 6,000 vehicles to run on gas since its inauguration by the then Minister of Petroleum Resources, Mr Rilwan Lukman in 2009 in Benin, Edo State, is pioneering gas-powered automobiles as viable alternatives to white products.
He noted that initiative was conceptualized to offer alternative fuel to motorists as a result of the huge sums of money been expended on fuel subsidy, as it provides cheaper fuel and improves the efficiency of vehicles.
The MD said the company has so far commissioned eight Compressed Natural Gas (CNG) filling stations in strategic locations and also established the biggest gas compression plant in West Africa in the country.
The NIPCO boss applauded the federal government’s initiative to ensure that more cars, especially commercial vehicles run on gas, adding that NGL has positioned itself strategically to ensure the realization of this noble objective to the benefit of Nigerians and clean environment.
Mr Teotia said the company’s efforts which have facilitated more motorists to embrace gas as preferred fuel especially in Benin, Edo State, where the pilot project took off and Ibafo, Ogun State, where the biggest gas compression plant in Africa is situated, is in tandem with the Federal Government’s renewed initiative to enable motorists to have the capacity to use both gas and petrol for vehicles.
He noted that the government’s effort to promote the conversion of commercial vehicles based on the expensive nature of the kits is very apt, adding that it would be good for cars too with commensurate support
According to him, the Benin pilot project is a good illustration of cars running on gas as thousands of taxis in the axis are already powered with gas.
“We have since improved our manpower to key appropriately into government vision on vehicle conversion to run on gas as more enquiry are been made in our outlets on how vehicles especially those running on petrol can be fitted with kits to use gas,” he said.
He noted that the NGL entry into the gas industry has created lots of employment opportunities for Nigerians and exposure to the latest technology in gas compression and conversion of vehicles at Transcorp Hilton, Abuja
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
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