Economy
NLNG Declares Force Majeure as Flood Halts Gas Supply
By Adedapo Adesanya
Nigeria Liquified Natural Gas (NLNG) has declared force majeure due to the widespread flooding that has disrupted supply in the country.
A force majeure clause in a contract releases a party from fulfilling their contractual obligations when circumstances beyond their control impede them.
A spokesman for the company, Mr Andy Odeh, said on Monday that all NLNG upstream gas suppliers had declared force majeure, forcing it to make the declaration as well.
“The notice by the gas suppliers was a result of high floodwater levels in their operational areas, leading to a shut-in of gas production, which has caused significant disruption of gas supply to NLNG,” Mr Odeh said.
Mr Odeh said NLNG was determining the extent of the disruption and would try to mitigate the impact of the force majeure.
The flooding, happening in over 20 states in Nigeria, has killed more than 600 people. It has, according to estimates, displaced 1.4 million and destroyed roads and farmlands.
Authorities have warned that the flooding, caused by unusually heavy rains and the release of water from a dam in Cameroon, could continue into November.
Nigeria Meteorological Agency (NiMet) said that states in the North-Central and South-East zones in Nigeria should expect more flooding, while the National Emergency Management Agency (NEMA), called for adherence to the Seasonal Climate Prediction by NiMet and the Flood Outlook by the Nigeria Hydrological Services Agency (NIHSA).
The flood has already threatened the food supply and this declaration could worsen Nigeria’s cash crunch and will curtail global gas supply as Europe and others struggle to replace Russian exports due to the invasion of Ukraine in February.
With an estimated 209 trillion cubic feet of natural gas reserves, Nigeria is the largest gas-producing nation in Africa and 10th globally. It produces 8 billion cubic feet of gas daily, according to the Nigerian Upstream Petroleum Regulatory Commission.
The NLNG, which is jointly owned by the Federal Government and three international oil companies, was established in 1989 to harness Nigeria’s vast natural gas resources and produce LNG and natural gas liquids for export, but it started operations in 1999.
By Adedapo Adesanya
A 1.61 per cent fall was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, April 7, on the back of selling pressure.
The profit-taking chopped off N38.87 from the market capitalisation of the trading platform, leaving it at N2.378 trillion compared with the N2.417 trillion it ended last Thursday, when the bourse last witnessed trading activity.
Similarly, the NASD Unlisted Security Index (NSI) dropped 22.57 points to close the session at 3,975.34 points, in contrast to the preceding session’s 4,040.30 points.
The market breadth index was at equilibrium yesterday after recording three price gainers and three price losers, led by Okitipupa Plc, which depleted by N15.00 to N260.00 per share from N275.00 per share. Central Securities Clearing System (CSCS) Plc dipped by N6.31 to N71.69 per unit from N78.00 per unit, and FrieslandCampina Wamco Nigeria Plc went down by N1.00 to N92.00 per share from N93.00 per share.
Conversely, First Trust Mortgage Bank Plc appreciated by 20 Kobo to N2.28 per unit from N2.08 per unit, UBN Property Plc also improved by 20 Kobo to N2.18 per share from N1.98 per share, and Impresit Bakalori Plc gained 19 Kobo to sell at N2.20 per unit versus N2.01 per unit.
During the session, the volume of securities dipped by 99.7 per cent to 797,264 units from 260.2 million units, the value of securities went down by 83.1 per cent to N26.1 million from N154.2 million, and the number of deals decreased by 28.3 per cent to 33 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by CSCS Plc with 57.1 million units sold for N3.9 billion, and Okitipupa Plc with 27.5 million units valued at N1.8 billion.
GNI Plc was also the most traded stock by volume (year-to-date) with 3.4 billion units traded for N8.4 billion, followed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira suffered a decline of N5.87 or 0.43 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 7, to trade at N1,386.66/$1 compared with the previous value of N1,380.79/$1.
It was the first trading day in the local currency market after it closed last Friday and Monday for the Easter holiday.
In the same market window, the Nigerian Naira also depreciated against the Pound Sterling during the session by N13.71 to sell for N1,838.57/£1 versus N1,824.86/£1, and lost N13.69 on the Euro to quote at N1,605.61/€1 versus N1,591.92/€1.
In the black market, the Nigerian currency maintained stability against the Dollar yesterday to remain unchanged at N1,4010/$1.
Despite the recent movement, analysts remain optimistic about the outlook of the currency in 2026, citing ongoing reforms by the Central Bank of Nigeria (CBN).
The Centre for the Promotion of Private Enterprise (CPPE) said Naira stability in the first quarter of the year boosted business confidence, noting that the currency remains relatively stable during the period, trading within the N1,340 to N1,430 per Dollar band.
It attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above 50 billion dollars.
In the cryptocurrency market, prices rose after US President Donald Trump announced a two-week cease-fire with Iran, abruptly reversing days of bearish positioning.
The spike triggered roughly $595 million in crypto liquidations, with short positions making up about $427 million, marking the most aggressive short squeeze since early March. Short positions occur when investors profit from a decline in the price of an asset, so when prices rise, losses occur for the shorts.
Cardano (ADA) rose by 8.3 per cent to $0.2629, Ethereum (ETH) appreciated by 7.3 per cent to $2,249.69, Solana (SOL) added 6.6 per cent to sell for $84.67, Ripple (XRP) jumped 5.8 per cent to $1.38, Dogecoin (DOGE) expanded by 5.1 per cent to $0.0949, Bitcoin (BTC) grew by 5.0 per cent to $71,897.41, Binance Coin (BNB) increased by 3.3 per cent to $616.35, and TRON (TRX) gained 0.1 per cent to trade at $0.3160, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Dipo Olowookere
The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the two-day break for Easter ended on a positive note, with a 0.16 per cent rise on Tuesday, April 7, 2026.
The local stock exchange last opened its doors to investors last Thursday, and at the resumption of trading activities yesterday, market participants showed enthusiasm, mopping up shares in the banking ecosystem, and rescuing the bourse from the bears.
This returned Customs Street to the green territory, with the All-Share Index (ASI) growing by 324.21 points to 202,023.10 points from 201,698.89 points, and the market capitalisation up by N209 billion to N130.015 trillion from N129.806 trillion.
The expansion experienced during the session was inspired by three sectors, with the banking index up by 1.46 per cent, the energy space up by 0.12 per cent, and the consumer goods counter up by 0.10 per cent. But the insurance sector lost 1.37 per cent, and the industrial goods sector depreciated by 0.31 per cent.
Business Post reports that investor sentiment was bearish on Tuesday after a negative market breadth index caused by 25 price gainers and 36 price losers.
Ellah Lakes slumped by 10.00 per cent to N10.80, DAAR Communications gave up 9.95 per cent to trade at N1.72, Chams decreased by 9.87 per cent to N3.38, John Holt lost 9.71 per cent to finish at N13.95, and Sunu Assurances slipped by 9.68 per cent to N4.20.
On the flip side, Trans Nationwide Express gained 9.86 per cent to quote at N3.12, Omatek appreciated by 9.76 per cent to N2.25, Cadbury Nigeria improved by 9.53 per cent to N75.25, First Holdco rose by 9.10 per cent to N54.55, and Fortis Global Insurance chalked up 6.50 per cent to close at N1.31.
Trading data revealed that activity level improved during the session, with the trading volume up by 114.29 per cent to 1.2 billion shares from 560.0 million shares, the trading value surged by 108.81 per cent to N40.3 billion from N19.3 billion, and the number of deals soared by 57.03 per cent to 78,006 deals from 49,676 deals.
Wema Bank transacted 282.6 million equities valued at N7.3 billion, Access Holdings exchanged 125.2 million stocks worth N3.3 billion, VFD Group traded 106.8 million shares for N1.1 billion, First Holdco sold 63.0 million equities worth N3.2 billion, and GTCO exchanged 56.6 million shares valued at N7.1 billion.
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