Economy
NNPC Awards Ajaokuta-Kaduna-Kano Gas Pipeline Contract to Oando
By Modupe Gbadeyanka
A deal for the construction of Ajaokuta-Kaduna-Kano gas pipeline project has been awarded to Oando Plc by the Nigerian National Petroleum Corporation (NNPC).
The deal consists a two party consortium consisting of Oando, in conjunction with its midstream affiliate, Axxela Limited (Axxela) formerly known as Oando Gas & Power) and Oilserv Limited.
The contract is for the Engineering, Procurement, and Construction (EPC) mandate for the Ajaokuta–Abuja portion (Lot 1) of the Ajaokuta-Kaduna-Kano Pipeline system (the AKK Pipeline).
According to Oando in a statement issued today, the firms were given the nod to embark on the project after an extensive due diligence process conducted by the NNPC following a submission by Oando and Oilserv in 2013 in response to an Expression of Interest for a contractor-financed EPC development of the AKK Pipeline Project.
It was disclosed that the $727 million worth Ajaokuta-Abuja Pipeline development is a 215km gas infrastructure with associated facilities such as Metering/Terminal Gas Station, Pigging Station, Block Valve Stations etc.
The development of the AKK grid is a manifestation of the Gas Infrastructure Blueprint in the Nigerian Gas Master Plan, which seeks to extend the existing gas transmission network and achieve connectivity between the East (gas reserves) and the North (demand centres); serve new customers in the Northern regions; and bridge the shortfall in the Western region.
Commenting on the deal, the group chief executive of Oando and Chairman of Axxela, Mr Adewale Tinubu, stated that, “Our long-standing achievements and aspirations in the gas and power sector are testament to our desire to continuously provide innovative and integrated energy solutions across sub- Saharan Africa.
“The award of the Ajaokuta–Abuja portion of the AKK Pipeline Project also underscores our position as the partner of choice for investors, regulators, and key stakeholders as gas continues to gain prominence as a key driver for the region’s economic empowerment.”
Also speaking on the contract award, CEO of Axxela, Bolaji Osunsanya, remarked that, “As forerunners in the sector, we remain actively committed to the long term realisation of the Nigerian Gas Master Plan.
“The development of critical gas pipeline infrastructure and a far-reaching national grid remains pivotal to the country’s industrialization and economic empowerment.
“Consequently, the implementation of the AKK Pipeline Project will enable power-starved communities across the northern region have greater access to electricity, while providing stranded commercial and industrial customers with a cleaner and more efficient source of energy.”
In a bid to aggressively expand its operational footprint and further create value-adding opportunities in the gas and power space, Oando divested a portion of its erstwhile midstream vehicle, Oando Gas & Power to Helios Investment Partners LLP (Helios), a premier Africa-focused private investment firm.
Oando Gas & Power subsequently rebranded as Axxela.
Axxela remains the pioneer developer of Nigeria’s foremost natural gas distribution network and the largest private sector gas distributor. The company is also extending its gas advantage to identified customers in neighbouring Benin, Togo, and Ghana with a target to deliver over 100 million standard cubic feet per day (mmscf/d) via its newly acquired shipper status on the West Africa Gas Pipeline to fuel power plants, commercial entities and residential homes.
According to NNPC, awards for the three lots on the AKK Pipeline Project were made to three selected consortia to facilitate a timely delivery of the gas network.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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