Economy
NNPC Begins Oil Search in Sokoto Basin
By Modupe Gbadeyanka
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has disclosed that the state-oil firm has embarked on properly and professional exploration of all inland basins in the country including the Sokoto basin.
According to him, the NNPC has already procured aeromagnetic data on the Sokoto basin from the Nigerian Geophysical Survey as well as awarded contract for the mapping and procurement of apt samples to further the understanding of the area.
Dr Baru informed that the NNPC has contracted its subsidiary, Integrated Data Services Limited (IDSL), to carry out various geochemistry investigations to boost the gathering and integration of all relevant data ahead of the planned procurement of seismic 2D data position which would in turn determine various prospects.
Speaking on Wednesday at the NNPC Towers in Abuja when the Governor of Sokoto State, Mr Aminu Tambuwal, paid him a courtesy visit, the NNPC boss also pledged to attend the forthcoming seminar on the Sokoto basin, noting that the corporation would use the platform to update and also share its knowledge of the basin with relevant stakeholders.
On the noticeable limited disruptions in supply of petroleum products due to the recently aborted labour strike, the GMD informed that the issues raised by labour have since been settled. He said normal loading activities have resumed in those areas affected by the industrial action.
At the meeting, the Sokoto State Governor appealed to the NNPC to activate oil and gas exploration campaign in the Sokoto Inland Sedimentary Basin with a view to establishing the volume and value of hydrocarbon deposits there.
Governor Tambuwal enthused that based on existing exploration records, it is likely that renewed search for oil in the basin would yield some positive results in the nearest future.
While commending the current administration for re-invigorating the quest for oil in the new frontiers, Mr Tambuwal noted that the successful search for hydrocarbon deposit in the basin would go a long way in increasing the nation’s oil reserve with the attendant value addition.
“We are here more on an advocacy visit to your office, Mr GMD, to kindly request for your intervention and attention for the office in charge of frontier exploration to pay attention to Sokoto basin just the way attention is being paid to other basins in the country,” he said.
The governor invited the NNPC GMD and Top Management to a conference in Sokoto sometimes in October 2017 which is being facilitated by the Petroleum Technology Development Fund, PTDF in collaboration with the Usman Dan Fodio University.
He said the conference would thoroughly x-ray the search for oil in the Sokoto basin.
Governor Tambuwal also commended the GMD for recent successes in the corporation especially the stability in the supply and distribution of petroleum products across the country.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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