Economy
NNPC Boosts Trading Surplus by 23.64% to N43.57bn in 30 Days
By Aduragbemi Omiyale
In 30 days, the Nigerian National Petroleum Corporation (NNPC) boosted its trading surplus by 23.64 per cent to N43.57 billion.
A statement issued on Sunday by the spokesman of the agency, Mr Kennie Obateru, disclosed that the figure grew from the N35.24 billion recorded in March 2021.
It was disclosed that the rise was due to the activities of the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as an increase in gas sales.
The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO), the statement added.
In the period under review, according to the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), the operating revenue increased by 17.73 per cent or N80.67 billion to N535.61 billion, while the expenditure for the month rose by 17.24 per cent or N72.34 billion to N492.05 billion, with the expenditure as a proportion of revenue at 0.92, same as the preceding month.
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
In the downstream sector, to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67 billion litres of Premium Motor Spirit (PMS) translating to 55.79 million litres/day were supplied in the month under review.
The report also showed a 34.29 per cent reduction in the number of pipeline points vandalized from 70 in the previous month of March 2021 to 46 in April 2021. While Port Harcourt area accounted for 54 per cent, Mosimi area accounted for 46 per cent of the vandalised points.
In the gas sector, a total of 209.27 billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72 million standard cubic feet per day (mmscfd).
For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76 mmscfd.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 per cent, 19.95 per cent and 17.98 per cent respectively to the total national gas production.
In terms of natural gas off-take, commercialisation and utilization, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf of gas was commercialized consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.
This translates to a total supply of 1,430.90 mmscfd of gas to the domestic market and 2,976.94 mmscfd of gas supplied to the export market for the month.
This implies that 61.45 per cent of the average daily gas produced was commercialised while the balance of 38.55 per cent was either re-injected, used as upstream fuel gas or flared.
The gas flare rate was 9.74 per cent for the month under review (ie 670.19 mmscfd) compared with the average gas flare rate of 7.42 per cent (i.e. 542.22 mmscfd) for the period of April 2020 to April 2021.
A total of 795 mmscfd was delivered to gas-fired power plants in the month of April 2021 to generate an average power of about 3,416 MW.
NNPC started publishing its Monthly Financial and Operation Report in October 2015, making the April 2021 edition the 69th in the series. It is published in line with the commitment of the corporation’s management to be more transparent, accountable to its stakeholders and the Nigerian public.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on state-owned enterprises to increase standards of transparency, ethics, and performance as Nigeria pushes to build a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health, designed to position state-owned enterprises for investment, growth, and long-term value creation.
According to Mr Edun, this scorecard is not just a document; it’s a test, adding that strong governance attracts capital, builds trust, and delivers real economic returns.
The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Limited, Mr Edun noted that state-owned enterprises must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.
On his part, MOFI Chairman, Mr Shamsudeen Usman, confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth, with governance now central to growth, resilience, and investor confidence.
The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for state-owned enterprises.
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange rose by 1.70 per cent or N32.36 billion on Thursday, April 10, closing at N1.925 trillion, in contrast to the N1.892 trillion quoted at the preceding session.
However, the NASD Unlisted Security Index (NSI) went up by 10.46 points or 0.32 per cent to 3,287.85 points from the 3,277.39 points it ended a day earlier.
The market capitalisation was higher yesterday after admitting additional shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the platform after regulatory approval. The firm joined the NASD Exchange on March 6.
The company, backed by the Nigerian sovereign wealth fund, added 11.166 million units to bring its volume to 26.421 million.
At the trading session, FrieslandCampina Wamco Nigeria Plc gained N1.91 to close at N38.50 per unit versus N36.59 per unit, Mixta Real Estate Plc rose by 41 Kobo to N4.55 per share from the previous closing value of N4.14 per share, Lagos Building Infrastructure Company (LBIC) Plc grew by 17 Kobo to N2.63 per unit from N2.80 per unit, and Paintcom Investment Plc improved by 2 Kobo to N10.74 per share from N10.72 per share, while Geo-Fluids Plc declined by 22 Kobo to N2.00 per unit from N2.22 per unit.
The volume of transactions surged by 9,665.9 per cent to 18.1 million units from 185,449 units, the value of transactions soared by 7,174.3 per cent to N192.9 million from N192.9 million, and the number of deals rose by 81.8 per cent to 20 deals from 11 deals.
Impresit Bakolori Plc ended the day as the most active stock by volume (year-to-date) for trading 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million, and Geo Fluids Plc with 44.6 million units sold for N90.2 million.
FrieslandCampina Wamco Nigeria Plc also remained as the most active stock by value (year-to-date) with 14.5 million units valued at N559.2 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N365.0 million.
By Adedapo Adesanya
The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.
In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.
As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.
The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.
However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.
Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.
Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.
Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.
The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.
Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.
On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN