Economy
NNPC December 2020 Trading Surplus Rises 80.1%
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.1 per cent in trading surplus for the month of December 2020.
In the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), the agency said it recorded a trading surplus of N24.2 billion in the period under review compared with the N13.4 billion achieved in November 2020.
Business Post reports that a trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
In a press release issued by the Group General Manager, Group Public Affairs Division of the NNPC, Mr Kennie Obateru, it was stated that the operating revenue in December 2020 was N546.7 billion in contrast to N409.7 billion recorded in November 2020, indicating an increase by 33.4 per cent or N137 billion.
In the 65th edition of the NNPC MFOR, which highlights the corporation’s activities for the period of December 2019 to December 2020, it was noted that the expenditure for the month increased by 27.5 per cent or N112.8 billion to N522.5 billion from N409.7 billion, with the December 2020 expenditure as a proportion of revenue at 0.96 as against 0.97 in November 2020.
The report indicated that the 80.1 per cent increase was mainly due to the significant rise in the profit of NNPC’s flagship upstream entity, the Nigerian Petroleum Development Company (NPDC), amid improved market fundamentals and strong global demand for crude oil.
Other contributory factors to the robust trading surplus recorded in the month under review included the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.
In the downstream, 2.26 billion litres of white products were sold and distributed by PPMC in the month of December 2020 compared to 1.72 billion litres in the month of November 2020.
This comprised 2.25 billion litres of petrol, translating to 72.7 million litres/day, 11.40 million litres of Automotive Gas Oil (diesel) and 0.48 million litres of kerosene.
Total sale of white products for the period of December 2019 to December 2020 stood at 18.5 billion litres and petrol accounted for 18.3 billion litres or 99.3 per cent.
In monetary terms, the volume translates to a value of N288.8 billion recorded on the sale of white products by PPMC in the month of December 2020 compared to N226.1 billion sales in November 2020.
Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at N2.2 trillion, where petrol contributed about 99.1 per cent of the total sales with a value of N2.2 trillion.
In December 2020, a total of 43 pipeline points were vandalized representing about an 18.6 per cent increase from the 35 points recorded in November 2020.
Mosimi Area accounted for 56 per cent of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 33 per cent and 12 per cent respectively.
In the gas sector, natural gas production in December 2020 stood at 213.34 billion cubic feet (BCF) translating to an average daily production of 6,881.83 million standard cubic feet of gas per day (mmscfd).
The daily average natural gas supply to power plants increased by 3.5 per cent to 816 mmscfd, equivalent to power generation of 3,445 Megawatts (MW).
Out of the 208.6 BCF of gas supplied in December 2020, a total of 146.7 BCF was commercialised; consisting of 42.9 BCF and 103.8 BCF for the domestic and export market respectively.
This translates to a total supply of 1,383.9 mmscfd of gas to the domestic market and 3,349 mmscfd of gas supplied to the export market for the month.
This implies that 70.3 per cent of the average daily gas produced was commercialized while the balance of 29.7 per cent was re-injected, used as upstream fuel gas or flared.
The gas flare rate was 6.8 per cent for the month under review (i.e. 457.25 mmscfd) compared to the average gas flare rate of 7.2 per cent (i.e. 538.59 mmscfd) for the period December 2019 to December 2020.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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