Economy
NNPC Gas Subsidiary Takes 15% Equity Stake in Starz CNG Facility
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited, through its subsidiary, NNPC Gas Marketing Limited (NGML), has agreed to take a 15 per cent equity shareholding in Starzs Gas Limited’s 2 million standard cubic feet per day (2mmscf/d) Compressed Natural Gas (CNG) facility.
The station is located at Iwhrekan in Ugheli South Local Government Area of Delta State and largely owned by Nigeria’s foremost maritime investor, Mr Greg Ogbeifun.
As part of the equity partnership, the national oil company has also agreed to guarantee gas supply to the multi-million-dollar facility on a competitive pricing basis and allow its logo to stand side by side with that of Starzs Gas in further demonstration of the partnership.
The partnership was announced at the groundbreaking ceremony of the project led by the Managing Director of NGML, Mr Justin Ezeala, who represented the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo.
The facility sited close to NAZ 3 gas plant in Utorogu, on a land size of 21,002.226sm², is planned for inauguration in the first quarter of 2026 while its scale up to 5mmscf/d will happen within 18 months.
The project aligns with the federal government’s commitment to ensure penetration and utilisation of domestic gas to drive industrialization, increase access to affordable power, and reduce the country’s carbon footprint through the adoption of CNG as autofuel.
Upon completion, the one-stop-shop facility is expected to undertake industrial CNG supplies, power generation-based load supplies, natural gas vehicle fueling, vehicle conversion, and general natural gas distribution to off-grid and satellite locations lacking pipeline infrastructure, all supported by a virtual pipeline system.
The first phase of the project is estimated to cost over $7 million.
Speaking at the event, Vice Chairman of Starzs Gas Limited, Miss Iroghama Ogbeifun, said through the facility, the company and its partners were setting the stage for a future powered by clean, efficient, and sustainable energy and also setting the stage for further development and empowerment in their host community.
Miss Ogbeifun noted that the facility was in tandem with the federal government’s declaration of the current decade as the Decade of Gas, adding that it also supports the Presidential CNG initiative whose mandate was to deepen the use of CNG as auto fuel thereby reducing carbon emissions into the environment.
She noted that the south-south region has long been a pillar of Nigeria’s energy landscape, she said with this project, the company was reinforcing that legacy by harnessing natural gas as a cleaner alternative to conventional fuels.
“This plant represents our unwavering commitment to reducing carbon emissions, enhancing energy accessibility, and fostering economic growth—not only in Delta State or the South South region but across Nigeria”, Miss Ogbeifun stated.
She announced the strategic partnership with NNPCL, saying NGML was offered and has agreed to accept a 15 per cent equity stake in the project
“Our journey has been fueled by vision, collaboration, and unwavering determination. However, to achieve this project, we require strategic partners who can guarantee it’s success and it is on that note that I am happy to announce that NNPC through its subsidiary, the NNPC Gas Marketing Ltd (NGML) was offered and has agreed to accept a 15 per cent equity in this project.
“This will not only help to guarantee gas supply at competitive pricing but will avail the project all the expertise NNPC has developed over the years in the Gas value chains. This partnership is a testament to the viability and importance of this project and we look forward to an impactful relationship.”
She recognised the invaluable contributions and the steadfast support of the company’s investors, government, regulatory agencies, and the local community while deeply appreciating their collaboration, trust, and shared vision for a greener and more prosperous future.
“As we break ground today, we embark on a journey that will drive industrial growth, create jobs, and provide affordable energy solutions for generations to come,” Miss Ogbeifun added.
On his part, Mr Ezeala, said the state oil company was showing the way in the private sector’s response to the federal government’s call for private investment in the nation’s gas space.
He reiterated that the NNPC will supply gas to the facility through the NNPC Gas Company (NGCs) pipeline.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
By Adedapo Adesanya
The Naira rallied against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 23 by N6.57 or 0.45 per cent to N1,449.99/$1 from the previous day’s N1,456.56/$1.
The domestic currency also improved its value against the Pound Sterling in the official market during the session by N1.30 to sell for N1,956.03/£1 compared with the preceding session’s N1,957.33/£1 and gained N2.94 on the Euro to close at N1,707.65/€1, in contrast to the previous session’s closing price of N1,710.59/€1.
In the same vein, the Nigerian Naira appreciated against the US Dollar by N5 at the GTBank FX counter to sell for N1,465/$1 versus the previous day’s N1,470/$1 but remained unchanged at N1,485/$1 in the black market window.
Sentiment in the FX market continued to improve with market operators attributing the appreciation to increased supply in the official market, supported by sustained interventions from the Central Bank of Nigeria (CBN) and the impact of recent reforms.
Improved liquidity from exporters and foreign portfolio investors has also contributed to easing pressure on the local currency, helping to stabilise trading conditions during the festivities.
Analysts noted that the Naira’s performance has helped narrow the spread between the official and parallel market rates, a development seen as supportive of investor confidence and business planning. This relative stability has reduced short-term volatility risks and encouraged more orderly price discovery in the FX market.
Meanwhile, the cryptocurrency market was down yesterday as analysts suggest tax-loss harvesting and low liquidity are contributing to the action in crypto as the year ends. That means investors selling their underwater positions to realize losses, lowering their tax liabilities.
Some analysts remain cautiously optimistic about a potential rally, though significant recovery is not expected until liquidity returns in January.
Dogecoin (DOGE) crumbled by 3.1 per cent to $0.1281, Solana (SOL) slumped by 2.9 per cent to $121.92, Cardano (ADA) fell by 2.7 per cent to $0.3582, Ethereum (ETH) slid by 2.2 per cent to $2,926.25, and Ripple (XRP) depreciated by 2.1 per cent to $1.85.
Further, Binance Coin (BNB) lost 2.0 per cent to sell for $838.21, Bitcoin (BTC) declined by 1.4 per cent to $86,933.97, and Litecoin (LTC) went down by 0.2 per cent to $76.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 apiece.
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