Economy

NNPC Inaugurates 8 Committees on Refineries Rehab

Published

9 years ago

14/09/2017

By Dipo Olowookere

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, on Tuesday inaugurated eight committees charged with returning the three refineries in the country to their nameplate capacities by the year 2019.

This he said was in line with the presidential mandate of rehabilitating the nation’s refineries so as to stop the importation of fuel by the year 2019.

Mr Baru, while inaugurating the committees, charged them to deploy “out of the box solutions” to ensure that the refineries return to their good old days of top class performance.

“I am convinced that the teams we have selected here today will give the necessary direction towards returning the refineries back to their optimal levels of performance,” the GMD told members of the committees.

The GMD explained that in executing the assignment, the committees were expected to deliver well and within schedule as according to him, time was of the essence.

Although the target for the refineries rehab was to return them to 90 percent capacity utilization before the end of 2019, Mr Baru stressed that with more commitment from the committees, 100 percent capacity utilization was achievable.

“We want to show everyone that we can fully run the refineries. You must all work together to operate them at 100 percent capacity as this was the only way to ensure profitability,” Mr Baru stated.

The GMD also emphasized the importance of the workforce as according to him “we can fix the refineries but without the right people to operate them, they would go back to where they were or even worse”.

Earlier in the occasion, during his introductory speech, the Chief Operating Officer Refineries and Petrochemicals, Engr. Anibor Kragha, informed that the 2019 target was since for the first time in 20 years there was both the political will and the economic climate to ensure effective retrofitting of the refineries.

He further said that over 28 Expressions of Interest had been received so far for the financing of the rehabilitation project and that the goal was to get more by the end of the year.

Assuring everyone that the nation would not suffer financially from the project, the COO explained that the approved financial model would guarantee payment to partners only from incremental profits.

“Payment is therefore hinged on performance, ensuring a win-win situation for Nigeria”, Engr Kragha said.

Speaking on behalf of the committees, the Chief Financial Officer of the Corporation, Mr Isiaka Abdulrazaq, reminded members of the newly inaugurated Committees that the rehabilitation of the refineries was one of the targets of the President Buhari administration.

Mr Abdulrazaq expressed his confidence in every member of the committees to deliver on their various tasks.

The committees inaugurated for the rehabilitation of the refineries would be headed by a Steering Committee, chaired by the GMD.

Other committees are: Rehabilitation; Stakeholder Management; Financing; Legal; Procurement; Pipeline and Crude Oil Supply and Security as well as Staffing and Succession Planning.

Economy

Wems BO Plans Personal Finance Retreat to Empower Nigerians

Published

2 hours ago

24/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Financial educator and coach, Mrs Wemimo “Wems BO” Bolu-Opaniran, is set to host the maiden edition of the Wems BO Personal Finance Retreat 1.0, a weekend event aimed at helping participants improve their financial literacy and develop practical money management skills.

According to a statement, the retreat is designed to make personal finance engaging and accessible through interactive sessions, games, networking opportunities, and one-on-one coaching sessions.

The organisers said the event will focus on providing attendees with practical and actionable financial knowledge rather than conventional lecture-style teaching.

“Come and unravel financial wisdom and leave with a practical and concrete action plan,” the organisers stated in a statement.

Activities lined up for the retreat include interactive finance sessions, networking opportunities, personal finance workbooks, games and activities, food and souvenirs, as well as three months of exclusive access to the event replay.

Speaking on the rationale for organising the event, Wems BO noted that lack is primarily not always the reason people have bad finances, but often, money culture is.

“The way one sees and treats money has been a development from years and decades past. So, what to do about money is not the solution. It is mindset, defaults and motivations shaping decisions.

The solution is an inner inquiring on why you do what you do, beyond money. Understanding who you are, then beginning to drive decisions that make you grow, manage and scale your finances in a way that aids the life you want,” she told Business Post.

Participants will also have the opportunity to receive one-on-one coaching with the finance guru.

The event is scheduled to be held from Friday, July 17 to Saturday, July 18, 2026, at an in-house venue on Lagos Mainland.

Ticket prices were pegged at N40,000 for individual attendees and N76,000 for duo tickets, with organisers noting that limited slots remain available.

Interested participants can register through the official registration link.

Economy

Unlisted Securities Index Rises 0.91%

Published

1 day ago

23/05/2026

Adedapo Adesanya

By Adedapo Adesanya

A 0.91 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, May 22, after the share prices of four securities ended in green.

According to data, FrieslandCampina Wamco Plc went up by N15.61 to N179.67 per share from N164.06 per share, Newrest Asl Plc grew by N6.11 to N67.26 per unit from N61.15 per unit, Food Concepts Plc appreciated by 17 Kobo to N2.75 per share from N2.58 per share, and Nitrox Industrial Gases Plc added 6 Kobo to sell at N25.50 per unit compared with the previous day’s N25.44 per unit.

At the close of business, the market capitalisation chalked up N23.22 billion to settle at N2.561 trillion versus Thursday’s N2.538 trillion, and the NASD Unlisted Security Index (NSI) increased by 38.81 points to 4,281.28 points from 4,242.47 points.

During the session, the price of Central Securities and Clearing System (CSCS) Plc was down by N3.13 to N71.07 per share from N74.20 per share.

The activity chart showed that the volume of securities transacted by the market participants decreased yesterday by 81.6 per cent to 590,339 units from the 3.2 million units recorded on Thursday, as the number of deals shrank by 28.6 per cent to 30 deals from the 42 deals recorded a day earlier, while the value of securities increased by 0.5 per cent to N95.3 million from the preceding session’s N94.8 million.

Great Nigeria Insurance (GNI) Plc closed the day as the most active stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units traded for N4.1 billion.

The most active stock by volume on a year-to-date basis was GNI Plc, with the sale of 3.4 billion units for N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.

Economy

Stock Investors Gain N344bn amid Decline in Transactions

Published

1 day ago

23/05/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange witnessed a decline in transactions on Friday despite closing higher by 0.22 per cent on the back of sustained bargain-hunting.

During the last trading session of the week, investors transacted 711.9 million equities valued at N29.1 billion in 62,386 deals compared with the 1.1 billion equities worth N31.0 billion traded in 62,448 deals in the previous day, indicating a decline in the trading volume, value, and number of deals by 35.28 per cent, 6.13 per cent, and 0.10 per cent, respectively.

Fidelity Bank closed the day as the most active stock with the sale of 198.1 million units for N4.6 billion, Access Holdings traded 69.7 million units worth N1.8 billion, Mutual Benefits exchanged 42.7 million units valued at N197.4 million, Japaul transacted 33.9 million units worth N134.4 million, and Zenith Bank sold 24.4 million units valued at N3.2 billion.

Yesterday, the industrial goods index rose by 0.53 per cent, the consumer goods sector jumped 0.28 per cent, the banking industry improved by 0.25 per cent, and the energy counter soared by 0.18 per cent, while the insurance space shed 0.18 per cent.

At the close of business, the All-Share Index (ASI) gained 536.98 points to finish at 249,712.37 points compared with the previous day’s 249,175.39 points, and the market capitalisation grew by N344 billion to N160.077 trillion from N159.733 trillion.

Aluminium Extrusion and DAAR Communications expanded by 10.00 per cent each to sell for N9.90 and N2.09, respectively, RT Briscoe surged by 9.93 per cent to N14.06, Learn Africa increased by 9.79 per cent to N12.90, and Red Star Express advanced by 9.56 per cent to N34.95.

On the flip side, Trans-Nationwide Express depreciated by 9.92 per cent to N5.72, Livestock Feeds dipped by 9.64 per cent to N8.90, The Initiates crashed by 8.65 per cent to N33.80, Ellah Lakes drowned by 8.64 per cent to N10.05, and Neimeth lost 6.36 per cent to trade at N10.30.