Economy
NNPC Lauds FG’s Moves on Illegal Refineries
By Dipo Olowookere
The Nigerian National Petroleum Corporation (NNPC) has described the interplay between members of the executive and the legislative arms of government as an indispensible element of the democratic process with potential positive spin-off effect on the oil and gas industry in the country.
Delivering a keynote speech at the Executive Intelligence Management Course, EIMC 10 of the Institute for Security Studies, Bwari, Abuja on Tuesday, entitled: “Executive-Legislative Relations: Gaps, Challenges and Prospects”, the Group Managing Director of NNPC, Dr Maikanti Baru, said the occasional struggles between the executive and legislature when handled with the interest of the Nigerian people at heart can be a healthy rivalry capable of unlocking the potentials of the nation for prosperity, good governance and democratic excellence.
“It is believed that a government business enterprise such as the NNPC, and by wider application, the oil and gas industry as a whole, will benefit from a constructive legislative-executive interplay that stimulates government agencies and parastatals to thrive and support our national aspirations,” he said.
On the relations between the national oil company and the legislature, the GMD said the contributions of the National Assembly to the effective operation of the NNPC were immeasurable over the years.
“While the critical role of the legislature may be blurred to the laity, we in the oil and gas industry, the NNPC, appreciate this arm of government’s immeasurable significance in our day-to-day operations. In appreciation of the importance of the National Assembly to our operations, a full department headed by a General Manager, is dedicated to managing the relationship between NNPC and the legislature,” he said.
The GMD said about 21 committees of the National Assembly made up of eight core standing committees, 11 non-core standing Committees and two ad-hoc committees perform oversight functions on the operations of the NNPC.
Dr Baru said the NNPC was currently collaborating with the legislature and other industry stakeholders to ensure the passage of the Petroleum Industry Governance Bill, PIGB, hitherto referred to as the Petroleum Industry Bill.
He re-iterated that the Industry, under the leadership of the Honourable Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu and with the support of His Excellency, President Muhammadu Buhari, has adopted the approach of splitting the PIB into four segments, namely: the Petroleum Industry Governance Bill, (PIGB), the Fiscal Regime Bill, the Upstream and Midstream Administration Bill and the Petroleum Revenue Bill in order to expedite its passage.
The NNPC GMD said that despite the cordial relations between the Corporation and the Legislature, there existed grey areas which occasionally reared their ugly heads in the relationship which has spanned closed to two decades.
Dr Baru stressed his inability to be physically present at all National Assembly engagements, pleading that the legislature should show understanding as the commitment of the office of the GMD of NNPC was highly demanding which he noted must be appropriately shared between doing the operational/administrative functions and responses to the National Assembly and other arms of government’s invitations.
On the reported move by the Federal government to legalize and regularize the operations of illegal refineries in the Niger Delta, the GMD said the initiative would help instill sanity and provide the much needed technical support and framework for the operation of the would-be modular refineries.
Dr Baru identified enacting laws to criminalize pipeline vandalism or sabotage as an area in which he sought closer relations with the legislature, explaining that the activities of the vandals posed a lot of challenges to the industry and that existing legislation on the subject appeared too weak to serve as deterrence.
In his remark, Mr Mathew Seiyefa, Director of the Institute of Security Studies, commended Dr Baru for making time out from his busy schedule to share his perspectives on the subject with the course 10 participants.
He said as the cash cow of the entire country, the strategic role of the NNPC could not be over stated, noting that apart from serving as the main foreign exchange earner for the nation; the Corporation was critical to Nigeria’s national energy security.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
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