Economy

NNPC Lauds FG’s Moves on Illegal Refineries

Published

9 years ago

30/03/2017

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.

Economy

4.964 billion Shares Worth N207.5bn Exchange Hands in 235,966 deals in Four Days

Published

4 minutes ago

15/06/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.

In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.

Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.

The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.

Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.

A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.

ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.

The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.

As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.

Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.

Economy

Brent Falls to $87 Per Barrel on Expected US-Iran Peace Deal

Published

2 days ago

13/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Brent crude prices fell by $3.05 or 3.37 per cent to $87.33 per barrel on Friday, the lowest level since early March, triggered by expectations of an imminent ‌peace agreement between the United States and Iran.

Also, the US West Texas Intermediate (WTI) crude finished at $84.88 a barrel after it gave up $2.83 or 3.23 per cent. It was its lowest level since April 17.

Reuters reported that a memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday, citing sources.

The sources indicate that the US would immediately begin releasing billions of Dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.

The proposals also include discussion of possible war reparations for Iran and dropping longstanding US demands for limits on Iran’s missile program, the sources were quoted as saying.

Meanwhile, Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.

He also said that management of the Strait of Hormuz would not ⁠return to the pre-war era, that sovereignty over the strait belonged to ⁠Iran and Oman, and that Iran would secure safe ⁠passage for ships through it.

US President Donald Trump called off threatened air strikes against Iran on Thursday, while it was reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.

On Thursday, Iran ‌announced ⁠a complete closure of the Strait of Hormuz, saying it would fire on any ship trying to pass through.

Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.

The US military, however, said on social media that commercial ships continued to transit the waterway.

Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel ⁠on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.

The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day ⁠from a previous 1.17 million barrels per day, its second straight downward revision.

Economy

Standard Bank Describes Dangote Refinery as Transformational Industrial Project

Published

3 days ago

12/06/2026

Modupe Gbadeyanka

By Modupe Gbadeyanka

The Lagos-based Dangote Petroleum Refinery has been described by Standard Bank Group as a transformational industrial project with far-reaching implications for Nigeria and Africa.

The company, which is Africa’s largest financial institution, gave this description after a tour of the facility recently.

Standard Bank, the parent company of Stanbic IBTC Holdings, has promised to support the planned listing of the 650,000 barrels per day refinery and expressed readiness to finance future expansion projects across the continent.

The chief executive of the lender, Mr Sim Tshabalala, said, “We are here because the Dangote Group is a large and important global player and a significant force on the African continent.”

“Standard Bank is the largest financial institution in Africa, and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions,” he added.

Mr Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.

“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” he said, adding that, “As the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”

He further described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.

“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.

The Group Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.

“The bank visited us during construction and understood the scale of what we were building,” Mr Edwin said. “Today, the refinery is fully operational, and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”

He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.

Also speaking, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.

“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.

“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved,” Mr Bird stated.

The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.

Mr Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.

“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”