Economy
NNPC Plans Additional 1000km of Gas Pipelines to Boost Supply
By Modupe Gbadeyanka
The management of Nigerian National Petroleum Corporation (NNPC) has expressed its willingness to complete an addition 1000km gas pipeline infrastructure across the country.
Speaking on Tuesday in Abuja at the 2017 Conference and Annual General Meeting of the Nigerian Society of Engineers (NSE), Group Managing Director of the NNPC, Dr Maikanti Baru, stated that so far, his agency has completed, commissioned and delivered 500km of gas pipelines from 2010.
He listed the gas pipelines so far delivered to include the 196km Oben Gas Plant to Geregu Power Plant pipeline, 110km Escravos-Warri-Oben gas pipeline, 128km Ukanafun-Calabar pipeline, 50km Emuren-Itoki pipeline, 31km Itoki- Olorunshogo pipeline and 24km Imo River-Alaoji gas pipeline.
Mr Baru noted that all available thermal power plants in the country are today connected with permanent gas supply pipelines.
In his paper entitled, ‘Revival and Development of Local Manufacturing Industries: Chemical and Petrochemical Industries,’ Mr Baru, who is a Fellow of the NSE, said the accelerated expansion of the gas pipeline system was sequel to the directive of the then President Olusegun Obasanjo who mandated the oil companies operating in-country to support the power generation effort.
He said the directive became imperative after the government realized that adequate power supply was key to reviving the moribund industries.
Mr Baru added that with NNPC driving the realization of Federal Government’s aspiration to expand the gas pipeline network to all parts of the country, about 2,700MW of thermal electricity was expected to be added to the national grid in the near future, to exponentially generate more power for new industrial revolution with a view to achieving sustainable economic growth.
He noted that the earlier government’s initiative in this regard populated the seeds for the growth of Nigeria’s gas-fired power plants, which gradually scaled up thermal power contribution to more than 70 percent of total power generated in the country today.
Providing details of the planned expansion of the gas infrastructure, the NNPC GMD said the lines would be bolstered with the ongoing construction of the 127km East-West OB3 gas pipeline joining Oben to Obiafu-Obrikom.
He explained that the strategic infrastructure was scheduled for completion by 4th quarter of 2018, while the 363km looping expansion of Escravos-Lagos Gas Pipeline System was expected for delivery by Q1 2018.
He also explained that Engineering, Procurement and Construction (EPC) tender evaluation process for Ajaokuta-Abuja-Kaduna-Kano (popularly known as AKK683km) gas pipeline contract, and the EPC tender process for the Qua Iboe Terminal to Obiafu/Obrikom (QIT-Ob/Ob gas pipeline) gas pipeline were on-going.
Upon completion the remaining projects are expected to add over 1000 kilometres to the nation’s gas pipeline network.
On funding of Oil and Gas development projects, Mr Baru said the corporation was adopting the Public Private Partnership (PPP) models in building and expanding the gas infrastructures.
He said the development of the Ajaokuta–Abuja-Kaduna–Kano (AKK) gas pipelines which was the first in line under the arrangement would be built through contractor financing where the selected contractors would be providing financing to build the line and recover their cost through transportation tariff.
“This model will be extended to other major backbone pipelines in the Nigerian Gas Master Plan,” he said.
He concluded that once these projects were completed, a nationwide gas infrastructure backbone would be in place to fully enable the establishment of an integrated gas pipeline infrastructure grid across the entire country.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn