Economy

NNPC Records 34% Increase in Trading Surplus for December 2019

Published

6 years ago

23/03/2020

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded a 34 percent increase in trading surplus, amounting to N5.3 billion in its December 2019 operations compared with the N3.9 billion surplus posted in November.

This disclosure was made through a statement released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who explained that details of the surplus were captured in the December 2019 edition of the National Oil companies’ Monthly Financial and Operations Report (MFOR).

The national oil company noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), also posted N337.63 billion products sales during the period under review.

It was further disclosed that the breaches of the corporation’s pipelines was a major problem during the period, adding that the Mosimi-Ibadan axis accounted for 31 percent of the breaks while Atlas Cove-Mosimi network which contributed 19 percent to vandalised facilities both in November, increased in the latest report with the breakages spiking to 35 percent and 30 percent respectively, while other pipelines in the country accounted for 35 percent of pipelines vandalism.

In previous times, the NNPC explained that most of the damages to pipelines were reportedly carried out in the Niger Delta, where the country’s oil and gas resources are found but this changed in December 2019.

The corporation explained that the 34 percent increase for the period resulted from improved performances by some of its entities both in the upstream and downstream sectors.

It was further disclosed that the corporation’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.

“In general terms, the performance was impacted positively by the reduced deficit posted by NNPC corporate headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC respectively,” the NNPC said in the statement.

In the gas sector, out of the 239.29 billion cubic feet (BCF) of gas supplied in December 2019, a total of 148.32 BCF was commercialised, consisting of 34.78 BCF and 113.54 BCF for the domestic and export market respectively.

It said that this translated to a supply of 1,121.77 million standard cubic feet per day (mmscfd) of gas to the domestic market and 3,662.70 mmscfd of gas supplied to the export market for the month.

The oil agency noted that 62.22 percent of the average daily gas produced was commercialised, while the balance of 37.78 per cent was re-injected and used as upstream fuel gas or flared.

It added that gas flare rate was 7.78 percent lower for the month under review, a total of 598.03 mmscfd, compared with the average gas flare rate of 8.56 per cent which is 678.02 mmscfd for the year-on-year period December 2018 to December 2019.

The report stated that gas supply for the period December 2018 to December 2019 stood at 3,105.48 bcf out of which 466.00 bcf and 1,369.90 bcf was commercialised for the domestic and export market respectively. The National oil company explained that gas re-injected, fuel gas and gas flared in tbr month under review stood at 1,269.59 bcf.

“In the Downstream Sector, Petroleum Products Marketing Company (PPMC), NNPC’s downstream entity in charge of bulk supply and distribution of petroleum products, distributed and sold 2.775 billion litres of white products in December 2019 compared with 0.841 billion litres in November same year.

“This comprised 2.762 billion litres of Premium Motor Spirit (PMS) otherwise called petrol, 0.013 billion litres of Automotive Gas Oil (AGO) or diesel, and 0.000 billion litres of Dual Purpose Kerosene (DPK) as well as sale of special product of 0.003 billion litres of Low Pure Fuel Oil (LPFO) in the month under review,” it said.

The NNPC added that sale of white (refined) products for the period December 2018 to December 2019 stood at 21.861 billion litres, with PMS asccounted for 21.514 billion litre.

Economy

NASD Index Slips 1.61%, as Market Cap Drops to N2.378trn

Published

7 minutes ago

08/04/2026

Adedapo Adesanya

By Adedapo Adesanya

A 1.61 per cent fall was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, April 7, on the back of selling pressure.

The profit-taking chopped off N38.87 from the market capitalisation of the trading platform, leaving it at N2.378 trillion compared with the N2.417 trillion it ended last Thursday, when the bourse last witnessed trading activity.

Similarly, the NASD Unlisted Security Index (NSI) dropped 22.57 points to close the session at 3,975.34 points, in contrast to the preceding session’s 4,040.30 points.

The market breadth index was at equilibrium yesterday after recording three price gainers and three price losers, led by Okitipupa Plc, which depleted by N15.00 to N260.00 per share from N275.00 per share. Central Securities Clearing System (CSCS) Plc dipped by N6.31 to N71.69 per unit from N78.00 per unit, and FrieslandCampina Wamco Nigeria Plc went down by N1.00 to N92.00 per share from N93.00 per share.

Conversely, First Trust Mortgage Bank Plc appreciated by 20 Kobo to N2.28 per unit from N2.08 per unit, UBN Property Plc also improved by 20 Kobo to N2.18 per share from N1.98 per share, and Impresit Bakalori Plc gained 19 Kobo to sell at N2.20 per unit versus N2.01 per unit.

During the session, the volume of securities dipped by 99.7 per cent to 797,264 units from 260.2 million units, the value of securities went down by 83.1 per cent to N26.1 million from N154.2 million, and the number of deals decreased by 28.3 per cent to 33 deals from 46 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by CSCS Plc with 57.1 million units sold for N3.9 billion, and Okitipupa Plc with 27.5 million units valued at N1.8 billion.

GNI Plc was also the most traded stock by volume (year-to-date) with 3.4 billion units traded for N8.4 billion, followed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Falls to N1,386/$ at Official Currency Market

Published

17 minutes ago

08/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira suffered a decline of N5.87 or 0.43 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 7, to trade at N1,386.66/$1 compared with the previous value of N1,380.79/$1.

It was the first trading day in the local currency market after it closed last Friday and Monday for the Easter holiday.

In the same market window, the Nigerian Naira also depreciated against the Pound Sterling during the session by N13.71 to sell for N1,838.57/£1 versus N1,824.86/£1, and lost N13.69 on the Euro to quote at N1,605.61/€1 versus N1,591.92/€1.

In the black market, the Nigerian currency maintained stability against the Dollar yesterday to remain unchanged at N1,4010/$1.

Despite the recent movement, analysts remain optimistic about the outlook of the currency in 2026, citing ongoing reforms by the Central Bank of Nigeria (CBN).

The Centre for the Promotion of Private Enterprise (CPPE) said Naira stability in the first quarter of the year boosted business confidence, noting that the currency remains relatively stable during the period, trading within the N1,340 to N1,430 per Dollar band.

It attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above 50 billion dollars.

In the cryptocurrency market, prices rose after US President Donald Trump announced a two-week cease-fire with Iran, abruptly reversing days of bearish positioning.

The spike triggered roughly $595 million in crypto liquidations, with short positions making up about $427 million, marking the most aggressive short squeeze since early March. Short positions occur when investors profit from a decline in the price of an asset, so when prices rise, losses occur for the shorts.

Cardano (ADA) rose by 8.3 per cent to $0.2629, Ethereum (ETH) appreciated by 7.3 per cent to $2,249.69, Solana (SOL) added 6.6 per cent to sell for $84.67, Ripple (XRP) jumped 5.8 per cent to $1.38, Dogecoin (DOGE) expanded by 5.1 per cent to $0.0949, Bitcoin (BTC) grew by 5.0 per cent to $71,897.41, Binance Coin (BNB) increased by 3.3 per cent to $616.35, and TRON (TRX) gained 0.1 per cent to trade at $0.3160, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

Economy

Local Stock Exchange Gains 0.16% on Return from Easter Break

Published

2 hours ago

08/04/2026

Dipo Olowookere

By Dipo Olowookere

The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the two-day break for Easter ended on a positive note, with a 0.16 per cent rise on Tuesday, April 7, 2026.

The local stock exchange last opened its doors to investors last Thursday, and at the resumption of trading activities yesterday, market participants showed enthusiasm, mopping up shares in the banking ecosystem, and rescuing the bourse from the bears.

This returned Customs Street to the green territory, with the All-Share Index (ASI) growing by 324.21 points to 202,023.10 points from 201,698.89 points, and the market capitalisation up by N209 billion to N130.015 trillion from N129.806 trillion.

The expansion experienced during the session was inspired by three sectors, with the banking index up by 1.46 per cent, the energy space up by 0.12 per cent, and the consumer goods counter up by 0.10 per cent. But the insurance sector lost 1.37 per cent, and the industrial goods sector depreciated by 0.31 per cent.

Business Post reports that investor sentiment was bearish on Tuesday after a negative market breadth index caused by 25 price gainers and 36 price losers.

Ellah Lakes slumped by 10.00 per cent to N10.80, DAAR Communications gave up 9.95 per cent to trade at N1.72, Chams decreased by 9.87 per cent to N3.38, John Holt lost 9.71 per cent to finish at N13.95, and Sunu Assurances slipped by 9.68 per cent to N4.20.

On the flip side, Trans Nationwide Express gained 9.86 per cent to quote at N3.12, Omatek appreciated by 9.76 per cent to N2.25, Cadbury Nigeria improved by 9.53 per cent to N75.25, First Holdco rose by 9.10 per cent to N54.55, and Fortis Global Insurance chalked up 6.50 per cent to close at N1.31.

Trading data revealed that activity level improved during the session, with the trading volume up by 114.29 per cent to 1.2 billion shares from 560.0 million shares, the trading value surged by 108.81 per cent to N40.3 billion from N19.3 billion, and the number of deals soared by 57.03 per cent to 78,006 deals from 49,676 deals.

Wema Bank transacted 282.6 million equities valued at N7.3 billion, Access Holdings exchanged 125.2 million stocks worth N3.3 billion, VFD Group traded 106.8 million shares for N1.1 billion, First Holdco sold 63.0 million equities worth N3.2 billion, and GTCO exchanged 56.6 million shares valued at N7.1 billion.