Economy

NNPC Records 39% Increase in Petroleum Products Sales

Published

6 years ago

13/05/2020

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, Petroleum Products Marketing Company (PPMC), recorded a 39 percent month-on-month increase in the sale of white products in February 2020.

The PPMC is in charge of bulk sales and distribution of petroleum products.

According to the state-owned oil’s Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, the sum of to N211.6 billion was made from the transaction, significantly higher than N151.8 billion recorded in the previous month.

In the February 2020 NNPC Monthly Financial and Operations Report (55th MFOR), it was stated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about N2.6 trillion, with premium motor spirit (PMS) or petrol contributing about 98.1 percent of the total sales value of about N2.5 trillion.

The report stated further that about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised 1.7 billion litres of PMS and 1.09 million litres of automative gas oil (AGO) commonly called diesel. Also, there was the sale of 0.01 million litres of special product, Low Pour Fuel Oil (LPFO) in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres) and PMS accounted for 20.8 billion litres or 98.7 percent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalized, representing about 47 percent decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures.

Mosimi area accounted for 78 percent of total cases, the Port Harcourt axis 16 percent and all other routes accounted for the remaining 6 percent.

In respect of natural gas off-take, commercialization and utilization, out of the 241.7 billion Cubic Feet (BCF) of gas supplied in February 2020, 146.5 BCF was commercialized, consisting of 35.8 BCF and 110.7 BCF for the domestic and export market respectively, translating to a total supply of 1,235.6 million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,817.4 mmscfd of gas supplied to the export market for the month.

During the period, the report said 699 mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064 MW, compared with January 2020 when an average of 640 mmscfd was supplied to generate 2,683 MW.

The 55th edition of the MFOR indicates an increased trading surplus of N3.9 billion compared with the N1.9 billion surplus posted in January 2020. This represents a 111 percent growth in the month, the report stated.

According to the NNPC, this was due to improved performance of the Nigerian Gas Company (NGC), as a result of its low expenses put at over 100 percent.

Other reasons cited for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.

Economy

OTC Securities Exchange Sustains Bullish Run With 1.18% Appreciation

Published

1 day ago

09/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended rallied by 1.18 per cent on Friday, May 8, its fifth in a row for this week.

During the session, the market capitalisation increased by N28.96 billion to N2.488 trillion from N2.459 trillion, and the NASD Unlisted Security Index (NSI) jumped by 48.39 points to 4,158.77 points from the 4,110.38 points recorded a day earlier.

The growth witnessed yesterday was spurred by the gains recorded by six securities, led by 11 Plc, which chalked up N11.00 to sell at 221.10 per unit versus Thursday’s closing price of N210.10 per unit. FrislandCampina Wamco Nigeria Plc added N10.26 to close at N132.98 per share compared with the previous day’s N127.06 per share, and Central Securities Clearing System (CSCS) Plc rose by N2.82 to N75.90 per unit from N73.08 per unit.

In addition, Lighthouse Financial Services Plc appreciated by 7 Kobo to 86 Kobo per share from 81 Kobo per share, UBN Property Plc climbed higher by 5 Kobo to N2.25 per unit from N2.20 per unit, and First Trust Mortgage Bank Plc gained 2 Kobo to close at N2.32 per share, in contrast to the previous session’s N2.30 per share.

Conversely, Geo-Fluids Plc went down by 20 Kobo to N2.90 per unit from N3.10 per unit, and Afriland Properties Plc lost 5 Kobo to end at N16.95 per share versus N17.00 per share.

The volume of transactions for the session surged by 41.8 per cent to 528,891 units from 372,916 units, and the value grew by 11.4 per cent to N34.0 million from N30.4 million, while the number of deals slid by 7.4 per cent to 25 deals from 27 deals.

The most traded stock by volume on a year-to-date basis was Great Nigeria Insurance (GNI) Plc, with 3.4 billion units worth N8.4 billion. Resourcery Plc occupied the second spot after trading 1.1 billion units valued at N415.7 million, and the third position was occupied by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

The most traded stock by value on a year-to-date basis was GNI Plc with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

Economy

Demand for Dangote Cement, Others Lifts Stock Exchange by 2.10%

Published

1 day ago

09/05/2026

Dipo Olowookere

By Dipo Olowookere

The local stock exchange reversed the previous day’s loss, with a 2.10 per cent surge on Friday as a result of demand for large-cap equities like Dangote Cement, First Holdco and others.

It was observed that apart from the insurance counter, which shed 0.37 per cent, every other sector closed higher yesterday.

The industrial goods index expanded by 7.26 per cent, the banking segment increased by 3.35 per cent, the consumer goods industry rose by 0.21 per cent, and the energy sector soared by 0.14 per cent.

Consequently, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited improved by 5,041.22 points to 244,775.83 points from 239,734.61 points, and the market capitalisation added N3.235 trillion to settle at N157.094 trillion compared with the preceding session’s N153.859 trillion.

The quintet of Neimeth, Cadbury Nigeria, LivingTrust Mortgage Bank, Mecure, and Dangote Cement led the advancers’ table on Friday, with 10.00 per cent growth each to quote at N9.90, N72.60, N3.52, N72.60, and N1,088.00, respectively.

On the flip side, the duo of UAC Nigeria and Industrial and Medical Gases lost 10.00 per cent each to sell for N171.00 and N42.30, respectively, as Eterna declined by 9.93 per cent to N33.55, Learn Africa slipped by 9.89 per cent to N8.20, and Deap Capital tripped by 9.69 per cent to N5.50.

The most active stock for the day was VFD Group, with a turnover of 102.9 million units valued at N1.1 billion. FCMB transacted 99.4 million units worth N1.1 billion, UBA traded 94.5 million units for N3.8 billion, Access Holdings exchanged 85.4 million units worth N2.0 billion, and Zenith Bank sold 46.5 million units valued at N5.8 billion.

At the close of trades, market participants traded 1.1 billion units worth N55.0 billion in 69,996 deals, in contrast to the 1.8 billion units valued at N72.2 billion transacted in 81,131 deals a day earlier, showing a crash in the trading volume, value, and number of deals by 38.89 per cent, 23.82 per cent, and 13.73 per cent, respectively.

Economy

Naira Loses N5.54 Against Dollar at NAFEX

Published

1 day ago

09/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira fell against the US Dollar by N5.54 or 0.41 per cent to N1,361.39/$1 from N1,355.85/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 8.

The domestic currency also depreciated against the Pound Sterling in the official market during the session by N8.50 to trade at N1,853.68/£1 compared with the previous day’s N1,845.18/£1, and against the Euro, it lost N9.37 to sell for N1,602.63/€1 versus N1,593.26/€1.

However, at the GTBank FX desk, the Nigerian Naira appreciated against the US Dollar yesterday by N3 to quote at N1,372/$1 compared with Thursday’s closing value of N1,375/$1, and at the parallel market, it traded flat at N1,380/$1.

Despite the volatile outcome of the local currency, it remained within the expected trading range, reflecting sustained FX stabilisation efforts by the Central Bank of Nigeria (CBN), supported by improved liquidity, stronger autonomous inflows, and better price discovery.

Traders point to further gains for the Naira into the coming week, thanks to Dollar supply from foreign investors, exporters ‌and oil companies, while demand is moderate. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.

Meanwhile, the country’s external reserves dropped by 3.4 per cent to $48.32 billion, from a 2009 high of $50.02 billion recorded on March 11.

In the cryptocurrency market, prices rallied after worries eased, following fresh US airstrikes in Iran that initially sparked a surge in oil prices and a broader risk-off move across crypto markets.

Bitcoin (BTC) added 0.8 per cent to sell at $80,212.54, Solana (SOL) gained 6.5 per cent to sell at $93.76, Cardano (ADA) appreciated by 5.1 per cent to $0.2749, Dogecoin (DOGE) grew by 3.7 per cent to $0.1102, and Ripple (XRP) rose by 3.1 per cent to $1.42.

Further, Binance Coin (BNB) jumped 2.3 per cent to $650.16, Ethereum (ETH) expanded by 1.6 per cent to $2,315.48, and TRON (TRX) increased by 0.1 per cent to $0.3515, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.