Economy

NNPC Refinery Loses N2b to Illegal Tappers

Published

9 years ago

11/02/2017

Modupe Gbadeyanka

By Modupe Gbadeyanka

The Kaduna Refining and Petrochemical Company Limited (KRPC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), loses an average of 2.2 billion naira annually to illegal tapping of its raw water pipeline that runs from Kaduna River.

The water generates power for the running of the refinery, serves as coolants for its equipment and is also deployed to combating fire outbreaks.

Sequel to the series of tapping, the refinery now spends more on diesel and other material inputs in the maintenance of its generators and other equipment.

KRPC Managing Director, Mr Idi Mukhtar said in Kaduna, that the consumption of raw water from the tapped pipes by settlers who encroach KRPC premises was an unnecessary additional burden to the refinery industrial requirements, which must be resolved urgently by relevant state government agencies.

Other form of the losses due to the act of illegal tapping of the refinery raw water pipeline is that it slows down the build-up rate of water in the reserve tanks which endangers the refinery, as the plant is expected to maintain a minimum level of water requirement that is considered safe for operations, the Managing Director explained.

The illegal acts are committed mostly in Janruwa, Kamazo, Namaigero and Mahuta areas of Kaduna metropolis, which are the communities along the raw water intake pipeline Right of Way.

Mr Mukhtar said: “We require a particular amount of water sufficient enough to generate steam and other industrial consumption needs, but because of the incidents of illegal tapping of our water pipeline, we need to put more effort to meet our industrial requirements as well as satisfy appetite of illegal tappers.”

Mr Mukhtar said he was pleased that the Kaduna State Government had promised to look into the issue with a view to finding a lasting solution to the challenge.

He explained that Kaduna State Urban Planning and Development Authority (KASUPDA) and Kaduna State Water Board had been contacted to address the issues of land encroachment on KRPC Right of Way.

The Chief Executive advised illegal tappers of the refinery’s raw water pipeline to desist from the act, warning that the raw water was not fit for human consumption because it was untreated.

KRPC’s Executive Director Operations, Mr Shehu Malami, who also spoke on the menace of illegal raw water tappers of KRPC pipelines, expressed the fear that if the challenge was not attended to urgently, a time would come when the plant would not be able to run some of its critical units.

Mr Malami said that the refinery was currently operating at 65 per cent capacity, producing 1.7 million litres of petrol, 1.7 million litres of diesel and 700, 000 litres of kerosene, daily.

“The daily rate of loading is massive, even on Sundays products are being loaded to meet the growing demands in the Country,” Mr Malami stated.

Shedding more light on the issue of encroachment, the Executive Director Services, Mr Abdullahi Idris, said the encroachment on KRPC’s land would not affect the NNPC’s plan of co-location of refineries.

He said the refinery had carried out a lot of community projects such as youth empowerment programmes, electrification of some communities, provision of hospitals, drugs, toilets, classrooms and furniture, to ensure KRPC operate smoothly.

Corroborating Mr Abdullahi’s claim, the District Head of Kamazu, one of the KRPC’s host communities, Mr Auta Makama stated that he was a direct beneficiary of KRPC’s Corporate Social Responsibility, CSR, interventions.

He affirmed that the KRPC has provided boreholes, electricity, schools, hospitals as well as empowered the youth through Youth Empowerment and Skills Acquisition Programme (YESAP) in his community and others.

He called on his wards to desist from any act of land encroachment and illegal tapping of raw water intake for KRPC.

The traditional head said there was no need to tamper with the KRPC’s raw water pipeline since the refinery has provided numerous boreholes as an alternative for the communities.

Economy

NASD OTC Index Jumps to 3,830.31 Points on 1.68% Gain

Published

7 hours ago

11/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its gains by 1.68 per cent on Tuesday, February 10, further lifting the Unlisted Security Index (NSI) by 63.37 points to 3,830.31 points from the previous session’s 3,766.94 points.

In the same vein, the market capitalisation of the bourse expanded by N37.92 billion during the session to N2.291 trillion from the N2.253 trillion it ended on Monday.

The growth was helped by six price gainers led by Central Securities Clearing System (CSCS), which gained N5.88 to sell at N64.73 per share versus N58.85 per share, FrieslandCampina Wamco Nigeria Plc rose by N3.67 to N69.67 per unit from N66.00 per unit, Afriland Properties Plc increased by 94 Kobo to N15.95 per share from N15.01 per share, Geo-Fluids Plc appreciated by 33 Kobo to N4.41 per unit from N4.08 per unit, IPWA Plc soared by 26 Kobo to N2.85 per share from N2.59 per share, and Food Concepts Plc improved by 26 Kobo to N2.89 per unit from N2.63 per unit.

Business Post reports that there were three price losers yesterday, led by MRS Oil, which lost N20.00 to trade at N180.00 per share versus N200.00 per share, NASD Plc dipped by N3.60 to N51.40 per unit from N55.00 per unit, and Air Liquide Plc depreciated by N2.21 to N20.32 per share from N22.53 per share.

The activity level was down on Tuesday, as the volume of securities slid 50.1 per cent to 6.9 million units from 13.3 million units, the value of securities decreased by 10.4 per cent to N89.1 million from N99.3 million, and the number of deals reduced by 2.1 per cent to 46 deals from 47 deals.

CSCS Plc was the most traded stock by value on a year-to-date basis, with 17.7 million units sold for N752.8 million, Geo-Fluids Plc recorded the sale of 29.2 million units valued at N149.8 million, and FrieslandCampina Wamco Nigeria Plc ended with a turnover of 1.8 million units worth N119.8 million.

The most traded stock by volume on a year-to-date basis was Geo-Fluids Plc with 29.2 million units exchanged for N149.8 million, followed by CSCS Plc with 17.7 million units traded for N752.8 million, and Mass Telecom Innovation Plc with 15.1 million units valued at N6.1 million.

Economy

Naira Soars to N1,351/$1 at Official Market, N1,430/$1 at Black Market

Published

7 hours ago

11/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The consistent reform agenda of the Central Bank of Nigeria (CBN) aimed at enhancing market stability by improving foreign exchange (FX) liquidity further strengthened the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, February 10, by N3.24 or 0.24 per cent to N1,351.02/$1 from the previous day’s N1,354.26/$1.

At the black market, the Naira gained N20 against the United States Dollar yesterday to trade at N1,430/$1 compared with the preceding day’s N1,450/$1, and at the GTBank FX desk, it improved its value by N16 to sell for N1,363/$1, in contrast to the N1,379/$1 it was exchanged a day earlier.

The domestic currency also appreciated against the Euro in the official market during the session by N6.70 to N1,606.49/€1 from the preceding session’s N1,613.19/€1 but depreciated against the Pound Sterling by 85 Kobo to close at N1,846.57/£1 compared with Monday’s closing price of N1,845.72/£1.

Nigeria’s FX market has continued the year on a firmer footing, extending the positive momentum recorded in 2025.

The Governor of the central bank, Mr Yemi Cardoso, said reforms have extended across the financial landscape, anchored on disinflation, FX market normalisation, and financial-system resilience, which are strengthening real-sector confidence.

In addition, stronger trade receipts, reflecting the impact of elevated global oil prices, helped boost FX supply and support currency stability.

Meanwhile, the cryptocurrency market was under pressure, with analysts saying the recent drawdown, which is the steepest since the 2024 halving, has come on low spot trading volumes, suggesting retail investors have mostly stepped aside while leveraged derivatives drive price moves.

This comes ahead of a closely-watched US employment data for January due on Wednesday, which the US government officials suggest could be weaker than forecast.

Originally scheduled for last Friday, the government’s January Nonfarm Payrolls Report is now coming out on Wednesday morning due to the brief federal shutdown last month.

Solana (SOL) weakened by 4.5 per cent to $81.91, Binance Coin (BNB) slumped 4.4 per cent to $608.22, Ripple (XRP) dipped 4.3 per cent to $1.37, Ethereum (ETH) dropped 3.7 per cent to $1,975.44, and Dogecoin (DOGE) saw a 3.2 per cent fall in value to trade at $0.0916.

Further, Bitcoin (BTC) went down by 2.8 per cent to $67,517.93, Cardano (ADA) slid 2.7 per cent to $0.2581, and Litecoin (LTC) declined by 2.1 per cent to $52.55, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

NGX Records 2026 Highest Daily Gain of 1.65% as YtD Return Hits 13.62%

Published

10 hours ago

11/02/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian bourse showed no signs of slowing its bull run as it further appreciated by 1.65 per cent on Tuesday, its highest daily gain in 2026.

This was influenced by continued interest in shares in the energy, consumer goods and industrial goods sectors.

Data from the Nigerian Exchange (NGX) Limited revealed that the energy space increased by 2.97 per cent, the industrial goods counter appreciated by 2.93 per cent, the banking index expanded by 1.83 per cent, the consumer goods sector improved by 0.16 per cent, and the insurance segment rose by 0.01 per cent.

As a result, the All-Share Index (ASI) added 2,863.20 points to close at 176,809.42 points compared with the previous day’s 173,946.22 points, and the market capitalisation soared by N1.838 trillion to N113.497 trillion from N111.659 trillion.

The growth recorded by Customs Street yesterday was mainly due to buying pressure on some bellwether stocks like MTN, GTCO, BUA Cement, Lafarge Africa and others.

Sixty-six equities ended on the gainers’ chart during the session, while 22 equities finished on the losers’ chart, indicating a positive market breadth index and bullish investor sentiment.

The quartet of Omatek, Deap Capital, eTranzact, and John Holt chalked up 10.00 per cent each to sell for N3.19, N8.25, N20.35, and N8.80 apiece, while Vitafoam Nigeria gained 9.98 per cent to settle at N105.80.

Conversely, Abbey Mortgage Bank lost 9.82 per cent to trade at N12.40, SAHCO declined by 9.06 per cent to N150.00, Guinea Insurance slipped by 6.67 per cent to N1.54, Consolidated Hallmark shrank by 6.64 per cent to N4.50, and Livestock Feeds depleted by 6.34 per cent to N6.65.

A total of 1.3 billion stocks valued at N50.4 billion exchanged hands in 58,965 deals on Tuesday compared with the 775.2 million stocks worth N27.9 billion transacted in 65,960 deals on Monday, implying a fall in the number of deals by 10.61 per cent, and a growth in the trading volume and value by 67.70 per cent and 80.65 per cent, respectively.

Deap Capital was the most active stock for the day with a turnover of 283.1 million units valued at N2.0 billion, Access Holdings traded 135.5 million units worth N3.2 billion, Veritas Kapital transacted 67.3 million units for N149.7 million, Tantalizers exchanged 54.7 million units valued at N289.8 million, and Zenith Bank sold 52.1 million units worth N4.0 billion.