Economy
NNPC Refinery Loses N2b to Illegal Tappers
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.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Fidson Healthcare Plc has been upgraded to A+(NG) from A(NG), with its short-term issuer ratings of A1(NG) affirmed.
This action was taken by GCR Ratings, which also accorded the leading healthcare organisation in Nigeria with a stable outlook in a statement obtained by Business Post.
It was explained that the company achieved this latest development amid its strong competitive position and improved financial profile.
GCR said Fidson Healthcare’s debt metrics remain moderate, bolstered by a successful N21 billion rights issue expected in Q2 2026 and robust cash flows that support strong liquidity, though large expansionary investments and heightened working capital requirements slightly constrain the rating.
Fidson is a prominent pharmaceutical manufacturer in Nigeria, with over 350 products registered with the National Agency for Food and Drug Administration and Control (NAFDAC). Its product portfolio encompasses a wide range of therapeutic categories, including antibiotics, infusion products, over-the-counter products, and lifestyle healthcare solutions.
The company is enhancing its market position through ongoing investments in manufacturing capacity, product innovation, automation, and operational efficiency.
The firm operates through an extensive network of over 120 distributors across Nigeria, ensuring strong retail visibility and market penetration.
To further strengthen its competitive position, the company is investing in a greenfield automated manufacturing facility, additional infusion lines, and expanded tablet lines, all expected to become operational in the near term. This capital expenditure will significantly increase productive capacity, improve operational efficiency, and enhance export competitiveness in the medium term.
In terms of its liquidity assessment, its 12-month sources versus uses coverage at 1.6x and 24-month coverage at 1.4x, supported by access to diverse funding sources.
Estimated liquidity sources include forecasted operating cash flow of N15.1 billion, cash holdings of N4.7 billion, inventory valued at approximately N17.5 billion, and cash of N21 billion from the equity raise. These resources are sufficient to cover anticipated near-maturing debt obligations of N23.4 billion and forecast medium-term capital spending of around N20 billion, as well as a dividend payout of N3.7 billion in 2026.
By Bon Peters
The new acting Comptroller of the Eastern Marine Command of the Nigeria Customs Service (NCS), Mr Esien Etim Esiet, a Deputy Comptroller of Customs, has promised to maintain an open-door policy with stakeholders, including licensed agents and partners.
He gave this assurance when he officially assumed leadership of the command on Wednesday, May 20, 2026, according to a statement issued by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs (DSC), in Port Harcourt, Rivers State.
In a proactive move to strengthen maritime security and trade facilitation, he immediately initiated an extensive tour of operational facilities and high-level engagements across the region, including Rivers (Abonnema and Onne Outstations), Akwa Ibom (Oron Outstation), and Cross River (Calabar Outstation) States.
During the visitations, Mr Esiet conducted rigorous inspections of equipment and personnel readiness, emphasising that the success of the command relied on a united front, adding that a “sustained synergy is our greatest weapon in combating smuggling and maritime crimes,” insisting that a united front was non-negotiable for national security.
On the inter-agency level to foster a one-service approach, DC Esiet held strategic meetings with the Customs Area Controllers of Port Harcourt II (Onne), the Oil and Gas Free Trade Zone, and the Cross River/Calabar Free Trade Zone/Akwa Ibom Area Command.
To further reinforce maritime safety, he equally paid courtesy visits to top maritime security brass, including the Commander, NNS Pathfinder, Port Harcourt, the Commanding Officer, Navy Forward Operation Base (FOB), Ibaka, the Flag Officer Commanding (FOC), Eastern Naval Command, and the Cross River State Commissioner of Police.
On community and private sector partnership and in recognition of the vital role of grassroots support, DC Esiet visited monarchs in the region, underscoring commitment to maintaining deep-rooted ties with host communities, among others.
On fiscal policy compliance, he reiterated his administration’s resolve to strictly align with the policy direction of the Comptroller-General of Customs, Mr Bashir Adewale Adeniyi, emphasising that his leadership would focus on streamlining maritime enforcement protocols, ensuring officers were motivated and equipped while maintaining an open-door policy with licensed agents and partners.
The Eastern Marine Command, which is a specialised wing of customs, is dedicated to patrolling the nation’s Eastern Waterways, preventing smuggling, and ensuring the security of maritime trade.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, May 26, due to selling pressure, as investors cut down their exposure to unlisted stocks.
During the session, the volume of securities traded by investors jumped by 45.6 per cent to 2.2 million units from the previous day’s 1.5 million units, the value of securities increased by 119.5 per cent to N129.9 million from the N59.2 million recorded a day earlier, and the number of deals soared by 92.6 per cent to 52 deals from the preceding day’s 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million.
Five securities recorded various movements yesterday at the OTC securities exchange, with three price gainers and two price losers.
For the advancers, they were led by 11 Plc, which added N22.11 to its share price to close at N243.11 per unit versus N221.10 per unit, CSCS Plc grew by N2.95 to N77.80 per share from N74.85 per share, and IPWA Plc expanded by 80 Kobo to N8.83 per unit from N8.03 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc shrank by N12.11 to N167.89 per share from N180.00 per share, and Geo-Fluids Plc lost 2 Kobo to sell at N2.98 per unit versus Monday’s N3.00 per unit.
As a result, the market capitalisation dropped N600 million to close at N2.571 trillion compared with the previous day’s N2.571 trillion, and the NASD Unlisted Security Index (NSI) fell by 1.00 points to 4,297.17 points from 4,298.17 points.
The market will be closed on Wednesday (May 27) and Thursday (May 28) for the Eid al-Kabir holidays.
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