Economy
NNPC Reveals Plans to Boost Gas Generation, Distribution
By Dipo Olowookere
Federal Government-owned Nigerian National Petroleum Corporation (NNPC) has unveiled plans to expand gas generation and distribution nationwide as part of efforts to support government’s aspiration to increase power generation to 10GW.
Group Managing Director of the agency, Dr Maikanti Baru, made this disclosure when a delegation of the Nigerian Gas Association led by its President, Engr. Dada Thomas, paid him a courtesy visit yesterday, in Abuja.
Mr Baru noted that the recent debt settlement for the Joint Ventures would have great impact on the Gas Industry as the initiative was capable of freeing some dedicated funds that could be used to develop the sector.
“We have the aspiration of government to raise power generation to at least 10 giga watts capacity, not just 10GW in terms of installed capacity, but one that will be steady in the grid by 2020.
“All these will drive our activities to ensure that the gas business is expanded and government’s aspiration to earn as much revenue from gas as oil will definitely be realized,” Mr Baru stated.
The GMD said the current efforts to connect the eastern part of the country, where there are a lot of gas reserves, with the west, where high consumption demand exists, demonstrated NNPC’s readiness to impact positively on the power sector.
Dr Baru stated that a lot has been achieved in the contracting process of the $2.7 billion Ajaokuta-Abuja-Kaduna-Kano pipeline project, dubbed AKK Pipeline Project.
“We have gone far with the development of the project using the same paradigm shift of Public Private Partnership (PPP) financing.
“We have also gone far with the contracting process, part of which is to ensure that money meant for the project is raised from the private investors,” the GMD stated.
He explained that the feat recorded in the project would bring to the fore, a new dimension in gas projects execution in the country, nothing that this would signal a regime of private investors funding for such projects.
The GMD recalled recent financing agreements signed in London wherein, for the first time, the Chinese contributed $250 million towards the projects.
He disclosed that Chinese banks had made commitments to bringing in as much money as might be needed to finance oil and gas investments in Nigeria.
“On that occasion, I did challenge the Chinese Banks that since they have now come on board, they should move from the back seat to the driver’s seat and they gave me their commitment that they have plans to bring in as much money as we need to execute our projects. And if the Chinese tell you that they are going do it, definitely they will do it and we will give them a run for their money,” Mr Baru enthused.
He said NNPC would make inputs into the National Gas Policy recently adopted by the Federal Executive Council as well as the Fiscal Bills on gas being worked out by the legislature, with the view to ensuring that gas takes its rightful place in Nigeria’s domestic energy mix.
While commending the NGA for its efforts to develop the gas sector, Mr Baru called on the Association to extend its advocacy to the power sector being the major consumer of gas in the country.
He said another project that would increase gas consumption in the country was the Ogidigben Gas Industrial City project, on which he said, NNPC was committed to seeing it come to fruition, stressing that what was remaining is getting the developer to bring in the various investors to put their industries in place.
Mr Baru pledged the Corporation’s continuous support to NGA in the execution of its mandate and continuous relevance in the industry.
Speaking during the visit, NGA President, Engr. Dada Thomas, applauded the GMD of NNPC for the numerous initiatives that he had taken so far to turn around the fortunes of the Corporation and the country’s economy at large.
“We would like to congratulate the NNPC on a number of paradigm shifts, changes and initiatives it had brought to the fore in recent times.
“I am talking about the new alternative funding which you recently signed with Shell and Chevron to the tune of $1.78 billion, the Clearing of $400 million debt in April, the progress being made on the Elf 2loop lines and the OB3 gas project, one of the most critical gas pipelines in the country,” Engr. Thomas stated
He declared that this gale of achievements by NNPC informed NGA’s huge confidence in the current Management of the Corporation to transform the country’s Oil and Gas Industry.
Other highlight of the visit included the nomination of Mr Baru as the Chairman, Advisory Council of the NGA by the executive of the association.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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