Economy
NNPC Set to Deliver OB3 Gas Pipeline Project in August
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited is set to deliver the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project as part of efforts to boost nationwide gas supply to drive industrialisation and economic growth in August.
The Group Chief Executive Officer of NNPC Limited, Mr Mele Kyari, confirmed this during an inspection tour of the OB3 pipeline River Niger Crossing operation at Aboh, Delta State, on Saturday.
Recall that the OB3 Gas pipeline is the inter-connector which links the Eastern gas pipeline network to the Escravos-Lagos Pipeline System (ELPS) in the West and the Ajaokuta-Kaduna-Kano (AKK) Pipeline in the North.
The River Niger Crossing operation has been the major impediment to the completion of the strategic OB3 Gas Pipeline for over three years due to the failure of the various technologies deployed to achieve the construction of the 48-inch pipe under the river bed between Ndoni in Rivers State and Aboh in Delta State.
But with the adoption of the Micro-Tunnelling/Direct Pipe Installation technology, the new contractors, Messrs HDD Thailand/Enikkom and Tunnelling Services Group (TSG) are making headway with about 860meters out of the 1,800meters achieved so far.
Speaking after the inspection tour, Kyari expressed delight at the breakthrough, which signals the imminent completion of the project.
“This is a major project of monumental value to our country. What this means is that this is the only way we can deliver the gas revolution. I am very happy and convinced that, latest by the middle of August, we will complete this project. I have been assured of that by the project team,” Mr Kyari stated.
On the significance of the project, he said: “Once completed, we will see about 2.2 billion standard cubic feet of gas coming into our network. We believe that this will give our country a breathing space of demand, I am sure we can catch up with that kind of demand in the next one and a half years. We are happy that this will give us the platform to unleash the gas revolution in our country.”
On his part, the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, expressed satisfaction with the pace of work at the OB3 River Niger Crossing operation, describing it as renewed hope at work.
“I was here last year and I saw the work that was going on. There was a promise that it would be completed by December last year. I took it with a doubt. But today, from what I can see, I am confident that by July or August, it will be completed and it will be commissioned by the President”, the Minister stated.
On her part, the Special Adviser to the President on Energy, Mrs Olu Verheijen, said she was looking forward to the completion of the project having been assured by the technical team that the right technology has been found to resolve the complex challenges of the River Niger Crossing.
“As the Minister and other speakers have said, we are looking forward to having this project deliver prosperity to Nigerians in the form of electricity and other areas”, Verheijen said.
The Managing Director of Tunnel Service Group (TSG), one of the contractors to the project, Mr Ingo Justen, who is personally on the ground to supervise the project at the request of the GCEO, expressed confidence that the current technology being applied in the execution of the project would lead to its speedy conclusion.
In a presentation earlier, the Managing Director of NNPC Gas Infrastructure Company (NGIC), Mr Seyi Omotowa, disclosed that at the rate of progress with the new technology deployed, the River Niger Crossing operation, which is the only aspect of the OB3 Gas Pipeline Project left, will be achieved on schedule.
By Adedapo Adesanya
Four price losers weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, January 28.
The decliners were led by Afriland Properties Plc, which lost N1.53 to close at N14.50 per share compared with the previous day’s N16.03 per share, Geo-Fluids Plc dropped 50 Kobo to end at N6.35 per unit versus Tuesday’s price of N6.85 per unit, Central Securities Clearing System (CSCS) Plc declined by 35 Kobo to N40.15 per share from N40.50 per share, and Food Concepts Plc decreased by 28 Kobo to sell at N2.72 per unit versus N3.00 per unit.
As a result, the market capitalisation of the bourse went down by N1.3 billion to N2.173 trillion from the N2.174 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) fell by 2.17 points to 3,632.56 points from Tuesday’s 3,634.73 points.
In the midst of the profit-taking, some securities witnessed bargain-hunting, with Nipco Plc gaining N22.00 to close at N242.00 per share versus N220.00 per share of the previous session, FrieslandCampina Wamco Nigeria Plc improved by N4.00 to N68.00 per unit from N64.00 per unit, and Acorn Petroleum Plc added 8 Kobo to finish at N1.38 per share versus N1.30 per share.
At midweek, the volume of securities transacted by the market participants surged by 259.9 per cent to 4.7 million units from 1.3 million units, but the value of securities went down by 8.6 per cent to N52.4 million from N57.3 million and the number of deals shrank by 15.8 per cent to 32 deals from 38 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 15.3 million units exchanged for N622.4 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units valued at N108.4 million, and Geo-Fluids Plc with 8.9 million units worth N60.3 million.
CSCS Plc was also the most traded stock by volume (year-to-date) with 15.3 million units sold for N622.4 million, followed by Geo-Fluids Plc with 8.9 million units exchanged for N60.3 million, and Mass Telecom Innovation Plc with 8.4 million units traded for N3.4 million.
By Adedapo Adesanya
The Naira was exchanged at N1,400.28 per Dollar in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, January 28 after it gained 74 or 0.05 per cent against the United States Dollar, according to data from the Central Bank of Nigeria (CBN). In the preceding trading session, the value of the local currency stood at N1,401.22/$1.
However, the domestic currency further depreciated against the Pound Sterling in the official market yesterday by N4.15 to end at N1,929.99/£1 compared with Tuesday’s closing price of N1,925.84/£1 and against the Euro, it lost N3.31 to settle at N1,675.53/€1, in contrast to the preceding session’s closing price of N1,672.22/€1.
At the black market window, the Nigerian Naira maintained stability against the Dollar at N1,480/$1 at midweek, same at the GTBank forex desk, where it closed flat at N1,426/$1.
The Naira has sustained its upward momentum into early 2026, building on the gains recorded in 2025, when it posted its strongest performance in over a decade. Recent reforms in the FX market as well as structural reforms in the oil sector have eased fears and buoyed investments.
This has boosted foreign capital inflows and led to stronger diaspora remittances, keeping the exchange rate at the N1,400 mark in the medium term.
Also boosting the value of the Naira is a general weakening of the greenback in the international market as a result of geographical tensions and risk associated with US policies.
As for the cryptocurrency market, continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets. A weaker Dollar fueled strong rallies in these commodities, making them safer havens than crypto.
Also, the US Federal Reserve left interest rates unchanged at its meeting on Wednesday.
Solana (SOL) shrank by 2.9 per cent to $123.15, Dogecoin (DOGE) depreciated by 2.6 per cent to $0.1217, Litecoin (LTC) slid by 2.4 per cent to $68.10, Ripple (XRP) fell by 2.1 per cent to $1.87, Cardano (ADA) depleted by 1.9 per cent to $0.3506, Ethereum (ETH) went down by 1.8 per cent to $2,951.30, Bitcoin (BTC) dipped by 1.1 per cent to $88,118.29, and Binance Coin (BNB) slumped by 0.1 per cent to $889.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange tasted another defeat on Wednesday after it closed lower by 0.33 per cent due to profit-taking, especially in MTN Nigeria, Oando, UBA, and others.
The selling pressure was triggered by the desire of investors to recaliberate their portfolios and this saw 38 shares end in the red territory as only 32 shares finished in the green side, implying a negative market breadth index and weak investor sentiment.
According to data from Customs Street, RT Briscoe suffered the heaviest lost after it shed 9.97 per cent to trade at N6.50, May and Baker depreciated by 9.96 per cent to N35.25, Ikeja Hotel slumped by 9.92 per cent to N32.25, Living Trust Mortgage Bank lost 9.90 per cent to settle at N4.64, and eTranzact dipped by 9.16 per cent to N17.35.
At the other side of the coin, Union Homes REIT was the biggest price gainer after it improved its value by 9.97 per cent to N94.85, Deap Capital grew by 9.97 per cent to N9.49, Tantalizers appreciated by 9.92 per cent to N3.88, and SAHCO advanced by 9.91 per cent to N128.60.
Leading the activity chart yesterday was Neimeth, which traded 58.1 million equities for N590.6 million, Chams sold 39.4 million stocks worth N190.6 million, Access Holdings exchanged 33.4 million shares valued at N757.5 million, Zenith Bank transacted 32.4 million equities worth N2.3 billion, and Tantalizers recorded a turnover of 29.2 million shares valued at N109.8 million.
At the close of transactions, 631.2 million stocks exchanged hands for N16.5 billion in 42,172 deals at midweek compared with the 483.1 million stocks worth N17.4 billion recorded in 41,499 deals a day earlier, showing a fall in the trading value by 5.17 per cent, and an increase in the trading volume and number of deals by 30.66 per cent and 1.62 per cent apiece.
As for the key performance indices, they were down, with the All-Share Index (ASI) losing 549.44 points to settle at 165,164.38 points compared with the preceding say’s 165,713.82 points and the market capitalisation giving up N352 billion to end at N105.737 trillion versus Tuesday’s N106.089 trillion.
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