Economy
NNPC Signs Six Strategic Gas Deals to Boost Industrial Growth
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of six strategic agreements with key partners, ranging from Memorandum of Understanding (MoU), Gas Supply Agreement (GSA) and other gas transportation deals, marking a significant milestone in Nigeria’s journey towards industrial revitalisation and enhanced energy security.
The agreements, executed on the sidelines of the ongoing 25th NOG Energy Week in Abuja on Tuesday, include: an MoU with Ajaokuta Steel Company Limited, ASCL; a Gas Sale Aggregation Agreement with Ajaokuta Steel Company Limited; a GSA with UTM FLNG; a Network Entry Agreement with Chevron Nigeria Limited; a Network Entry Agreement with AGPC, and a Network Entry Agreement with NNPC Exploration & Production Limited.
According to the chief executive of the NNPC, Mr Bayo Ojulari, the agreements underscore the state oil company’s commitment to advancing the federal government’s gas-based industrialisation agenda, driving sustainable economic growth and enhancing Nigeria’s energy security.
“What we are witnessing today is not just about signing agreements. It is about igniting the engine of Nigeria’s industrialisation. Gas is the key. It is a source of revenue and profit. It is also the only product that can have that level of industrial impact on Nigeria, more than any other hydrocarbon,” Mr Ojulari stated.
He particularly described the agreements as a testament to NNPC’s shared commitment to transparency, efficiency, and a standardised framework for Nationwide gas utilisation, which will unlock new supply capacity for the domestic market and solidify the role of gas as a catalyst for economic transformation.
Mr Ojulari noted that the agreements signal a new era of strategic partnerships that will drive local content, enhance energy security and accelerate Nigeria’s journey towards becoming a global industrial powerhouse.
He described NNPC as the partner of choice. “We are on a journey, even as we look forward to greater collaboration with industry partners.”
A cornerstone of the signing ceremony was the agreement with Ajaokuta Steel Company Limited. In the MoU, NNPC and ASCL committed to extend collaboration beyond gas supply, aiming to catalyse the production of raw materials for oil and gas pipes, a critical enabler for major infrastructure projects such as the African- Atlantic Gas Pipeline and the Escravos -Lagos Pipeline System (ELPS).
The MoU is anchored on two major pillars: the revitalisation of the Ajaokuta Steel Complex and the expansion of domestic gas utilisation through the Nigerian Gas Transportation Network Code.
This was complemented by the execution of a 20-year Gas Sale and Aggregation Agreement between NNPC E&P Limited, Gas Aggregation Company of Nigeria Ltd/Gte and ASCL.
This agreement will see the supply of 3MMscf/d of Firm Contract Volumes and 47MMscf/d of Interruptible Contract Volumes to be used as feedstock for the power plant servicing the steel complex.
NNPC Ltd/Seplat JV also took a major step towards commercialising Nigeria’s vast natural gas resources by signing a 15-year Wet Gas Sale and Purchase Agreement WGSPA between the NNPC Ltd/Seplat Energy Producing Nigeria Unlimited Joint Venture and UTM FLNG Limited.
Under the agreement, the Joint Venture will supply 200 million standard cubic feet of gas per day (MMscf/d) to the UTM Floating LNG project, providing the long-term feedgas certainty required to support financing and position the project for a Final Investment Decision (FID) in the fourth quarter of 2026.
Further demonstrating its commitment to a regulated and efficient gas market, NNPC announced the successful migration of legacy interconnection agreements to the new Nigerian Gas Transportation Network Code. This involved the signing of Network Entry Agreements with three major gas producers.
These agreements, signed with Chevron Nigeria Limited, CNL, AGPC, and NEPL, will inject up to 800MMscf/d of natural gas into the domestic transportation network. This will serve Nigeria’s power plants, Gas-Based Industries (GBIs), and industrial clusters, significantly enhancing network connectivity and operational flexibility while improving the security of gas supply.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.36 per cent on Wednesday, August 19, slicing the market capitalisation of the platform by N9.41 billion to N2.60 trillion from N2.610 trillion, and reducing the NASD Security Index (NSI) by 15.67 points to 4,333.09 from 4,348.76 points.
The securities depository company lost N10.30 at midweek to close at N88.12 per share versus Tuesday’s closing price of N90.02 per share.
This offset the 38 Kobo gained by Golden Capital Plc during the session. The stock traded at N14.05 per unit compared with the preceding day’s N13.67 per unit.
Yesterday, the volume of securities soared by 557.2 per cent to 747,429 units from 113,728 units, the value of securities jumped by 934.0 per cent to N9.4 million from N375.7 million, and the number of deals increased by 35.5 per cent to 42 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units exchanged for N6.5 billion, and CSCS Plc with 79.9 million units worth N5.8 billion.
GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units transacted for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
The Naira weakened by N7.09 or 0.53 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, August 19, to N1,350.41/$1 from the previous rate of N1,343.32/$1.
The local currency also significantly depreciated against the Pound Sterling in the official market yesterday, by N19.87, to close at N1,839.13/£1 versus the previous day’s N1,819.26/£1, and against the Euro, it lost N18.07 to end at N1,574.31/€1 versus Tuesday’s price of N1,556.24/€1.
However, at the black market, the Naira maintained stability against the US Dollar at N1,390/$1, and also remained unchanged at the GTBank forex desk at N1,357/$1.
Interbank FX turnover increased by 1.72 per cent to $370.980 million from $364.709 million, according to the daily update by the Central Bank of Nigeria (CBN).
On the other hand, the number of interbank FX deals declined to 100, from 108 the previous day, reflecting a moderate slowdown in activities.
Available data from the central bank showed that demand for FX by end-users in Nigeria fell by 35.23 per cent to $3.42 billion in April 2026, easing pressure on the Dollar market as the Naira recorded modest gains.
This occurred as FX utilisation across economic sectors declined during the month, while the Naira strengthened at the official market. Across several sectors, including oil, food, and manufacturing, there were drops.
The monthly average exchange rate improved 1.38 per cent to N1,361.22 per Dollar in April from N1,379.98/$1 in March. At the end of the review month, the domestic currency closed at N1,374.94 per Dollar at NAFEM, compared with N1,386.72/$1 at the end of March.
In the cryptocurrency market, coins recorded massive jumps following the US Treasury’s decision to at least double bond buyback operations and was reinforced by a bond-market surge and President Donald Trump’s call for Congress to advance crypto market-structure legislation.
The American President urged Congress to advance the Digital Asset Market Clarity Act, calling for “a fair version” of the market structure bill that has been stuck in the Senate.
Ethereum (ETH) surged by 18.2 per cent to $2,261.93, Solana (SOL) rose by 11.4 per cent to $85.77, Ripple (XRP) expanded by 10.5 per cent to $1.10, Bitcoin (BTC) grew by 8.6 per cent to $69,784.82, Dogecoin (DOGE) added 7.3 per cent to sell at $0.0751, Cardano (ADA) rose by 4.8 per cent to $0.1842, Binance Coin (BNB) jumped by 4.5 per cent to $628.45, and TRON (TRX) increased by 0.1 per cent to $0.3330, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
Those who purchased the N40 billion bond issued by Geregu Power Plc in 2022 but did not receive payments last month as expected have reportedly now been paid by the energy company.
Geregu Power, listed on the Nigerian Exchange (NGX) Limited, was in the news recently over the repayment default on July 28, 2026, triggering panic in the capital market.
Last week, the organisation admitted the issues caused by this default, but said, “Discussions and engagements are ongoing, and the company will continue to act in good faith in fulfilling its responsibilities.”
It further disclosed that “relevant stakeholders and advisers [are being actively engaged] regarding the resolution of the various challenges and is committed to achieving an orderly and mutually beneficial outcome.”
The latest information indicated that N6.03 billion owed investors under the firm’s N40.09 billion Series 1 Senior Unsecured Bond has been cleared.
This is expected to bring relief to investors, who may have feared the worst after the entity failed to meet its debt obligations when due.
However, on the FMDQ Securities Exchange, the status of the debt instrument remains as “credit default in the 8th coupon payment and 4th bullet principal repayment.”
As of the time of filing this report, Geregu Power has yet to confirm the clearing of the N6 billion debt.
