Economy
NNPC Targets One Million Jobs in Ondo with Biofuel Plant
By Dipo Olowookere
In its avowed commitment to ensure unimpeded supply of petroleum products and safeguard the environment through reduction of carbon emission, the Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with the Ondo State government for the establishment of a 65,000 million litres per annum biofuel plant in Okeluse area of the state.
Speaking when the Governor of Ondo State, Mr Oluwarotimi Akeredolu, led a delegation from the state for the MoU signing ceremony at the NNPC Towers, the Group Managing Director of the NNPC, Dr Maikanti Baru, explained that the project was not a one-hundred-per-cent NNPC subsidiary and that some investors were also bringing in Foreign Direct Investment into the country for the project.
On the benefits of the project, the GMD disclosed that the construction of the plant and the production of cassava feedstock could create at least one million direct and indirect jobs.
Other benefits, according to Dr Baru, include reduction of fuel import, reduction of greenhouse gas emission to combat global warming, and boost in the production of animal feeds from by-products of the plant.
The GMD also allayed fears of any possible negative impact of the plant on the supply of cassava-based foods for human consumption, stressing that the cassava that would be used for the biofuel project was a special breed that would not be in competition for human consumption or interfere with the activities of farmers cultivating other breeds of cassava or indeed other crops.
“Your Excellency, we have already discussed with you and you have agreed to make 15,000 hectares of land available towards the cultivation of this cassava. It will, of course, in the process invite people who are used to farming cassava as well as new entrepreneurs who want to go into that business to participate in the cultivation of the cassava that we are going to use for the production of the fuel ethanol.
“We expect that this plant, when built, will be producing at least 65 million litres per annum of fuel ethanol that could be blended into our Premium Motor Spirit (PMS) and will be used in Nigeria and neighbouring countries when exported,” Dr Baru informed.
He disclosed that the biofuel project would be fitted with a 40 megawatts electricity plant that would also supply power to the host communities.
The GMD said NNPC intended to commercialize the greenhouse gas emission reduction capability of the project to win carbon credit for the nation from the international community, adding that it could also make money from such by-product as industrial starch and others which could be converted to animal feeds to boost food production in the country.
“The benefits of this project to Nigeria and specifically to Ondo State are immense and NNPC is very eager to see it implemented. We are working with the investors who will invest because there are several dimensions to the project,” Dr Baru enthused.
Earlier, the Governor of Ondo State, Mr Oluwarotimi Akeredolu, expressed confidence that the biofuel project would take off for the benefit of the people of the state and the country in general.
He assured that the state had enough farmers as well as cassava to sustain the biofuel plant, stressing that his visit was to show his commitment to the project.
Present to witness the signing of the MoU were the Nigeria Export-Import Bank (NEXIM Bank), New Partnership for African Development (NEPAD) and National Oil Spill Detection and Response Agency (NOSDRA).
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) shared a total of N1.678 trillion in March 2025 to the three tiers of government as federation allocation from the revenue generated by the nation in February 2025.
A statement from the Federation Accounts Allocation Committee (FAAC) after its meeting for this month, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed that the amount generated stood at N2.344 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), an argumentation of N178 billion and revenues from Solid Minerals.
It was revealed that the federal government was given N569.656 billion, the states received N562.195 billion, the local government councils got N410.559 billion, while the oil-producing states shared N136.042 billion as 13 per cent derivation of mineral revenue.
The statement further disclosed that VAT for the month was N609.430 billion versus N771.886 billion in the preceding month, with the federal government receiving N91.415 billion, the states getting N304.715 billion, and the councils sharing N213.301 billion.
FAAC presented N1.653 trillion as gross statutory revenue for last month, lower than the N1.848 trillion recorded a month earlier, with N61.449 billion used for the cost of collection and N736.249 billion for transfers, intervention and refunds.
When the balance of N827.633 billion was shared, the federal government got N366.262 billion, the states received N185.773 billion, and the councils got N143.223 billion, while the oil-producing states shared N132.374 billion as 13 per cent derivation revenue.
Also, the sum of N35.171 billion from EMTL was distributed, with the federal government receiving N5.276 billion, the states sharing N17.585 billion, and the local government councils getting N12.310 billion, while N1.465 billion was for the cost of collection.
Further, N28.218 billion was generated from solid minerals and the central government got N12.933 billion, the states received N6.560 billion, the LGCs got N5.057 billion, and the oil-producing states shared N3.668 billion.
In addition, from the N178 billion augmentation, the national government received N93.770 billion, the states got N47.562 billion, and the local councils received N36.668 billion.
It was observed that revenues from VAT, Petroleum Profit Tax, Companies Income Tax, excise duty, import duty and CET Levies declined in February, while earnings from EMTL and oil and gas royalty increased significantly.
By Adedapo Adesanya
The 1.7 million barrels of jet fuel exported from the Dangote refinery in Lagos, Nigeria, have arrived at US ports, according to data from ship-tracking service, Kpler.
It was reported that another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.
US jet fuel imports are set to hit a two-year high in March after the refinery pushed barrels to North America and Europe.
Total US jet fuel imports so far in March stood at around 226,000 barrels per day, the most since February 2023, the data showed.
The development comes amid controversies surrounding the sale and availability of crude oil to the refinery and Premium Motor Spirit or petrol supply to the Nigerian market.
Nigeria’s decision to cancel the Naira-for-crude deal with the refinery has since created panic in the hearts of marketers and consumers alike.
The 650,000 barrels per day refinery has also suspended selling petrol in Naira to marketers.
It lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US Dollars.
“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.
The announcement has since triggered a rise in the cost of loading petrol at private depots in Lagos to about N900 per litre from below N850 per litre before.
The Dangote refinery started production last January after years of construction delays and ramped up to about 85 per cent of capacity in early February, allowing it to sell more fuel to international markets.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange crumbled by 0.57 per cent on Monday, March 24 after four stocks on the trading platform closed lower.
Okitipupa Plc gave up N22.66 during the session to settle at N285.00 per unit compared with the N307.66 per unit it was sold last Friday, FrieslandCampina Wamco Nigeria Plc lost 17 Kobo to trade at N37.00 per share versus N37.17 per share, Food Concepts Plc depreciated by 14 Kobo to close at N1.35 per unit compared with the preceding session’s N1.49 per unit, and Industrial and General Insurance (IGI) Plc declined by 2 Kobo to finish at 35 Kobo per share, in contrast to the preceding trading day’s 37 Kobo per share.
Conversely, Central Securities Clearing System (CSCS) Plc improved its value by 69 Kobo to sell at N23.53 per unit versus N22.84 per unit and UBN Property Plc gained 20 Kobo to quote at N2.20 per share, in contrast to the previous value of N2.00 per share.
When the bourse ended for the session, the NASD Unlisted Security Index (NSI) went down by 19.09 points to 3,339.52 points from the previous trading day’s 3,358.61 points, and the market capitalisation shrank by N11.03 billion to N1.928 trillion from N1.939 trillion.
The volume of securities traded at the NASD yesterday rose by 216.1 per cent to 961,456 units from the 304,188 units recorded last Friday, and the value of securities went up by 116.3 per cent to N22.1 million from N10.2 million, while the number of deals depreciated by 31.3 per cent to 22 deals from 32 deals.
Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.3 million units valued at N513.7 million, and Afriland Properties Plc with 17.6 million units sold for N360.1 million.
Impresit Bakolori Plc was also the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 70.0 million units sold for N23.8 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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