Economy
NNPC to Supply 30,000bpd Crude Oil to Asia
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC), through its subsidiary, Duke Oil, has sealed a pact to supply 30,000 barrels per day of crude oil to Indonesia’s state oil corporation, Pertamina, and the Indian Oil Corporation.
This was revealed by the Managing Director of NNPC Trading Company Limited, Mr Lawal Sade, in the latest edition of NNPC Quarterly Magazine.
The development, which will strengthen the nation’s revenue outlook, is coming in the face of the volatility and uncertainty in the oil industry.
The move, which also signals the nation’s attempt to capture market share in Asia countries, may push the profit of the entity to about $70 million in the 2021 trading year.
The corporation revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio and adopted alternative trading strategies to increase its volumes and profitability.
The report revealed that the subsidiary has concluded plans to take part in upstream third-party financing for direct access to Nigeria’s equity crude oil as well as securing 120,000MT of storage and blending facilities offshore.
The subsidiary is also expected to expand into expanding into bitumen and base oil importation in the 2021 trading year.
NNPC disclosed that the move has already seen the gross revenue of the entity growing to N28 billion against a budgeted figure of N16 billion, adding that despite the COVID-19 pandemic last year, the development led to additional N12 billion income.
“Further from the impacts of COVID-19 and the thinking-out-of-the-box his management adopted, the company made remarkable inroads into the Asian market as a secured off-taker of Nigeria’s crude. From this, supply deals were hammered out with refiners in India amongst others.
“Based on this performance, Duke Oil has set its eyes on leveraging the inroads made in the Asian and Middle East market for the sale of Nigeria’s crude oil grades.
“It is thus poised to secure term contracts for the supply of 30,000 barrels per day (bpd) of oil to Indonesia’s Pertamina, partake in Indian state-owned refineries crude oil purchase tender and develop counterparty business relationship with other Middle Eastern state-owned oil enterprises,” it was disclosed.
The report further disclosed that Duke Oil would focus on growing crude oil and petroleum products trading activities by expanding its importation and sale of crude oil and petroleum products offshore and developing a trading hub offshore Lagos amongst others.
“The company also hope to undertake active participation in derivative markets, by registration and engagement with major trading houses while commencing derivatives trading to manage price risks.
“Ultimately, in 2021, NNPC Trading Management is geared towards activation of a robust business plan & automation and organizational structure to support the business expansion activities through,” the publication stated.
On the cost containment plan, it added that Duke Oil intends to cut demurrage cost by 25 per cent through proper planning and scheduling of shipments with optimal operational efficiencies in alignment with relevant stakeholders.’
The publication disclosed that the subsidiary intends to cut administrative expenses by 15 per cent through contract renegotiation strategy and online meetings.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
