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NNPC Vows to Revamp Depots, Pipeline Network

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Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has promised to revamp depots of the corporation across the country and also to work on its pipeline network.

He further stated that management of the state-owned oil firm will establish more NNPC Retail outlets across the country, noting that the ultra-modern mega stations would help in stabilizing the downstream petroleum sector in the country.

Speaking at the formal opening of an ultra-modern mega fuel station along the Sagamu Interchange on the Lagos-Ibadan Expressway, Mr Baru remarked that the concept of the mega station, which took roots in August 2002 under the administration of Mr Olusegun Obasanjo, had become an indispensable part of the corporation’s downstream portfolio.

He said the NNPC was poised more than ever before to elongate the entire oil and gas value chain by revamping its depots and pipeline network.

Mr Baru explained that the new station had a total storage capacity of 500,000 litres of petroleum products which could be dispensed from its 22 nozzles.

“It has 22 nozzles made up of 14 for Premium Motor Spirit (PMS), four each for Automatic Gas Oil (AGO) and Dual Purpose Kerosene (DPK) and 10 tanks of 50,000 litres each.

“The station has the capacity to store 3,000,000 litres of PMS, 100,000 litres each for AGO and DPK. This is expected to satisfy the teeming motorists’ quest for high volume, quality and shorter vehicle fuelling cycle time on this ever-busy Lagos-Ibadan Expressway,” he said.

In his address, Mr Obasanjo, who was represented by his aide, Mr Idowu Akanle, commended the management of the Nigerian National Petroleum Corporation (NNPC) for ensuring an uninterrupted supply of petroleum products which he noted was an integral part of energy security in the country.

He stated that the erection of new fuel outlets would not only guarantee product supply but was also a means of creating jobs and boosting the economy to ensure that the lives of many Nigerians are touched in many positive ways.

The former President also noted that based on its rising profile in product availability and efficient customer delivery, NNPC was indeed living up to expectations.

“I am glad that our vision, when we established NNPC Retail is now being achieved,” he said.

Earlier in his welcome address, Managing Director of NNPC Retail, Mr Yemi Adetunji, remarked that the company had metamorphosed from a mere department of seven staff under the then Property Division of the NNPC into a fully-fledged downstream player with significant market share garnered within the last 15 years of its existence.

Ogun State Commissioner for Commerce and Industries, Bimbo Ashiru, who stood in for Governor Ibikunle Amosu, thanked the corporation for locating the first NNPC ultra-modern mega station in the state, noting that the government and people of Ogun State were willing and ready to host more of such facility.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Nigeria Makes Maiden AfCFTA Shipment to Kenya

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By Adedapo Adesanya

Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.

According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.

The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.

He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.

“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.

“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”

He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.

Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.

He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.

He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).

According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.

The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.

The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.

On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021

Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.

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Economy

Capital Market Operators Get January 31 Deadline for Licence Renewal

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By Adedapo Adesanya

The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.

In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.

SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.

”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.

“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.

The commission added that CMOs desiring to make enquiries or get support to complete the process should contact registration@sec.gov.ng.

The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.

It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.

The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.

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Economy

Seven Equities Boost NASD OTC Securities Exchange by 1.24%

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NASD securities exchange

By Adedapo Adesanya

The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.

Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.

In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.

Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.

Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.

FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.

However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.

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