Economy
NNPC Vows to Sustain Supply of Petrol, Diesel
By Dipo Olowookere
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured consumers that the agency will ensure there was no shortage of petroleum products across the country.
Mr Baru gave this assurance on Tuesday in Abuja at the end of the 24th, 25th and 26th Annual General Meeting of its downstream subsidiaries, the Nigerian Products Marketing Company (NPMC) and the Nigerian Pipelines and Storage Company (NPSC).
He described both subsidiaries as the “sole vehicles through which the NNPC was currently satisfying its obligation of being the supplier of last resort to the nation.”
“We have ensured that we sustain the steady supply of petroleum products across the country and we are doing this onerous task with integrity,” the GMD stressed.
According to him, the splitting of Pipelines and Products Marketing Company Limited (PPMC) into NPMC and NPSC was to commercialize the operations of the company for the better.
Mr Baru noted that the Federal Government and the NNPC had put in place strategies to engage members of various host communities to stem incidences of pipeline infractions, adding that the efforts were yielding positive results.
The companies’ external auditors, Messrs PricewaterHouseCoopers and others, gave the NNPC subsidiary companies a clean bill of health, stressing that their financial statement and operations complied with international best practices.
It would be recalled that the recent strategic intervention of NNPC led to a 42 percent fall in the price of Automotive Gas Oil (AGO) popularly called diesel and has continued to sustain the downward trend across the country.
The NNPC has also taken steps to resuscitate some of its critical pipelines and depots such as the Atlas Cove – Mosimi Depot Pipeline, Port Harcourt Refinery – Aba Depot Pipeline, Kaduna – Kano Pipeline and the Kano Depot which have enhanced efficiency in the distribution of AGO.
The agency maintained that efforts were ongoing to revamp and re-commission other critical pipelines and depots across the country.
Another area of intervention that has enhanced supply and distribution of diesel is the corporation’s robust engagement with critical downstream stakeholders such as Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers, leading to the resolution of salient issues.
By Aduragbemi Omiyale
Trading in the equities of Fortis Global Insurance Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.
The action was taken on Wednesday, June 17, 2026, by the regulatory subsidiary of the NGX Group Plc, NGX Regulation (NGX RegCo) Limited.
It was to prevent investors from buying and selling the company’s securities on the stock market ahead of its share reconstruction.
According to a circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, the suspension is also to determine the shareholders who are entitled to receive the reconstructed shares.
“Trading license holders and the investing public are hereby notified that trading in the shares of Fortis Global Insurance Plc was suspended on Wednesday, June 17, 2026.
“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX).
“The suspension is also required for the purpose of determining the shareholders who are entitled to receive the reconstructed shares,” the notice stated.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange jumped 1.04 per cent on Wednesday, June 17, with the market capitalisation adding N26.99 billion to settle at N2.619 trillion compared with the previous session’s N2.592 trillion, and the Unlisted Security Index (NSI) rising by 45.1 points to close at 4,378.45 points, in contrast to the preceding day’s 4,333.35 points.
The rally was driven by the gains reported by two securities, which outweighed the losses posted by three securities, led by FrieslandCampina Wamco Nigeria Plc, which dipped by N1.95 to N178.19 per unit from N180.14 per unit. Geo-Fluids Plc lost 19 Kobo to close at N2.61 per share compared with Tuesday’s closing price of N2.80 per share, and Food Concepts Plc slid by 1 Kobo to N1.77 per unit from N1.78 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc recorded a N6.33 appreciation to trade at N86.57 per share versus the previous day’s N80.24 per share, and Light House Financial Services Plc grew by 10 Kobo to N1.13 per unit from the N1.03 per unit it closed a day earlier.
In the midweek session, the value of stocks traded by investors surged by 181.0 per cent to N128.3 million from the preceding session’s N45.6 million, the volume of securities increased by 305.6 per cent to 2.8 million units from Tuesday’s 688,290 units, and the number of deals executed jumped by 6.5 per cent to 33 deals from 31 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.3 million units exchanged for N4.6 billion.
GNI Plc also ended as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
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