Economy

NPDC Attains 100% Local Content Input in Edo Gas Project

Published

8 years ago

26/10/2018

By Dipo Olowookere

The Nigerian Petroleum Development Company (NPDC), an Upstream Subsidiary of the Nigerian National Petroleum Corporation (NNPC), has achieved a 100 per cent local content input in the development of Oredo Integrated Gas Handling Facility.

Group Managing Director of NNPC, Dr Maikanti Baru, declared this Wednesday during a tour of the NPDC’s Oredo Flow Station, Oredo Gas-to-Pan-Ocean Facility, Oredo Integrated Gas Handling Facility (IGHF), as well as the Oredo LPG Dispensing Facility, all in Edo State.

Commending NPDC on the feat, Mr Baru said he was proud that a world-class facility was being put in place by a Nigerian engineering contractor in conjunction with another Nigerian company, the NPDC.

“From engineering, construction to erection of the various units, we feel very encouraged by the huge man-hours which you are putting in here, day and night, with full local content,” Mr Baru told over 500 workers at the site.

The IGHF is currently at 80 percent completion. When completed in December, it will make provision for dehydration of gas and liquid extraction. It is expected to also produce both Liquefied Petroleum Gas (LPG) and Propane, in addition to dry gas to the Escravos Lagos Pipeline System (ELPS).

He described the Oil Mining Lease (OML) 111, where the gas projects are located, as one of the most significant assets of the NPDC because it is where the corporation’s staff and their contractors design, build and operate facilities hitherto operated by the International Oil Companies (IOCs).

“You could see that right from the well-design through to reception of the various liquids to the processing and disposal of the various outputs, it is fully indigenous. So, it cannot be better than this,” he added.

He said as a National Oil Company (NOC), the corporation was using this to showcase its ability to intervene, stressing that “we are not just a player, we are also building capacity that can enable us intervene by taking over any assets whenever any contractor decides to opt out,” he added.

Mr Baru stated that the project’s funding constraints would be addressed soonest, stressing that NNPC was considering alternative means to support and complete the project.

“All these projects are located within OML 111, one of our critical assets which we are keen on deriving maximum benefits from,” he stated.

Earlier, Managing Director of NPDC, Mr Yusuf Matashi, thanked the NPDC Board led by the GMD, for coming down to inspect the gas facilities, saying it was the first time the company was witnessing a highly-synchronised support towards these projects.

He said the LPG Dispensing Facility strategically offered 40% solution for Nigeria’s domestic LPG market which would translate into extra cash flow for the company.

“Another advantage is that it will ensure ease of distribution and penetration into the market. You can take LPG to every nook and cranny of the country from here. So, it is quite strategic,” he noted.

The MD said in line with NPDC’s Corporate Social Responsibility (CSR) efforts, the company had engaged youths within the host community area, with a number of them fully involved in the local contracts around the project as well as the pipeline Right Of Way (ROW).

“We have also completed a Skills Acquisition Centre which is currently being furnished in line with the component of the project. We intend to commission the centre even before the project is completed. From our records, this is one project that has engendered cordial relationship with the Oredo community and we hope to replicate similar understanding in other areas within the Niger Delta,” Mr Matashi stated.

In his remarks, the NNPC Chief Operating Officer, Upstream, Mallam Bello Rabiu, who expressed happiness that the project would be delivered within time and budget, also charged the workers to double the over one million man-hours achieved so far in the project without any incidence.

While further assuring of timely funding for the project, the NNPC Chief Financial Officer, (CFO) Mr Isiaka Abdulrazaq, commended the NPDC Management for performing impressively on the project and for its drive towards making NPDC the E&P Company of choice in Nigeria.

Located 34km southeast of Benin City, the OML 111 is an onshore field comprising five fields viz: Oki-Oziengbe-South, Aroh North, Koko, Oghama as well as Oredo, which has twelve (12) out of its fifteen (15) wells currently producing.

Economy

MRS Oil, FrieslandCampina Wamco Shrink NASD Index by 0.68%

Published

2 days ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.

MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.

As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.

The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.

Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.

When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also ended the session 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 transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.

Economy

NGX Index Rebounds 0.15% on Renewed Interest in Financial Stocks

Published

2 days ago

06/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.

Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.

This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.

Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.

The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.

On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.

Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.

Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.

At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.

Economy

Naira Depreciates to N1,362/$1 at Official Market

Published

2 days ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.

However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.

For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.

The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.

Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.

Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.

Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.