Economy
NUPRC Sets 2030 Deadline to End Gas Flaring in Nigeria
By Adedapo Adesanya
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has revealed that routine gas flaring in the Nigerian oil and gas operations would end in 2030.
Mr Komolafe made the disclosure at the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference in Lagos, saying that several initiatives were ongoing in the sector to ensure all gas flares were put out in the next years.
He said the national drive is to achieve the zero-flare target by 2030 and net zero carbon emissions by 2060, stressing that NUPRC was effectively spearheading the drive to attain the target.
Speaking of the Nigeria Gas-Flare Commercialisation Programme, Mr Komolafe said it was one of the initiatives through which the target would be attained.
Gas flaring has continued to be an issue in Nigeria in spite of current global efforts to curtail carbon emissions emanating from various sources, including gas flaring.
The National Oil Spill Detection and Response Agency (NOSDRA) reported that oil and gas companies operating in the country flared 275.2 billion standard cubic feet of gas in 2023, leading the country to a loss of a whopping $1 billion, an equivalent of N891 billion, and with damaging effects on the environment through carbon dioxide emissions.
In its gas flare report for 2023, NOSDRA disclosed that the volume of gas flared in 2023 was 27.03 per cent higher than the volume flared in 2022.
According to the environmental watchdog, 224.9 billion SCF, BSCF, of gas was flared by the companies in 2022, valued at $787.2, an equivalent of N701.395 billion, using Central Bank of Nigeria (CBN) exchange rate of N891/$1.
NOSDRA noted that the 275.2 billion SCF of gas flared in 2023 emitted 14.6 million tonnes of carbon dioxide into the atmosphere; has power generation potential of 27,500 gigawatts hours, GWh, while the offending companies were liable for penalties of $550.4 million, an equivalent of N490.406 billion.
In its gas flare report for the period, NOSDRA disclosed that the volume of gas flared in 2023 was 27.03 per cent higher than the volume flared in 2022.
According to the environmental watchdog, 224.9 billion SCF, BSCF, of gas was flared by the companies in 2022, valued at $787.2, an equivalent of N701.395 billion, using the CBN FX rate of N891/$1.
It listed the major gas flaring offending companies to include Shell Petroleum Development Company (SPDC); Nigerian Petroleum Development Company (NPDC); Chevron Nigeria; Mobil Oil; Elf Petroleum Nigeria; Nigeria Agip Oil Company, NAOC; Addax Petroleum; Texaco Overseas (Nigeria), Esso Exploration and Production Nigeria; Allied Energy Resources; Ultramar Petroleum; Atlas Petroleum; Cromwell and South Atlantic Petroleum, among others.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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