Economy

Oando, NLNG Sign 20-Year Gas Supply Contract

Published

6 years ago

13/12/2019

By Modupe Gbadeyanka

Gas supply agreements that would up to last 20 years have been signed between Oando Plc and Nigeria Liquefied Natural Gas Ltd (NLNG).

A statement issued by the indigenous energy group listed on both the Nigerian and Johannesburg stock exchanges disclosed that it sealed a renewal of gas supply deal for the existing Trains 1-3 for a term of 10 years and a gas supply for the impending Train 7 for a term of 20 years.

It was stated that the contracts were signed by the upstream subsidiary of the company, Oando Energy Resources, with the Group CEO of Oando, Mr Wale Tinubu, representing the firm and Managing Director of NLNG, Mr Tony Attah, standing in for his organisation.

In addition, present at the signing ceremony were the Group Managing Director of NNPC, Mr Mele Kolo Kyari; Managing Director of NPDC, Mansur Sambo; and representative of Managing Director of NAOC, Mr Massimiliano Bertona, who is the General Manager Commercial & Negotiations at NAOC.

Under the terms of the current agreement, the NAOC Joint Venture (JV) made up of NNPC/NAOC/Oando has a total supply obligation of 850MMScf for Trains 1–6.

The JV is specifically responsible for supplying a Daily Contract Quantity (DCQ) of 344.6MMscf/d for Trains 1-3 and 505MMscf/d for Trains 4-6, making the NAOC JV the second largest gas supplier to NLNG, stating that the first GSA is a renewal of the gas supply terms for Trains 1-3.

Oando noted that in addition to the JVs current supply to trains 1-6 and under the terms of the second agreement, the JV will be responsible for supplying a DCQ of 294.7MMScf/d for Train 7, adding that this is expected to come on stream in 2024, and will bring the JV’s total supply obligation to 1.1Bcf.

“The execution of these agreements also effectively monetizes ca. 3.3Tcf of gas for the NAOC JV of which 666Bcf will be net to Oando,” it stated.

“We are particularly pleased to be the only indigenous company party to the NLNG supply agreement, testament to the potential of local players.

“The NLNG vehicle will support the Federal Government’s efforts to grow reserves, boost the country’s gas footprint and market share in the global LNG market and in-turn positively develop the Nigerian economy – a goal that we are aligned with and have always wholly endorsed.

“The signing of these two agreements confirms and consolidates our long-term partnership with NLNG; furthermore, it is a validation of NLNG’s confidence in our operational track record.

“The execution of the GSA is another positive stride in our journey to becoming the leading independent exploration and production company; being a 20-year guaranteed income stream it will strengthen our financial position as well as demonstrate to our key stakeholders the company’s growth potential.

“Finally, by way of this agreement and in line with our increased focus on sustainability and social impact the JV is closer to its objective of achieving zero gas flare in the immediate future.

“We will continue to collaborate with our partners and other stakeholders in finding creative solutions to move both the industry and economy forward,” Mr Tinubu was quoted as saying in the statement.

Economy

CSCS Sinks NASD OTC Exchange by 1.13%

Published

57 minutes ago

30/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.13 per cent on Wednesday, April 29, after its share price shrank by N5.06 to N71.99 per unit from N77.05 per unit.

As a result, the NASD Unlisted Security Index (NSI) went below the 4,000 mark after it lost 45.73 points to 3,999.23 points from 4,044.96 points. The market capitalisation declined by N27.36 billion during the session to N2.392 trillion from N2.420 trillion.

Midweek trading data showed that the volume of transactions slid by 76.2 per cent to 308,698 units from 1.3 million units, and the value of trades decreased by 7.1 per cent to N25.2 million from N27.1 million units, while the number of deals rose by 3.7 per cent to 28 deals from 27 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.9 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Strengthens to N1,379/$1 at NAFEX as FX Demand Pressure Eases

Published

1 hour ago

30/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira was able to tame the pressure building at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, April 29, after it gained N1.25 or 0.1 per cent against the United States Dollar to close at N1,379.46/$1 compared with the previous day’s N1,380.71/$1.

Also, the outcome was the same against the Pound Sterling in the same window, as it added N2.18 to trade at N1,861.58/£1 versus Tuesday’s closing rate of N1,863.76/£1, and against the Euro, it appreciated by N2.14 to settle at N1,612.87/€1 versus N1,615.01/€1.

However, the Naira depreciated further against the Dollar at the GTBank forex counter by N10 to quote at N1,389/$1 compared with the preceding session’s N1,379/$1, and at the parallel market, it maintained stability yesterday at N1,390/$1.

The improvement witnessed across official market points to NFEM interbank turnover increasing sharply on Wednesday, with data released by the Central Bank of Nigeria (CBN) showing $249.905 million in transactions among institutions across 180 deals.

This indicates improved market liquidity and greater market confidence, leading to tighter bid-ask spreads across all foreign exchange deals.

Market analysts noted that improved liquidity and growing investor confidence now allow the market to function more independently.

Meanwhile, in the cryptocurrency market, Bitcoin (BTC) and major benchmarked cryptocurrencies fell as Brent crude surged to a four-year intraday high on renewed fears of US military escalation against Iran.

The jump in oil prices reflects a growing war premium tied to the effective shutdown of the Strait of Hormuz and expectations that hypersonic US weapons could be deployed in the region.

Analysts say BTC is unlikely to break above $80,000 unless Middle East tensions ease. Its value shrank by 1.5 per cent to $75,931.00.

In addition, Ethereum (ETH) slipped by 3.2 per cent to $2,254.51, Solana (SOL) depreciated by 1.9 per cent to $83.11, Ripple (XRP) lost 1.6 per cent to sell at $1.37, Binance Coin (BNB) dipped by 1.5 per cent to $616.58, and Cardano (ADA) dropped by 1.4 per cent to $0.2463.

But Dogecoin (DOGE) rose by 1.9 per cent to $0.1062 and TRON (TRX) appreciated by 0.5 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Value of Nigerian Stocks Soars Above N152trn, as YtD Return Hits 52.53%

Published

2 hours ago

30/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied by 3.77 per cent on Wednesday on the back of sustained bargain-hunting in equities with sound fundamentals.

The growth reported by Nigerian stocks at midweek raised the year-to-date return above 50 per cent, precisely at 52.43 per cent.

According to data, only the insurance sector ended in red after it shed 1.01 per cent at the close of business.

The industrial goods index appreciated by 6.14 per cent, the energy segment grew by 4.54 per cent, the banking counter expanded by 1.92 per cent, and the consumer goods industry rose by 1.01 per cent.

Consequently, the All-Share Index (ASI) went up by 8,465.40 points to 237,205.59 points from 228,740.19 points, and the market capitalisation increased by N5.450 trillion to N152.728 trillion from N147.278 trillion.

The quartet of UAC Nigeria, Zichis, CAP, and Airtel Africa gained 10.00 per cent each to sell for N165.00, N19.80, N132.00, and N3,021.30, respectively, and Jaiz Bank surged by 9.99 per cent to N8.81.

On the flip side, the duo of John Holt and Cadbury Nigeria lost 10.00 per cent each to trade at N12.60 and N66.15, respectively, as eTranzact shed 9.97 per cent to close at N15.80, Morison Industries slipped by 9.92 per cent to N10.62, and Haldane McCall shrank by 9.74 per cent to N3.43.

The busiest stock for the day was Access Holdings with 281.3 million units worth N7.3 billion, UBA transacted 160.6 million units valued at N7.0 billion, Lasaco Assurance traded 78.6 million units for N153.6 million, Wema Bank sold 65.7 million units worth N2.3 billion, and Morison Industries exchanged 65.0 million units valued at N690.3 million.

At the close of trades, investors bought and sold 1.3 billion equities for N69.1 billion in 83,445 deals versus the 908.0 million units worth N68.2 billion in 72,886 deals on Tuesday.

This showed that the trading volume, value, and number of deals increased yesterday by 43.17 per cent, 1.32 per cent, and 14.49 per cent, respectively.