Economy
OGTAN Lauds NNPC for Making Petroleum Products Available
By Modupe Gbadeyanka
The Oil and Gas Trainers Association (OGTAN) has commended the management of the Nigerian National Petroleum Corporation (NNPC) under the leadership of the Group Managing Director, Dr Maikanti Baru, for sanitizing the distribution channels of petroleum products in the country.
President of OGTAN, Dr Mayowa Afe, gave this commendation during a courtesy visit to the GMD at the NNPC Towers, Abuja, on Thursday.
OGTAN is the independent umbrella group of training service providers in the oil and gas industry established by the Nigerian Content Development and Monitoring Board (NCDMB) in 2010 representing the education and training sectorial group of the Nigerian Content Consultative Forum (NCCF) under Section 58 of the NOGICD Act of 2010.
Dr Afe noted that the current transparent nature of petroleum products distribution channels had brought sanity to the downstream sector of the Nigerian oil and gas industry.
He said: “Let me congratulate you on the sanity that has come to petroleum products distribution in Nigeria. There is sanity now and we want to thank the NNPC Group for the sanity, openness and transparency they have brought to the distribution of petroleum products in the country. Though there is still much to do, the openness has brought a lot of comfort to Nigerians,” Dr. Afe enthused.
The OGTAN President urged NNPC to collaborate with the association to help domicile more training in Nigeria to reduce capital flight.
“We urge you to partner with OGTAN in the training and development of oil and gas host communities and youths to promote peace and conducive environment for production,” Dr Afe said.
In his response, Dr Baru said training was key for the survival of any organization especially the NNPC which was currently undergoing transformation, adding that most of the departments would require OGTAN training to refocus for profitability.
“The visit of OGTAN at this point of our transformation is very apt because the various arms of NNPC require ideas, training and of course refocusing. Many OGTAN members having academic backgrounds as well as practical experience that can help our transformation process in the NNPC,” Dr Baru stated.
He noted that the NNPC has a fully integrated working environment which comprises seismic data acquisition, drilling and production of crude oil and gas, processing, shipping and sales as well as refining and distribution of the various petroleum products.
The NNPC helmsman informed that the Corporation welcomes research and innovative ideas and that it would consider working with OGTAN as a local partner to reduce training cost rather than going overseas.
“As much as possible, we will continue to utilize the services of OGTAN members in order to upgrade our human resource to be able to meet the daily challenges in the oil and gas industry,” Dr Baru stated.
He commended OGTAN for growing the training component of the Nigerian Content policy, noting that training was key to growing local expertise for the petroleum sector in the country.
Dr Baru said NNPC had been at the fore-front of growing local skills for the oil and gas industry which had led to the rise of indigenous welders and fabricators, stressing that some of the trainees were contributing enormously to the development of the industry.
By Aduragbemi Omiyale
Emerald Holdco has been authorised by the Securities and Exchange Commission (SEC) to proceed with its mandatory takeover offer (MTO) of shares of Beta Glass Plc worth N6.94 billion held by minority investors.
In a notice to the Nigerian Exchange (NGX) Limited, it was disclosed that the MTO involves 11,741,509 ordinary shares of Beta Glass at a unit price of N590.94.
Shareholders of the company are required to fill out the MTO form for the exercise, which opened on Tuesday, July 7, 2026, and is expected to close at 5:00 pm on Tuesday, August 4, 2026.
Business Post reports that Emerald Holdco recently completed the acquisition of 100 per cent of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V), which owns 76.03 per cent of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group.
As part of this transaction, Emerald Holdco has assumed indirect ownership of 331,260,999 ordinary shares in the company, previously held by Frigoglass Group, which represent approximately 55.22 per cent of the issued share capital of the organisation.
In accordance with the Nigerian Takeover Rules, Emerald Holdco is required to make a takeover offer to all other shareholders of Beta Glass. It is permitted to make an offer for all or a portion of the shares held by the other shareholders of the firm.
Following this requirement, Emerald Holdco sought and obtained approval from its board and shareholders to launch a takeover offer to all qualifying shareholders for the acquisition of up to 11,741,509 ordinary shares, representing 1.96 per cent of the total issued and fully paid-up share capital of Beta Glass.
The board and shareholders granted this approval on February 5, 2026, and March 3, 2026, respectively.
By Adedapo Adesanya
A plunge in the share price of FrieslandCampina Wamco Nigeria Plc purged the NASD Over-the-Counter (OTC) Securities Exchange by 6.11 per cent on Tuesday, July 7.
The milk producer, famed for brands like Peak Milk and Three Crowns, was the sole price loser during the session, shedding N12.41 to end at N139.41 per unit compared with the previous day’s N151.82 per unit.
As a result, the market capitalisation of the alternative stock market went down by N155.40 billion to close at N2.387 trillion, in contrast to Monday’s closing value of N2.543 trillion, and the NASD Security Index (NSI) fell by 258.90 points to close at 3,978.07 points compared with the preceding session’s 4,236.97 points.
Business Post reports that NASD Plc was the only price gainer for the day, gaining 80 Kobo to close at N34.10 per share versus N33.30 per share.
Yesterday, the value of securities surged by 98.3 per cent to N15.9 million from the preceding session’s N2.8 million, the volume of securities increased by 183.6 per cent to 323,780 units from 114.175 million units, and the number of deals grew by 61.1 per cent to 29 deals from 18 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded security by value 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 worth N6.5 billion, and CSCS Plc with 70.7 million units exchanged for N4.9 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 sold for 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 traded for N415.7 million.
By Adedapo Adesanya
The Naira weakened by N7.48 or 0.55 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 7, to N1,375.75/$1, in contrast to the previous day’s N1,368.27/$1.
Equally, the local currency fell against the Pound Sterling in the same official FX market yesterday by N14.66 to trade at N1,841.57/£1 versus Monday’s closing price of N1,826.91/£1, and against the Euro, it depreciated by N10.61 to close at N1,573.30/€1 compared with the preceding session’s N1,562.69/€1.
In the parallel market, the Nigerian currency lost N5 against the US Dollar during the trading day to settle at N1,395/$1 compared with the previous day’s N1,390/$1, and at the GTBank forex desk, it remained unchanged at N1,831/$1.
Liquidity fluctuations amidst sustained FX inflows from foreign portfolio investors, exporters, non-bank corporates and other sources weakened the Naira despite rising external reserves. Updated data showed that gross external reserves increased to $ 51.525 billion from $51.549 billion.
Daily interbank FX turnover stood at $54.180 million across 70 deals, from $70.430 million.
The Central Bank of Nigeria (CBN) signalled its intention in the first half of the year to slow the Naira rally and avoid capital flight by purchasing US Dollars from the market.
As for the cryptocurrency market, benchmarked tokens dipped following renewed strikes on Iran by the US after an attack on commercial ships in the Strait of Hormuz. The US Central Command forces said it began launching a series of powerful strikes against Iran to impose high costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.
The latest exchange of fire will test the fragile ceasefire as Iran struck back by targeting US bases in Bahrain and Kuwait. The renewed attacks in the Middle East have doused the flames of the recent rally, with markets losing $50 billion over the past 12 hours.
Cardano (ADA) fell by 5.8 per cent to $0.1695, Solana (SOL) dropped 3.4 per cent to sell at $78.24, Ripple (XRP) depreciated by 3.3 per cent to $1.08, Dogecoin (DOGE) declined by 3.2 per cent to $0.0724, and Binance Coin (BNB) slid by 1.9 per cent to $567.58.
Further, Ethereum (ETH) went down by 1.1 per cent to $1,751.40, Bitcoin (BTC) lost 0.8 per cent to quote at $62,538.88, and TRON (TRX) decreased by 0.4 per cent to $0.3289, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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