Economy
Oil, Gas Firms Flare 154.1bscf Gas Worth N838.46bn in Five Months
By Adedapo Adesanya
The National Oil Spill Detection and Remediation Agency (NOSDRA) has disclosed that oil and gas companies operating in Nigeria flared 154.1 billion standard cubic feet (SCF) of gas worth N838.46 billion or $539.2 million between January and May 2025.
NOSDRA, in its gas flare report for the period under review, revealed that the amount lost to gas flaring was 21.47 per cent higher than the 126.8 billion standard cubic feet of gas (BSCF) valued at $443.9 million or N690.265 billion recorded in the same period in 2024.
The environmental watchdog also noted that the volume of gas flared in the five-month period in 2025 contributed 8.2 million tonnes of carbon dioxide into the atmosphere; had power generation potential of 15,400 gigawatts hour (GWh); while the offending companies were liable for penalties payment of $308.1 million, about N479.1 billion.
In its breakdown of flare data across segments of the oil-producing space, the agency reported that 102.4 billion SCF of gas was flared by oil and gas firms operating in the country’s onshore oil space, accounting for 66.49 per cent of total gas flared in the period under review, and was 60.04 per cent higher than the value lost to gas flaring in this same segment and in the same period in 2024.
NOSDRA added that the volume of gas flared onshore caused the country a loss of 10,200 GWh of electricity, and the emission of 5.4 million tonnes of greenhouse gases; was valued at $358.5 million, about N557.467 billion; while the companies were liable to pay penalties of $204.8 million, about N318.464 billion.
In comparison, between January and May 2024, companies operating onshore flared 64.0 billion SCF of gas valued at $224 million, about N348.32 billion; with penalties payable at $128 million, about N199.04 billion; caused the lost of power generation potential of 6,400 GWh; and contributed 3.4 million tonnes of carbon dioxide into the atmosphere.
On the other hand, companies operating offshore accounted for 33.53 per cent of total gas flared between January and May 2025, with 51.7 billion SCF of gas, valued at $180.8 million (N281.144 billion); penalties payable at $103.3 million (N160.632 billion); contributed 2.7 million tonnes of carbon dioxide emission; and eroded 5,200 GWh of electricity generation potential.
Similarly, in the same period in 2024, offshore operations emitted 3.3 million tonnes of carbon dioxide into the atmosphere; caused the loss of power generation capacity of 6,300 GWh; with 62.8 billion SCF of gas flared, valued at $219.9 million (N341.945 billion), and penalties payable at $125.6 million (N195.308 billion).
In addition, NOSDRA stated that the offending companies flared gas from Oil Mining Leases (OML) 04, 05, 11, 13, 14, 17, 18, 22, 28, 23, 24, 38, 40, 42, 43, 72, 49, 54, 90, 95, 67, 70, 104, 59, 99, 100, 101, 102 and Oil Prospecting Licences (OPL) 222, 316 and 306, among others.
It identified the offending companies as 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, Afric Oil and Marketing, Famfa Oil, Moni Pulo, 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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