Economy
Oil and Gas Metering System Tops Our Agenda—NEITI
By Modupe Gbadeyanka
Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) Mr Waziri Adio, has disclosed that one of his agency’s main focus is ensuring installation of adequate metering infrastructure in the oil and gas sector operations.
Mr Adio noted that due to inadequate metering system, accurate measurement of crude production and liftings as well as appropriate computation of taxes and royalties have been difficult, leading to huge revenue loss to the Nigeria.
He gave this submission when he received a delegation from Human Rights Writers Association of Nigeria (HURIWA) in his office.
During the visit, the NRITI boss noted that metering remains an issue very dear to the agency.
He said “NEITI has long established this issue in its first audit of the sector. Since then we have been pushing, and we will continue to push until the issue is addressed.”
Mr Adio also highlighted the strong linkages and correlations between the agency’s mandate and protection of human rights.
“If the resources are not being managed transparently, and there is no good governance, it will definitely impinge on human rights,” he said.
He noted that all Nigerians need to be part of decision-making process and participate in the governance of the nation’s natural resources by taking interest in the information and data contained in the NEITI reports and using the information to hold government and companies accountable.
“NEITI’s work is about how to make natural resources work for every Nigerian. It is not an issue for a few. It is an issue for everybody,” he added.
Mr Adio further explained that NEITI has the responsibility to ensure transparency, accountability and good governance of Nigeria’s oil, gas and solid minerals sector.
NEITI does this by conducting regular industry audits, disseminating the audit reports, and working with relevant government agencies on remedial issues in the reports, he explained.
He regretted the neglect of the solid minerals sector in the past which has led to its underdevelopment and poor regulation despite huge potential for jobs and wealth creation as well as economic diversification.
He noted however that in line with the recommendations of past NEITI reports, the current Minister of Mines and Steel Development, Dr Kayode Fayemi who is also the Chair of the NEITI Board, recently launched a roadmap for the development of solid minerals sector.
Mr Adio underlined the urgent need to organize the solid minerals sector to attract global big players the same way that the oil and gas sector has attracted big players like Shell, Chevron, Mobil etc.
The Executive Secretary encouraged HURIWA as well as all Nigerians to take interest and get involved in NEITI’s activities, noting that as a civil society group, the organization has major roles to play in the NEITI process.
Earlier in his remarks, National Coordinator of HURIWA, Mr Emmanuel Onwubiko, called for coordinated approach to the development of the solid minerals sector as well as installation of adequate metering infrastructure for Nigeria’s oil and gas sector.
He commended NEITI for the enormous and courageous work it is doing in the extractive industries, describing NEITI as one of the vibrant government agencies in the country that Nigerians are proud of.
Mr Onwubiko expressed his organization’s willingness to partner with NEITI to ensure that the agency fulfils its obligations to Nigerians.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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