Economy
Why We Owe FG N23.4b Export Fees—NNPC

By Modupe Gbadeyanka
The Nigerian National Petroleum Corporation (NNPC) has explained why it owes about N23.4 billion in respect of Nigerian Export Supervision Scheme (NESS) fees chargeable on crude oil and gas exports since 2008.
NESS fees are payments due to Pre-shipment Inspection Agents and Monitoring and Evaluation Agents in respect of their supervision of crude oil and gas exports, culminating in generation of Clean Certificate of Inspections (CCI) to an exporter as permit to execute action.
As usual, at the end of each reconciliation, agreed NESS fees payable are signed off by stakeholders.
Speaking in Abuja on Monday February 20, 20017 before the Senate Joint Committee of Finance; Trade and Investment; Gas; Petroleum Upstream; Banking, Insurance and other Financial Institutions; Judiciary, Human Rights and Legal Matters; and Customs and Excise, NNPC GMD, Dr Maikanti Baru, said NNPC accumulated the sum due to budgetary appropriation constraints imposed on it by the National Assembly.
Dr Baru, who was represented by the Managing Director, NNPC Capital, Mr Godwin Okonkwo, at the one-day investigative public hearing on the Pre-Shipment Inspection of Export Activities in Nigeria at the National Assembly Complex in Abuja, stated that the National Assembly had always budgeted N20 million for NESS Fees, adding that NNPC lacked any legal right to remit any amount above the appropriated sum once it was exhausted.
Dr Baru stated that NNPC was normally charged 0.15 percent Free On Board (FOB) value of export as NESS fees for the Corporation’s execution of export of crude oil and gas on behalf of the Federal Government.
The GMD said: “NESS budget is appropriated in the yearly National budget. NNPC-NAPIMS (National Petroleum Investment and Management Services) administers the budget and payments under the scheme. Crude Oil Marketing Division (COMD) provides the lifting profiles and the actual price to compute the FOB export value.”
Declaring the public hearing open, the Senate President, Mr Bukola Saraki, who was represented by the Senate Majority Leader, Mr Ahmed Lawan, said the 8th Senate was committed to taking steps that would promote transparency and accountability of all public and private institutions that transact business with or on behalf of the Federal Government.
He noted that Nigeria was facing a lot of challenges and if the country was good for business, then the laws of the Land must be obeyed, stressing that the Senate was in a hurry to move the country forward through legislation.
“This is an opportunity to open the books of Ministries, Departments and Agencies (MDAs) to right the wrong of the past”, the Senate President affirmed.
On his part, the Joint Committee Chairman, Mr John Enoh, noted that the investigative public hearing was to instil probity and transparency in the process of crude oil and gas exports in order to reduce leakages.
He said that Section 11 of the Pre-shipment Inspection of Export Act made provision for repatriation of proceeds after 90 days, however, most exporters of crude oil and gas contravened the provision.
Mr Enoh urged all stakeholders to make meaningful contributions towards the realization of the objectives of the Joint Senate Committee, noting that any submission targeted at misleading the Committee would be sanctioned.
The Federal Government enacted the Pre-shipment Inspection of Export Act No. 10 of 1996 to ensure the exportation of quality goods through inspection of all export products which gave rise to the Nigerian Export Supervision Scheme (NESS). Its responsibility was extended to cover crude oil and gas exports in 2008.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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