Economy
PENGASSAN Calls for Privatisation of Nigeria’s National Grid
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the federal government to unbundle the country’s electricity national grid, to encourage private sector investments in the sector and improve power supply in the country.
This call was made by the National President of PENGASSAN, Mr Festus Osifo, who maintained that power supply remains a critical issue plaguing the country, as reliable and consistent electricity is the lifeline of any growing economy.
Mr Osifo, speaking at the National Executive Council meeting of the association in Port Harcourt recently, listed the key challenges in the sector to include inadequate power generation capacity, dilapidated and weak power infrastructure, as well as lack of investment in the power sector.
According to him, Nigeria’s current electricity generation was insufficient to meet the growing demands of the population and the nation’s industries, thus leading to frequent power outages and load shedding, disrupting the lives of ordinary citizens and impeding economic growth.
To tackle these challenges and improve power supply in Nigeria, PENGASSAN proffered several solutions, including increasing power generation capacity, rehabilitating and upgrading infrastructure, unbundling the national grid, encouraging private sector involvement and promoting energy efficiency.
“The government should focus on diversifying the energy mix by investing in renewable energy sources such as solar, wind, and hydroelectric power. This will reduce our dependency on fossil fuels and ensure a more stable and sustainable power supply.
“Significant investments must be made towards upgrading and modernizing our power transmission and distribution lines. This includes replacing old equipment, improving maintenance practices, and building new infrastructure to meet the demands of a growing population.
“Unbundling of the national grid. The national grid must be unbundled to smaller units scattered across different states of the federation. The government should create a conducive environment for private sector investments in the power sector,” adding, “This can be achieved through the formulation of favourable policies, providing incentives, and ensuring transparency and accountability in the industry.”
“Promoting energy efficiency and conservation: It is crucial to educate citizens and industries about energy-saving practices and incentivize the use of energy-efficient appliances. This will help reduce the overall energy demand and alleviate some pressure on the power grid.”
PENGASSAN also called for a national rebirth and reorientation, the need to tackle insecurity and rising cases of poverty in the country as well as the need for true democracy and credible elections in the country.
To tackle poverty in the country, the PENGASSAN boss said the government must prioritize inclusive economic policies that promote job creation, particularly in sectors with high potential for growth such as agriculture, manufacturing, and technology.
Mr Osifo regretted that despite being blessed with abundant natural resources, Nigeria’s economy has not translated into widespread prosperity for its citizens, noting that corruption, opaque governance, and inadequate access to education and healthcare exacerbate the cycle of poverty.
“To address these challenges, we must invest in education and healthcare, ensuring their availability and affordability to all citizens. This includes improving the quality of education by providing proper infrastructure, qualified teachers, and relevant curricula. It also entails strengthening healthcare systems and increasing the availability of essential services and medications.
“Additionally, corruption and opaque governance contribute significantly to the increase in poverty. Corruption diverts resources from essential public services and undermines trust in government, leading to a lack of implementation of effective policy frameworks and programs to mitigate poverty.
“To combat corruption and improve governance, it is imperative to establish transparent and accountable institutions. Strengthening anti-corruption agencies, enforcing strict penalties for corrupt practices, and promoting a culture of transparency.
“By investing in infrastructure, providing access to finance, and supporting entrepreneurship, we can generate employment opportunities and empower individuals and communities.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
By Adedapo Adesanya
The Naira opened the week stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N7.93 or 0.54 per cent on Monday, December 22, trading at N1,456.56/$1 compared with last Friday’s value of N1,464.49/$1.
The local currency also appreciated against the Euro in the same market window yesterday by N4.04 to close at N1,710.59/€1 versus the preceding session’s N1,714.63/€1, but depreciated against the Pound Sterling by 3 Kobo to finish at N1,957.33/£1 compared with the previous session’s N1,957.30/£1.
At the GTBank FX counter, the Nigerian Naira lost N3 against the greenback during the session to end at N1,470/$1 versus N1,467/$1 and remained unchanged in the parallel market at N1,485/$1.
Despite the market facing seasonal pressure, the Central Bank of Nigeria (CBN) conducted FX intervention sales, which have significantly reduced but not remove pressure from the Naira. The lender sold $150 million to authorised dealers and banks to absorb pressures from increasing demand for Dollar.
Meanwhile, Nigeria’s foreign exchange (FX) reserves have recorded the first decline in 25 weeks, falling by $263.151 million to $45.21 billion as of December 17, 2025, according to new data from the apex bank.
This marks a reversal of a long-running accumulation trend that pushed reserves to their highest level in six years. The contraction ended a sustained build-up that had peaked at $45.472 billion on December 12.
As for the cryptocurrency market, the bears dominated, with traders remaining cautious about a significant recovery with the market facing exhaustion.
While the total crypto market capitalization has surpassed $3 trillion, analysts warn that the market outcomes in the next few weeks may be driven by exhaustion rather than renewed confidence.
Ripple (XRP) depreciated by 1.9 per cent to $1.88, Ethereum (ETH) slid by 1.8 per cent to $2,971.28, Bitcoin (BTC) went down by 1.4 per cent to sell at $87,599.57, and Solana (SOL) slumped by 1.1 per cent to $124.89.
Further, Litecoin (LTC) declined by 0.9 per cent to close at $76.84, Dogecoin (DOGE) shrank by 0.7 per cent to $0.1310, Binance Coin (BNB) lost 0.6 per cent to sell for $852.09, and Cardano (ADA) fell by 0.1 per cent to $0.3655, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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