Economy
PENGASSAN Tasks FG to Increase Equity in Dangote Refinery to 45%
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the federal government to ensure that the Nigerian National Petroleum Company (NNPC) Limited increases its stake in Dangote Refinery and Petrochemicals from the current 7 per cent to at least 45 per cent.
Nigeria formerly had a 20 per cent stake, but recently, the majority share owner in the company, Mr Aliko Dangote, said it has dropped to 7 per cent.
PENGASSAN, however, called on the Nigerian government to hold more equity in the 650,000 barrels per day structure, stating that this will ensure further energy assurance and security for the citizens.
It also urged the federal government to create strategic petroleum product reserves, advising the government to partner with players in the private sector to maintain the already available petroleum product storage in the six geopolitical zones in the country.
According to it, when operational, petroleum products will be stored there and only made available when there is a shortage in supply.
It opined that this will help in eliminating the bad roads and severe erosion-imposed perennial shortages that often lead to queues at petrol stations across the country.
The President of PENGASSAN, Mr Festus Osifo, stated these during a media briefing in Lagos on Tuesday, which presented the association’s communique and recommendations from the 3rd edition of PENGASSAN’s Energy and Labour Summit (PEARLS 2024).
“The communique was jointly signed by Mr Osifo and Secretary-General, PENGASSAN, Mr Lumumba Okugbawa.
Mr Osifo called for the Intensification of local production of petroleum products. He also argued that the floating of the naira which led to the devaluation of the naira contributed substantially to the high cost of fuel pump price because of the dollar to the naira conversion and not necessarily the removal of fuel subsidy by President Bola Tinubu on May 29, 2023.
He also argued that it caused a high amount of revenue to the Federation Allocation Accounts Committee and high revenue generation by government agencies and parastatals.
“Ramping up efforts to make the nation’s four refineries work; once operational, the government should divest majority shareholdings and own at most 49 per cent of the shareholding in the four refineries. Core investors will be brought in to take the 51 per cent as applicable in NLNG.
“Expansion of pipelines that could be used in the delivery of refined petroleum products across the length and breadth of the country as this will reduce the pressure put on our roads by trucks carrying these products.”
He also called for more provision of Compressed Natural Gas (CNG) infrastructures across the country.
He stated that CNG has been adjudged to be the most affordable and cleaner form of energy that is required to propel a car in the country today.
“Sadly the infrastructure for this product is sparsely distributed across the country. The government through its partners should deepen the reach of these infrastructures across every city in Nigeria.
“To achieve energy security, energy must be affordable. To ensure affordability, the government must do all it can to stabilize the exchange rate as the continuous slide of the Naira will greatly hamper the affordability of energy in Nigeria.”
He also said the government should give more incentives to attract the International Oil and Gas Companies and the Indigenous Oil and Gas Producers to invest in more crude oil production in the next five years.
“50 per cent of the accruable revenue should be dedicated to investing in renewable energy like solar, batteries, wind, hydrogen, hydro, etc.
“Most IOCs are currently involved in developing Greener Energy strategies and businesses across the globe.
“Nigeria’s government must partner with them to accelerate and deepen this in the Nigerian market,” the communique added.
By Bon Peters
The new acting Comptroller of the Eastern Marine Command of the Nigeria Customs Service (NCS), Mr Esien Etim Esiet, a Deputy Comptroller of Customs, has promised to maintain an open-door policy with stakeholders, including licensed agents and partners.
He gave this assurance when he officially assumed leadership of the command on Wednesday, May 20, 2026, according to a statement issued by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs (DSC), in Port Harcourt, Rivers State.
In a proactive move to strengthen maritime security and trade facilitation, he immediately initiated an extensive tour of operational facilities and high-level engagements across the region, including Rivers (Abonnema and Onne Outstations), Akwa Ibom (Oron Outstation), and Cross River (Calabar Outstation) States.
During the visitations, Mr Esiet conducted rigorous inspections of equipment and personnel readiness, emphasising that the success of the command relied on a united front, adding that a “sustained synergy is our greatest weapon in combating smuggling and maritime crimes,” insisting that a united front was non-negotiable for national security.
On the inter-agency level to foster a one-service approach, DC Esiet held strategic meetings with the Customs Area Controllers of Port Harcourt II (Onne), the Oil and Gas Free Trade Zone, and the Cross River/Calabar Free Trade Zone/Akwa Ibom Area Command.
To further reinforce maritime safety, he equally paid courtesy visits to top maritime security brass, including the Commander, NNS Pathfinder, Port Harcourt, the Commanding Officer, Navy Forward Operation Base (FOB), Ibaka, the Flag Officer Commanding (FOC), Eastern Naval Command, and the Cross River State Commissioner of Police.
On community and private sector partnership and in recognition of the vital role of grassroots support, DC Esiet visited monarchs in the region, underscoring commitment to maintaining deep-rooted ties with host communities, among others.
On fiscal policy compliance, he reiterated his administration’s resolve to strictly align with the policy direction of the Comptroller-General of Customs, Mr Bashir Adewale Adeniyi, emphasising that his leadership would focus on streamlining maritime enforcement protocols, ensuring officers were motivated and equipped while maintaining an open-door policy with licensed agents and partners.
The Eastern Marine Command, which is a specialised wing of customs, is dedicated to patrolling the nation’s Eastern Waterways, preventing smuggling, and ensuring the security of maritime trade.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal loss of 0.02 per cent on Tuesday, May 26, due to selling pressure, as investors cut down their exposure to unlisted stocks.
During the session, the volume of securities traded by investors jumped by 45.6 per cent to 2.2 million units from the previous day’s 1.5 million units, the value of securities increased by 119.5 per cent to N129.9 million from the N59.2 million recorded a day earlier, and the number of deals soared by 92.6 per cent to 52 deals from the preceding day’s 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million.
Five securities recorded various movements yesterday at the OTC securities exchange, with three price gainers and two price losers.
For the advancers, they were led by 11 Plc, which added N22.11 to its share price to close at N243.11 per unit versus N221.10 per unit, CSCS Plc grew by N2.95 to N77.80 per share from N74.85 per share, and IPWA Plc expanded by 80 Kobo to N8.83 per unit from N8.03 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc shrank by N12.11 to N167.89 per share from N180.00 per share, and Geo-Fluids Plc lost 2 Kobo to sell at N2.98 per unit versus Monday’s N3.00 per unit.
As a result, the market capitalisation dropped N600 million to close at N2.571 trillion compared with the previous day’s N2.571 trillion, and the NASD Unlisted Security Index (NSI) fell by 1.00 points to 4,297.17 points from 4,298.17 points.
The market will be closed on Wednesday (May 27) and Thursday (May 28) for the Eid al-Kabir holidays.
By Adedapo Adesanya
The Naira recorded a loss of 49 Kobo or 0.03 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 26, trading at N1,375.41/$1 compared with the preceding day’s N1,374.92/$1.
However, the local currency appreciated against the Pound Sterling in the official market during the session by N3.47 to close at N1,852.26/£1 versus Monday’s closing price of N1,855.73/£1, and gained N1.37 against the Euro to finish at N1,599.32/€1, in contrast to the previous session’s N1,600/€1.
As for the black market, the Naira traded flat against the US Dollar yesterday at N1,385/$1, and also maintained stability at the GTBank forex counter at N1,383/$1.
Interbank FX turnover increased to $73.598 million across 110 deals, indicating a significant rise from $55.786 million that passed through local banks’ records the previous day.
Market analysts noted that the Naira outlook remains stable, citing the latest round of FX inflows, which have lifted gross external reserves to $49.259 billion.
Largely, the domestic currency will close the first half of 2026 stronger as the CBN continues to inject FX inflows into the official market, due to a significant increase in FX receipts from elevated oil prices in the global commodity market.
Meanwhile, the cryptocurrency market was down on Tuesday as global stocks hit record highs, widening a recent divergence between crypto and equities.
There were also outflows as retail traders added leverage, raising the risk of sharp liquidations despite new SEC-approved bitcoin index options aimed at institutions.
Bitcoin (BTC) fell by 1.4 per cent to $75,737.18, Ethereum (ETH) depleted by 1.2 per cent to $2,075.39, Ripple (XRP) lost 1.0 per cent to sell at $1.33, Binance Coin (BNB) slumped by 0.9 per cent to $651.75, Solana (SOL) depreciated by 0.8 per cent to $83.86, Cardano (ADA) dipped 0.7 per cent to $0.2402, and TRON (TRX) dropped 0.2 per cent to settle at $0.3726, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn