Economy
PETAN Wants Aradel’s Support to Cut Cost of Oil Production in Nigeria
By Adedapo Adesanya
The Petroleum Technology Association of Nigeria (PETAN) has called for a partnership with Aradel Holdings Plc to reduce the country’s high oil production costs.
This call was made by the Chairman of PETAN, Mr Wole Ogunsanya, when he led a delegation of the group to a courtesy visit to the chief executive of Aradel Holdings, Mr Adegbite Falade, in Lagos.
Mr Ogunsanya stated that PETAN members, with decades of experience in the industry, have all the equipment required to boost oil production in the country.
He said: “Nigeria’s cost of production compared to many countries is too high and at PETAN, we feel that we have the responsibility to bridge the gap of cost production and cost of sales through collaboration with the government, the regulators and producers like you.
“In the next few years, nearly 70 per cent of onshore assets will be owned by Nigerians, and PETAN has the strategy to maximize the footprints from these assets through a well-articulated partnership model that integrates funding strategies and cost-saving technologies and know-how.”
Recognising the need for concerted efforts to revamp the economy through increased oil production, Mr Ogunsanya pledged PETAN’s all-encompassing and overreaching capacity which its members have garnered over the decades on the local content journey to ramp up oil and gas production for the country at reduced costs of drilling and production.
He added that PETAN would like to have a Memorandum of Understanding (MoU) with Aradel in order to pursue and realise the partnership.
He stressed the need for all stakeholders to work towards eliminating the existence and impact of portfolio companies in the industry.
The PETAN delegation was warmly received by the Managing Director/CEO of Aradel Plc, Mr Adegbite Falade, in company of some members of the Board and management of Aradel, including the Independent non-executive Director former of Aradel, Ms Patricia Simon-Hart.
Responding to PETAN’s submissions, Mr Falade expressed delight that PETAN remains a dependable partner in the oil and gas industry, noting that it was gratifying to hear the aspirations of PETAN, which aligns with the Federal Government’s vision, and by extension, other operating companies in the industry, including Aradel.
“From our humble beginnings, we have progressed to greater levels in oil and gas production and processing than earlier anticipated. With a good number of divestments that are about to be concluded, presenting opportunities in the industry and to be run by Nigerians for Nigerians, there is a greater need for synergy between the new operators, including Aradel and PETAN as technical oilfield services providers,” he said.
Continuing, he assured us that Aradel is committed to deepening the existing working relationship with PETAN members and providing critical services to the organisation.
He congratulated and thanked the newly elected executives of the association who have renewed advocacy around helping Nigeria recover from recurrent losses on oil production levels and revenues, and for offering their services and expertise as experienced professionals in any capacity across the value chain of the oil and gas industry.
By Aduragbemi Omiyale
One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.
Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.
Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.
The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.
At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.
“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.
“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.
By Adedapo Adesanya
The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.
In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.
Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.
The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.
The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.
FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.
Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).
On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.
Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.
On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.
By Dipo Olowookere
A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.
Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.
Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.
Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.
During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.
Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.
Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.
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