Economy
Petrolex Plans $5b Investments in Ogun
By Dipo Olowookere
Chairman of Petrolex Oil and Gas, Mr Segun Adebutu, has revealed plans by his firm to pump about $5 billion into the economy of Ogun State.
Mr Adebutu made this disclosure at the just-concluded two-day Ogun State Investors Forum held in Abeokuta, the state capita.
The Ogun State Investors Forum is a yearly gathering of investors, industry leaders, and policy makers to set the agenda for the next phase of industrialization in the state.
This year, the two-day event was attended by the Vice President, Prof Yemi Osinbajo; the Minister of Finance, Mrs Kemi Adeosun; and the former president of Mexico, Mr Felippe Calderon.
Over 1,000 key players in the industrial, agricultural and technological sectors registered their presence at the event.
Speaking at the forum, the Petrolex boss hailed Ogun State as a front-burner in industrial development, including oil and gas.
He also commended the governor, Mr Ibikunle Amosun, for the robust support provided during the construction of the Petrolex Mega Oil City at Ibefun, beginning in 2011, when he shared the plan.
According to him, the Governor’s background in finance was useful, saying Mr Amosun gave Petrolex advice key to the success of the project.
According to Mr Adebutu, he was elated when the first phase of the mega oil city, a 300 million-litre capacity tank farm was completed.
“Many people thought an oil and gas hub in Ogun State was farfetched and impossible” Mr Adebutu said.
“On December 12, 2017, I declared that Ogun state is now home to the largest tank farm in Sub-Saharan Africa. But that is just Phase 1 of the project,” he added.
He said the next phase of the Petrolex Mega Oil City includes 250,000 barrels per day refinery, a lube plant, gas bottling plant, and a fertilizer plant.
According to him, the project will gulp over $5 billion within the next 5 years and already, over $330 million has been invested.
“This shows that Ogun-state is a front-burner in development, in everything, including oil and gas,” Mr Adebutu submitted.
Also at the event, the Executive Secretary of Nigerian Investment Promotion Council (NIPC), Ms Yewande Sadiku, outlined NIPC’s ambitious plan to attract more investments to states. She praised Ogun State’s drive towards industrialization.
“We should not underestimate what it takes to attract investors, and the fact that Ogun state has been so successful in attracting investors, especially in the area of manufacturing,” she said.
Ms Sadiku pointed out that a total of N5.4 billion investment announcements have been made for Ogun State in petrol chemical, solid minerals, agriculture and manufacturing.
She implored the state government to provide the necessary infrastructure to ensure that the entire investment announcement made by NIPC become a reality.
On his part, Commissioner for Commerce and Industry in Ogun State, Mr Bimbo Ashiru, urged investors to put their money in the state.
According to him, in 2016, Nigeria mined 43.4 million tonnes of solid minerals in which Ogun State alone produced 16.3 million tonnes, representing 37.65 percent among the 36 states of the federation.
He also noted that the state has the largest concentration of steel factories in the country and urged automobile industries to take advantage of this to establish their factories.
“We have 12 industrial solid minerals available in the state. Ogun State is also one of the largest producers of cement in the country,” he said.
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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