Economy
Reps Probe Oil Spills Petition Against Addax Petroleum, Aiteo
By Adedapo Adesanya
The House of Representatives has commenced investigation into the alleged involvement of Addax Petroleum Nigeria Limited and Aiteo Eastern Exploration and Production Company in oil spills in Rivers State.
Business Post had reported that three Kalabari Local Government Areas of Degema, Asari-Toru and Akuku-Toru of the state had petitioned the two oil firms over their activities in Rivers State.
The petition was laid on the floor of the House of Representatives by the member representing Degema/Bonny Federal Constituency, Mr Farah Dagogo.
The Amanyanabo of Kalabari, Professor T.J.T Princewill, through Mr Tubotamuno Dick, accused Addax Petroleum Nigeria Limited of “brazen disregard and disrespect to Kalabari people” with its activities in OML126 and OML137 oil fields.
The monarch in the petition explained that Addax has refused to enter into a Memorandum of Understanding with the host communities.
It warned of a likely breakdown of law and order in the said oil fields, explaining that the oil exploration activities by Addax have continued to threaten their source of livelihood and the kingdom as a whole.
“We have done everything humanly possible as law-abiding citizens to make Addax Petroleum Nigeria Limited see reasons and execute a Memorandum of Understanding with the Kalabari Kingdom as a way of ensuring a peaceful working environment of mutual benefits to all but will appear that Addax Petroleum Nigeria will have none of it, and has gone ahead to disrespect Amanyanabo and Natural Ruler of Kalabari Kingdom,” a part of the petition read.
Similarly, the Kalabari Frontiers wants the House of Reps to mandate Aiteo to provide relief materials to the Kalabari Communities affected by their outrageous crude oil spill in well 1, OML 29, Santa Barbara Oil Field.
The petition signed by the parties – Alabo Fiala Okoye-Davies, Chief Fiala Tuboalabo Fiala, Chief Flag Amakiri, Mr Japusoibina Ekine, and Ibimina Victor Osoma, also requested for effective remediation plan be put in place for mitigation of the polluted region in line with global best practices, international standards and technical expertise’
“Compensation, water rights and individual claims be made payable to thousands of those economically displaced,” the petition further stated.
In his reaction, the Speaker of the House of Representatives, Mr Femi Gbajabiamila, directed the House Committee on Petitions to investigate the allegations and revert to the House.
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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