Economy
Skymark Energy Chief Urges Stakeholders to End Fuel Scarcity
By Adedapo Adesanya
The Chairman of Skymark Energy and Power Limited, Mr Muhammad Saleh-Hassan, has called on oil marketers and other stakeholders in the energy sector to cooperate with the federal government in order to end the biting fuel scarcity in Nigeria.
Speaking in Abuja, Mr Saleh-Hassan stressed that oil marketers have a major role to play in ending recurring fuel scarcity in the country, noting that the energy crisis appeared to have defied the government’s efforts and urged his colleagues to be patriotic by shunning sharp practices and putting the people’s interests above high profit-making targets.
”In this circumstance that we have found ourselves, the marketers and other stakeholders should be patriotic by supporting the government in the interest of the masses.
“A critical situation like this is not a time that we should be thinking of our personal interests and gains. We should also think of the interests of the nation and the people.
“This is because you rely on the people to do your business. So, they too need your support to be able to afford the services you are rendering to them.
“You also rely on the government for regulations to also do your business. That is why you should also support the government,” he said.
Mr Saleh-Hassan stated that it was morally wrong for oil markers, as critical stakeholders in the oil and gas sector, to be unpatriotic by aiding and abetting the energy crisis through sharp practices which caused fuel scarcity.
“You are not supposed to take advantage of the situation by insisting that you want to add transport costs or make more money by hoarding your products, sending them to the black market or diverting them to other destinations, where you think that you can make more gains.
“I, therefore, call on the marketers, particularly the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), the Major Oil Marketers’ Association of Nigeria (MOMAN), and the Petroleum and Natural Gas Association of Nigeria (PENGASSAN), among others, to support the government in finding a lasting solution in the interest of the masses,” he said.
Mr Saleh-Hassan stressed that fuel subsidy, which will gulp about N4 trillion this year, had not failed.
According to the Skymark boss, sharp practices in the industry are responsible for sabotaging the integrity of subsidy, stressing that it was patriotism, and not fuel subsidy removal, that would solve the fuel scarcity problem, adding that removing subsidy would hit the economy badly.
“If you remove subsidy, it will hit the economy and aggravate the ailing economy and the masses will suffer seriously. There will be severe problems in the economic sector of the country. In fact, it would worsen the current inflation. Essential commodities in particular would not be affordable.
“President Buhari’s decision not to remove fuel subsidy is a kind and commendable gesture to the masses. As a leader, I think he is in the right direction. If patriotism is applied, you can be sure that the subsidy will work,” he said.
Speaking on why fuel depots were empty, in spite of the subsisting subsidy, he said: “The claim in the media circle that depots are empty is not true. Depots are not empty. If depots are empty, where are the independent marketers getting the product they are giving to the black marketers?
“After all, if NNPC imports the products, it gives it directly to the marketers to sell to people at stations at N165 per litre. Is a black marketer an independent marketer? Where do they get the fuel that they sell to people in gallons? he queried.
Mr Saleh-Hassan also said that it was necessary for the government to take more proactive measures to decisively address the fuel scarcity situation.
“The law has to work. We have to go back to the military era when petroleum products used to be escorted by security operatives from depots to the expected destinations to stop independent marketers from diverting them.
“At the point of discharging and distribution, all the trailers should be escorted by security agents to ensure that the products are delivered appropriately to the fuel stations.
“The police clamp down on fuel hawkers who were selling fuel in jerrycans in some parts of Abuja recently was a good move and I commend the IGP for that. This should continue until we see the end of the fuel crisis,” he said.
Mr Saleh-Hassan also called on Nigerians to be patient, adding that the crisis would soon be over as it was not peculiar to Nigeria, saying, “efforts are already being made by the Federal Government to reposition the oil sector.”
He said: “The ongoing Russia-Ukraine war has triggered economic woes across the globe and this is already trickling down on the energy sector in different countries in the world and Nigeria is no exception.
“Globally, refineries are not working. Even in America. About two or three weeks ago, there was fuel scarcity in London.
“Prices of refined products in the United Kingdom and United States (US) are not stable. In the US, a gallon of fuel is almost hitting $8. In the UK, to fill a car tank now is about 100 pounds.
“But in Nigeria, the official price is still N165 per litre. So, Mele Kyari, the NNPC GMD, is doing very well and should be commended.”
By Adedapo Adesanya
Nigeria, through the Debt Management Office (DMO), has offered three bonds for subscription to interested investors to the tune of N450 billion.
The DMO, in its offer circular on Monday, said that the first offer was an April 2029 FGN bond, valued at N100 billion at an interest rate of 19.30 per cent per annum. (5-year re-opening).
It listed the second offer as a February 2031 FGN bond valued at N150 billion at an interest rate of 18.50 per cent per annum. (7-year re-opening) and the third offer (January 2035 FGN bond) valued at N200 billion.
The auction date is January 27, and the settlement date is January 29, the notice stated.
According to the DMO, the FGN bonds are offered at N1,000 per unit subject to a minimum subscription of N50 million, and in multiples of N1,000 thereafter.
“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.
“Interest is payable semi-annually, while bullet repayment (principal sum) is on the maturity date, ” the DMO said.
It said that the bonds were backed by the full faith and credit of the Federal Government, and were charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustee Investment Act.
“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among others.
“They are listed on the Nigeria Exchange Limited, ” it said.
It said that they qualified as liquid assets for liquidity ratio calculations for banks,” the debt office added.
By Aduragbemi Omiyale
Nigerians have been warned against putting their hard-earned money in Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs, as they could lose their funds.
The capital market regulator in a circular in Abuja said investments in these entities, which it described as unregistered and unregulated, could expose investors to the risk of fraud and potential loss of investment.
SEC said Risevest and Stecs had not been authorised to carry out capital market operations in the country, and as such, investing in them was risky.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is engaging in capital market activities by inviting the public to invest in its various investment schemes.
“The commission hereby notifies the public that Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by them have not been authorized by the commission.
“Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market,” the notice read.
In the same vein, the agency said, “Our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.
“The commission hereby notifies the public that Stecs (Alausa) Multipurpose Cooperative Society is not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by the cooperative society have not been authorized by the commission.”
“Accordingly, the public is advised to refrain from engaging with Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market.”
“The commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.”
“The SEC remains committed to the protection of investors in the Nigerian capital market and is working diligently to combat the activities of illegal/unregistered entities.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange saw a 65.1 per cent boost in its market capitalisation in the fourth trading week of 2025, closing at N1.770 trillion compared with the N1.075 trillion it quoted in the preceding week (Week 3), as the NASD Unlisted Security Index (NSI) rose by 0.68 per cent or 21.29 points to 3,133.20 points from 3,111.91 points.
The sterling performance occurred amid a surge in the volume of transactions by 4,402.4 per cent to 425.3 million units from the 9.45 million units recorded in the previous week.
Equally, the total value of trades during the week jumped by 740.5 per cent to N410.5 million from the previous week’s N48.4 million, with these transactions carried out in 102 deals involving 16 stocks.
In the week, there were eight appreciating securities and four depreciating securities led by Impresit Bakolori Plc, which shed 9.5 per cent to end at 95 Kobo per share compared with N1.05 per share, Geo-Fluids Plc lost 6.8 per cent to close at N4.38 per unit versus N4.70 per share, FrieslandCampina Wamco Plc depreciated by 2.7 per cent to N38.58 per unit from N39.65 per unit, and UBN Property Plc, which slid by 1.4 per cent to N1.84 per unit from N2.20 per unit.
On the flip side, Okitipupa Plc gained 33.1 per cent to trade at N52.69 per share against the former value of N39.55 per share, Industrial and General Insurance (IGI) Plc expanded by 11.1 per cent to 40 Kobo per unit versus 36 Kobo per unit, Nipco Plc grew by 10 per cent to N165.11 per share from N150.10 per share, and Mixta Real Estate Plc rose by 9.7 per cent to N2.83 per unit from N2.58 per unit.
Further, Food Concepts Plc increased by 8.8 per cent to N1.74 per share from N1.60 per share, Access Bank jumped by 8.8 per cent to N19.30 per unit from N9.68 per unit, First Trust Microfinance Bank improved by 8.8 per cent to 39 Kobo per share from 37 Kobo per share, and Central Securities Clearing System (CSCS) Plc soared by 3.5 per cent to N24.00 per unit from N23.20 per unit.
The most traded stock for the week by value was Impresit Bakolori Plc with N386.5 million, FrieslandCampina Wamco Plc recorded N8.5 million, IGI Plc traded N7.04 million, 11 Plc recorded N2.7 million, and Okitipupa Plc posted N1.7 million.
Also, Impresit Bakolori Plc was the most traded stock by volume with 406.5 million units, IGI Plc transacted 17.5 million units, UBN Property Plc recorded 0.67 million, Mixta Real Estate Plc traded 0.27 million units, and FrieslandCampina Wamco Plc transacted 0.22 million units.
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