Business

Rising Oil Price: NNPC Subsidiary Foresees Demand Growth

Published

4 years ago

March 4, 2022

The price of crude oil continued its rise on Thursday, increasing to $113.06/barrel at 5.40pm Nigerian time, as the National Petroleum Investment Management Services projected that the demand for oil would continue to increase till 2050.

NAPIMS, a subsidiary of the Nigerian National Petroleum Company Limited, is the corporate services unit of NNPC mandated to manage the company’s upstream business.

The PUNCH reported on Wednesday that Brent, the crude against which Nigeria’s oil is priced, rose to $111.03/barrel. On Thursday, the commodity moved up further to $113.06/barrel, as the war by Russia in Ukraine entered its first week.

Speaking at the Nigeria International Energy Summit 2022, the Group General Manager, NAPIMS, Bala Wunti, said the products from fossil, particularly the demand for crude oil, would continue to grow.

He said, “You have nuclear also growing, natural gas will grow, the oil will grow. Up to the year 2050, the oil will continue to grow, obviously not at the one or two per cent that we used to know.

“Gas will continue to grow and it, therefore, means that up to 2050 hydrocarbons will continue to grow. So we better do something with the supply.

“When you look at the energy mix equation, we think over 50 per cent of the global energy will be met by hydrocarbon oil and gas.”

He added, “It is precisely about 52 per cent, and specifically when you talk about oil and gas, that will constitute almost 57 per cent. Therefore, for the world to think that they can ignore and overlook hydrocarbon, it is to put in place a recipe for social destabilisation.

“It is a recipe for bringing down development and growth, causing shortfall in energy supply and that’s why we need investments. However, the reality today is that there’s no investment.”

Wunti told delegates at the summit that Nigeria was sitting on 28 billion barrels of liquid oil reserves and about 160 trillion cubic feet of gas being managed by NAPIMS both in terms of liquid and gaseous forms.

“We manage 75 per cent of the nation’s hydrocarbon reserves,” he stated, adding that there was a need for robust investments in the sector to adequately take advantage of its potentials.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

10 hours ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.