By Aliyu Galadima

Federal government has inaugurated the first-ever liquefied compressed natural gas ,LCNG, hub in the northeast of Nigeria, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has revealed.

Ekpo stated that development is a testament to the potential of public-private collaboration in advancing the federal government’s ‘Decade of Gas’ agenda. The minister mentioned that the country was setting a new benchmark for energy accessibility and sustainability through the project by Greenville LNG.

“The strategic location of this facility in the North-East also carries deep significance. For far too long, this region has faced infrastructural challenges that have limited its full economic potential.

“This facility in Yola marks a significant turning point. It is a beacon of hope and opportunity, not only for Adamawa State but for the entire region. It demonstrates that the benefits of Nigeria’s vast natural gas resources can and must reach every corner of our country”, he added in a statement made available to newsmen on Tuesday.

The statement by his spokesman, Louis Ibah, quoted Ekpo as saying that President Bola Tinubu had made it a national priority to harness Nigeria’s gas resources for economic transformation, industrialisation, and social development.

He said the LCNG model was a perfect example of such innovation.

According to him, it creates an integrated solution for powering vehicles and industrial equipment with both LNG and CNG, offering cleaner, cheaper alternatives to diesel and petrol.

Ekpo said, “This transformative project highlights the federal government’s unrelenting efforts to drive economic growth through gas adoption, building on the immense promise of natural gas as a cornerstone for national energy security.

“By leveraging advanced technology and innovative models like this LCNG facility, we are setting a new benchmark for energy accessibility and sustainability. This LCNG facility is not only delivering energy but also delivering hope, creating jobs, enabling businesses, and fostering peace through inclusive development”.

He also called on other investors and gas developers to invest in the LCNG project, noting that there is still so much ground to cover and so many communities that remain underserved.

He also thanked the government and people of Adamawa State for their support for the project through the provision of land and a conducive environment for construction by contractors, saying the CNG is cheaper and cleaner than petrol, and that Tinubu means well for Adamawa.

Adamawa State Governor, Ahmadu Fintiri, represented by his deputy, Kaletapwa Farauta, commended the Federal Government for facilitating the investment, saying it aligned with the vision of the state government for cleaner and affordable energy sources.

The Governor noted that the state has witnessed the impact of climate change and that it is real and is behind every policy and project geared at saving the environment and ensuring that citizens live and breathe healthy air.

“We will need more of the federal government’s intervention, and we will do our best to ensure that the project succeeds”, he stated.

The Chairman of Greenville, Eddy Broeke, said the company was committing over $1 billion as investments in the country and that similar projects would be replicated in other states, calling on the government for support to bring them to fruition

By Dickson Pat

Nigerian Exchange ,NGX, sustained its positive momentum, hitting a new historic high of N70.89 trillion; the equities market capitalisation appreciated by about N260 billion. The sustained bargain hunting lifted the All-Share index to 112,427 points, up by 37 basis points amidst renewed interest in some bellwether stocks.

Driving the uptrend, the market recorded positive price appreciation in DANGCEM ,+2.27%, alongside strong performances in FIRSTHOLDCO ,+8.82%, and INTBREW ,+3.11%. The upward trend was driven by continued buying interest in medium- and large-scale stocks, including HONYFLOUR, FIRSTHOLDCO, and DANGCEM, among others.

Stockbrokers said the bullish pattern highlights strong investor confidence in the equities market. The market index increased by 411.53 basis points to close at a new all-time high of 112,427.48 points, representing a 0.37% increase from the previous session.

Trading activities were up as the total volume and total value of all trades conducted in the stock market increased by 20.21% and 60.12%, respectively. Brokers said approximately 622.64 million units valued at ₦16,123.75 million were transacted across 17,044 deals.

In terms of volume, FIDELITYBK led the activity chart, accounting for 17.44% of the total volume of all trades conducted on NGX, followed by LEGENDINT ,9.83%, UBA ,8.99%, GTCO ,6.65%, and ACCESSSCORP ,5.56%, rounding out the top five.

GTCO emerged as the most traded stock in value terms, accounting for 17.48% of the total value of all trades on the exchange. HONYFLOUR and SCOA topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by IMG ,+9.96%, INTENEGINS ,+9.82%, MAYBAKER ,+9.75%, ELLAHLAKES (+9.74%), VERITASKAP ,+9.38%, and twenty-eight others.

Thirty-one stocks depreciated, according to trading records in the local bourse. CONOIL was the top loser, with a price depreciation of -10.00%. Other decliners include TRANSCOHOT ,-9.97%, JBERGER ,-9.94%, DAARCOMM ,-7.69%, UCAP ,-3.51%, and ZENITHBANK ,-0.72%.

On Tuesday, the market breadth closed positive, recording 35 gainers and 31 losers. Sector performance mirrored the market’s overall strength, with five of six indices closing in positive territory. The Oil & Gas index ,-0.21%, shed some value, dragged by selloffs in CONOIL ,-10.00%.

The banking index ,+1.36%, advanced, buoyed by gains in GTCO 

,+2.10%,  and STANBIC ,+4.26%. The Consumer Goods ,+1.05%, and Industrial Goods ,+0.96%, indices were lifted by INTBREW ,+3.11%, and DANGCEM ,+2.27%, respectively.

Meanwhile, the insurance index ,+0.81%, benefited from continued bullish sentiment in CORNERST ,+3.48%. Overall, the equities market capitalisation grew by ₦259.49 billion to settle at ₦70.89 trillion, also marking a 0.37% increase.

…As NCSP, Steel Ministry propose revenue-sharing agreement

By Yahaya Umar

Nigeria is actively seeking to woo the Australian government and investors to tap into the country’s mining sector.

The Minister for Solid Minerals, Mr Dele Alake, is currently at Murdoch University in Australia for a two-week programme focused on enhancing mining sector expertise and strengthening bilateral ties between Nigeria and Australia.

The initiative, running until June 15, includes lectures on extractive metallurgy and sustainable geochemistry, alongside field visits and high-level discussions with industry experts.

The scheme, backed by the Commonwealth Department of Foreign Affairs and Trade and the Australian High Commissioner to Nigeria, aims to support Nigeria’s efforts to revitalize its solid minerals sector for economic diversification.

A key part of the visit will be an Industry Panel Discussion to develop actionable strategies for Nigeria’s mining sector and foster cooperation in resource development.

Murdoch University’s Vice Chancellor, Professor Andrew Deeks, highlighted the programme’s alignment with the university’s commitment to ethical and sustainable engagement, as well as Australia’s broader foreign policy goals.

The visit also further solidifies Murdoch University’s ongoing relationship with Africa.

This is not the first time that the country has been targeting Australia. In April 2024, The minister spoke with potential investors while virtually addressing the Nigeria-Australia Investment Roundtable

Mr Alake assured the Australian investors that plans for the establishment of the private sector led Nigerian Solid Minerals Corporation has reached advanced stages.

He stressed that the corporation was poised for Joint Ventures with investors on critical minerals like lithium, gold, baryte lead, and iron-ore amongst others.

“Both the legislative and corporate processes for the establishment of the corporation have reached appreciable stages. I hope to invite you to the formal unveiling of Nigeria’s intervention in the international mining business, very soon”, he added.

However, the Nigeria-China Strategic Partnership ,NCSP, is collaborating with the Federal Ministry of Steel Development to revive the long-dormant Ajaokuta Steel Company by proposing a revenue-sharing agreement.

According to a statement, the partnership is set to position the structure as a cornerstone of Nigeria’s renewed push toward industrialisation, with a strong focus on the automotive and manufacturing sectors.

In a recent briefing with the Minister of Steel Development, Mr Shuaibu Abubakar Audu, the Director General of NCSP, Mr Joseph Tegbe, confirmed that discussions are progressing around a public-private partnership with leading Chinese steel manufacturers.

The proposed structure is a zero-cost investment model for Nigeria, anchored on a revenue-sharing agreement designed to support sustainable steel production and long-term economic growth.

“This initiative is not just about restarting Ajaokuta it’s about positioning Nigeria to lead in sectors where steel is central to productivity and development”, said Mr Tegbe.

The plan, which has received full endorsement from President Bola Ahmed Tinubu, includes proposed 10-year revenue-sharing arrangement between Nigerian and Chinese investors.

Key focus areas include technology transfer, sheet metal production, furnace modernization, and the expansion of manufacturing value chains.

Responding to the briefing, the Minister emphasized the urgency of execution and reaffirmed his commitment to the initiative, describing Ajaokuta as “the cornerstone of Nigeria’s industrial potential”.

Consequently, a high-level delegation comprising of the Minister of Steel Development, MD Ajaokuta Steel Company and DG NSCP will be visiting major steel production facilities in China, engage prospective investors, and deliver strategic presentations focused on both the technical feasibility and commercial viability of the Ajaokuta project.

Industry experts suggest that a successful revival of the steel sector could dramatically reduce Nigeria’s reliance on steel imports, boost local vehicle production and spur growth across manufacturing and infrastructure.

Once envisioned as the backbone of Nigeria’s industrial future, the Ajaokuta Steel Company has remained largely inactive since the 1990s. With renewed political will and targeted international collaboration now in motion, stakeholders are increasingly optimistic that Ajaokuta may finally realize its long-awaited potential.

From INIOBONG SUNDAY, Uyo 

Peace Point Development Foundation PPDF, a Civil Society Organization, CSO, working to promote ecological justice in Nigeria has raised the alarm over the devastating impacts of oil spills in the coastal communities of Eastern Obolo local government area of Akwa Ibom state.

The PPDF Coordinator, Comrade Umo Isuah – Ikoh, told Journalists in Uyo, the Akwa Ibom state capital on Tuesday, that their findings revealed that the spills emanated from Sterling Oil Exploration & Energy Production Company Limited, SOEPCL, facility, and charged the firm to commence immediate clean-up and other remediation programmes.

He listed Emere-Oke and Akpabom, as communities’ worse hit by the spills and urged the National Oil Spill Detection and Response Agency, NOSDRIA, to investigate as the aquatic ecosystem has become toxic, throwing several fishermen out of job.

He said: “Sterling Oil with an operational base in Eastern Obolo, Akwa Ibom state is operating a marginal field within the OML 13 oil and gas asset.

“After our on-the-spot visit to the communities affected by the spill at Emere-Oke and Akpabom communities, we are calling on Sterling Oil to immediately stop the spill, clean up the mangroves of the affected communities and the Atlantic Ocean which the spill has flowed into.

“After receiving information from the affected communities that an oil spill has been going on within communities in Eastern Obolo for months now due to oil exploration and production activities by Sterling Oil, we visited the communities and had seen that a large part of the mangrove at Akpabom community has been devastated by oil.

“At Emere-Oke community, we have also seen where the oil spills from the Durga 4 oil rig into the Atlantic Ocean. This is an unacceptable development as the aquatic environment will be deeply polluted. 

“As reported by the community that this situation has been going on for months, we are deeply concerned that no action has been taken to address the spills. We are very worried over the impact this will have on aquatic lives and the environment”, Isuah-Ikoh stated.

He recalled that that Sterling Oil had a few months ago, accused by the state government of violating the terms of land grants and unlawful encroachment beyond its legally assigned portion in Eastern Obolo LGA, and surrounding communities, wondering why the firm should continue to violate and pollute the environment without imbibing best practices in the oil exploration and exploitation business.

“The company now allows oil spill to go on within its host communities unabated. We are calling on Sterling Oil to immediately stop the spill, clean up the environment and compensate the communities over the destruction of their environment.

“We are therefore calling on the National NOSDRA to investigate the spills and level of destruction caused so as to take actions in accordance with their mandate. Equally, we are appealing to the state government to be more sensitive and concerned over the operations of companies within the state through effective monitoring of their operations”.

… As Renaissance Energy increases crude oil output by 200,000bpd

By Charles Ebi

Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, has affirmed that it followed due process and did not violate oil licensing guidelines during the 2024 Oil Block Licensing Round.

The upstream regulator also affirmed the licensing round was conducted in line with the provisions of the Petroleum Industry Act, 2021.

The NUPRC stated this position while refuting allegations by a newspaper, suggesting guidelines were violated.

NUPRC said on Wednesday that “The entire process was conducted in strict compliance with the Petroleum Industry Act (PIA) and its own licensing guidelines, ensuring a transparent, competitive and technology-driven bidding exercise”.

The paper claimed that a particular company registered days before the commencement of bidding was improperly awarded oil blocks.

In his clarification, the Commission Chief Executive ,CCE, Engr. Gbenga Komolafe, explained that the bid guidelines do not restrict participation based on the age of a company’s incorporation; instead, eligibility was determined by a rigorous assessment of technical expertise, financial strength and legal compliance.

The NUPRC boss noted that the “technical and financial capacity of a bidder is assessed not merely by the date of incorporation of the bidding entity, but by the pedigree and proven track record of its promoters, affiliated companies or parent organisations.

‘This approach allows newly formed Special Purpose Vehicles ,SPVs, when backed by credible and experienced industry players, to compete effectively and fairly”.

He further explained that the 2024 Licensing Round involved multiple stages, including prequalification, technical evaluation and commercial bid evaluation.

The NUPRC boss said applicants were required to demonstrate financial capability, technical expertise and legal compliance by submitting detailed documentation, such as incorporation papers, tax clearances and proof of operational experience.

Komolafe said, “The pre-qualification window was open with no restrictions on company age.

“The commercial bidding phase was carried out digitally using encrypted technology to ensure the integrity and confidentiality of the data”.

The results of the 2024 Licensing Rounds were announced transparently and publicly.

Also, the Nigerian Extractive Industry Initiative ,NEITI, and relevant government ministries were part of the process.

The CCE said, “The commercial bid evaluation was conducted using a transparent, digital and point-based assessment system, which included Signature Bonus, Proposed Work Programme Financial Commitments and Work Performance Security.

NUPRC also noted that indigenous oil companies aggressively participated and outbid some national and international players, reflecting strong investor confidence following the enactment of the PIA 2021.

It is understoods that at the conclusion of the process, NEITI commended the transparency of the exercise.

NUPRC noted, “The NEITI report praised NUPRC for significant improvements in the 2022-2023 Mini Bid Round and the 2024 Licensing Round, emphasizing professionalism, transparency and inclusivity.

“The Commission insisted that the 2024 Oil Block Licensing Round adhered fully to all statutory provisions and guidelines, with no discrimination or corrupt practices involved”.

Komolafe reiterated NUPRC’s commitment to transparency in its upstream regulatory obligations in line with the government’s ambition.

He said, “The NUPRC remains committed to transparent regulation aimed at optimizing Nigeria’s hydrocarbon resources and attracting investment under President Bola Tinubu’s administration”.

Similarly, the Commission refuted a publication in one of the newspapers,  that claimed that 40 oil block license will expire on June, 27 this year.

NUPRC said the report misinterpreted a document downloaded from the NUPRC website.

“The Commission clarified that the 40 Petroleum Prospecting Licences ,PPLs, referenced in the publication are at different stages of exploration, appraisal and pre-development.

“Each stage has distinct regulatory requirements and timelines. Several licensees have formally applied to convert their PPLs into Petroleum Mining Leases ,PMLs, as required by the Petroleum Industry Act (PIA) 2021. These applications are currently under review”, It are

According to the NUPRC, many of the operators have already fulfilled their minimum work programme obligations under Section 78 of the PIA, qualifying them for extensions.

It said, “Production commencement is not the sole measure of compliance, the Commission emphasised.

“The Commission firmly asserts its commitment to maintaining an open dialogue while upholding a strong and transparent regulatory regime that benefits all Nigerians”.

The NUPRC emphasised the importance of ensuring that reports on its operations are properly contextualised, thoroughly fact-checked, and aligned with the statutory provisions of the Petroleum Industry Act (PIA) 2021 and its accompanying regulations.

Since the acquisition and operational takeover of Shell Petroleum Development Company’s ,SPDC, onshore assets in Nigeria, Renaissance Africa Energy Company has increased the crude oil production of the assets by over 200,000 barrels per day.

This was revealed when a delegation from Renaissance Africa Energy Company Limited ,RAEC, paid a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The meeting was part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.

Renaissance Africa Energy Holdings, a consortium of Nigerian and international oil and gas companies, had acquired Shell Petroleum Development Company of Nigeria ,SPDC, a subsidiary of Shell, in a deal valued at $1.3bn.

The acquisition involves Renaissance acquiring 100% equity in SPDC, which holds onshore assets in the Niger Delta region.

The deal was completed after initial agreement in January 2024 and all regulatory approvals were obtained. SPDC had been renamed to Renaissance Africa Energy Company Limited.

The delegation was led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer. The purpose of the visit was to formally brief the Minister on RAEC’s recent acquisition and operational takeover of Shell Petroleum Development Company ,SPDC, onshore assets in Nigeria.

During the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day, a major milestone for both RAEC and the broader Nigerian oil and gas industry.

Fatona and Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion.

They reiterated their long-term commitment to community engagement and responsible energy development.

In his remarks, Edun applauded the operational strides made by RAEC. He noted that the increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth.

The Minister reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors and stressed the importance of sustained collaboration between government and industry to deliver long-term value to the nation.

The meeting concluded with a shared understanding of indigenous firms like RAEC’s vital role in Nigeria’s energy transition and macroeconomic advancement.