A review of data from the Nigeria Upstream Regulatory Commission (NUPRC), has shown that Nigeria produced lowest crude oil per day for last three months in the month of October.

According to the data, in the month of October, the daily crude oil production stood at 1.533 million barrels per day (including blended condensate and unblended condensate).

The daily production in October is the lowest in three months.

The production in September stood at 1.54 million daily while that of August stood at 1.57 million daily.

This is despite the claims of the Nigerian government that the daily crude oil production had reached 1.8 million barrels daily, with claims that the country would soon hit 2 million barrels benchmark.

As of September, the country recorded 1.3 million crude oil production per day (1.5 million if blended condensate and unblended condensate are added).

The highest production was in January 2024, when 1.4 million barrels were recorded (1.6 million if blended condensate and unblended condensate) were added.

The data shows that the country was unable to meet its 1.78 million target for 2024, despite its new claim of producing 1.8 million barrels per day.

While the country may be banking on its devaluation of naira as part of strategy for increased revenue, the country is historically poor in terms of revenue in tandem with budgeted estimates.

Nigeria has been unable to meet its own target for crude oil production, blaming vandalism and poor pipelines for development.

The Anambra State Government, in a move aimed at revolutionising its transportation sector, has announced an investment of N2.5 billion in mass transit, as outlined in the 2025 budget.
Ejimofor Opara, the National Publicity Secretary of the All Progressives Grand Alliance, APGA, highlighted this initiative in a statement.

He stated that the investment is anticipated to usher in a new era of economic growth for the state, alleviate traffic congestion, and enhance the overall quality of life for its residents.

“The government’s commitment to enhancing infrastructure is further emphasized by this substantial financial allocation. By prioritizing mass transit, Anambra seeks to provide its citizens with efficient, reliable, and affordable transportation options,” Opara explained.
He went on to elaborate on the multifaceted benefits of the initiative:

This project will stimulate economic activity by creating jobs and fostering opportunities for businesses to thrive. Notably, the inclusion of marine transportation extends the project’s reach beyond road networks, paving the way for a comprehensive and interconnected transportation system.”
Opara emphasised that improved infrastructure would enhance connectivity, facilitate the seamless movement of people and goods, and drive economic growth by attracting investments, boosting trade, and promoting expansion.
Additionally, he noted that reduced traffic congestion could lead to lower emissions, contributing to a cleaner and healthier environment.

“Crucially, efficient mass transit systems will ensure equal access to opportunities, services, and amenities for all residents,” he added.

The governor’s development agenda, as articulated by Opara, places a strong emphasis on strategic projects that include infrastructure enhancement, economic empowerment, education, healthcare, and security.

The mass transit initiative, according to him, perfectly aligns with this vision and demonstrates the government’s resolve to cultivate an environment conducive to business growth and improved living conditions for all.

“As Anambra State embarks on this transformative journey, the N2.5 billion investment stands as a testament to its commitment to progress and prosperity,” Opara stated.

The integration of marine transportation into the mass transit system emphasises the state’s acknowledgment of its aquatic resources.

“By harnessing the potential of its waterways, Anambra will not only unlock new economic opportunities but also enhance connectivity and promote sustainable development,” he said.

“This holistic approach to transportation is poised to solidify Anambra’s position as a hub for commerce, innovation, and growth. As the 2025 budget unfolds, the mass transit project is set to make a lasting impact on the state’s infrastructure and populace.

“With its extensive implications, this initiative promises to transform residents’ lives, catalyze economic growth, and establish Anambra as a model of progressive governance,” he concluded.

Nigerian FinTech startup Moniepoint recently has joined the prestigious ranks of Nigerian unicorns, Flutterwave, Interswitch, and Paystack as a private company valued at over $1 billion.

While these firms showcase the remarkable growth of Nigeria’s tech ecosystem, their remain private which limits direct investment opportunities for Nigerians with these high-value companies.

For investors eager to tap into billion-dollar valuations companies, the Nigerian Exchange (NGX) provides an alternative platform through its listed companies, some of which exceed the $1 billion mark, reflecting the market’s concentrated value and the country’s economic diversity.

Market overview

As of November 2024, NGX hosts over 160 listed companies, but only a few surpass the $1 billion in market capitalization.

The exchange’s total market capitalization stands at N58.91 trillion ($35.31 billion), with its top nine firms accounting for a substantial 70.31% of this figure.

The top three companies— Airtel Africa, Dangote Cement, and BUA Foods— collectively represent valued at N23.535 trillion (approximately $14.046 billion), accounting for 39.77% of the total market capitalization.

Below are the top publicly traded companies on NGX with market capitalization above $1 billion using an official exchange rate of N1,675.49 as of 31st October 2024.

9. Aradel Holdings (Oil & Gas) – $1.28 billion

Aradel Holdings entered the list with a market capitalization of N2.15 trillion (approximately $1.28 billion), accounting for 3.64% of the overall equities market.

Its stock is viewed as a valuable investment, bolstered by a 9-month revenue increase to $0.244 billion (N377.58 billion) and a pre-tax profit of $124.16 million (N191.45 billion).

Aradel Holdings debuted on the NGX Main Board on October 14, 2024, at N702.69 per share. However, by October 31, the share price had dropped 29.54% to N459.10.

The company is currently trading at 14.82 times its trailing twelve months earnings per share.

The company manages the Ogbele, Olo, and Olo West marginal fields, acquired from NNPC. Prior to its listing on the Nigerian Exchange (NGX), Aradel traded on the NASD OTC market, where its share price surged from N1,089 to N9,867.38 by September 2024, reflecting strong investor confidence.

8. Transcorp Power (Services) – $1.61 billion

Transcorp Power has a market capitalization of N2.69 trillion ($1.61 billion), representing 4.56% of the total market value.

As the operator of the Ughelli Power Plant in Delta State, one of Nigeria’s largest, the company reported revenue of $0.144 billion (N223.55 billion) and a pre-tax profit of $52.60 million (N81.12 billion), highlighting its strong performance in the energy sector.

Listed on the Nigerian Exchange (NGX) on March 4, 2024, at N240 per share, Transcorp Power’s stock has since increased by 49.96%, closing at N359.90 on October 31.

The company is trading at 34.36 times its trailing twelve months earnings per share.

7. Geregu Power (Services) – $1.71 billion

Geregu Power’s market capitalization stands at N2.87 trillion, approximately $1.71 billion, making up 4.86% of the equity market as of the end of October.

Operating the Geregu Power Plant in Kogi State, the company plays a key role in Nigeria’s energy supply.

It reported revenue of $0.73 billion (N112.58 billion) and a pre-tax profit of $23.51 million (N36.26 billion), underscoring its robust operational performance.

The company’s share price saw a 188.22% year-to-date increase, reaching N1,150.00 on the last trading day in October.

Geregu Power is currently trading at 102.36 times its trailing twelve months earnings per share.

6. BUA Cement (Industrial Goods) – $1.97 billion

BUA Cement has a market capitalization of $1.97 billion (N3.31 trillion). As a major player in Nigeria’s industrial sector, the company generated $0.378 billion (N583.40 billion) in revenue and recorded a pre-tax profit of $40.86 million (N63.01 billion) in the first nine months of 2024.

It operates production facilities in Edo and Sokoto states.

During the review period, BUA Cement’s share price increased by 98.54% year-to-date, closing at N97.80 on the last trading day in October.

The company is trading at 78.70 times its trailing twelve months earnings per share.

5. Seplat Energy (Oil & Gas) – $2.00 billion

Seplat Energy, with a market capitalization of $2.00 billion (N3.35 trillion), accounts for 5.63% of the equity market.

The company reported a nine-month pre-tax profit of $237.82 million (N366.71 billion) and revenue of $0.694 billion (N1.07 trillion).

Its $1.28 billion acquisition of ExxonMobil’s Nigerian assets has strengthened its position in Nigeria’s oil and gas sector.

Seplat’s share price surged 146.75% year-to-date to N5,700 as of October 31, trading at 38.47 times its trailing twelve months earnings per share.

4. MTN Nigeria (ICT) – $2.19 billion

MTN Nigeria holds a market capitalization of $2.19 billion (N3.67 trillion), accounting for 6.21% of the equity market.

Despite a $462.81 million (N713.63 billion) pre-tax loss from naira devaluation, the company generated $1.53 billion (N2.37 trillion) in service revenue over the first nine months of 2024, showcasing its resilience in tough economic conditions.

The stock underperformed, dropping 33.30% year-to-date to N175.10 by October 31, reflecting market concerns about its financial position.

3. BUA Foods (Consumer Goods) – $4.24 billion

BUA Foods, with a market capitalization of $4.24 billion (N7.10 trillion), ranks third, accounting for 12.01% of the market.

Despite economic challenges, the company recorded $0.694 billion (N1.07 trillion) in revenue and a pre-tax profit of $141.15 million (N217.65 billion) for the first nine months of 2024.

Its share price gained 98.54% year-to-date, reaching N394 by October 31. BUA Foods is currently trading at 50.36 times its trailing twelve months earnings per share.

2. Dangote Cement (Industrial Goods) – $4.86 billion

As of October 31, Dangote Cement is the second most valued company in Nigeria, with a market capitalization of N8.15 trillion ($4.86 billion), representing 13.79% of the equity market.

In the first nine months of 2024, it generated $1.66 billion (N2.56 trillion) in revenue and a pre-tax profit of $263.55 million (N406.38 billion).

Its share price rose 49.67% year-to-date, closing at N478, and is currently trading at 17.8 times its trailing twelve months earnings per share.

1. Airtel Africa (ICT) – $4.93 billion

Airtel Africa, with a market capitalization of N8.26 trillion ($4.93 billion), leads Nigeria’s equity market, making up 13.97%.

The company recorded $2.37 billion in revenue and a pre-tax profit of $178 million for the half-year ending September 30, 2024. Its share price rose 16.55% YTD, closing at N2,200 on October 31.

Dangote Cement, valued at N8.15 trillion ($4.86 billion), generated $1.66 billion in revenue and a pre-tax profit of $263.55 million in the first nine months of 2024.

Its share price increased 49.67% YTD, reaching N478 by October 31, trading at 17.8x its trailing twelve months earnings per share.

In an effort to combat drug-related crimes, the National Assembly has amended the National Drug Law Enforcement Agency (NDLEA) Act, imposing life imprisonment for drug offenders and traffickers.

This follows the Senate and House of Representatives’ adoption of the harmonised report on the amendment.
Senator Tahir Monguno, Chairman of the Senate Conference Committee, presented the report, stating that the amendment introduces stricter penalties to deter drug crimes.

“Any person who unlawfully engages in the storage, custody, movement, carriage or concealment of dangerous drugs or controlled substances and, while doing so, is armed with an offensive weapon or [b][/b]disguised in any manner, commits an offence under this Act and is liable, upon conviction, to life imprisonment,” Monguno said.

The Senate endorsed the amendment via a voice vote during Thursday’s plenary, which was presided over by Deputy Senate President Barau Jibrin.

Additionally, the Senate passed the Revenue Mobilisation, Allocation, and Fiscal Commission Bill, 2024, aimed at replacing the 2004 RMAFC Act. Yahaya Abdullahi, Chairman of the Senate Committee on National Planning and Economic Affairs, stressed the need for the commission’s reform, citing Nigeria’s declining revenue and growing population.

“The Act, last revised over 20 years ago, no longer reflects Nigeria’s evolving economic realities. This bill proposes additional funding and a restructured operational framework for the commission to improve its efficiency,” Abdullahi explained.

He further emphasised the need for adequate funding from the Federation Account for the RMAFC to fulfil its constitutional responsibilities effectively.

The bill, which was passed after deliberations and a majority vote, now awaits President Bola Tinubu’s assent to become law.

IPOB PRESS RELEASE
22/11/2024

SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE ASSOCIATED WITH IPOB

The attention of the global family and movement of the Indigenous People of Biafra (IPOB) has been drawn to the purported arrest and claim of being an IPOB member by the infamous Prime Minister of Biafra Government in Exile (BRGIE) named Simon Ekpa. For public records, Simon Ekpa has never been a member of IPOB led by Mazi Nnamdi Kanu, who is currently being detained illegally in the DSS solitary confinement by the Nigerian Government since almost four years.

Contrary to the disinformation from the BBC News report that Simon Ekpa is an IPOB leader. Simon Ekpa is not an IPOB member, let alone be a leader in IPOB. IPOB has some family units in Finland, and Simon Ekpa is not a registered member of any IPOB unit in Finland or any unit globally. Mazi Nnamdi Okwu Kanu established IPOB as a peaceful movement to seek Biafra Independence via a supervised UN referendum.

IPOB is a peaceful global movement that has never taken to violence or arms struggle in two decades of our self-determination struggle. Even though the various murderous government regimes in Nigeria have provoked us. We have remained resolute and peaceful.

On the other hand, Simon Ekpa was seen by some innocent Biafrans as someone sympathetic to the Biafra course. Until they discovered that he was a destructive agent paid to infiltrate and destroy the IPOB peaceful movement for Biafra self-determination. He recruited violent criminals to destabilize the South East Region in 2021. He is a self acclaimed prime minister of a small group called Biafra Government in Exile (BGIE).

The infamous BGIE led by Simon Ekpa created a violent group that call themselves the Biafra Liberation Army. They have perpetuated various violent acts against the civilians in the Eastern Region in the name of Biafra agitation. IPOB family worldwide refused to accept that system to achieve Biafra freedom and sovereignty. His group and the Nigerian Army are responsible for many kidnappings, rapes, forceful disappearances, killings, and burning of homes in the South Eastern region. Undoubtedly, Simon Ekpa has claimed responsibility for the violent actions of his criminal gang.

The Simon Ekpa led group has no alliance or relationship with IPOB and Mazi Nnamdi Kanu. He recruited his criminals who have been terrorizing the Biafran territory since 2021 after the kidnapp, extraordinary rendition, and illegal detaintion of the IPOB leader, Mazi Nnamdi Kanu from Kenya to Nigeria.

The Nigerian government and politicians whom Biafrans believe contracted Simon Ekpa has been tagging his group’s violent and terrorist activities on IPOB just to blackmail and demonize the genuine and peaceful Biafra self-determination struggle led by the Indigenous People of Biafra, IPOB.

IPOB is by this press release calling on BBC News and Finnish Authorities to note that Simon Ekpa has no relationship with IPOB in Finland or any other unit globally. He should not be associated with IPOB because IPOB does not support violent agitation that he represents.

IPOB led by Mazi Nnamdi Kanu is a peaceful movement that has adopted civil disobedience to press our demand for Biafra’s self-determination and referendum. Unlike Simon Ekpa, who recruits and funds criminals who carry out killings of civilians and government agents, destroyed many homes in Biafra territory. Therefore, no person or institution should link Simon Ekpa and his group to IPOB. We do not have any relationship whatsoever.

Simon Ekpa has been shielded from arrest and terrorism charges against innocent Biafran civilians by the Nigerian and the Finnish governments’ diplomatic maneuvering. However, for every crime, there is a day of reckoning. On the purported arrest of Simon Ekpa, all IPOB members, Biafrans and lovers of Biafra freedom should remain calm and focus on the ball which is the release of Mazi Nnamdi Kanu from the illegal detention and the Biafra restoration project.

IPOB does not do violent agitation or violence against civilians. IPOB does not do violent agitation or violence against the Nigerian Security Forces or the sponsored infiltrator criminals represented by Simon Ekpa.

COMRADE EMMA POWERFUL, MEDIA, AND PUBLICITY SECRETARY FOR IPOB