The Federal Government has taken steps to stop the use of substandard kits in the conversion of petrol/diesel-powered vehicles to compressed natural gas.

This was aimed at preventing any form of explosion during the CNG refilling process.

On Thursday, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, launched the Nigerian Gas Vehicle Monitoring System, a key step in the Federal Government’s drive to promote safety, accountability, and environmental integrity in the nation’s CNG sector.

Speaking at the pilot launch held at an NNPC Retail Station in Abuja, Ekpo said, “the NGVMS will ensure that only vehicles converted at accredited facilities with certified kits can access CNG at approved stations.”

A statement by the minister’s spokesman, Louis Ibah, quoted him as saying that the system will provide end-to-end oversight, from conversion to refuelling, guaranteeing the safety of citizens and the integrity of Nigeria’s growing CNG ecosystem.

Ekpo described the initiative as a milestone under President Bola Tinubu’s Renewed Hope Agenda and the Decade of Gas Initiative, aimed at making CNG the affordable and sustainable energy choice for Nigerians.

The Chairman/Chief Executive Officer of the Presidential Initiative on CNG, Ismaeel Ahmed, revealed that over $1bn in private sector investments have flowed into Nigeria’s CNG value chain.

He added that more conversion and refuelling stations will be commissioned nationwide before the year ends.

Leaders of various transport unions in Nigeria, in separate speeches at the event, expressed gratitude to Tinubu for launching the PiCNG to mitigate the impact of fuel subsidy removal in 2023.

They said that, under the initiative, members had benefited from over one million free CNG kits, buses, and tricycles, which has led to significantly reduced transportation costs and subsequently lowered the prices of foodstuffs across the country.

The union leaders urged the government to prioritise commercial vehicles in the CNG project, ensuring that they are given preference.

“Additionally, they appealed for the expansion of CNG stations nationwide, noting that only a few states currently have CNG conversion and refuelling stations. This, they believe, would further enhance the effectiveness of the initiative,” the statement read.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that Nigeria is developing a new framework to enable the use of national currencies in bilateral trade settlements.

Speaking at a press briefing at the IMF/World Bank Annual Meetings in Washington DC, Cardoso explained that while the country had previously experimented with local currency trade agreements, the initiative did not yield the desired results.

“We have had an experiment with that (switching to national currencies in bilateral trade). And to be frank, it did not work out very well for us.

That is not to say that we are not interested in doing this. We are. And we are really at an elementary stage of putting up a framework, now that our currency is more competitive, to be able to ensure that it is a win‑win for everybody.”

He said the Central Bank was taking a more cautious and structured approach this time to ensure that future local currency trade arrangements deliver mutual benefits and reduce dependence on foreign exchange in cross-border transactions.

Bilateral currency trade arrangements, also known as local currency settlement agreements, allow two countries to trade directly using their national currencies instead of the U.S. dollar or other reserve currencies.

Nigeria has experimented with bilateral currency deals before, most notably with China, through the 2018 currency swap agreement signed between the Central Bank of Nigeria and the People’s Bank of China.

The deal, worth about N720bn (or RMB 15bn), was designed to ease pressure on Nigeria’s dollar reserves, promote trade with China, and make it easier for Nigerian importers to access yuan for Chinese goods.

However, the arrangement struggled to gain traction due to limited awareness among traders, logistical bottlenecks, exchange rate uncertainty, and the lack of a robust settlement framework. Many Nigerian businesses continued to rely on the U.S. dollar for imports, while local banks struggled to build sufficient yuan liquidity.

CBN officials later acknowledged that the pilot phase “did not work as efficiently as expected,” though it provided lessons for designing more effective future frameworks.

Despite this, a new bilateral currency swap agreement was agreed in December 2024 between Nigeria and China.

The renewed deal, jointly announced by the CBN and the People’s Bank of China, amounts to N3.28 tn, approximately 15 billion yuan or $2.09 bn.

Valid for three years and renewable upon mutual agreement, the swap deal aims to boost financial collaboration, simplify transactions involving the naira and yuan, and reduce reliance on the U.S. dollar in trade.

Cardoso’s comments suggest that the Central Bank is revisiting the idea of settling bilateral trade in national currencies, especially as the naira becomes more competitive following recent foreign exchange reforms.

……… Over 40m small businesses To Benefit From Improved Financing Options

The Securities and Exchange Commission (SEC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) aimed at improving access to long-term financing for small and medium enterprises (SMEs) through the Nigerian capital market.

The partnership is designed to create alternative sources of capital for the country’s over 40 million registered micro, small, and medium enterprises (MSMEs), helping them grow, create jobs, and contribute to the Federal Government’s $1 trillion economy target.

Speaking at the signing ceremony in Abuja, Director-General of the SEC, Dr. Emomotimi Agama, said the initiative would open new funding routes for SMEs and integrate them into the capital market ecosystem.

“Capital is the bedrock of any company. Today we have about 40 million Small and Medium Enterprises that are duly registered with Small and Medium Enterprises Development Agency of Nigeria and it is important that as a capital market, we are able to find a route for these small and Medium Scale enterprises to be able to raise capital for sustainability.

“We also want to bring them on board the pipeline of listed companies in Nigeria where they will be able to democratize wealth and share a part of their institutions with Nigerians making sure that development is faster and to lead to the growth of the economy,” he stated.

He added that the collaboration aligns with President Bola Tinubu’s agenda on employment, growth, development, and production, describing it as a critical step toward achieving the administration’s trillion-dollar economy vision.

On his part, SMEDAN Director-General, Mr. Charles Odii, said the MoU would enable small businesses to overcome the high cost and scarcity of capital by leveraging the capital market.

“Capital in this part of the world is very expensive and scarce,” Odii said. “Through this collaboration, we are creating another source of financing for our medium-scale businesses. We have set ourselves a target of at least 1,000 SMEs listing on the capital market. This will galvanize growth, create wealth, and reduce unemployment in Nigeria.”

The agreement between the two agencies seeks to deepen the integration of MSMEs into the formal financial system and help them meet regulatory and governance standards required for market participation.

Among its major benefits, the MoU will improve access to long-term financing by supporting qualifying MSMEs to raise funds through equity or debt securities under SEC regulations. It also provides for capacity building, as both agencies will organize training and awareness programs to educate SMEs on capital market participation, financial literacy, and corporate governance.

In addition, the SEC will contribute to SMEDAN’s five-year strategic policy framework to promote inclusive financing and SME-friendly capital market policies. SMEDAN, on its part, will identify and encourage qualifying SMEs to list on recognized exchanges, expanding their access to funding and business growth opportunities.

The collaboration will also facilitate debt market participation by guiding creditworthy SMEs to issue debt securities to qualified investors, thereby widening their financing options beyond traditional bank loans. Both institutions will jointly organize a three-day national SME conference to engage stakeholders, promote market opportunities, and drive policy discussions.

The MoU further provides for the establishment of a Joint Working Group (JWG) to monitor implementation, as well as mechanisms for data sharing in line with the Nigeria Data Protection Act, 2023.

Seplat Energy Plc says it is positioning to ramp up oil and gas production following the acquisition and integration of Mobil Producing Nigeria Unlimited assets, which the company described as a high-quality portfolio with significant reserves and output potential.

Chief Executive Officer Roger Brown stated this during a fireside chat titled ‘Assets Acquisition Success Strategies: Seplat Energy’ at the recent Africa Energy Week in South Africa.

According to a release, Brown said the acquisition had strengthened Seplat’s operations by combining its onshore experience with decades of offshore expertise from the new team, resulting in improved performance and higher cash flow from day one.

“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production, and that aligns with the government’s target to increase liquids production to three million barrels per day and to increase gas production for both domestic energy and export markets,“ he said.

Brown noted that the company’s focus after the acquisition had been to quickly re-engage wells and facilities to deliver immediate results, invest early in asset reliability to reduce downtime, and integrate both systems and people.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights, and the entire group is benefiting from them,” Brown stated.

He added that Seplat’s growth strategy had been built on acquiring assets where its operating capability could unlock hidden value, particularly mature fields that required a more agile operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production while keeping tight control of costs,” he said.

The Seplat boss emphasised that maintaining safety, operational excellence, and a disciplined cost structure remained central to the company’s performance.

Describing the company as a low-cost operator, he said, “We can be profitable at good oil prices, and we’ve proven we can survive periods of low prices and prolonged lock-ins.”

On financing, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, said the company had raised over $4bn in debt to develop operations while maintaining a leverage ratio below 1.5 times through the cycle.

She explained that Seplat had relied on a mix of financing instruments, including its Initial Public Offer, Revolving Credit Facility, Bonds, Advance Payment Facility, and project financing, notably the $320m facility for ANOH Gas Processing Company, its joint venture with the Nigerian Gas Infrastructure Company.

“We knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual-listed Nigerian oil and gas company,” she said.

Adaralegbe added that Seplat had consistently refinanced its obligations to extend maturities and lower borrowing costs, supported by asset diversification, steady production, and strong financial governance.

The Securities and Exchange Commission has announced plans to transition Nigeria’s capital market from a T+3 to a T+2 settlement cycle to enhance market efficiency, reduce risks, and strengthen investor confidence.

The Director-General of the Commission, Emomotimi Agama, disclosed this at a Trade Associations Roundtable on ‘Ensuring Stakeholder Readiness for T+2 Settlement’ held in Abuja on Wednesday.

Agama said the transition represents a major milestone in aligning Nigeria’s capital market operations with international best practices, noting that it would make the market more competitive and resilient.

“A shorter settlement cycle is a hallmark of a mature, dynamic, and competitive market. It directly addresses several key objectives: it significantly reduces counterparty risk and market exposure. The less time between trade execution and final settlement, the lower the potential for a default to ripple through the system,” he stated

The SEC boss added that the new system would also boost market liquidity by returning capital to investors more quickly, allowing for its redeployment and fostering greater market activity.

“It aligns our market with international best practices, enhances our attractiveness to foreign investors, and reinforces Nigeria’s position as a key player in the global financial arena. Ultimately, a more efficient and safer settlement system strengthens the bedrock of our market, investor confidence,” Agama said.

He explained that by shortening the time between trade execution and final settlement, the T+2 system would lower market exposure and minimise potential defaults, adding that faster settlement would improve liquidity by returning funds to investors sooner, thereby enabling reinvestment and greater trading activity.

Agama noted that several advanced economies have already moved toward T+1 settlements, stressing that Nigeria must continue to evolve to remain globally relevant.

“The global financial landscape is constantly changing, driven by technology and investor demand for efficiency. The transition to T+2 is, therefore, a strategic imperative to keep our market competitive and future-ready,” he said.

He emphasised that the success of the T+2 transition would depend on the collective readiness of all market participants, from brokers and custodians to clearing houses and investors.

“Your readiness and that of your members is the single most important determinant of our success. This means recalibrating back-office operations, upgrading technology systems, streamlining settlement processes, and ensuring that all market participants are informed and prepared,” he added.

Agama assured stakeholders that the Commission would work closely with trade associations, market operators, and Financial Market Infrastructures such as the Nigerian Exchange Limited and the Central Securities Clearing System to ensure a smooth and coordinated transition.

He also said the SEC would intensify investor education and awareness campaigns to ensure that all market participants understand the implications and benefits of the change.

“The move to T+2 is a necessary leap forward for the Nigerian capital market. It is a testament to our collective ambition to build a market that is efficient, resilient, and globally competitive,” he said.

Agama urged stakeholders to engage constructively and collaboratively to identify potential bottlenecks, share best practices, and agree on a clear roadmap for implementation, reaffirming the Commission’s commitment to providing the necessary regulatory support and guidance.

He described the move to T+2 as a “resounding step toward efficiency and global competitiveness”, positioning Nigeria’s capital market for sustained growth and improved investor confidence.

The Nigerian Exchange Limited on Wednesday extended its gaining streak as the equities market added N20bn in value, bringing the total market capitalisation to N93.8tn at the close of trading.

The benchmark All-Share Index advanced by 31.24 points, or 0.02 per cent, to settle at 147,742.20 points, reflecting sustained investor interest across key sectors despite a slowdown in market activities.

At the close of trading, investors exchanged 388.93 million shares worth N12.36bn in 22,986 deals. This represented a 21 per cent decline in volume, a 29 per cent drop in turnover, and a 10 per cent fall in the number of deals compared with Tuesday’s session.

A total of 127 listed equities participated in the trading, ending with 33 gainers and 28 losers. Skye Shelter Fund led the gainers’ chart with a 9.88 per cent rise to close at N418.75 per share. Royal Exchange followed with a 7.37 per cent gain to end at N2.33, while International Energy Insurance and Julius Berger appreciated 6.05 per cent and 5.51 per cent, respectively, to close at N2.98 and N134 per share

On the losers’ chart, Tripple Gee and Company emerged as the worst-performing stock, shedding 9.91 per cent to close at N4.91. Industrial and Medical Gases dropped 9.87 per cent to N32.40, UAC of Nigeria lost 6.46 per cent to settle at N68, while Ellah Lakes declined  4.66 per cent to N13.30 per share.

Fidelity Bank recorded the highest volume of trade for the day with 46.9 million shares valued at N942.31m, followed by Chams with 24.8 million shares worth N101.42m. Zenith Bank traded 20.8 million shares valued at N1.42bn, while Access Holdings accounted for 19.2 million shares worth N495.35m.

In terms of value, Zenith Bank topped the chart with N1.42bn, followed by Nigerian Breweries with N1.27bn, Fidelity Bank with N942.31m, GTCO with N869.05m, and Stanbic IBTC with N723.52m.

Performance across major market indices was largely positive. The NGX Top 30 Index by 0.07 per cent, and the Consumer Goods Index gained 0.09 per cent, while the NGX Pension Index and Industrial Index appreciated 0.09 per cent and 0.08 per cent, respectively.

Meanwhile, the Premium Index closed higher by 0.04 per cent, buoyed by renewed interest in banking and industrial stocks.

Overall, the market has recorded a one-week gain of 1.39 per cent, a four-week rise of 4.38 per cent, and a year-to-date growth of 43.54 per cent, indicating sustained bullish sentiment among investors.

Analysts noted that despite profit-taking activities in some counters, market fundamentals remained strong, supported by impressive third-quarter earnings expectations and increased positioning by institutional investors.