The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October […]" /> The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October […]"> NNPC Reports: N13.23bn Trade Surplus In October 2019 | Informavores an online publication of Informavores Nigeria Communication Enterprises is a Nigeria News Reporter in Science & Technology,Sports, Politics, Education, Lifestyle, Agriculture, Business, Health, Economy, Crime, Opinions, Entertainment, Oil and Gas, Energy and Power, Food, in both foreign and local news
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NNPC Reports: N13.23bn Trade Surplus In October 2019

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Nigerian National Petroleum Corporation (NNPC)
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The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23billion in October 2019.

This represented an increase of 54 per cent compared to ₦8.59 billion surplus posted in September 2019. adsbygoogle || []).push({}); js">

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released in Abuja, on Wednesday.

The report reflected the sustained streak of positive results in the operations of the National Oil Company.

It added that the September 2019 trading surplus of ₦8.59 billion in turn indicated a significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019.

The report noted that the August surplus also beat the ₦4.26billion surplus posted in July 2019, reflecting an increase of 22 per cent.

The report revealed that the October surplus was largely due to the improved trading surplus posted by its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

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On Crude oil and Gas sales, it said that a total Crude Oil and Gas export sales of 483.25 million dollars were made in October 2019.

It said this was an increase of 35.77 percentage point, compared to September, implying that in October, Crude oil export contributed 396.94million dollars  (82.14 per cent) of the dollar transactions, compared with 267.97million dollars contribution in the September 2019.
It noted that the export Gas sales for the month amounted to 86.32 million dollars.

“Overall, the October 2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth 5.49 billion dollars was exported,’’ it said.

In the Downstream Sector, it said that 1.16billion litres of Premium Motor Spirit(PMS) also known as petrol, translating to 37.30mn liters/day, were supplied for the month.

It noted that the corporation had continued to monitor the daily stock of PMS in order to achieve smooth distribution of petroleum products and zero fuel queue nationwide.

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The report said that in October 2019, 35 vandalized-pipeline points, representing a decrease of 81 per cent from the 186 vandalized-points in September 2019, were recorded.

“Out of the vandalized points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks.

“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively,’’ it noted.

In the Gas Sector, the report said that out of the 235.82 billion Cubic Feet (BCF) of gas supplied in October 2019, a total of 134.97 BCF of gas was commercialized, consisting of 31.37 BCF for domestic market and 103.60 BCF for export market.

This, it said translated to a total supply of 1.01 Million Standard Cubic Feet (mmscfd) of gas to the domestic market and 3.34 mmscfd of gas supplied to the export market.

It said that during the month, 57.23 per cent of the average daily gas produced was commercialized, while the balance of 42.77 per cent was re-injected, used as Upstream fuel gas or flared. (NAN)

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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FG, Afreximbank Assess Nigeria’s Readiness for Africa Energy Bank Commencement

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Ahead of the commencement of operations of the Africa Energy Bank (AEB) in Abuja, the Federal Government and the African Export-Import Bank (Afreximbank) teams have assessed the country’s readiness to host the bank.








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A statement issued on Thursday by Nneamaka Okafor, Special Adviser, Media and Communications to Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), stated that the assessment followed the visit of Dr. Benedict Oramah, President, African Export-Import Bank (Afreximbank).

According to the statement, the visit/assessment was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank, a landmark initiative expected to transform the continent’s energy landscape.

“The establishment of the bank is a collaborative move between Afreximbank and the African Petroleum Producers Organisation (APPO), which will see the bank take off with an asset base of five billion dollars.

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“It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.

“Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.”

Okafor quoted Lokpobiri as reiterating during the meeting, Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.

He called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.

“The bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation and economic prosperity.

“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the statement quoted Lokpobiri as saying.

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Following the discussions, the minister and Afreximbank president proceeded to the AEB Headquarters for an inspection to assess the level of readiness ahead of the commencement of operations.

The visit provided first hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.

Speaking on the significance of the AEB, The Afreximbank President, Oramah, emphasised the bank’s role in bridging Africa’s energy financing gap.

According to him, the establishment of the AEB is a game-changer for the continent.
He commended Nigeria for taking the bull by the horn in hosting the AEB headquarters and expressed confidence in Nigeria’s oil and gas portfolio, as it would not only benefit the sector, but would guarantee immediate benefit for Nigeria.

The bank was initially scheduled to commence operations January this year. (NAN)


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Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo

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Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
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By Abah Benjamin Eneojoh

The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.





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This outreach program marked a significant step in bringing socioeconomic development closer to the grassroots.

Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.

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The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.

At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.

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The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.

The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.


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Abdulrahman Obaje

Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Naira appreciates N28.85 against dollar at official market

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Naira Denomination
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The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.








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85 .

This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.

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However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.

Source: NAN


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Abdulrahman Obaje

Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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