The commission said the refinery had required 63 million barrels during the quarter, but producers offered a higher volume.

“At the level of refinery participation, the statistics show that the Dangote Refinery required 63 million barrels in Q2, but the producers offered higher volumes of 68.1 million barrels. The 68.1 million barrels offered to the Dangote Refinery by producers represents 98 per cent of all offered volumes.

“Eventually, 52.6 million barrels were accepted by the Dangote refinery. This implies that the refinery only accepted 78 per cent of what it was offered,” the NUPRC stated.

The development formed part of the commission’s assessment of compliance with the DCSO, which requires oil producers to make crude available to domestic refineries in line with the provisions of the Petroleum Industry Act.

According to a statement by the NUPRC spokesman, Eniola Akinkuotu, a total of 53.7 million barrels of crude oil and condensate were supplied to local refiners between April and June, representing an overall performance rate of 97.4 per cent.

It said the DCSO was being actively administered and enforced through monthly consultations with crude oil producers and local licensed refineries.

“However, in line with the PIA, the framework operates on a ‘willing buyer, willing seller’ basis, which shapes eventual outcomes,” the commission stated.

The NUPRC said 18.13 million barrels were allocated to producers in April, while 19.31 million barrels were offered to refiners. Actual supply stood at 20.88 million barrels, representing 114.9 per cent performance against the allocation.

In May, it was stated that producers were allocated 18.78 million barrels and offered 23.19 million barrels to local refiners, but actual supply fell to 14.23 million barrels, representing 75.8 per cent compliance.

In June, 18.17 million barrels were allocated to producers, who offered 26.84 million barrels to refiners. The refiners eventually took 18.61 million barrels, representing 102.4 per cent performance.

The commission attributed the improvement in DCSO performance to increased local oil production and the signing of long-term crude supply agreements backed by bankable sales and purchase agreements between producers and domestic refiners.

“The commission observed that the improvement in DCSO coincided with an increase in local oil production and the signing of the long-term crude supply agreement supported by bankable sales and purchase agreements between the producers and domestic refiners,” it said.

The regulator reaffirmed its commitment to the Federal Government’s objective of achieving energy sufficiency, saying it would continue to enforce the DCSO framework while sustaining recent gains in crude oil production.

“The commission reaffirms its commitment to achieving the government’s objective of energy sufficiency. Leveraging the framework of the PIA, 2021, the commission aims to sustain recent gains in crude oil production while continuously enforcing the DCSO,” it stated.

However, Dangote spokesman, Anthony Chiejina, asked the NUPRC to show proof of the crude offered and rejected.

“Let them show us the statistics, we’ll now compare and check, and then we’ll come back to you. That’s all. Because they can’t just by word of mouth tell you, ‘Oh, we give this to Dangote’. It’s crude, it’s not pepper.

“If they have the statistics, let them send it to us and the period it was done, then I will now come back to you to match it. That’s all,” he reacted.

Management also expressed gratitude to the company’s workforce, shareholders and clients, noting that their continued trust was critical to navigating the regulatory exercise.

The firm added that it plans to leverage its fortified balance sheet to expand its digital distribution channels, optimise claims settlement processes and deepen its market penetration across the country.

The Central Bank of Nigeria has cancelled the planned N700bn treasury bills auction for 5 August 2026, following a sharp tightening of liquidity after it mopped up N4.69tn from the banking system through Open Market Operations in two consecutive sessions.

The decision came after the CBN absorbed N2.52tn through a 141-day OMO bill on 3 August and another N2.17tn through 112-day and 113-day OMO bills on August 4.

The scale of the two-day liquidity withdrawal appears to have prompted the authorities to pause the T-bills auction to avoid putting additional pressure on funds available within the banking system.

Although the CBN, acting on behalf of the Debt Management Office, did not disclose a reason for the cancellation, market participants said the timing suggested concerns over excessive liquidity tightening.

The cancelled auction was initially scheduled to offer N700bn across 91-day, 182-day and 364-day T-bills, with settlement planned for 6 August

The latest intervention comes after the CBN had already sterilised N7.18tn through OMO auctions in July, bringing the amount withdrawn through OMO in July and the first four days of August to more than N11.8tn.

The liquidity squeeze has also been reinforced by strong demand for government securities. At the 29 July T-bills auction, the CBN allotted about N1.25tn against an initial N700bn offer, largely driven by demand for the 364-day bill.

The authorities are therefore facing a balancing act between raising domestic financing and preventing excessive liquidity tightening in the banking system.

The cancelled auction is part of the N5.8tn T-bills issuance programme for the third quarter of 2026, which targets about N3.16tn in net new borrowing after accounting for maturing bills.

The 5 August  auction was also one of six major N700bn issuance sessions scheduled for the quarter.

The CBN and DMO said the other auction dates in the Q3 calendar remain unchanged, leaving investors to watch whether the withdrawn N700bn will be rescheduled or added to subsequent auctions.

The cancellation could ultimately affect the pace at which the government raises funds through T-bills if liquidity conditions remain tight and the authorities continue to rely heavily on OMO operations to absorb excess funds, experts say.

The Nigerian equities market closed the week ended Friday, 7 August 2026, in positive territory, bolstered by strong investor demand for financial and high-cap equities. JIDE AJIA reports.

The Nigerian equities market maintained a slight upward momentum for the week ended Friday, as gains in key banking and large-cap stocks offset broader market sell-offs.

The benchmark All-Share Index appreciated 0.12 per cent to close at 245,573.60 points, lifting the market capitalisation to N158.513tn and extending the year-to-date return to 57.81 per cent.

Against the backdrop of persistent macroeconomic adjustments and shifting investor portfolio realignments, the market managed to sustain positive momentum despite persistent profit-taking pressure across secondary sectors.

Total market activity reflected mixed sentiment across trading days, opening Monday with over 922m shares valued at N37.85bn in 72,474 deals, fluctuating throughout the week, and concluding Friday with 1.518bn shares worth N26.65bn traded in 42,517 deals.

Overall market breadth leaned negative, with 63 equities declining against 26 gainers and 58 remaining unchanged.

Finance drives trading

Investors traded a total turnover of 5.359bn shares worth N139.053bn across 261,869 deals during the week, marking an increase in volume but a notable drop in total value compared with the previous week’s 5.119bn shares worth N404.762bn.

The contraction in turnover value follows a high base effect from major institutional block trades executed in the preceding week.

The Financial Services industry led trading activity by volume, accounting for 3.469bn shares valued at N73.013bn in 117,509 deals, thereby contributing 64.73 per cent to total equity volume and 52.51 per cent to total value.

The Oil and Gas sector followed, generating 1.023bn shares worth N18.900bn in 17,680 deals, while the ICT industry placed third with 232.368m shares valued at N14.624bn.

Combined trading in the top three individual equities, including Japaul Gold & Ventures Plc, Fortis Global Insurance Plc and FCMB Group Plc, accounted for 2.562bn shares worth N14.173bn across 6,645 deals.

Top gainers, decliners

Sectoral performance across the exchange was varied, with buying interest lifting the Banking Index 2.33 per cent, the Corporate Governance Index by 1.97 per cent and the Premium Index by 1.60 per cent.

Conversely, profit-taking led to declines in several sub-indices, including Insurance, which dropped 3.31 per cent, Growth, which fell 2.14 per cent, and Consumer Goods, which lost 1.75 per cent.

Among individual equities, AVA Capital Plc topped the gainers’ chart with a 33.33 per cent rise to close at N11.00, followed by FCMB Group Plc, which gained 13.10 per cent to close at N12.95, and First HoldCo Plc, which advanced 12.23 per cent to N145.40.

On the losing side, Thomas Wyatt Nigeria Plc led decliners with a 26.71 per cent drop to close at N3.21, while Trans-Nationwide Express Plc shed 23.76 per cent to end at N2.15, and Critical Minerals Financing Corp Plc declined 22.68 per cent to N3.00.

Activity in the Exchange Traded Products segment recorded 3.561m units valued at N513.089m traded in 5,558 deals, down from the 4.607m units valued at N549.378m traded the previous week.

VETBANK recorded the highest volume within the ETP space with 2.142m units traded, while STANBICETF30 led in value with N167.401m. In the fixed income market, a total of 117,372 bond units valued at N121.249m were transacted across 29 deals, led by the FGSUK2032S7 bond with 51,500 units traded worth N62.380m.

Furthermore, corporate actions during the week included price adjustments for Unilever Nigeria Plc, which was adjusted to N145.95 following an N2.00 dividend ex-div date, and VFD Group Plc, which was adjusted to N11.36 following an N0.24 dividend ex-div date.

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has outlined how the Federal Capital Territory Administration (FCTA) can leverage Nigeria’s capital market to raise long-term funds for critical infrastructure projects instead of relying solely on annual budgetary allocations.

 

Speaking at the Abuja Business & Investment Summit and Expo (ABIE 2026) in Abuja, Agama said the capital market offers the FCT a sustainable financing model for roads, rail, housing, water, transport and other infrastructure through instruments such as infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities.

 

He argued that Abuja’s development demonstrates that economic growth is driven by investment, stressing that “cities are not built by budgets alone. Cities are built by capital markets.”

 

According to him, the FCT should establish a long-term infrastructure bond programme backed by dedicated revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges, noting that this would enable the territory to finance major projects without overburdening annual budgets.

 

“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Agama said, explaining that infrastructure projects generate long-term economic value that can be used to service debt over time.

 

The SEC boss said the territory could also access cheaper financing through green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.

 

He further proposed the creation of an FCT Real Estate Investment Trust to unlock value from Abuja’s extensive property portfolio while giving ordinary Nigerians an opportunity to invest in the city’s real estate market.

 

Agama also urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund, saying this would raise capital without increasing government debt while improving corporate governance and transparency.

 

On the long-abandoned Millennium Tower project, he said the estimated over N400 billion completion cost should not be viewed as a budgetary burden but as an investment opportunity that could be financed through a special purpose vehicle and offered to investors via the capital market.

 

“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.

 

Agama further proposed an asset recycling programme under which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors, with proceeds reinvested in new infrastructure.

 

He also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest as little as ₦10,000 through mobile phones in specific infrastructure projects.

 

According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market while providing enhanced investor protection and clearer regulation of digital assets.

 

Agama disclosed that Nigeria’s capital market has grown significantly, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.

 

He said recent reforms, including the migration to a T+1 settlement cycle and regulatory measures to deepen market participation, have improved market efficiency and strengthened investor confidence.

 

The SEC Director-General assured the FCTA of the Commission’s readiness to provide technical support for structuring and registering capital market instruments, saying the commission would work closely with the territory to unlock financing for infrastructure projects.

 

He added that Nigeria’s capital market remains critical to mobilising domestic savings for national development, insisting that “money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”

Aliko Dangote, has expressed confidence of his company meeting estimated revenue growth in the next four years.

He said detailed internal modelling had reinforced management’s confidence that the Group’s target of generating US$100 billion in annual revenue by 2030 was achievable.

Dangote said this when Senior executives from leading global investment banking and financial services firm Goldman Sachs toured the company’s integrated petroleum refinery, petrochemicals and fertiliser complex in Lagos.

The delegation, led by Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, Anthony Gutman, visited the Dangote Petroleum Refinery & Petrochemicals, Dangote Fertiliser Limited and supporting infrastructure during a recent visit to Nigeria.

He noted that the projections were based on conservative assumptions and had strengthened the company’s conviction that it could pursue an even more ambitious long term growth strategy.

He added that the level of employee participation in the recent private placement of the Dangote Petroleum Refinery reflected strong internal belief in the company’s growth strategy and prospects.

Dangote said the refinery and associated industrial facilities demonstrate the transformative potential of long-term investment in Africa, adding that the Group’s growth ambitions extend well beyond its current strategic plan.

“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.

Speaking after an extensive tour of the 700,000 barrels per day refinery, the Goldman Sachs executives remarked, “It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive.”

The Goldman Sachs team included Adib N. Zouein, Co Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa). They were received by President and Chief Executive of Dangote Industries Limited, Aliko Dangote; Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil & Gas, Fatima Aliko Dangote; Chief of Staff to the President/CE, Ibrahim Dikko; Group Chief Branding and Communication Officer, Anthony Chiejina; Group Chief Economist, Dr Hassan Mahmud; and Group Chief Strategy Officer, Aliyu Suleiman; Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Musa Bala, among others.

Guinness Nigeria has started rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.

The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.

The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.

The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.

Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.

“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”

He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.

The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.

To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.

With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.