Business

Cooking gas demand falls by 38%, marketers clash over price

Published

3 years ago

May 29, 2022

National cooking gas demand has dropped by 38 percent, according to the Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGAM.

The revelation came on the heels of clamours by a group of experts on Tuesday that demand for Liquefied Natural Gas, popularly known as cooking gas, had dropped to a record low across the country.

The President of the Nigerian Gas Association, Ed Ubong, said at a downstream event in Lagos that national gas consumption had dropped due to high prices.

The Executive Secretary of NALPGAM, Bassey Essien, also confirmed the development to The PUNCH during a telephone interview.

Following the clamour, NALPGAM, President Oladapo Olatunbosun, on Wednesday, said gas demand had dropped from 1.2 million metric tonnes per annum (mmtpa) to around 750,000mtpa.

“We are aware that the local consumption of cooking gas has dropped from 1.2 million metric tonnes per annum (mmtpa) to around 750,000mtpa out of which about 600,000 mtpa is supplied by local producers,” he said, bringing the percentage drop in demand to 37.5 percent per annum.

This brings to fore, the achievement of President Buhari’s National Gas Expansion Programme which seeks to deepen local gas usage within the next decade.

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The Federal Government had targeted a consumption of 5mn metric tonnes per annum.

Olatunbosunalso alleged that the Nigeria Liquefied Petroleum Gas Association inflated price of a 20metric tons by 100 percent.

According to him, gas importers who were members of NLPGA sold to plant owners at N12.7million per 20metric tons (MT) despite purchasing the product at around N7 million per 20MT from NLNG and other local producers.

While NALPGAM is the association of indigenous private companies with operating gas bottling plants with membership spread across the country, the NLPGA is the umbrella body of all stakeholders including importers, skid owners and also players in the LPG sector in Nigeria.

According to him, cooking gas, as at Monday, May 23, was N750 per kilogram(Kg) at the depot and was sold at N800/kg at the retail end in Lagos, Ogun and some states in the South West, while the same quantity went as high as N900 to N1000 per kg at retail end in Gombe and Bayelsa and other states.

He said, “It does not make economic sense to be supplied with a receipt of around N7 million per 20MT and sell to consumers at the same price that imported LPG landed in Nigeria.

“Give us the exact figure of LPG your members got from NLNG. We are aware that the local consumption of cooking gas has dropped from 1.2 million metric tonnes per annum(mmtpa) to around 750,000mtpa out of which about 600,000 mtpa is supplied by local producers.”

The General Manager, External Relations & Sustainable Development, NLNG, Andy Odeh, told Sunday PUNCH in an email response that it could not disclose its contractual agreement with its customers. “We have no comments on your enquiries as our sales terms are confidential and commercially sensitive information,” he said, when asked to disclose the price it sold to marketers.

While speaking during one of the technical sessions on the topic ‘Gas as a catalyst for sustainable economic development- The role of Nigerian Content’, at ‘The Nigerian Content Midstream and Downstream Oil and Gas Summit 2022’ organised by the Nigerian Content and Development Monitoring Board, NCDMB, in Lagos on Tuesday, gas stakeholders unanimously submitted that national gas consumption was currently very low and expressed worry over the dwindling purchasing power of Nigerians.

Related Topics:cooking gas marketers price

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Aviation

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Published

2 days ago

March 25, 2025

Trends Admin

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).

In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.

The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.

The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.

“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”

In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Business

SEC announces stricter measures to protect investors

Published

3 days ago

March 24, 2025

Trends Admin

Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

SEC announces stricter measures to protect investors

Business

Bitcoin rises above $86,000 as crypto market gains momentum

Published

3 days ago

March 24, 2025

Trends Admin

Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.