Business
NSE Market Capitalisation Drops By N68bn
Transactions on the Nigerian Stock Exchange (NSE) opened on Monday on a bearish trend with the market capitalisation dropping by N68 billion following losses by blue chip companies.
The Tide source reports that the market capitalisation lost N68 billion or 0.55 per cent to close at N12.368 trillion against N12.436 trillion achieved on Friday due.
Also, the All-Share Index lost 206.39 basis points or 0.55 per cent to close lower at 37,343.85 compared with 37,550.24 recorded on Friday.
An analysis of price movement chart showed that Lafarge Wapco topped the losers’ chart with a loss of N5.49 to close at N104.50 per share.
7UP Bottling Nigeria trialed with N5 to close at N160 while Dangote Cement dipped N2.32 to close at N212.50 per share.
PZ industries dropped by N2.32 to close at N21.52 while Cadbury depreciated by N2.13 kobo to close at N40.65 per share.
On the other hand, Zenith Bank led the gainers’ table increasing by N1.06 to close at N22.26 per share.
United Bank for Africa (UBA) followed with a gain of 25k to close at N5, while Skye Bank appreciated by 24k to close at N2.64 per share.
GT Bank grew by 20k to close at N25.20 while Vitafoam appreciated by 8k to close at N4.25 per share.
The financial service sector led the activities in volume terms, with an exchange of 175.28 million shares worth N1.02 billion accounted in 2,217 deals.
The banking sub-sector was most active in the sector, accounting for 93.25 million shares valued at N753.44 million traded in 1,288 deals.
Sterling Bank was the toast of investors in the sub-sector, with a turnover of 34.95 million shares worth N80.34 million transacted in 31 deals.
The conglomerates sector trailed with a total of 68.61 million shares valued N308.16 million achieved in 453 deals.
Investors’ staked N3.29 billion on 285.13 million shares transacted in 4,306 deals.
This was against a turnover of 330.76 million shares worth N3.55 billion traded in 4,562 deals on Friday.
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Artificial intelligence is often viewed as a catalyst for electrification and subsequently decarbonization. Yet one of its most immediate effects may be the opposite of what many assume. The rapid buildout of AI infrastructure is increasing demand for reliable power, and that reality could strengthen the role of natural gas and other dispatchable energy sources for many years.
Investors focused on semiconductors and software valuations may be overlooking a key constraint. AI runs on electricity, and those electricity systems operate within physical and economic limits.
The energy sector has spent much of the past decade grappling with slow load growth. That is now changing, in a way that is reminiscent of the sharp rise in oil demand—and subsequently price—in the early 2000s.
Training large language models and operating advanced AI systems requires enormous computing resources. Hyperscale data centers are expanding rapidly, with developers requesting gigawatt-scale interconnections from utilities. In several regions, electricity demand forecasts have been revised upward after years of flat expectations.
This shift is significant because AI workloads create continuous, high-density demand rather than intermittent usage. Data centers cannot simply power down when the electricity supply becomes constrained. Reliability becomes paramount.
Wind and solar capacity continues to expand, but intermittent generation alone cannot meet the firm capacity needs of AI infrastructure without significant storage or backup generation.
Battery storage is improving, yet long-duration storage remains costly at scale. Nuclear projects face long development timelines and complex permitting hurdles. Transmission expansion also lags demand growth in many regions.
These constraints make dispatchable power sources critical. Natural gas plants can ramp quickly, operate continuously, and be deployed faster than many alternatives. As a result, gas-fired generation is increasingly viewed as a practical solution for supporting AI-driven load growth.
This does not undermine the role of renewables. In many markets, new renewable capacity is paired with gas generation to maintain grid stability. The key point is that AI-driven electrification is likely to increase fossil fuel usage in the near term.
Construction timelines favor gas-fired generation when demand rises quickly. Existing pipeline infrastructure reduces barriers to expansion. And for operators of data centers, reliability often outweighs ideological preferences. Downtime is simply too expensive.
Utilities are also revisiting resource plans as load forecasts rise. That shift may drive increased investment in transmission, grid modernization, and flexible generation assets.
The Decarbonization Story Is Complex
A common narrative holds that AI accelerates the transition away from fossil fuels because it increases electrification. The reality is more nuanced.
If electricity demand outpaces the buildout of low-carbon capacity, fossil generation may still increase in absolute terms even as renewables gain market share. Total emissions could rise, but the carbon intensity of the energy system may trend lower as cleaner sources make up a larger share of supply.
Ultimately, energy systems evolve based on engineering and economics, not just policy goals or market narratives.
Rising power demand could benefit utilities investing in transmission and generation capacity. Natural gas producers and midstream companies may see structural demand support from increased power-sector consumption. Equipment suppliers tied to grid reliability and gas turbines could also gain from the shift.
Longer term, advances in nuclear, storage, or efficiency may change the trajectory. For now, the immediate response to surging electricity demand is likely to rely on technologies that can be deployed quickly and reliably.
Artificial intelligence may reshape the economy in profound ways. One of the least appreciated consequences is that it may extend the relevance of natural gas as the world builds the energy backbone required to power the next generation of computing.
By: Robert Rapier
Ogun State is set to join the comity of oil producing states in the country following the discovery and subsequent approval of commercial oil exploration activities in the Eba oil well, in Ogun Waterside Local Government Area of the state.
A technical team from the Nigerian National Petroleum Company Limited (NNPCL) has visited the area as preparations are in advanced stage for commencement of commercial drilling operations in the state.
The inspection followed President Bola Ahmed Tinubu’s approval for commercial exploration, forming part of the federal government’s efforts to deploy the required technical capacity and infrastructure for production.
Officials of NNPCL carried out the exercise alongside representatives of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and national security agencies to evaluate the site and confirm its readiness for drilling activities.
The delegation was led by Project Coordinator for Enserv, Hussein Aliyu, who headed the NNPCL Enserv technical team.
Other members included Wasiu Adeniyi, Onwugba Kelechi, Engr. Rabiu M. Audu, Ojonoka Braimah, Ahmad Usman, Akinbosola Oluwaseyi, Salisu Nuhu, James Amezhinim, Yusuf Abdul-Azeez, Amararu Isukul and Livinus J. Kigbu.
Speaking, Governor Dapo Abiodun, described the development as a landmark achievement for Ogun State, saying “the commencement of drilling at Eba would stimulate economic growth, create employment opportunities and attract increased federal presence to the state’s coastal communities.
Abiodun also expressed appreciation to President Tinubu for his support toward the development of frontier oil basins and the equitable spread of the nation’s energy resources.
Recall that geological reports had earlier confirmed the presence of hydrocarbons within the Ogun Waterside axis, leading to preliminary surveys and technical engagements by NNPCL.
The Ogun State Government also carried out an independent verification of the oil well’s coordinates, affirming the discovery is located within the state’s boundaries.
To secure the project, naval security personnel have been deployed to the site for over 18 months, with the support of the Ogun State Government, to protect the facility and its environs.
The Eba oil well is regarded as part of Nigeria’s strategic move to expand oil production beyond the Niger Delta region.
Determined to speed up the Oil and Gas industry contracting(OIC) processes and weeding out firms lacking technical capacity to perform as well as reduce Nigeria’s cost of production, the Nigerian Content Development and Monitoring Board(NCDMB), has issued the Nigerian Content Equipment Certificate (NCEC) application guidance notes with effect from December 2025.
The document which is available on the Board’s website – ncdmb.gov.ng, and on the NCEC application portal, forms part of concerted efforts to operationalize the Presidential Directives (PDs) on Local Content Requirements, which mandates NCDMB to take further steps to eliminate intermediaries in the contracting process lacking demonstrable capacity.
Emphasising that one of the key requirements for participating in the Nigerian oil and gas industry contracting process is the possession of NCECs issued by the NCDMB, the document states that unmerited possession or misapplication of the NCECs during tendering and bid evaluations contribute to contracting delays and admittance of unqualified intermediaries into the contracting process.
According to NCDMB, the goal of the new document is to “tackle cases of single and multiple NCEC applications not matched to capacities on ground, submission of fake or forged documents, under declaration of personnel, non-existent offices or equipment, and many other dubious applications.
A statement from the Board also states that the guidance notes will also enhance timely review and approval of applications from genuine service companies as the document provides all the requirements needed to complete credible application at first attempt.
The eight NCEC categories cover Manufacturing and Related Services (MS), Fabrication and Construction (FC), Construction and Moveable Equipment (EC), Services and Support (SS), Quality Control Inspection and Testing (QS), Non-Moveable Assets (DA), Procurement and Supplies (PS) and Consultancy Services (CS).
In the document the Board advised service companies to provide details of their specific service offering with sufficient supporting evidence while applying for any of the NCEC categories via the application portal.
Providing further explanation, the NCDMB stressed that it does not solicit or require any payment for the application, processing, or approval of NCEC or any of its certifications.
It added that in line with the Presidential directive on Local Content compliance, the NCDMB prohibits the use of agents, middlemen and third parties in raising and submission of NCEC application on behalf of service companies.
“Service Companies registered on the NOGIC-JQS are liable for any claims and documentations submitted in support of application for NCEC or any other NCDMB certifications using their assigned login in details.
”The document also indicated that companies and their subsidiaries or local partners cannot apply for or obtain NCEC as separate companies using the same facilities, equipment, assets, or documentation and NCEC is not transferable for use by another company.
“The guidance notes enjoined service companies to only apply for NCECs based on their core service area. Spurious applications contribute to delays in the processing of genuine applications. Cases that are determined to have constituted abuse of NCEC applications shall attract applicable sanctions.
“The NCEC notes also indicates that companies applying for multiple NCECs must have the capacities in terms of assets, facilities, equipment and personnel to execute the scope of activities under the target NCEC categories”, the document, according to the Board stated.
“NCDMB will carry out facility visits to ascertain the capacities and capabilities claimed by a company in multiple NCEC applications. NCECs are not granted in anticipation of establishment of local capacities but are approved based on functional equipment and assets with dedicated resources or utilities in place to operate or perform the services.
“Applicants must be ready to demonstrate operability and availability of owned assets and equipment as may be required during facility visit by NCDMB team.
“Request for upgrade or addition of services, on approved, un-expired NCEC based on additional investment will be treated as new application and subjected to verification of all equipment and assets and documentation submitted in support of the modification”, the Board’s document added.
According to the NCDMB, the document also stated further that applicants are expected to be upfront and intentional in the provision of the relevant and complete information required for timely review of their requests.
“The document also listed services which do not require NCECs. They include GSM service providers, commercial airlines, educational institutes, legal advisory services, public relations and events management, government agencies, and CSR projects with community vendors”, the Board noted.
Commenting on the guidance notes, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, enjoined oil and gas stakeholders to study the guidance notes while applying for NCECs.
He warned that submission of forged, altered, or falsified documents constitutes a criminal offence and would attract legal consequences as well as the Board’s administrative punishments.
The Executive Scribe mentioned that the NCDMB had set target timelines for the review and processing of NCEC applications, with the portal providing timestamp of all activities and interactions undertaken from the point of submission of application and all reviews by the Board.
By: Ariwera Ibibo-Howells, Yenagoa
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