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NNPC posts N7.2trn profit, declares N5.8trn dividend

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By Sam Otuonye 

Nigeria National Petroleum Company (NNPC) Limited, has today announced audited results for the year ended 31 December 2025, following its Annual General Meeting and second Earnings Call with financial and business analysts.

According to a statement released on Tuesday September 29, by the Company the Profit After Tax (PBT) rose 33% to ₦7.2 trillion from ₦5.4 trillion in 2024, while revenue stood at ₦34.5 trillion. Revenue declined 24%, principally reflecting lower crude oil prices and reduced white product volumes following market deregulation in 2024. Stronger earnings despite this pressure demonstrate the resilience of NNPC Limited’s operations.

The Company said the results underline the its growing earnings capacity and operational momentum, providing a stronger platform for growth.

On key financial measures it advanced, the company said: EBITDA rose 22% to ₦18.0 trillion; Earnings Per Share increased 32% to ₦35.9; operating cash flow grew 16% to ₦12.8 trillion; Return on Equity improved by 200 basis points to 16%; and the declared dividend increased 35% to ₦5.8 trillion.

 Highlighting operational issues, it stated that crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.

Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited’s equity share increasing 11% to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while its equity share rose 11% to 1,154.9 billion standard cubic feet.

Progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline. NNPC Limited commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. It also acquired 500 CNG-powered trucks, and adopted a Technical Equity Partnership Model for its refinery reform.

On theTalent-to-Value Transformation,

NNPC Limited’s talent-to-value transformation is building the workforce needed to deliver its commercial priorities. In 2025, the Company employed 1,023 full-time employees including over 1,000 graduates who were recently deployed following a rigorous one-year internship and training programme. Women now hold 23% of leadership positions, compared with an industry average of 17%. Through its Talent- to-Value and Fit-for-Future strategy, the Company is combining experience with emerging talent, expanding digital and international exposure, and strengthening the capabilities required for sustained growth.

“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited. “We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”

On sustainability, the Company completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks. 

Looking ahead, the statement said the

NNPC Limited has entered the next phase of growth with clear production and investment ambitions, targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030. The Company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.

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Nigeria must avoid oil economy mistakes with data – Oyedele 

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By Sam Otuonye 

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data instead of harnessing the economic value of its expanding digital sector.

Oyedele gave this charge on Wednesday in Uyo, Akwa Ibom State, while delivering the convocation lecture titled *“Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation”* at the University of Uyo.

He recalled that exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, expertise and employment opportunities, stressing that the country must not allow a similar pattern to emerge in the digital economy.

Oyedele maintained that the scale of the opportunity was already evident, citing Nigerian Communications Commission (NCC) figures showing that Nigeria had more than 157 million active internet subscriptions as at May 2026. However, he highlighted an estimate by the Nigeria Data Protection Commission that over 90 per cent of the country’s data is hosted abroad.

He observed that such dependence comes at a considerable economic cost, including foreign exchange outflows for offshore data hosting and processing, lost opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.

The Minister explained that digital sovereignty entails a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and utilised. He clarified that this does not mean shutting Nigeria out of the global digital economy, but ensuring that its participation advances national interests.

To reverse the trend, he called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions and the development of local expertise and businesses capable of converting data into valuable products and services within Nigeria.

Speaking on artificial intelligence, Oyedele highlighted its growing capacity to reshape employment and the skills required in the emerging economy. He charged graduates to embrace AI and other emerging technologies while retaining their independent judgement, critical thinking, creativity, empathy and integrity.

He also enjoined young Nigerians to be deliberate about their conduct in the digital space, noting that their online footprints increasingly influence their personal and professional identities. Their posts, comments and reactions, he said, could shape how employers, institutions and society perceive them.

The Minister counselled graduates to disagree respectfully, challenge ideas rather than attack individuals, and understand that online attention does not necessarily translate into respect, popularity into credibility or virality into value creation. He equally drew attention to the capacity of artificial intelligence to amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust increasingly important.

Turning to the role of universities, Oyedele charged higher institutions to move beyond the traditional award of certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.

He argued that their relevance should also be measured by the problems their graduates solve, the businesses they establish and the contributions they make to their communities.

The Minister identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors offering significant opportunities for innovation and enterprise, calling on universities to equip students with the practical knowledge and skills to develop solutions in these areas.

He outlined five responsibilities for the graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.

Oyedele stressed that Nigeria’s digital future would depend not only on technology and infrastructure, but also on the values, choices and capabilities of the people shaping its development.

He challenged the graduates to see themselves as active contributors to that future, drawing on the words of management thinker, Peter Drucker: “The best way to predict the future is to create it.”

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TCN seeks Bauchi govt’s partnership for new substations in Alkaleri, Toro

By Sam Otuonye 

The Transmission Company of Nigeria (TCN), Bauchi Region, has appealed to the Bauchi State Government to expedite land allocation for two proposed transmission substations in Alkaleri and Toro Local Government Areas (LGAs) of the state which are expected to expand transmission capacity and improve bulk power supply across the state.

The Ag. General Manager (Transmission), Bauchi Region, Engr. Muhammed Bello Ahmed, made the appeal during a courtesy visit to the State Ministry of Land and Survey on Monday, November 2, 2026, emphasising the need for timely land allocation to facilitate project implementation.

He commended the state government for engaging host communities on the proposed projects and protecting critical transmission infrastructure through the enforcement of Right-of-Way (RoW) regulations, particularly the removal of illegal structures beneath high-voltage transmission lines.

In his response, the Permanent Secretary of the Ministry, Shuaibu Alhaji Mohammed, assured TCN of the state government’s support for the substation projects. He reaffirmed the Ministry’s commitment to facilitating the land allocation process and pledged to strengthen security around critical transmission facilities.

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CITAD challenges big tech dominance, advocates digital sovereignty 

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Abdul Haruna

The Centre for Information Technology and Development (CITAD) has argued that Nigerians should not have to surrender control over personal information to access digital communication.

The Centre stated this on Thursday while unveiling DANCIT, a homegrown messaging application designed as an alternative to mainstream platforms.

Buhari Abba, who addressed a press conference in Bauchi on behalf of the Executive Director of CITAD, said DANCIT is hosted on CITAD’s own digital infrastructure and is designed to limit unnecessary tracking, profiling and commercial exploitation of personal data.

He explained that the name DANCIT draws inspiration from the traditional Hausa concept of ‘dandali’ — a communal gathering place where people meet, exchange ideas and discuss matters affecting their lives.

“DANCIT is designed to offer an alternative by placing community needs, privacy and digital independence at the centre. Its purpose goes beyond exchanging messages; it is intended to support civic engagement, grassroots organising and digital rights discussions,” Abba said.

He said the platform represents a statement against continued monopolisation of digital innovation, noting that a healthy digital ecosystem requires space for competition, creativity and locally developed solutions.

CITAD also called on the Federal Government, civil society and educational institutions to support decentralised and locally-owned digital platforms to strengthen Nigeria’s digital sovereignty.

According to the Centre, digital sovereignty involves having the capacity to make informed decisions about digital infrastructure, data governance and technological development in ways that reflect national and community interests.

“Encouraging Nigerian institutions and communities to develop, host and manage digital services can contribute to building local capacity and reducing dependence on external providers. It does not mean isolating Nigeria from the global internet,” the statement said.

The organisation lamented that journalists, civil society organisations, young people and ordinary citizens increasingly depend on platforms that exploit data, amplify misinformation and impose arbitrary content restrictions.

It therefore urged policymakers, technology developers and the media to prioritise privacy, transparency, accountability and user control in discussions about Nigeria’s digital future.

CITAD also called on Nigerians to look beyond the popularity of mainstream platforms and consider how responsibly they handle information and respect users’ rights, adding that “our conversations matter, our data deserves protection, and our communities deserve digital spaces they can trust.”

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