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Tag: NNPCL

Oil and Gas

How naira float drove NNPC to N5.4tr profit in 2024 — Ojulari

The Nigerian National Petroleum Company Limited recorded a substantial Profit After Tax of ₦5.4 trillion on a total revenue of ₦45.1 trillion in its 2024 financial operations. This significant financial boost was attributed primarily to the Central Bank of Nigeria’s decision to float the local currency in 2023. These figures were disclosed by the NNPCL’s […]

Business

NNPC audit uncovers over N61bn in irregular payments

The Office of the Auditor-General for the Federation has identified 28 significant financial irregularities involving the Nigerian National Petroleum Company Limited, totaling approximately N61.1 billion. The discrepancies include questionable payments and undocumented expenditures amounting to N30.1 billion, $51.6 million, £14.3 million, and €5.17 million. According to the report obtained on Sunday these issues are detailed […]

News

Reps to probe NNPCL boss removal

The House of Representatives has received and approved a petition from the socio-cultural group, Ezi Umuada Igbo, demanding the removal of Sophia Mbakwe, the Executive Vice President (Business Services) of the Nigerian National Petroleum Company Limited. The group claims Mbakwe is occupying a position designated for the South East region but allegedly is not from […]

Crude oil
Oil and Gas

Presidency eyes NNPC asset shake-up to boost oil output

The Presidency is currently making plans to restructure asset ownership within the Nigerian National Petroleum Company Limited due to mounting concerns regarding what it describes as the company’s low oil production output. This move was disclosed on Monday by the Special Adviser to the President on Energy, Olu Verheijen, while speaking at the Nigerian Association […]

Dangote refinery investors gain N1.2tn in two days
Oil and Gas

NNPCL plans 20% increase in Dangote Refinery stake

The Nigerian National Petroleum Company Limited on Tuesday disclosed plans to raise its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent, as part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector. The Group Chief Executive Officer of NNPC, Bayo Ojulari, made […]

Business

Nigeria eyes $60b energy investment under NNPC’s 2030 vision

The Nigerian National Petroleum Company Limited has announced plans to attract $60 billion in investments by 2030 through strategic partnerships aimed at advancing Africa’s energy transition. Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, disclosed this on Tuesday during the “Energy Talk” session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference 2025 in […]

Business

NNPCL seeks joint investments to unlock Africa’s energy prosperity

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has urged energy firms and financial institutions to adopt co-investment strategies to de-risk Africa’s infrastructure and promote shared prosperity. In a post on X on Monday, NNPC said Ojulari made the call during a closed-door session of the Global Oil Club, […]

featured

NNPC to upgrade downstream infrastructure nationwide – Ojulari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, says the company plans to upgrade and expand its existing downstream infrastructure nationwide. Speaking at the opening of the 2025 OTL Africa Downstream Energy Week in Lagos on Monday, Ojulari said the initiative is aimed at strengthening collaboration and improving operational efficiency across […]

Business

NNPCL suffers ₦380bn revenue loss in September

The Nigerian National Petroleum Company Limited experienced a decline in both production and earnings, losing approximately N380 billion in September 2025 compared to the previous month, according to its latest monthly performance report. The report showed that total revenue for September stood at N4.27 trillion, down from N4.65 trillion in August, reflecting a month-on-month drop […]

Business

FG extends probe of NNPC remittances to December 2024

The Federal Government has extended the ongoing probe and reconciliation of payments by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, until December 2024, due to unresolved discrepancies in remittances. The extension followed NNPC’s submission of its response to allegations of under-remitting $42.37 billion (about ₦12.91 trillion) to the Federation Account between 2011 and […]

Business

NNPC, Sahara unveil Nigeria’s first indigenous 2.2m-barrel floating vessel

NNPC Limited, Sahara Group, Eroton E&P, and Bilton Energy Ltd have jointly unveiled Nigeria’s first fully indigenous Floating Storage and Offloading vessel, with a capacity of 2.2 million barrels, aimed at boosting long-term oil and gas production. In a statement on Wednesday, the companies noted that the facility marks Nigeria’s first new crude oil terminal […]

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