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NNPC Loses N380bn Revenue in Sept
The Nigerian National Petroleum Company Limited has suffered a drop in both production and earnings, losing about N380bn in September 2025 when compared to the previous month, according to its latest monthly performance report.Figures from the September report showed that the company’s total revenue stood at N4.
27tn, lower than the N4. 65tn posted in August, representing a month-on-month loss of about N380bn. Profit after tax also declined from N539bn in August to N216bn in September.The report indicated that total crude oil and condensate production averaged 1.61 million barrels per day in September, compared to 1.65 million barrels per day in August.NNPC explained that the shortfall was caused by “planned maintenance activities, including those at NLNG, alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.”Data from the report showed that crude oil production slipped from 1.39 mbpd to 1.37 mbpd, while condensate output dropped from 0.26 mbpd to 0.24 mbpd.Natural gas production also fell within the same period. According to the report, gas output declined from 6,949 million standard cubic feet per day in August to 6,284 mmscf/d in September, while gas sales reduced from 4,201 mmscf/d to 3,443 mmscf/d.Despite the lower output, NNPC said work advanced on major gas projects. It reported that sustained focus is being directed towards completion of the mainline works on the Ajaokuta-Kaduna-Kano gas pipeline, which had reached 88 per cent completion as of September.On the Obiafu-Obrikom-Oben gas pipeline, the company stated that “implementation of a revised execution strategy is underway to ensure delivery within target timelines.”It added that a “113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing circa 300 mmscf/d of gas” from producers including AHL, Platform, Chorus, and Xenergi.NNPC’s cumulative statutory payments from January to August stood at N10.07tn, unchanged from the previous month.Its retail station wetness across the country, an indicator of petrol availability, also dipped slightly from 79 per cent in August to 77 per cent in September.It was stated that the NNPC Foundation expanded its social impact initiatives during the period as the foundation flagged off its training for vulnerable farmers in the Northern Zones, with 2,141 farmers trained in the North-Central Geopolitical Zone, bringing the total number of smallholder farmers trained to 7,072.It also said that “in partnership with the Nigerian Cardiac Society, the foundation provided 25 indigent Nigerians with life-saving percutaneous cardiac interventions alongside basic life support training.”The foundation also participated in the Africa Film Finance Forum, where it “showcased NNPC Ltd’s social interventions and supported youth entrepreneurship in the creative industry with participation sponsorship for youth corps members and undergraduates.”The combined data from August and September indicate that while the company maintained progress on infrastructure and social projects, operational performance weakened in September as reduced oil and gas output led to lower revenue and profit.The NNPC Group Chief Executive Officer, Bayo Ojulari, had earlier said the two-day strike embarked upon by oil workers’ unions during their crises with the Dangote refinery also affected productions.Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
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Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


