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NNPC Saves $3.4bn, Contributes N19.5tn Revenue in One Year

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By David Torough, Abuja

The Nigerian National Petroleum Company Limited (NNPC) said it saved $3.4bn through contract restructuring and optimisation over the past year, while increasing its contribution to government revenue to N19.

5tn and boosting crude oil and gas production.

Group Chief Executive Officer, Bayo Ojulari, disclosed the figures on Tuesday while presenting the company’s one-year performance scorecard at the opening of the 25th NOG Energy Week in Abuja.

According to Ojulari, the contract optimisation programme reduced operating costs by $3.

4bn without disrupting operations, strengthening commercial efficiency and improving the competitiveness of Nigeria’s oil and gas industry.

The scorecard showed that crude oil production rose by six per cent year-on-year to 569.7 million barrels, while gas production increased by 8.1 per cent to 2,576 billion standard cubic feet. NNPC’s contribution to government revenue also climbed by 21.8 per cent to N19.5tn.

Ojulari said Nigeria’s crude oil production has reached about 1.71 million barrels per day, the highest level in five years, while NNPC Exploration and Production Limited achieved a record output of 365,000 barrels per day.

He said the company aims to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Gas production is projected to rise from 7.62 billion cubic feet per day this year to 10 billion cubic feet per day in 2027 and 12 billion cubic feet per day by 2030.

The NNPC boss also reported significant improvements in export infrastructure, noting that crude export terminals recorded an average 98 per cent recovery factor between April 2025 and May 2026. He added that major evacuation pipelines, including the Trans Niger, Trans Escravos, Trans Ramos, Trans Forcados and Oando-Brass lines, are operating at 100 per cent availability.

Ojulari further disclosed that NNPC maintained 100 per cent compliance with its Joint Venture cash-call obligations throughout 2025 and into June 2026, although some partners remained in default, increasing the company’s funding responsibilities.

On the commercial front, he said NNPC signed gas sale and purchase agreements covering 1.29 billion standard cubic feet per day for long-term LNG feed gas and 750 million standard cubic feet per day for domestic industrial gas supply to DFL FZE and Dangote Refinery. The agreements are expected to attract more than $20bn in investments, with seven additional transactions under negotiation.

He also highlighted governance reforms, including the resumption of monthly remittances to the Federation Account in July 2025, the restoration of monthly business performance reporting and the company’s first earnings call in November 2025.

Ojulari urged governments, investors, regulators and operators across Africa to strengthen collaboration, arguing that strategic partnerships would be critical to unlocking the continent’s energy potential and attracting greater investment.

BUSINESS

Nigeria Can’t Build $1trn Economy without Women’s Participation – Shettima

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Vice-President Kashim Shettima says Nigeria’s ambition to build a one-trillion-dollar economy cannot be achieved without the full economic participation of women.

Shettima said this on Wednesday in Abuja during the Second National Gender Inclusion Conference, #SheIsIncluded 2026, held at the conference hall of the Presidential Villa.

The vice-president was represented by the Special Adviser to the President on Special Duties, Dr.

Aliyu Modibo.

The conference, organised by the Presidential Committee on Economic Inclusion in the Office of the vice-president, was themed, “Designing for Delivery: From Financial Inclusion to Economic Transformation for the Nigerian Woman”.

Shettima insisted that the one-trillion-dollar economic ambition of President Bola Tinubu’s administration would not be achievable without women’s participation in the nation’s economy.

“We have set our sights on a one-trillion-dollar economy. But what kind of economy can we build if half of our people cannot participate fully in creating it?” he said.

The vice-president outlined measures to move women from financial exclusion to productive economic participation.

He said only 47 per cent of Nigerian women had formal financial accounts, compared with 58 per cent of men.

Shettima described the disparity as millions of women whose businesses lacked access to affordable capital and whose entrepreneurial potential remained largely untapped.

He said evidence showed that Nigeria’s economic output could be significantly higher if women participated equally in the economy.

He insisted that investing in women was a growth strategy, not an act of charity.

“The question is no longer whether we can afford to invest in women; it is whether we can afford not to. Our answer is no!” he declared.

He said the federal government was moving from policy declarations to an “architecture of delivery” through initiatives designed to connect women and young people to skills, capital and markets.

Shettima cited the National Income Activation Initiative and the Women in Energy Partnership with the World Bank, among the initiatives.

According to him, it is positioning women to participate as entrepreneurs, engineers, investors and leaders in the energy transition.

Shettima, however, cautioned against measuring progress through national averages alone, saying aggregate figures could conceal the continued exclusion of women in rural communities.

He challenged policymakers and programme implementers to identify who was being reached, who remained excluded, what interventions were working and who should be held accountable when programmes failed.

“That is the difference between announcing inclusion and governing for it,” Shettima said.

He urged financial institutions, fintech companies, investors and development partners to treat gender-intentional finance as a viable market rather than concessionary charity.

“Women’s enterprises are demand; their savings are capital; their ideas are innovation,” he added.

He challenged state governments to measure success not merely by the number of women enrolled in programmes but by businesses expanded, jobs created and households whose resilience improved.

“Inclusion must be measured by changed lives, not attendance registers,” he said.

The vice president also demanded stronger accountability, insisting that every commitment from the conference should have an owner, a measurable target and a deadline.

He said successful interventions should be tracked, reviewed and scaled through mechanisms including the proposed National Gender and Financial Inclusion Awards.

Earlier, the Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, affirmed that one-trillion-dollar ambition would remain incomplete unless women were fully integrated into the economic transformation agenda.

Sulaiman-Ibrahim identified poor last-mile delivery, unsuitable lending models, inadequate gender-disaggregated data, insecurity and unpaid care work as major barriers to women’s economic participation.

The minister disclosed that the Nigeria for Women Programme Scale-Up had expanded its women’s affinity-group model to 4.5 million women organised into 300,000 groups nationwide.

She said under the first phase, more than 560,000 women were mobilised into over 26,000 groups, saving more than N4.9 billion of their own resources and accessing about N15.6 billion in livelihood grants.

For his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, provided a clear outline of the government’s new delivery strategy.

Zauro announced four platforms aimed at transforming financial inclusion into measurable economic participation.

He identified the platforms as digital trust infrastructure, data for accountability, blended finance and the National Income Activation Initiative.

Citing Economic and financial inclusion data, Zauro said Nigeria’s overall financial inclusion rate stood at 74 per cent of adults, but a nine-percentage-point gender gap persisted.

According to him, the disparity in formal access stood at 11 percentage points.

He said the challenge was no longer simply getting women to open bank accounts, but ensuring that access translated into affordable credit, productive finance, enterprise growth and increased income.

“A woman may hold an account and still lack affordable credit; receive a loan and lack a market; own a business and lack the records or collateral to scale it.

“Access is the beginning of inclusion; it is not its destination,” he said.

The high point of the open-day session was the unveiling of the National Income Activation Initiative, delivered in partnership with the Federal Ministry of Women Affairs.

It is an initiative aimed at converting inclusion into income through skills acquisition, markets, digital tools, finance and business support.

Also, Dr Zauro led the Vice President and other dignitaries to the exhibition centres showcasing the innovations of the ShesIncluded initiative. (NAN)

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BUSINESS

NNPC Urges PENGASSAN to Strengthen Regulatory Discipline in Oil Sector

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The Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company (NNPC) Ltd., Bashir Ojulari, has urged PENGASSAN to strengthen regulatory discipline to promote stability and growth in Nigeria’s oil and gas sector.

Ojulari made the call on Wednesday in Abuja at the opening of 2026 Petroleum and Natural Gas Senior Staff Association (PENGASSAN) Energy and Labour Summit (PEALS 2026).

The summit, organised by PENGASSAN, is themed, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.

Ojulari said effective regulation depended on professionalism, governance and accountability.

“A regulatory framework, however well written, is only as strong as the people who apply it every day.

“So, before we speak of frameworks and policy, we must speak of the people who give them life.

“Our people remain our most important asset, and the professionals represented by PENGASSAN contribute daily to our operations, our safety record, our governance and our national energy security,” Ojulari said.

He said PENGASSAN members contributed significantly to industry operations, safety, governance and national energy security, stressing that NNPC Limited remained committed to building a people-centred organisation where employees could thrive.

Ojulari said the company’s values, including enterprise-first mindset, execution excellence, profitable growth and partnership, depended on how employees were treated, motivated and engaged.

He urged industry stakeholders to base decisions on facts, sound governance and established rules, while protecting the long-term interests of their organisations, the sector and nation.

“Are we challenging waste, indiscipline and recklessness wherever they threaten the stability and growth of our sector?” he asked.

He, therefore, stressed that regulatory discipline should become a shared standard nationwide.

The GCEO said sectoral stability required effective regulation and enforcement, as well as a valued and fairly treated workforce, adding that NNPC Limited was improving its employee value proposition.

He urged PENGASSAN leaders and members to engage government and industry stakeholders constructively, while keeping workers’ welfare and dignity central to engagements and policy discussions affecting the sector.

He said Nigeria’s oil and gas industry would thrive when strong regulatory frameworks were matched by disciplined execution, responsible conduct and trusted partnerships across all levels of operations.

Ojulari reaffirmed the organisation’s commitment to working with PENGASSAN and other stakeholders to promote stability, growth and sustainable development across Nigeria’s oil and gas industry.

Also speaking, the Minister of Labour and Employment, Dr. Muhammad Dingyadi, called for robust regulatory frameworks to promote stability, investor confidence and growth in Nigeria’s oil and gas industry.

Dingyadi said strong regulations were essential for responsible resource management, workers’ protection and improved competitiveness, stressing that stable labour relations remained critical to stability in the sector.

“Strong regulatory frameworks are the bedrock upon which stability, investor confidence and equitable growth are built,” Dingyadi said.

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BUSINESS

Dangote Marks Youth Day, Strengthens Skills, Social Footprint at Obajana

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Dangote Cement Plc, Obajana, has marked International Youth Day with a renewed commitment to advancing youth development through its array of empowerment programmes, while strengthening its positive social impact.

A statement issued by the company’s Corporate Communications Department said the event attracted more than 100 participants, comprising Sustainability Champions, graduate trainees, management trainees, NYSC Corps members and other invited guests.

 The statement said the event served as a platform for young people to showcase innovative ideas, exchange knowledge, and explore practical solutions to sustainability and workplace challenges.

Presentations focused on topics ranging from recycling and environmental sustainability to technology-driven solutions such as the use of drones to enhance safety in mining operations.

The Head of Human Assets Management (HAM) & Administration, Adeniyi Azeez, commended the participants for their creativity and enthusiasm.

He encouraged the youths to continue developing their skills, embrace innovation, and take advantage of opportunities that support their growth and career development.

Also addressing participants, the Head of Social Performance, Ademola Adeyemi, emphasized the importance of youth involvement in shaping a sustainable future.

He urged young people to remain passionate about sustainability, community development, and responsible leadership, noting that today’s ideas can become tomorrow’s impactful solutions.

The programme featured innovation pitches, sustainability-focused presentations, poetry, music performances, games, and interactive sessions that kept participants engaged throughout the event.

A documentary highlighting previous International Youth Day activities also inspired participants and reinforced the value of youth participation in driving positive change.

Participants described the event as inspiring and impactful, citing improvements in their confidence, public speaking abilities, and commitment to advancing sustainability initiatives within their communities.

The statement said the successful celebration of International Youth Day 2026 shows Dangote Cement Plc commitment to youth empowerment, innovation, and sustainable development.

It added that the event demonstrated that when young people are provided with the right platform and encouragement, they can develop practical solutions and become active contributors to a more sustainable future.

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