Connect with us

COVER

NNPCL Declares N3.3trn Profit, Pays N2.1trn Dividend

Published

on

Share

By Tony Obiechina, Abuja

Nigerian National Petroleum Company Limited (NNPCL) has released its 2023 Audited Financial Statement, declaring a net profit of N3.297 trillion for the fiscal year.This amounts to an increase of 28 percent (over N700 billion) compared to the N2.

548 trillion recorded in 2022.The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since the company’s inception, 46 years ago.
Speaking at world press conference in Abuja, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the financial statement is a testament to the company’s commitment to transparency and accountability.He said, “Our fiscal performance reflects both strategic foresight and operational resilience.
Despite the inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company.”Ajiya said that posting such impressive returns demonstrates NNPCL’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the company’s shareholders.He explained that NNPCL will announce an Initial Public Offer (IPO) once the shareholders and board make a decision.Ajiya debunked claims on subsidy payment, saying the company was only taking care of PMS importation shortfall between it and the federation.Similarly, the Chairman of the NNPCL Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the board, management and staff of the company.Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.On her part, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPCL is targeting 2million barrels per day crude oil production by the end of the year.Commenting on the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.It would be recalled that in 2021, NNPCL declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.However, in 2020, it posted its first ever profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance.

COVER

DAILY ASSET Appoints Torough, Editor, Names Eze, Deputy

Published

on

Share

By Laide Akinboade, Abuja 

As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.

A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.

“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.

In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.

“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.

Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.

“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.

He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.

Torough, the new Editor has had a steady rise in the Newspaper in the last five years.

A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor.  He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment. 

Torough  has  attended several journalistic workshops and trainings to properly equip himself for the task ahead.

The statement also said the Management named Eze Okechukwu as Deputy Editor.

Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and  DAILY ASSET Newspaper correspondent  covering the Senate, having joined the organization in 2021.

Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.

Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.

Aside from his journalistic excellence, he has a great deal of passion for sports.

Continue Reading

COVER

Insecurity: Northern Govs, Monarchs Seek Six-month Mining Suspension

Published

on

Share

From Ngutor Dekera, Kaduna and Aliyu Askira, Kano

Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.

The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.
The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.
“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.

Continue Reading

COVER

Abacha Loot Probe: Malami Faces EFCC Panel Daily in December

Published

on

Abubakar Chika Malami SAN Attorney General
Share

By David Torough, Abuja

The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice,  Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.

The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.
The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

POLITICS7 hours ago

Group Backs Tinubu, Urges Sule to Run for Senate

ShareFrom Abel Zwanke, Lafia The Chief Executive Officer of the Community Initiative for Character Moulding and Entrepreneurship Development (CiCMED) and...

NEWS7 hours ago

Ooni Installs Oluremi Tinubu as Yeye Asiwaju Ile Oodua

ShareFrom Ayinde Akintade, Osogbo The Permanent Chairman, Southern Nigeria Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and Ooni of...

NEWS8 hours ago

NYSC Presidential Honor Award Winner Returns to Benue, Shows Appreciations

ShareFrom Attah Ede, Makurdi An ex- corps member and a recipient of Presidential Honour Award, Udokpo Abasi, at the weekend...

NEWS8 hours ago

NGO Launches Climate Project Steering Committee in Benue

ShareFrom Attah Ede, Makurdi A global Non-Governmental Organisation (NGO), International Alert has inaugurated Climate Project Steering Committee in Benue State,...

OPINION8 hours ago

A silent Emergency: Soaring Costs of Diabetes Care Spark Alarm

ShareBy Folasade Akpan For Mrs Schola Effiong, a 58-year-old confidential secretary in Calabar, managing diabetes in today’s economy feels like...

Health9 hours ago

World Bank, Partners Record Progress Toward 1.5bn Healthcare Goal

ShareThe World Bank Group, global partners and countries on Saturday announced continued progress toward the goal of delivering affordable and...

Health9 hours ago

UN Commits to Strengthening Nigeria’s Policy Framework, Enhancing Digital Safety

ShareThe UN Women has reaffirmed its commitment to strengthening policy frameworks, enhancing digital safety, and promoting accountability for online harms...

Foreign News10 hours ago

Nightclub Fire in India’s Goa Kills 25 People

ShareA fire at a popular nightclub in India’s coastal region of Goa has killed 25 people, local officials say. Police...

Foreign News11 hours ago

Hong Kong votes in Election as City Mourns Deadly Fire

ShareHongkongers are voting in an election seen as a test of public sentiment following a deadly fire that angered some...

NEWS11 hours ago

PDP Crisis: Wike Camp Moves to Conduct Fresh Congresses, Convention

ShareBy Laide Akinboade, Abuja The factional Board of Trustees (BoT) of the Nyesom Wike tendency in the Peoples Democratic Party...