News
NNPC Targets 2mbpd Crude Oil Production By Dec 2024, Reports N3.3trn Net Profit
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the end of the fiscal year that ended in December 2023, an increase of more than N700 billion (28%) over the 2022 profit of N2.548 trillion.
In a statement made available to journalists on Monday, Olufemi Soneye,
According to NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, the release of the AFS demonstrates the company’s commitment to transparency and accountability.
“Our fiscal performance demonstrates both strategic foresight and operational resiliency. Despite the inherent challenges of our operational and economic environments, we have increased the productivity and financial performance of this fantastic company,” Ajiya stated.
Ajiya went on to say that such impressive returns demonstrate NNPC Ltd’s commitment to maintaining profitability and promoting national energy security, as outlined in the Petroleum Industry Act (PIA) 2021, and, by extension, as expected by the Company’s shareholders.
Ajiya explained that the NNPC Ltd will announce an Initial Public Offering (IPO) once the shareholders and Board make a decision. He also denied claims of subsidy payment, stating that the Company was only addressing the PMS importation shortfall between it and the Federation.
According to the statement, Chief Pius Akinyelure, Chairman of the NNPC Ltd Board, stated that the excellent performance was the result of the PIA 2021 and the commitment of the company’s Board, Management, and Staff.
Akinyelure added that the company’s shareholders have since approved a final dividend of N2.1trn in accordance with PIA 2021 provisions.
Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, stated at the briefing that with improvements seen as a result of renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd aims to produce 2 million barrels per day of crude oil by the end of the year.
On the current fuel queues in parts of Lagos and the FCT, Executive Vice President, Downstream, Mr. Dapo Segun, pleaded for patience from Nigerians, stating that the Company is working with relevant stakeholders to address distribution, evacuation, and logistics challenges.
It should be noted that in 2021, NNPC reported a profit for the first time. From a loss of N803 billion in 2018, it reduced the loss to N1.7 billion by 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, followed by a profit of N674.1 billion in 2021 and N2.548 billion in 2022, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the company’s inception 46 years earlier.
News
AltBank Targets Autism Diagnosis Crisis with Nationwide Awareness Drive
By Gloria Ikibah
A major shortfall in autism diagnosis across Nigeria has left hundreds of thousands of children without access to early support, raising concerns about long-term impacts on families and the country’s healthcare system.
In response to the growing gap, The Alternative Bank has unveiled a nationwide campaign aimed at improving awareness, early detection and access to care.
The initiative, themed “It’s How You Show Up”, is being delivered in collaboration with Private Sector Health Alliance of Nigeria, Sterling One Foundation and Eliakim Foundation.
Despite estimates suggesting that more than 600,000 children in Nigeria may be on the autism spectrum, limited infrastructure and specialist care mean that most cases go undiagnosed. Many children are only identified at around the age of seven, missing the crucial early years when intervention is most effective. The situation is compounded by a shortage of trained professionals, with fewer than 200 psychiatrists serving a population exceeding 200 million.
The campaign is designed to tackle these systemic challenges through a combination of public awareness efforts, specialised training for caregivers, and expanded access to clinical screenings. Organisers say the screenings will help families move more quickly from suspicion to diagnosis, while also linking them to appropriate medical and educational support.
A key feature of the initiative is a policy-focused roundtable scheduled for 24 April in Lagos, where healthcare experts, government officials and private sector leaders will examine how autism screening can be integrated into Nigeria’s primary healthcare system. Discussions will also explore sustainable funding options to support children and families after diagnosis.
The campaign reflects increasing recognition of the need for coordinated action to close the diagnosis gap and strengthen long-term support for neurodiverse children across the country.
Group Executive at The Alternative Bank, Dr Jekwu Ozoemene, said: “We do not see inclusion as a seasonal task but as a vital part of a healthy society.
“Through this initiative, we are not just talking about support, we are delivering it. By tracking the results of these screenings and interventions, we can build a real system that helps the autism community and strengthens the nation”.
The ‘It’s How You Show Up’ campaign is part of the commitment by AltBank to social impact investment and inclusive finance. Individuals, caregivers, and organisations interested in the screening programme or the stakeholder roundtable can visit altbank.ng/autism26 for more information.
News
Video: Isoko people protest over lack of power vow to block political campaigns
Isoko people in a trending video have vowed to block campaign moves if light is not restored in Isoko Nation.
Both local government areas have been in darkness for years.
In a sighted video Isoko people brandishing various placards bearing graffiti declaring that if power is not restored there will be no political campaigns in 2027.
Watch:
News
Telcos to Credit Users for Service Failures Under Tougher NCC Rules
By Gloria Ikibah
Nigeria’s telecoms regulator has directed network operators to compensate subscribers with airtime where poor service delivery has been confirmed, signalling a firmer stance on consumer protection.
The Nigerian Communications Commission (NCC) said the move forms part of a strengthened enforcement regime aimed at improving network performance and holding operators accountable for persistent shortcomings.
The Executive Vice Chairman, Dr Aminu Maida, outlined the development at a media briefing in Abuja on Thursday, where he detailed fresh compliance measures being rolled out across the sector.
Under the new approach, operators will be required to provide airtime credits to affected customers in areas where they have failed to meet the commission’s minimum quality standards. The obligation rests entirely on the service providers, rather than the regulator.
The commission said it is now relying on more precise monitoring tools that track network performance at local government level. This allows regulators to identify specific locations and timeframes where service quality falls below expectations, rather than relying on broad or general complaints.
Maida said the targeted system will make enforcement more effective, ensuring that compensation is tied directly to verified lapses in service delivery.
The directive covers network failures recorded between November 2025 and January 2026 across several operators, marking one of the most concrete steps yet by the regulator to address ongoing consumer frustrations in the telecoms sector.
“Eligible subscribers will receive airtime credits with notifications explaining the cause and value of the compensation,” he said.
He added that notifications would improve transparency and help users understand why compensation was applied to their accounts.
Maida noted the commission has significantly strengthened its monitoring systems to capture real-time, location-specific service performance data.
“These systems ensure enforcement reflects actual user experience rather than generalised industry averages,” he said, highlighting improved regulatory precision.
He added that operators are required to implement the compensation directly, while the NCC provides oversight to ensure compliance.
“Independent checks will confirm that affected subscribers are properly credited,” he said, noting sanctions for non-compliance may follow.
Maida said the initiative formed part of broader reforms aimed at improving accountability and service standards within the telecommunications sector.
“Operators failing to meet obligations will face stricter enforcement measures,” he warned, signalling tougher regulatory action ahead.
He stressed that improving service quality required both sustained infrastructure investment and stronger operational discipline by network providers.
“Service providers must maintain performance standards consistently across all regions, including underserved and rural areas,” he said.
Maida reiterated the NCC’s commitment to balancing consumer protection with industry sustainability and long-term sector growth.
“Operators must take responsibility for the quality of experience delivered to subscribers,” he said, urging greater corporate accountability.
He added that the commission remained committed to ensuring Nigerians received value for money spent on telecom services nationwide.
“Persistent poor service quality is no longer acceptable under current regulatory direction,” he said, emphasising zero tolerance for continued lapses.
-
Sports24 hours agoMeet New Head Coach As Chelsea Sack Liam Rosenior
-
Economy24 hours agoFG, states, LGs share N2.036trn March revenue
-
Economy19 hours agoSee Dollar to Naira exchange rate today, April 23, 2026
-
Sports24 hours agoMan City Defeat Burnley To Top EPL Table
-
Politics24 hours agoDelta 2027: Warri Leaders Endorse Ereyitomi, Guwor, Calls for massive Support
-
News17 hours agoDSS arraigns El-Rufai for ‘invading’ NSA Ribadu’s phone conversation, now to face 5 count charge
-
News19 hours agoTwo soldiers wounded, 24 terrorists eliminated as troops repel attack in Yobe-Army reveals
-
Politics14 hours agoADC may face disqualification from 2027 Election Ballot

You must be logged in to post a comment Login