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NNPC Targets 2mbpd Crude Oil Production By Dec 2024, Reports N3.3trn Net Profit

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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.

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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.

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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.

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See How Naira Is Fairing Against The Dollar In Black Market Today February 24, 2025

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By Kayode Sanni-Arewa

The exchange rate for the U.S. dollar to the Nigerian naira in the parallel market (commonly known as the black market) has been updated for Sunday, February 23, 2025. According to Bureau De Change (BDC) sources, the rates are as follows

Buying Rate: ₦1,520 per dollar
Selling Rate: ₦1,530 per dollar
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize black market rates and advises individuals to conduct foreign exchange transactions through licensed financial institutions.

CBN Official Exchange Rate

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Highest Rate: ₦1,509
Lowest Rate: ₦1,491

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Senate invites ‘Brekete’ Family host Ahmad over broadcast controversy

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By Kayode Sanni-Arewa

Abuja, Nigeria – The Nigerian Senate has summoned Ahmad Isa, popularly known as the Ordinary President of Brekete Family, to appear before it on February 27, 2025. The summons is reportedly linked to a recent broadcast of the Brekete Family radio show, in which Senator Natasha spoke about her grievances with Isa.

The Senate’s directive has sparked debate, particularly over its warning that Isa could be deemed a criminal if he fails to comply. Critics argue that such a stance may be an attempt to stifle press freedom and curtail the activities of Brekete Family, a well-known platform for social justice and human rights advocacy in Nigeria.

Isa, whose work has earned him widespread recognition—including an honorary doctorate from the Federal University Lokoja—has built a strong following through his intervention in public grievances and human rights cases. Many Nigerians regard Brekete Family as a voice for the marginalized, providing a platform for citizens to seek redress on issues ranging from governance to social welfare.

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The Senate’s move has drawn mixed reactions, with some viewing it as a necessary step to address concerns related to the broadcast, while others see it as an overreach that could undermine media independence and freedom of expression in the country. It remains to be seen how Isa will respond to the summons and what impact this development will have on his widely followed program.

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Gazette Confirms Gowon Actually Ordered Awolowo’s Release, Not Ojukwu or Ironsi

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By Kayode Sanni-Arewa

A recently resurfaced official gazette from the Federal Military Government has confirmed that Chief Obafemi Awolowo was released and pardoned by Lt. Colonel Yakubu Gowon on August 12, 1966, ten days after his actual release on August 2,1966.

The document puts to rest claims by Radio Biafra that Lt. Colonel Emeka Ojukwu or Major General Aguiyi-Ironsi played any role in securing Awolowo’s freedom.

According to the document, upon his release from Calabar Prison, Awolowo was received in Lagos by Lt. Colonel Murtala Muhammed, who personally drove him to Dodan Barracks to meet with Head of State Lt. Colonel Gowon. However, the journey from the airport proved challenging as a massive crowd, organized by Alhaja Asabi Abibat Mogaji, mother of Nigeria’s current President Bola Ahmed Tinubu, flooded the streets to welcome the revered statesman.

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The gazette also refutes any suggestion that the coup plotters of January 15, 1966, including Majors Chukwuma Nzeogwu and Emmanuel Ifeajuna, attempted to release Awolowo. In fact, there is no record of them making any effort to contact or rescue him from detention. Some analysts argue that had Awolowo been politically active at the time, he might have been among those executed during the coup.

This revelation further solidifies Gowon’s role in shaping Nigeria’s political landscape during a tumultuous period, while also challenging revisionist narratives surrounding Awolowo’s release

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