NEWS
Akume Inaugurates NUPRC, NALDA Boards
The Secretary to the Government of the Federation (SGF), Senator George Akume, on Tuesday charged members of the Board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to uphold the highest standards of corporate governance, ensure accountability and transparency, and maintain regulatory independence in the discharge of their duties.
He gave the charge in Abuja during the inauguration of the NUPRC Board, alongside that of the National Agricultural Land Development Authority (NALDA), describing both ceremonies as critical milestones in the Federal Government’s drive to strengthen governance frameworks, deepen sectoral reforms and accelerate inclusive national development.
Akume said the inauguration of the NUPRC Board marks a key step in the implementation of the Petroleum Industry Act (PIA), enacted to reposition the country’s petroleum sector through enhanced regulatory clarity, institutional independence and adherence to global best practices.
According to him, the Board, as the apex governance body of the Commission, is expected to provide strategic oversight, policy direction and institutional stability necessary to boost investor confidence, optimise revenue generation and promote sustainable development in the upstream petroleum sector.
In a statement issued by his Special Adviser on Media and Publicity , Yomi Odunuga, Akume said “the establishment and inauguration of this Board underscore the Federal Government’s commitment to ensuring that Nigeria’s upstream petroleum resources are managed transparently, efficiently and in the best interest of the Nigerian people”.
He noted that the appointments reflect a deliberate selection of individuals with proven competence, integrity and professional experience, expressing confidence that their collective expertise would advance the objectives of the PIA.
“Members of the Board, your charge is clear. You are to uphold the highest standards of corporate governance, ensure accountability and transparency, and work constructively with management and stakeholders while maintaining regulatory independence,” Akume said.
The SGF stressed that integrity, diligence and fidelity to the law must guide the Board’s decisions, noting that public trust and national interest depend on their stewardship.
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He added that the exercise aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritises strong institutions, the rule of law and integrity in public service, noting that effective regulation of the upstream sector remains central to economic growth, energy security and fiscal sustainability.
In a separate ceremony inaugurating the NALDA Board, Akume reaffirmed the Federal Government’s commitment to agricultural transformation as a key pillar of national development.
He described NALDA as a strategic vehicle for poverty eradication, food security enhancement, job creation and rural transformation, noting that its mandate to drive agricultural land development is critical to achieving national development goals.
The SGF highlighted ongoing initiatives such as the Renewed Hope Mega Farm Estates, designed as modern mechanised agricultural hubs with integrated irrigation, processing infrastructure and farmer settlements.
He also listed complementary programmes including the Renewed Hope Restoration Project for vulnerable groups, the Green Hope Project focused on climate-smart greenhouse farming, and the Aqua Hope Project aimed at expanding structured aquaculture systems.
According to him, these initiatives are already yielding positive outcomes in food production, employment generation and rural economic growth, while supporting the administration’s broader objective of economic diversification.
“As we look ahead, NALDA is expected to scale up its programmes across more states, strengthen the use of technology, and expand opportunities for youth and women in agriculture,” he said.
Akume emphasised that the NALDA Board would play a crucial role in providing strategic direction, effective oversight and management support required to consolidate the Authority’s gains and ensure the successful delivery of its mandate.
He urged members of both Boards to approach their assignments with a strong sense of duty, patriotism and commitment to national development, assuring them of the Federal Government’s support.
Responding on behalf of the NUPRC Board, Chairman, Senator Magnus Abe, expressed appreciation to President Tinubu for the opportunity to serve, pledging that the Board would not disappoint.
“We are very grateful to the President and we want to assure him through you that we will not disappoint him,” he said, adding that the Board would work closely with management to deliver on the objectives of the PIA.
Similarly, chairman of the NALDA Board, Kabir Abdullahi Barkiya, described the appointments as a call to service, assuring that the Board would provide sound governance, transparency and accountability in supporting the Authority’s mandate.
“As a Governing Board, our mandate is clear: to provide strategic direction, ensure sound governance, and uphold transparency and accountability in the discharge of our duties,” Barkiya said.
President Bola Ahmed Tinubu has declared that he is healthy, sound and ready to resume work after returning to Nigeria from his four-week working vacation in Europe.
Tinubu made the remarks on Tuesday shortly after arriving in Lagos from Paris, France, where he spent the final part of his vacation.
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Speaking briefly after his arrival, the President said he enjoyed the break before assuring Nigerians of his readiness to return to official duties.
“I enjoyed myself,” Tinubu said.
On his readiness to resume work, he added: “Ready to kick, ready to work. There’s nothing wrong.”
The President also addressed rumours surrounding his wellbeing, attributing such speculation to the political environment.
“Well, rumour will always be emanating from politics, but the fact remains I’m here—healthy, sound, and ready to go,” he said.
Tinubu arrived at the Presidential Wing of the Murtala Muhammed International Airport in Lagos at about 6:22 p.m. on Tuesday, marking the end of his European working vacation.
His return comes ahead of Nigeria’s 66th Independence Anniversary on October 1, with the President expected to participate in activities marking the occasion in Lagos.
The Presidency had earlier said Tinubu would remain in Lagos for several days for Independence Day engagements and strategic meetings before returning to Abuja.
Tinubu departed Nigeria on August 30 and spent time in London and Paris during the trip, while continuing official engagements.
The Managing Director and Chief Executive Officer of the Niger Delta Development Commission (NDDC), Samuel Ogbuku, has highlighted the completion of the 1.2-kilometre Kaa-Ataba Bridge in Rivers State as evidence of the Commission’s growing capacity to deliver major infrastructure projects across the Niger Delta.
Ogbuku spoke at the 2026 NDDC Partners for Sustainable Development Conference in Port Harcourt, where he attributed the Commission’s progress to the support and cooperation of its development partners and other stakeholders.
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The Kaa-Ataba Bridge links Khana and Andoni Local Government Areas of Rivers State and is expected to improve connectivity between the communities when opened to vehicular traffic.
According to Ogbuku, the project is among developments that many previously considered beyond the capacity of the NDDC.
“These are things that, in the past, people never believed the NDDC could do. Today, we are doing them seamlessly because of the support we are getting,” he said.
The NDDC boss said the progress recorded by the Commission demonstrated the impact of collaboration between the agency and its development partners.
He thanked stakeholders, President Bola Ahmed Tinubu, the National Assembly and the Minister of Regional Development for their support and encouragement towards the delivery of projects across the Niger Delta.
Ogbuku said the achievements also underscored the importance of collective responsibility, in line with the theme of the 2026 conference, “Synergy for Transformation.”
Presidential spokesman Bayo Onanuga has highlighted the Nigerian National Petroleum Company Limited’s (NNPC Ltd) latest financial and operational performance, saying the figures offer “some lessons for Atiku” amid the debate over fuel subsidy.
Onanuga disclosed this in a post on X on Tuesday while reviewing NNPC’s key financial performance for 2025 following the release of the company’s audited results.
According to him, NNPC’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9.
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He said the company’s operating cash flow also grew by 16 per cent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 per cent.
Onanuga further noted that NNPC declared a ₦5.8 trillion dividend, representing a 35 per cent increase.
Highlighting the company’s operational performance, he said crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years.
Natural gas output, he added, averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Oil and condensate production totalled 565.8 million barrels, up five per cent, while NNPC’s equity share increased by 11 per cent to 223.7 million barrels.
Gas production also reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
Onanuga then linked the performance to the subsidy debate, arguing against a return to petrol subsidy.
“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco. Our country has no business taking 100 steps back. Forward ever!” he said.
NNPC Records ₦7.2tn Profit
NNPC Ltd had earlier announced a 33 per cent increase in profit after tax for the financial year ended December 31, 2025.
The company’s profit after tax rose from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while revenue stood at ₦34.5 trillion.
NNPC also reported a 22 per cent increase in EBITDA to ₦18 trillion, a 16 per cent rise in operating cash flow to ₦12.8 trillion and a 32 per cent increase in earnings per share to ₦35.9.
The company declared a ₦5.8 trillion dividend, representing a 35 per cent increase.
On production, NNPC said crude oil and condensate output averaged 1.77 million barrels per day, its highest level in five years, while natural gas production averaged 7.2 billion standard cubic feet per day.
The company said the results reflected stronger earnings capacity and operational momentum as it continues to pursue increased production and investment across the Nigerian oil and gas sector.
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