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.

Africa’s richest man and Chairman of Dangote Industries Limited, Aliko Dangote, has reacted to a Kenyan court order concerning his planned oil refinery project in Lamu County, saying he is prepared to confront anyone seeking to disrupt the investment.

Dangote spoke in Nairobi on Tuesday, September 29, after learning that a court had issued an order restricting construction activities at the site of the proposed refinery.

“Yesterday, when I landed, I saw a report that one court had given an order that we should not do any construction. I said that this is normal for us in Africa. We don’t care. In fact, this is even small,” Dangote said.

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The businessman recalled a similar legal challenge involving one of his investments in Senegal, saying the project there was stopped for about a year before the matter was taken to the Supreme Court.

“In Senegal, they stopped our factory for one year, and we went up to the Supreme Court to get a judgment, so anybody who wants to cause trouble, we are ready for them,” he said.

“We know the people who are doing all these things, and we will face them.”
The comments come amid a legal dispute over land earmarked for Dangote’s proposed refinery in Lamu. Local residents have challenged the project, while the court has issued an order maintaining the status quo pending further proceedings.

Despite the legal challenge, Dangote said the proposed refinery would bring significant economic opportunities to the region.

He said the project could require more than 60,000 people at the height of construction, while the presence of workers and businesses around the facility would stimulate wider economic activity.

“We will try to train a lot of people here because at the height of the project, we will need over 60,000 people on site. When these people are paid their salary, they will need to eat. Other companies will also set up shop,” he said.

Dangote also dismissed concerns that the long-term future of the oil industry would be undermined by the transition towards renewable energy, arguing that petroleum remains important beyond gasoline and other fuels.

The proposed Lamu refinery is expected to have a capacity of about 700,000 barrels of crude oil per day and is projected as a major investment in Kenya’s petroleum sector.

The legal dispute comes ahead of the planned launch-related activities for the project, with the court proceedings expected to continue in October.

The Nigerians in Diaspora Commission (NiDCOM) has warned the Federal Government, ministries, departments and agencies (MDAs), as well as Nigerian missions abroad, against engaging with a group presenting itself as “NIDO Worldwide.”

The Commission’s latest position comes amid an escalating dispute over the authority of the organisation and its representation of Nigerians in the Diaspora.

The controversy followed a September 18 statement issued in the name of “NIDO Worldwide” concerning 13 audit observations raised against NiDCOM in the Auditor-General for the Federation’s annual report.

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The statement demanded explanations from the Commission over the observations.

However, NIDO chapters in Africa, the Americas and the United Kingdom subsequently distanced themselves from the publication, saying they did not authorise or approve it.

The chapters also challenged the authority of individuals who purportedly spoke on their behalf.

Against this backdrop, NiDCOM, in a statement issued on Tuesday, September 29, said the organisation currently presenting itself as “NIDO Worldwide” is not a duly constituted body with the authority to speak for all NIDO chapters across the world.

The Commission said NIDO was established as a non-political, non-governmental organisation serving as an umbrella body for Nigerians in the Diaspora, with country and continental structures.

It, however, noted that the organisation has over the years experienced leadership disputes, factionalisation and fragmentation within some of its structures.

NiDCOM also pointed out that NIDO does not exist in several countries, where other credible and recognised diaspora organisations operate.

The Commission specifically addressed the role of Chibuzor Ubochi, who has presented himself as the leader of “NIDO Worldwide.”
NiDCOM said Ubochi is a factional chairman of one of the continental chapters and currently has a pending court case against him in that regard.

“Consequently, NiDCOM strongly advises the Federal Government of Nigeria, Ministries, Departments and Agencies (MDAs), and Nigerian Missions abroad to exercise extreme caution and avoid falling victim to a phantom organisation calling itself ‘NIDO Worldwide’,” the Commission said.

The Commission urged all factions within NIDO to resolve their differences, put their structures in order and work together in the overall interest of Nigerians in the Diaspora.

It also called on diaspora organisations to refrain from dragging NIDO into political partisanship.

NiDCOM further advised MDAs and Nigerian missions abroad to seek clarification and guidance from the Commission before engaging with any individual or group claiming to represent Nigerians in the Diaspora.

According to the Commission, it maintains a register of duly registered diaspora groups and associations.

The Commission reaffirmed its readiness to work with all duly constituted diaspora organisations and well-meaning Nigerians in the Diaspora, in line with its mandate to harness the human and material resources of Nigerians abroad for Nigeria’s socio-economic development.