NEWS
NNPCL Reports 37.2% Revenue Surge In 2022
The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has unveiled its latest Audited Financial Statement (AFS), showcasing an extraordinary 37.2% increase in revenue.
The figures skyrocketed from N6.42 trillion in 2021 to an impressive N8.81 trillion in 2022, marking a significant milestone for the corporation.
The AFS, the fourth in a series since NNPC’s inception in 1977, reveals a jaw-dropping Profit After Tax (PAT) of N2.52 trillion.
This translates to an astounding 274% growth compared to the N674 billion recorded in the previous year, solidifying NNPCL’s financial prowess in the industry.
Delving into the corporation’s financial landscape for the year ending December 2022, the audited statement lays bare a formidable total asset base of N58.65 trtrillion which includes N37 trillion in non-current assets and N21.59 trillion in current assets.
The remarkable financial trajectory continued with a staggering 260.47% increase in total assets, reaching N58.65 trillion in 2022 compared to N16.27 trillion in 2021.
However, this prosperity was met with a proportional rise in liabilities, as non-current liabilities reached N19.98 trillion, and current liabilities surged to N29.3 trillion, resulting in a total of N49.35 trillion by the end of 2022—an increase of about 266.6% from N13.46 trillion in 2021.
The Audited Financial Statement (AFS) further sheds light on other crucial financial aspects, such as deferred tax liabilities at N13.23 trillion, deferred tax assets at N3.098 trillion, and a notable increase in the cost of sales, climbing to N6.7 trillion in 2022—a 25.47% rise from N5.34 trillion in 2021.
Despite these substantial changes, the AFS emphasized the auditors’ confidence in NNPCL’s financial stability.
For the 16-month period ending December 2022, they expressed no doubts about the NNPC’s ability to continue as a going concern, dispelling concerns of bankruptcy.
The auditors, in their notes to the 2022 Audited Financial Statement (AFS), affirmed that the financial statements were prepared following the going concern principle under the historical cost convention.
They stated, “Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements.
“At this time, no significant events after the reporting date that may have an impact on going concern have been noted.”
NEWS
Insecurity: Radda Seeks Traditional Rulers’ Partnership to Protect Farmers, Communities
Katsina State Governor, Dikko Umaru Radda, has called on traditional rulers to strengthen their collaboration with the government and security agencies to tackle insecurity and protect farmers, traders and other residents across the state.
Radda made the appeal during a meeting with the District Head of Bakori, Alhaji Garba Tukur Idris, Makaman Katsina, and other traditional leaders in Bakori Local Government Area.
The engagement, which formed part of activities of the Tinubu–Dikko 2027 Campaign Council, was disclosed in a statement issued on November 1, 2026, by the governor’s Chief Press Secretary, Ibrahim Kaula Mohammed.
SEE ALSO: NSC Chair Dikko Vows to End Salary Delays for Nigerian Coaches, Players
The governor said traditional institutions remained essential to efforts to achieve lasting security and development, particularly because of their influence and close relationship with local communities.
“Government cannot achieve sustainable security and grassroots development without the active cooperation of traditional rulers, community elders and other local stakeholders,” Radda said.
He urged traditional leaders to work more closely with security agencies and other community stakeholders to address security threats and strengthen peace across their respective communities.
“Your role in maintaining peace and order in our communities is very important. We need your cooperation to address security challenges and advance development at the grassroots,” he added.
Radda also reaffirmed his administration’s commitment to protecting lives and property, strengthening security operations and ensuring farmers could access their farmlands while traders conducted their businesses without fear.
He called for a coordinated approach involving traditional rulers, security agencies, political leaders, youths and women, stressing the importance of collective action in tackling insecurity and creating economic opportunities.
In his response, the District Head of Bakori, Garba Tukur Idris, welcomed the governor and his delegation, commending the engagement and the relationship between the government and traditional institutions.
Idris identified agriculture, trading and commerce as the major economic activities in Bakori, while highlighting the area’s skilled and unskilled labour force, dams and boreholes as resources that could support increased agricultural productivity and attract investment.
He also commended the cooperation among traditional institutions, local government authorities, security agencies and residents in maintaining peace, urging stakeholders to sustain the collaboration to protect their communities.
The Chairman of Bakori Local Government Area, Musa Abubakar Barde, said the delegation was also in the area to seek the blessings and support of traditional rulers and community stakeholders for the Tinubu–Dikko 2027 campaign.
The delegation included Deputy Governor Faruk Lawal; Campaign Director-General, Ahmed Musa Dangiwa; Campaign Council Co-Chairman, Mustapha Muhammad Inuwa; Deputy Director-General, Abdulkadir Mamman Nasir; and Secretary-General, Abdullahi Aliyu Turaji, among others.
NEWS
APC Defends Tinubu Over Electricity Promise, Says President Is Tackling Sector’s Challenges
The All Progressives Congress (APC) Presidential Campaign Council has defended President Bola Tinubu’s 2023 campaign promise to ensure stable electricity supply and end estimated billing, saying his administration is taking steps to address longstanding challenges in the power sector.
In a press statement, the council urged Nigerians to consider the full context of Tinubu’s campaign remarks, arguing that some recent public commentary had reproduced his electricity pledge without including his concluding qualification.
Tinubu had made the promise during a meeting with members of the Organised Private Sector (OPS) in Lagos ahead of the 2023 general elections.
SEE ALSO: No Deal to Share Legislative or LG Seats with APC – Adeleke
At the meeting, he assured Nigerians that his administration would tackle the country’s electricity challenges and end estimated billing.
“Whichever way, by all means necessary, you will have electricity, and you will not pay for estimated bills anymore. A promise made will be a promise kept,” Tinubu said.
He also stated that if he failed to fulfil the promise before seeking a second term, Nigerians should not vote for him unless he provided adequate reasons for his inability to deliver.
The council said the President’s pledge should be assessed alongside the administration’s record since 2023, particularly its interventions in electricity generation, metering, infrastructure and market stability.
It acknowledged that resolving Nigeria’s power sector crisis remained unfinished but maintained that Tinubu’s commitment to addressing the challenges had not diminished.
Highlighting the administration’s reforms, the council said Tinubu signed the Electricity Act, 2023, on June 9, less than two weeks after assuming office.
According to the statement, the legislation liberalised the electricity sector, allowing state governments to participate in electricity generation, transmission and distribution.
It listed Lagos, Enugu, Abia, Ekiti, Oyo, Kaduna and Niger among states that had established their electricity regulatory agencies to take advantage of the new framework and attract private investment.
The council also said the administration had taken on more than ₦6 trillion in accumulated legacy debts in the power sector between 2015 and 2025.
It added that the government introduced the Presidential Metering Initiative to address a metering gap of more than seven million customers.
According to the statement, more than 1.5 million electricity customers have been metered under the initiative in the last three years.
The council further highlighted the administration’s electricity tariff adjustments, describing them as necessary to restore liquidity to the electricity market, while noting that measures had been introduced to protect low-income households.
On rural electrification, it said the Rural Electrification Agency had connected universities, hospitals and rural communities to solar power.
The government has also unveiled plans to modernise the Osogbo Grid Control Centre, which was built more than 60 years ago, and construct an East-West super grid to strengthen transmission infrastructure.
The statement further disclosed that the administration established a ₦4 trillion bond programme to settle verified legacy debts owed to 21 electricity generation companies (Gencos) and gas companies (Gascos).
It said the first and second tranches of the programme had raised more than ₦1.2 trillion towards settling part of the verified debts.
The council maintained that the intervention had helped reposition the electricity market and reduce investment risks, pointing to recent investment plans by Geregu Power Plc.
It cited the company’s announcement of investments in new power transformers to improve operations at the Geregu 1 Power Plant, adding that other firms were also making similar investments.
The APC Presidential Campaign Council insisted that the administration was working to address the country’s electricity challenges, while maintaining that Tinubu’s campaign promise should be judged in the context of both his full remarks and the reforms undertaken since assuming office.
NEWS
Ekiti Attack: Sowore Tracks Stolen Phones Near Governor’s Office, Demands CCTV Footage
The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has disclosed that two mobile phones allegedly stolen from members of his team during Friday’s attack in Ado-Ekiti have been traced to locations near the Ekiti State Governor’s Office and Fajuyi Park.
Sowore made the disclosure in a post on X on Sunday, November 1, 2026, while renewing his demand for the release of CCTV footage from Tawakalitu Restaurant, where he and members of his team were attacked on October 30.
According to him, one of the stolen devices was traced to a location directly opposite the office of Governor Biodun Oyebanji, while another was located opposite Fajuyi Park in Ado-Ekiti.
RELATED NEWS: Ekiti Attack: Sowore Demands CCTV Release, Questions Gov’t Ties to Gang Leader
Describing the discoveries as disturbing, Sowore questioned why the Nigeria Police Force and the Department of State Services (DSS) had yet to release the CCTV footage allegedly seized from the restaurant.
“This morning, we tracked two of the devices violently robbed from members of our team during the brutal attack in Ado-Ekiti on Friday, October 30, 2026, and the locations are deeply disturbing,” he wrote.
“One phone was traced to a location directly opposite the office of the Executive Governor of Ekiti State, while our other devices were located opposite Fajuyi Park in Ado-Ekiti,” he added.
The activist subsequently renewed his demand for the release of the surveillance footage, insisting that the recordings from the restaurant should be made public.
“Meanwhile, the Nigeria Police Force and the DSS have yet to release the CCTV footage seized from Tawakalitu Restaurant, where we were attacked.
“RELEASE THE CCTV FOOTAGE NOW!” he demanded.
The latest disclosure follows an attack on Sowore and members of his entourage at Tawakalitu Restaurant in Ado-Ekiti on Friday, shortly after the activist participated in a radio interview in the state.
Sowore had alleged that armed men attacked his team, assaulted some members and dispossessed them of their personal belongings, including mobile phones.
The incident generated controversy after the Ekiti State Police Command initially described it as an altercation involving Sowore and some individuals, while the activist maintained that his team was violently attacked.
The police subsequently announced the arrest of 11 suspects in connection with the incident.
According to the police, operatives of the Rapid Response Squad arrested the suspects at their hideouts in the Atikankan area of Ado-Ekiti at about 10 p.m. on October 30.
Items reportedly recovered during the operation included 13 mobile phones, two walkie-talkies, seven ATM cards, eight international passports, vehicle keys and other belongings.
The police said investigations were ongoing to establish the roles of the suspects and determine their possible involvement in the incident.
Sowore’s latest disclosure has renewed calls for the release of the restaurant’s CCTV footage, which he believes could provide further evidence about the circumstances surrounding the attack.






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