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Profit Margin Still Below 10% as NNPC Ltd Reports N13tn Revenue in Four Months

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The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a total revenue of nearly N13 trillion trillion between January and April 2026, although the company continued to grapple with a relatively thin net profit margin of less than 10 percent during the same period.

This is detailed in the NNPC Ltd’s monthly report summaries for the first four months of 2026.

The report showed a high-volume operational model with a significant portion of earnings directed toward statutory obligations rather than net profitability.

The NNPC Ltd’s revenue trajectory across the four-month period showed significant volatility and growth, specifically reporting a total revenue of N12.996 trillion during the period under consideration.

Overall, the company reported revenue of N2.571 trillion in January. The figure moved to N2.680 trillion in February, rose to N2.774 trillion in March, and climbed to N4.971 trillion in April.

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However, profitability remained modest in comparison to the scale of revenue. The national oil major recorded a Profit After Tax (PAT) of N385 billion in January, followed by N136 billion in February, N276 billion in March, and N481 billion in April.

In all, the total profit after tax for the four-month period reached N1.278 trillion.

Measured against the total revenue of N12.996 trillion, the net profit accounted for roughly 9.8 percent of the total earnings, underscoring the substantial impact of operational costs, inefficiencies and perhaps, statutory payments on the company’s bottom line.

Also, statutory payments remained a primary driver of financial outflows for the state-owned energy firm. The cumulative statutory payments recorded from January through April totalled N3.714 trillion, representing a significant portion of the total revenue.

Besides, a review of the four-month data indicated that operational performance in the upstream sector demonstrated substantial volume when calculated across the 120 days of the period.

Operational performance in the upstream sector demonstrated substantial volume when calculated across the 120 days spanning the period. Total crude oil and condensate production, calculated by multiplying daily averages by the number of days in each month, reached approximately 191.88 million barrels.

A breakdown showed that the NNPC Ltd reported 1.64 million barrels per day in January; 1.51 million bpd in February; 1.56 million bpd in March and 1.68 million bpd in April, the highest so far in 2026.

In the same vein, natural gas production remained consistently stable throughout the period, with a cumulative total of approximately 906.158 Billion Standard Cubic Feet (BSCF).

Gas output in January was 7.283 BSCF per day in January; 7.454 BSCF per day in February; 7.731 BSCF per day in March and 7.730 BSCF per day in April.

The operational challenges and successes driving these numbers were varied. For instance, production metrics were influenced by factors such as the completion of Turn Around Maintenance and various infrastructure integrity issues, including the Trans Forcados Pipeline outage and asset-specific leakages identified throughout the first quarter.

Despite the hurdles, the NNPC Ltd maintained improved oil and gas output, supported by the continuous strategic effort to improve asset reliability and resolve evacuation constraints.

During the period, infrastructure development remained a core pillar of the company’s strategic efforts, including steady progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger crossing.

Since the Petroleum Industry Act (PIA) transformed the former Nigerian National Petroleum Corporation into the commercially oriented NNPC Limited in 2022, the expectation was that it would operate as a profit-driven company rather than a government agency. However, the company has continued to grapple with legacy operational challenges. One of the most visible challenges has been the state-owned refineries, where the national oil company has incurred substantial liabilities. Despite billions of dollars spent on rehabilitation, the facilities have remained shut, but continue to incur debts.

In 2025, the federal government approved the write-off of more than $1.4 billion and trillions of naira in historical obligations owed by NNPC as part of efforts to clean up its balance sheet and improve transparency.

While NNPC Ltd’s commercialisation has altered its legal structure, the company continues to navigate the difficult transition from a state-run oil corporation to a fully commercial energy enterprise, burdened by ageing assets, legacy debts, political expectations and operational inefficiencies.

NEWS

Tinubu Mourns Eagle Online Publisher, Dotun Oladipo

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President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.

President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.

The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.

READ ALSO: Akpabio Mourns Dotun Oladipo

He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.

“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.

“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.

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NEWS

Akpabio Mourns Dotun Oladipo

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Meet Sen Akpabio, 10th Senate President For National Assembly

The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.

Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.

The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.

“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.

“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.

“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.

“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.

READ ALSO: PENGASSAN Urges Strategic Focus on Local Refining Expansion

The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.

Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.

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International News

Norway’s King Harald Dies at 89, Son Haakon Becomes King

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Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.

The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.

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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.

King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.

His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.

His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.

Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.

Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.

Kaspara Bolstad, 24, described him as “a very steady and warm king.”

“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.

Magnus Skaugseth, 27, also praised the late King’s inclusive approach.

“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.

Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.

His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.

With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.

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