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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.

ALSO READ: Workers Suspend Strike at NUPRC

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

Fresh Panic in Benue as Suspected Armed Herders Shoot Resident, Loot Shops

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Residents of Ankpechi community in Oglewu Ward, along the Otukpo–Ogobia Road in Ohimini Local Government Area of Benue State, were thrown into panic on Thursday after suspected armed herders reportedly invaded the area, shot a resident and looted several provision stores.

The attack, which occurred between 8 a.m. and 9 a.m., forced traders, customers and residents to flee for safety as the gunmen allegedly fired sporadically upon entering the community.

A resident said people had just begun their daily activities and shop owners were opening for business when the attackers suddenly emerged and opened fire.

SEE ALSO: Tragedy In Benue: Bandits Kill Police Officer, Four Civilians In Abande

“We have all been on the alert since the attacks on neighbouring communities. So, when people sighted them, they raised the alarm, and everyone started running for safety.

“They moved into people’s shops, looted goods and food items before leaving. Unfortunately, one man was shot, but he was still alive when help arrived. He was rushed to the hospital for treatment,” the resident said.

Confirming the incident, the Chairman of Ohimini Local Government Area, Gabriel Adole, said the attackers were suspected armed herders.

“Yes, there was an attack this morning between 8 a.m. and 9 a.m. by suspected armed herdsmen. They came to Ankpechi community in Oglewu Ward, shooting sporadically. They shot one person, forcing residents to scamper for safety.

“They burgled shops in the area and carted away goods, particularly food items. This tells you that they are operating very close to our communities. They could not get food elsewhere, so they came into Ohimini and used force to take food from our people.

“The residents identified them as armed herdsmen. The victim who was shot has been taken to the hospital, and we are hopeful that he will survive,” Adole said.

The council chairman disclosed that he immediately informed Governor Hyacinth Alia and alerted security agencies after the attack, prompting the deployment of security operatives to the affected community.

“I informed the governor immediately, and security personnel were promptly deployed to the area. Many security operatives are currently on the ground, while others are combing the surrounding bushes,” he added.

As of the time of filing this report, the Benue State Police Public Relations Officer, DSP Udeme Edet, could not be reached for comments.

The latest attack comes amid growing concerns over recurring assaults on communities in Benue State, with residents calling for stronger security measures to stem the wave of violence.

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NEWS

Mary Habila’s Death: Atiku Demands Umahi’s Immediate Suspension

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PDP Threatens INEC Over Delay In Presidential Election Results

Former Vice-President Atiku Abubakar has called on President Bola Tinubu to direct the Minister of Works, Senator David Umahi, to immediately step aside pending the outcome of investigations into the death of Miss Mary Habila, a staff member who died at the minister’s residence in Uburu, Ebonyi State.

In a statement shared on his Facebook page on Thursday, Atiku said suspending Umahi during the investigation would demonstrate accountability and strengthen public confidence in the process.

SEE MORE: ‘Tinubu’s Gov’t is Held Hostage by Fraudsters – Atiku Declares

Habila, a 26-year-old from Nok in Southern Kaduna, died on June 27, 2026, at a building within Umahi’s residence in Uburu, Ohaozara Local Government Area of Ebonyi State.

Expressing sympathy to the deceased’s family, Atiku said condolences alone were not enough without uncovering the truth behind her death.

“First, I extend my heartfelt condolences to the Habila family. No family should have to mourn a daughter taken in the prime of her life while also fighting simply to learn the truth of how she died,” he said.

The former vice-president raised concerns over the pace of the investigation, alleging that no autopsy had yet been conducted and noting that the probe remained under the Ebonyi State Police Command, where Umahi previously served as governor.

Atiku, however, stressed that he was not accusing anyone of wrongdoing, insisting that only an independent and transparent investigation could establish the facts.

“Let me be clear: I make no pronouncement on anyone’s guilt or innocence. That is precisely the point. Only a credible, independent, and transparent investigation can establish the truth,” he stated.

According to Atiku, the death of a young Nigerian inside the residence of a serving minister demands the highest level of transparency and accountability.

He urged President Tinubu to direct Umahi to step aside while investigations continue.

“President Bola Tinubu must direct the Honourable Minister of Works to step aside immediately, pending the conclusion of investigations. This is not a punishment; it is the minimum standard of public accountability in any serious democracy,” Atiku said.

The former presidential candidate also called on the Inspector-General of Police to transfer the investigation from the Ebonyi State Police Command to the Force Headquarters and involve independent forensic experts.

He further demanded that a comprehensive forensic autopsy be conducted without delay and that the findings be made public.

Atiku also appealed for protection for Habila’s family, urging authorities to ensure they have unrestricted access to information about the circumstances surrounding her death without intimidation.

Meanwhile, Umahi had earlier requested that the police carry out a forensic autopsy by qualified pathologists to determine the exact cause of Habila’s death.

He also asked that her remains should not be released to her family until the autopsy and other investigations are concluded.

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International News

Tragedy Strikes Algeria: Orphanage Fire Kills 11, Injures 19

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A devastating fire has claimed the lives of at least 11 people, including several children, after an orphanage in Algeria’s capital, Algiers, was engulfed in flames in the early hours of Thursday.

The deadly incident occurred in the Mohammadia suburb as Algeria continues to grapple with an intense heatwave that has triggered hundreds of wildfires across the country’s northern regions.

Firefighters responded to the scene before dawn and battled the blaze for hours in an effort to contain the flames.

SEE MORE: Firefighters Avert Disaster as Fire Guts Laundry Shop in Kwara

A nearby resident, Abdessalam Merrah, recounted the horrifying moments when the fire broke out.

“At around 3 a.m., we heard the fire engines arriving and the children screaming,” he said.
“We helped as much as we could, but unfortunately we were told that 11 people had already died.”

Authorities said the death toll is provisional, while 19 other people were injured in the fire. The cause of the blaze has not yet been established.

Images from the scene showed blackened window frames and heavy fire damage to the orphanage.

A witness said firefighters had to use a chainsaw to cut through metal window bars to gain access to parts of the building during the rescue operation.

Rachid Belhadj, head of the forensic medicine department at Mustapha Bacha Hospital, said several of the victims were burned beyond recognition, making DNA testing necessary to confirm their identities.

Algerian President Abdelmadjid Tebboune later confirmed that “several children” were among those killed in the tragedy.

National television also broadcast footage of Prime Minister Sifi Ghrieb visiting survivors receiving treatment at two hospitals in Algiers.

932 Fires Recorded in One Week
The orphanage tragedy comes as Algeria battles a severe heatwave that has fuelled widespread wildfires across the country.

According to the Civil Defence, 932 fires were recorded between July 8 and July 15, with the majority already extinguished while a handful remain active.

The worsening fire crisis has also claimed the life of a municipal worker who died while battling a wildfire in the northern province of Setif earlier this week.

To contain the fires, authorities have deployed more than 19,000 emergency personnel, over 700 fire trucks, six helicopters, and 12 water-bombing aircraft.

Residents have also been evacuated from several affected provinces, including Bejaia, Guelma, Bouira, and Mila, as emergency teams continue to battle the blazes.

Northern Algeria is hit by forest fires almost every summer, with experts pointing to prolonged drought and climate change as major factors behind the worsening outbreaks.

Authorities have also said they suspect some of the fires were deliberately started, with several suspects already taken into custody.

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