NEWS
Profit Margin Still Below 10% as NNPC Ltd Reports N13tn Revenue in Four Months
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
Gun Duel Ends in Victory as Police Rescue Abducted Herdsman, Recover ₦2.2m Ransom
The Osun State Police Command has rescued a 50-year-old herdsman, Haruna Yusuf, after a fierce gun duel with suspected kidnappers, recovering ₦2.217 million believed to be ransom proceeds during the operation.
The Commissioner of Police, Ibrahim Gotan, disclosed the development on Wednesday, saying the successful operation also foiled a planned ransom exchange and dealt a major blow to kidnappers operating in parts of the state.
According to Gotan, Yusuf was abducted on July 9, 2026, by four armed men from a remote settlement near Wasinmi Village along the Gbongan-Ife-Ibadan Road.
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He said police operatives, working alongside local vigilantes, immediately launched a search operation before transferring the case to the Command’s Violent Crime Response Unit (VCRU) Anti-Kidnapping Section for intelligence-led investigation and tactical intervention.
The police commissioner explained that operatives monitored the ransom payment process on July 12 at a designated location in the Majeroku area along the Ibadan-Ife Expressway.
The operation turned into a gun duel after the kidnappers opened fire on the police team.
The officers returned fire, successfully rescuing the victim unharmed. One of the suspects sustained gunshot injuries and was arrested, while the remaining members of the gang fled into the surrounding forest.
“The injured suspect was immediately taken to the UNIOSUN Teaching Hospital for medical treatment and is currently responding to treatment.
The sum of Two Million, Two Hundred and Seventeen Thousand, Eight Hundred Naira (₦2,217,800), being proceeds of the ransom, was recovered at the scene.
“Efforts are ongoing to apprehend the remaining members of the kidnapping gang terrorising the area,” Gotan said.
Meanwhile, the police command also recorded another breakthrough with the arrest of three suspected members of the Alora secret cult over alleged involvement in violent activities around Iree in Boripe Local Government Area.
The suspects, identified as Michael Oluwatobi, 23, Busayo Joseph, 22, and Abu Azeez, 23, were arrested on July 14, 2026.
Gotan said a thorough investigation had been ordered to determine the extent of their involvement and identify other members of the alleged criminal network.
NEWS
Tinubu Approves N3.6bn ITF Programme to Empower 200,000 Artisans Nationwide
President Bola Tinubu has approved a N3.6 billion intervention under the Industrial Training Fund (ITF) to strengthen Nigeria’s informal sector, with about 200,000 artisans expected to benefit from the 2026 Skill-Up Artisans (SUPA) programme.
The initiative, which will initially focus on tailors through a business incubation scheme, is designed to enhance technical skills, promote entrepreneurship, create jobs and improve the competitiveness of Nigerian artisans.
The Director-General and Chief Executive Officer of the Industrial Training Fund, Dr. Afiz Ogun, announced the development on Wednesday in Abuja during the screening of applicants for the programme.
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According to him, the nationwide screening exercise is the first phase of the 2026 edition and is intended to ensure that only qualified and practicing artisans are selected through document verification and practical skill assessments.
“For this year, we are incubating businesses for tailors because they constitute a large number of participants. The President has approved N3.6bn for this initiative,” Ogun said.
He explained that the programme was introduced after the Federal Government observed that artisans from neighbouring African countries, as well as Bangladesh, Pakistan and China, were filling opportunities that could be occupied by skilled Nigerians.
Ogun stressed that the screening process would prevent individuals posing as artisans from benefiting from the scheme.
“We are screening them because some people will say they are artisans, but they are not artisans. Some people just want to come and collect the Federal Government money and go. They will not participate in the training.
“We want real artisans who are ready to scale up and improve their skills,” he said.
The ITF boss noted that the initiative would also formalise Nigeria’s informal technical workforce through a certification and licensing system, allowing customers to verify the credentials of artisans before engaging their services.
“The President wants Nigerian artisans to be trained, certified and licensed. When you engage a plumber or an electrician, you should be able to verify the person’s credentials, track performance and hold them accountable. This will improve service quality and create confidence in the sector,” Ogun stated.
He further disclosed that the government had discontinued the previous practice of handing out starter packs immediately after training because many beneficiaries sold the equipment instead of using them to establish businesses.
Rather than distributing tools outright, beneficiaries will now be prepared for overseas employment through talent export programmes, linked directly with employers or enrolled in structured business incubation schemes to help them build sustainable enterprises.
“Our extension workers, who have been trained by the International Labour Organisation, will continue to support them after the training. Technical teams will also help them maintain and repair their equipment where necessary,” Ogun added.
Under the tailoring incubation programme, participants will receive industrial sewing machines, overlock machines, specialised stitching equipment, electric cutters, consumables, business signboards, mentorship and entrepreneurship support.
The programme will also feature a digital marketplace where certified artisans can display their services, attract customers, receive ratings and connect directly with clients.
According to the ITF, the initiative is expected to improve the quality of services provided by artisans, increase their earnings and contribute to reducing unemployment across the country.
NEWS
Court Delivers Major Blow to FG, Voids Eight-Year Retirement Rule for Education Directors
The National Industrial Court has dealt a major setback to the Federal Government by nullifying its policy requiring education directors to retire after serving eight years in office, ruling that teachers and education officers are entitled to remain in service until they attain the age of 65 or complete 40 years of pensionable service.
Justice O. Y. Anuwe delivered the judgment in Abuja on July 10, holding that circulars issued by the Office of the Head of the Civil Service of the Federation and the Federal Ministry of Education were inconsistent with the Harmonised Retirement Age for Teachers in Nigeria Act, 2022.
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The court ruled that the circulars were invalid to the extent that they sought to enforce the eight-year tenure rule on teachers and education officers serving as directors.
Delivering the judgment, Justice Anuwe declared: “A Teacher or Education Officer, whether he or she got to the post of Director or not, is entitled to retire from service on attaining 65 years of age or 40 years of service.”
He further held that:”Serving as a director for eight years is not a retirement condition for teachers any longer.”
The suit, marked NICN/ABJ/79/2025, was filed by Mrs. Rakiya Gambo Iliyasu, a Grade Level 17 Director in the University Education Department of the Federal Ministry of Education.
Iliyasu challenged the February 2026 directives issued by the Office of the Head of the Civil Service of the Federation and the Federal Ministry of Education, arguing that as an Education Officer, she qualified as a teacher under the Harmonised Retirement Age for Teachers in Nigeria Act, 2022.
She contended that the law guarantees compulsory retirement only upon attaining the age of 65 years or after completing 40 years of pensionable service, making the government’s retirement directives unlawful.
Agreeing with the claimant, Justice Anuwe held that Section 3 of the Teachers’ Retirement Age Act expressly exempts teachers from any Public Service Rule requiring retirement before the age of 65 years or 40 years of pensionable service.
The judge also relied on the Act’s definition of a teacher, which expressly includes Education Officers, holding that the claimant fell squarely within the category of officers protected by the law.
The court further observed that the Office of the Head of the Civil Service of the Federation had, in an earlier 2025 correspondence, acknowledged that education officers covered by the Act were exempt from the eight-year tenure policy, making the government’s subsequent issuance of retirement directives inconsistent with its earlier position.
Consequently, the court declared the February 10, 2026 circular issued by the Office of the Head of the Civil Service of the Federation and the February 24 and February 26, 2026 circulars issued by the Federal Ministry of Education illegal, null and void insofar as they applied to teachers and education officers.
Justice Anuwe also set aside the three circulars and granted a perpetual injunction restraining the Federal Government and the Ministry of Education from implementing the eight-year tenure policy against teachers and education officers in a manner inconsistent with the Harmonised Retirement Age for Teachers in Nigeria Act.
The dispute arose after the Federal Government directed that directors who had spent eight years in office should retire in line with Rule 020909 of the Public Service Rules, despite the enactment of the Harmonised Retirement Age for Teachers in Nigeria Act, 2022, which extended the retirement age of teachers in public educational institutions to 65 years or 40 years of pensionable service.
The judgment is expected to have significant implications for director-level education officers across the Federal Ministry of Education and other education-related federal agencies, as it affirms that the provisions of the Teachers’ Retirement Age Act override the eight-year tenure rule in the Public Service Rules for officers protected under the law.





