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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.

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FCT Police Warn Motorists Against One-Way Driving, Reject Calls From VIPs

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The Federal Capital Territory (FCT) Police Command has warned motorists against driving against traffic, popularly known as one-way, cautioning that influential connections or calls from senior police officers and government officials will not shield offenders from prosecution.

The Command said the practice, particularly around road construction sites, diversion points and restricted routes, poses serious risks to lives and property.

SEE ALSO: Ogun Police Win Public Safety Award as Ojajuni Emerges NUJ Golden Jubilee Ambassador

In a press statement issued on Monday, November 9, the FCT Police Public Relations Officer, SP Josephine Adeh, said the Command was concerned about the increasing disregard for traffic regulations by motorists who deliberately drive against traffic, ignore road signs and bypass designated diversions to avoid congestion.

Adeh stressed that no individual, regardless of status, position or connections, would be exempted from the consequences of violating traffic regulations.

She disclosed that the Commissioner of Police, CP Ahmed Muhammad Sanusi, had directed the Command’s Motor Traffic Department (MOTOPOL) and all Divisional Traffic Officers (DTOs) to collaborate with the Federal Road Safety Corps (FRSC) and other relevant agencies to intensify enforcement operations.

According to the statement, the directive includes the arrest and immediate prosecution of motorists caught driving against traffic or disobeying lawful traffic instructions.

The Commissioner also warned police officers involved in the enforcement exercise against exploiting the operation to extort motorists, stressing that any officer found engaging in such misconduct would face disciplinary action in line with existing police rules and regulations.

The Command urged motorists to exercise patience, obey traffic signs and follow instructions from authorised traffic officers, noting that saving a few minutes through reckless driving was not worth the risk of losing lives or damaging property.

It also called on residents to remain security-conscious and report suspicious persons or activities to the nearest police station.

The Command provided the following emergency contact numbers for security-related reports: 08032003913 and 08061581938.

 

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FCT Police Chief Inspects Worship Centres, Commends Residents for Peaceful Conduct

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Governors Contributing To Political Violence

The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.

The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.

Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.

SEE ALSO: October 1 Protests: FCT Police Call For Increased Vigilance Among Residents

The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.

During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.

He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.

The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.

He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.

Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.

The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.

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2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally

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Who is Senator Kashim Shetima, Tinubu's running mate

Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.

The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.

SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election

One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.

The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”

Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.

The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.

The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”

 

 

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