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Story behind the figures
...as rising finance costs, other income reshape 2025 earnings The Nigerian National Petroleum Company (NNPC) Ltd recently its financial performance for the year ended December 31, 2025, recording a 32.7 per cent increase in profit after tax to ₦7.18 trillion, despite a sharp contraction in revenue. The state-owned energy giant saw its revenue fall by ...
Energy
The Nigerian National Petroleum Company (NNPC) Ltd recorded a revenue of ₦3.737 trillion in August 2026 while profit after tax rose by 54.5 per cent to ₦431 billion from ₦279 billion in July. Revenue increased from ₦3.09 trillion in July, representing a month-on-month growth of about 21 per cent. The company’s August operational report showed ...
Energy
The Nigerian National Petroleum Company (NNPC) Ltd recorded a revenue of ₦3.737 trillion in August 2026 while profit after tax rose by 54.5 per cent to ₦431 billion from ₦279 billion in July. Revenue increased from ₦3.09 trillion in July, representing a month-on-month growth of about 21 per cent. The company’s August operational report showed ...
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Energy
The Rural Electrification Agency (REA) has mobilized over ₦350 billion domestic capital with local creditors for renewable energy projects in Nigeria. The agency hit the latest milestone following the signing of a ₦100bn deal with Stanbic IBTC Bank to help renewable energy developers procure equipment and accelerate electricity projects in unserved and underserved communities across ...
Energy
Nigeria’s domestic refining challenge goes beyond crude oil production, as figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) show that the volume of crude offered to local refineries exceeded actual deliveries in the second quarter of 2026. However a review of the commission’s second-quarter report showed that oil producers offered about 69.3 million barrels ...
Capital Market
The Federal Government’s push for locally assembled vehicles could create a sustained market for Nigerian-made spare parts, with maintenance demand offering component manufacturers business opportunities beyond the initial purchase of vehicles. Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin said local component manufacturers could emerge as major beneficiaries of the Nigeria ...
Energy
The Nigerian National Petroleum Company (NNPC) Ltd has ruled out a return to petrol subsidy noting that the ongoing pump price discount is a temporary customer relief measure that does not change Nigeria’s market based fuel pricing system. The clarification comes amid renewed attention to the impact of rising petrol prices on households and businesses, ...
Energy
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to allocate 30 per cent of petrol under its newly introduced 30-day discount scheme to its members to ensure wider distribution across the country. The association said its extensive network of retail outlets across urban and rural communities would ...
Energy
OTL Africa Downstream Energy Week will mark its 20th anniversary with a conference on energy security, regional market integration and investment in Africa’s downstream and midstream energy sectors from October 25 to 30, 2026. The event, themed Secure Energy, Shared Prosperity, will hold at the Oriental Hotel, Lagos, with the strategic conference and trade exhibition ...
Business
...as FG targets #1,350 ex-gantry price, moves to harmonize freight taxes with States The Federal Government has warned that a return to petrol subsidy could weaken the naira to about ₦3,000 to the dollar within months and push petrol prices above ₦2,000 per litre. Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo ...
Energy
An energy storage company has called for stronger policy support, investment protection and local capacity building to encourage long-term investment in Nigeria's renewable energy sector. Timmy Shi, Director, Africa, Energy Storage Centre made this known at an Energy Conference in Lagos on Thursday. Speaking, Shi noted that policy and regulatory certainty would be critical to ...
Energy
The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya, has called on indigenous oil and gas companies to consolidate their technical and financial capacities to compete for bigger projects and take advantage of opportunities arising from the divestment of oil and gas assets. Ogunsanya said Nigerian companies could not continue to ...
Energy
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said its 2026 oil and gas licensing round is aimed at deepening exploration, increasing production and attracting fresh investment into Nigeria’s upstream sector. The commission is offering 40 oil and gas blocks in the 2026 licensing round as part of efforts to expand the country’s production base ...
News
The Nigerian Content Development and Monitoring Board (NCDMB) has said Nigerian content in the oil and gas industry has risen to 61 per cent from five per cent in 2010. The NCDMB General Manager, Corporate Communications, Dr. Obinna Ezeobi made this known on Thursday at the 2026 Energy Conference of the Nigerian Association of Energy ...
Energy
Three transmission towers have collapsed along the Karu-Keffi-Akwanga 132kV Transmission Line corridor, disrupting electricity supply to customers served by the Keffi and Akwanga transmission substations in Nasarawa State. The Transmission Company of Nigeria (TCN) said the incident occurred at about 4:06 p.m. on Wednesday, October 7, 2026, during rainy and windy conditions. According to the ...
Energy
Electricity customers on feeders assigned to the same service band in Lagos experienced widely different levels of supply in August 2026, with some feeders recording almost round-the-clock electricity while others received only a fraction of their band’s minimum target. According to data from the Lagos State Electricity Regulatory Commission (LASERC), the widest gap was recorded ...
Energy
Eko Power has outperformed IE Energy in meeting minimum electricity supply requirements across Lagos feeders for the month of August, 2026. Data from the Lagos State Electricity Regulatory Commission (LASERC) shows that 62 per cent of Eko Power's assessed feeders met their targets compared with IE Energy's 50 per cent. The figures reflect that Eko ...
Energy
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened the 2026 Nigerian Licensing Round offering 40 oil and gas blocks across land, shallow water and deepwater terrains to investors. The NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the licensing round on Tuesday in Abuja during the commission’s fifth anniversary celebration, saying the exercise had received ...
Energy
The Abuja Electricity Distribution Company (AEDC) has alerted electricity consumers of a panned outage in some areas of Abuja on Wednesday. The distribution company made this known in a statement on Tuesday noting customers of a planned maintenance by the Transmission Company of Nigeria (TCN) on the 33kV NIPP feeder circuit breaker at the Kubwa ...
Energy
The Dangote Petroleum Refinery has put a halt in supplying petrol to marketers that continue to import the product, putting its domestic refining push on a collision course with Nigeria’s continued petrol import programme. The refinery’s latest distribution decision comes barely two weeks after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) approved import ...
