Business

NNPCL Kicks Over Invitation By Senate

Published

3 years ago

September 14, 2022

The Senate on Wednesday clashed with Nigerian National Petroleum Corporation Limited over legal basis of not honouring invitation by its relevant committees.

The NNPCL in response to the invitation from the Senate said that since the agency was now limited liability company by virtue of provisions of the Petroleum Industry Act, the Senate has no legal backing to summon it for any form of appearance.

NNPC made this known to the Senate Committee on Finance through the Clerk to the National Assembly, Amos Olatunde

But in his reaction to the letter, the Chairman of the Committee, Senator Olamilekan Adeola ( APC Lagos West), said that NNPC is 100 percent owned by the Federal government and it can be invited at anytime to appear before the lawmakers for any explanation.

Adeola made the reaction when the General Manager, Public Affairs , NNPC, Garbadeen Muhammad, appeared before the Committee at the Interactive session on 2023-2025 MTEF/FSP projections .

NNPCL defends 68m-litre daily consumption, backs forensic audit
He added that the law passed by the National Assembly only empowered the NNPCL to be active participant in the oil industry.

He said, “Your Liason Officer told the clerk of National Assembly that you are now limited liability company that you cannot be appearing before Senate.

“We will summon you and invite you at any hour we need your attention. You are limited liability company by our law. We change your status because we want you to be active participant in oil industry.

“Call your Liason Officer and correct impression by him. It is owned by Federal government and you remain accountable to Federal government. There are potent issue you need to address.”

PUNCH

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

6 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

6 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

1 day ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.