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NNPCL Record Remarkable N4.5 Trillion Revenue In 10 Months – Kyari

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In a significant development, the Nigerian National Petroleum Company Limited (NNPCL) has successfully amassed a staggering N4.5 trillion in revenue for the federation within the first ten months of 2023, according to the revelation by Mr. Mele Kyari, the Group Chief Executive Officer.

This notable achievement was unveiled during an interactive session with the Senate Committee on Finance held in Abuja on Wednesday.

Emphasizing the positive trajectory, Kyari assured stakeholders of even brighter prospects ahead.

The transformative reforms embedded in the Petroleum Industry Act (PIA) have positioned the company on par with global peers in the oil sector, setting the stage for sustained success.

Underlining the commitment to transparency and profitability mandated by its creation under the National Assembly, NNPC Limited, as highlighted by Kyari, is dedicated to conducting business in alignment with legal provisions.

The CEO emphasized the need to create value for shareholders, avoid financial losses, and consistently deliver dividends.

Kyari proudly informed the Committee that, as of October, NNPCL had contributed an impressive N4.5 trillion to the federation account, underscoring the company’s pivotal role in supporting the nation’s financial well-being.

A noteworthy shift has occurred in the operations of NNPC Ltd, with the company achieving significant strides in business expansion, mirroring the growth trends observed in other National Oil Companies across Africa.

The implementation of PIA reforms has catalyzed NNPC Ltd’s transformation, aligning its practices with international standards.

Highlighting an essential aspect of the reforms, Kyari touched upon the establishment and functionality of the trading company, a component that had previously languished but is now thriving.

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This marks a paradigm shift in NNPC Ltd’s operations, making it more competitive globally.

As Kyari pointed out, the oil sector is poised to become more investment-driven, with a particular focus on addressing challenges related to wide margins in exchange rates and import-export windows.

He acknowledged the existence of parallel markets in every country and emphasized the importance of narrowing the gap between these markets for sustained business growth.

Expressing confidence in the future, Kyari predicted that, by the end of the first quarter of the next year, the margins would narrow, bringing about stability and inviting increased participation in the market.

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Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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