Business
NNPC Records Strong Profit Surge in March 2026 Results
NNPC March 2026 profit surge hits ₦276bn as gas and crude production rise sharply, driven by improved output and operational gains
The Nigerian National Petroleum Company Limited has reported a sharp increase in profitability for March 2026, posting a post-tax profit of ₦276 billion amid stronger crude oil and gas production performance.
Also read: NNPC Boss Praises Dangote Refinery as Vital Energy Stabiliser
The profit marks a significant jump from the ₦136 billion recorded in February, reflecting a 102.9 per cent increase driven by improved operational output across key assets.
According to the company’s latest monthly report, revenue for March stood at ₦2.774 trillion, while crude oil and condensate production rose to 1.56 million barrels per day.
Gas production also climbed to 7,731 million standard cubic feet per day, its highest level in the trailing 12-month period.
The company attributed the performance largely to increased gas output, with sales rising to 5,059 million standard cubic feet per day compared to the previous month.
It noted that the early completion of maintenance work on the OML 118 Bonga field played a crucial role in boosting production efficiency.
NNPC stated that the turnaround maintenance was completed 12 days ahead of schedule, helping to stabilise operations and improve output performance across affected facilities.
However, the report also highlighted operational disruptions, including a leak on the Trans Forcados Pipeline, which temporarily affected production between late February and March.
The company said the incident led to curtailments across several assets during the period.
Despite these setbacks, NNPC said it remained focused on strengthening production resilience through improved infrastructure reliability and targeted recovery initiatives aimed at reducing evacuation constraints.
Between January and March 2026, the company also recorded statutory payments of ₦2.89 trillion, underscoring its fiscal contribution during the period.
NNPC further disclosed progress on major gas infrastructure projects, including near-completion milestones on the Obiafu-Obrikom-Oben and Ajaokuta-Kaduna-Kano pipelines, both critical to expanding domestic gas supply.
Also read: NNPC Achieves N5.07tn Revenue Amid Production Dip
While describing the figures as provisional, the company noted that reconciliation processes with stakeholders were still ongoing.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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