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.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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