Business
NNPC Achieves N5.07tn Revenue Amid Production Dip
NNPC revenue hits N5.07tn with N447bn profit after tax in October 2025 despite lowest crude output of the year
The NNPC revenue surged in October 2025, with the Nigerian National Petroleum Company Limited posting N5.07tn in revenue and N447bn profit after tax, despite crude oil and condensate production sliding to its lowest point in 10 months.
Also read: NNPC Limited Seeks Foreign Investment Drive to Power Africa’s Energy Access Revolution
According to NNPC’s monthly performance report released on Saturday, the country pumped 1.58 million barrels per day (mbpd) of crude and condensates in October, down from 1.61mbpd in September.
Production fluctuations throughout 2025 have been linked to asset downtime, maintenance activities, and crude theft.
Gas production provided a brighter note, climbing to 6,997 million standard cubic feet per day (mmscf/d) from September’s 6,284mmscf/d. While still below the year’s peaks of 7,300–7,700mmscf/d, the improvement reflects ongoing recovery efforts across upstream gas fields.
Crude and condensate sales volume also hit a yearly high of 26.71 million barrels in October, surpassing July’s 25.49 million barrels and March’s 16.32 million barrels.
NNPC attributed the growth to improved evacuation efficiency, shipping schedules, and clearance of previous backlogs.
The report highlighted progress on strategic gas infrastructure projects, with the Obiafu-Obrikom-Oben (OB3) Pipeline 96 per cent complete and the Ajaokuta–Kaduna–Kano (AKK) Pipeline at 89 per cent. Both projects are crucial for domestic gas transportation, power generation, and industrial development.
NNPC also reported 100 per cent upstream pipeline availability, signalling reduced downtime and stronger operational efficiency.
The company is continuing maintenance across key assets, including Stardeep–Agbami, Esso–Erha, Renaissance–EA, and OML 42, with full production recovery planned by mid-December.
Between January and September 2025, NNPC remitted N11.15tn in statutory payments to the Federation Account, maintaining its status as the country’s largest revenue source. Stable sales, higher export receipts, and disciplined cost management underpinned the company’s strong financial performance.
In retail operations, petrol (PMS) availability at NNPC stations stood at 50 per cent, following interventions to address intermittent fuel queues in urban centres.
Meanwhile, the NNPC Foundation’s 2025 financial literacy programme has reached over one million NYSC corps members at the Kubwa orientation camp.
Also read: NNPC Retail Fires Attendant Caught Attempting Fraud at Ikorodu Station
Despite production challenges, the report demonstrates NNPC’s resilience in revenue generation and operational management, highlighting a path toward stabilising Nigeria’s oil and gas sector while supporting national economic growth.
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.
-
Politics2 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)