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Nigeria’s oil output surges 1.72m barrels in Sept

Nigeria sustained crude oil production above its Organisation of Petroleum Exporting Countries quota for the fifth consecutive month in September, with daily output of crude oil and condensate rising by 2.34 per cent to 1.717 million barrels.

Data from the Nigerian Upstream Petroleum Regulatory Commission also showed that the country’s combined crude oil and condensate production peaked at 1.84 million barrels per day on its highest-producing day in September, while output on the lowest-producing day stood at 1.68 million barrels.

In a statement issued on Tuesday, the Head of Media and Corporate Communications at the NUPRC, Eniola Akinkuotu, said Nigeria produced an average of 1.53 million barrels of crude oil per day in September, excluding condensates.

The statement read, “Nigeria Meets OPEC Quota for 5th Consecutive Month as Daily Peak Hits1.84m Barrels in September.

“Data from the Nigerian Upstream Petroleum Regulatory Commission also shows that single day production hit a peak of 1.84m barrels in the month as Nigeria consolidated its position as Africa’s largest crude oil producer.”

The figure represented 102 per cent of the 1.5 million barrels per day production quota assigned to Nigeria by OPEC, indicating that the country exceeded its target by 30,000 barrels per day.

The September performance extended Nigeria’s run of meeting its OPEC crude oil production quota to five consecutive months, following average daily output of 1.53 million barrels in May, 1.55 million barrels in June, 1.51 million barrels in July and 1.5 million barrels in August.

The latest figures indicate that Nigeria has maintained production at or above its OPEC allocation despite persistent challenges that have historically affected the country’s oil industry, including crude theft, pipeline vandalism, operational disruptions and difficulties evacuating crude from producing fields.

The commission attributed the improved performance largely to stable production operations across most producing assets and the absence of major pipeline outages during the period.

It said the operational stability helped improve production uptime and the efficiency of crude evacuation, supporting the increase recorded in September.

“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review. This enhanced operational stability supported improved production uptime and crude evacuation efficiency,” the commission said.

The regulator added that the sustained improvement reflected the efforts of operators and other industry stakeholders to strengthen operational efficiency, maintain the integrity of oil-producing assets and improve production reliability across the upstream petroleum sector.

“The sustained growth recorded in September reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.

A breakdown of production by terminal and stream showed that Forcados Terminal accounted for an average of 320,320 barrels per day in September, making it the largest contributor among the listed terminals and streams.

by admin — October 14, 2026 in Business 0

SAHCO acquires AmbuLift to improve inclusive passenger services

Skyway Aviation Handling Company Plc has acquired and deployed a high-capacity AmbuLift to improve assistance for passengers with reduced mobility, reinforcing its commitment to safe, dignified and inclusive passenger handling services.

In a statement made available to The PUNCH over the weekend, SAHCO’s Head of Corporate Communications, Vanessa Uansohia, said the acquisition made the company the only aviation ground handling firm in Nigeria operating the specialised equipment.

The AmbuLift is designed to facilitate the safe and comfortable embarkation and disembarkation of passengers with reduced mobility, including wheelchair users and those requiring stretcher support.

Recall that the Federal Airport Authority of Nigeria recently bought an AmbuLift to aid the mobility of persons living with disabilities.

Uansohia said the investment builds on the company’s earlier acquisition of Evac-Chairs, which help passengers with reduced mobility navigate aircraft steps where specialised assistance is required.

She added that British Airways, one of SAHCO’s premium customers, provided valuable guidance throughout the process to ensure that the equipment’s deployment, operating procedures and standards aligned with international best practices and the expectations of global airlines.

Speaking on the development, SAHCO’s Chairman, Dr. Taiwo Afolabi, said the acquisition would enable the company to provide more appropriate assistance to passengers who require additional support when boarding and leaving aircraft.

He said, “It gives our teams the right tool to do this sensitive work properly and gives passengers and their families confidence that they will be handled with care from the apron to the aircraft door.”

Also commenting, SAHCO’s Managing Director, Adenike Aboderin, described the investment as a reflection of the company’s people-first approach to service delivery and its commitment to international standards.

“The AmbuLift is a significant addition to our operations and demonstrates our commitment to providing safe, dignified and professional services to every passenger, particularly those requiring additional assistance.

“Our investment in both the AmbuLift and Evac-Chairs reflects our deliberate approach to strengthening our PRM handling capabilities,” she said.

by admin — October 14, 2026 in Business 0

2027: Tinubu’ll work for North if re-elected – VP Shettima

With less than three months to the 2027 presidential election, Vice President Kashim Shettima has rallied support in the North for President Bola Tinubu’s re-election.

Shettima assured the North that Tinubu would work for the region if re-elected in 2027.

The vice president urged Northerners not to be afraid of Tinubu’s re-election, saying the president loves the region.

Speaking on Monday in Abuja, Shettima said the president was committed to helping the North develop.

He said, “Let’s come together as a people and work for the development of our region and the progress of our people through the re-election of this administration.

“We are already seeing benefits, and we can expect even more from this government in many ways.

“I can assure you that the president loves the North and will continue to work for the North.”

During the election, Tinubu will slug it out with Atiku Abubakar, the presidential candidate of the African Democratic Congress, ADC, who is from the North.

Atiku is one of Tinubu’s main challengers in the 2027 presidential election.

A presidential running mate, Rabiu Kwankwaso of the Nigeria Democratic Congress, NDC, is also from the North.

by admin — October 13, 2026 in News 0

Poor Nigerians can’t be left without subsidy – ADC

The African Democratic Congress, ADC, has again reiterated the need to subsidise production to alleviate the suffering of the poor.

The party’s National Publicity Secretary, Bolaji Abdullahi, made this assertion on Monday during an interview on Channels Television’s Politics Today.

Speaking on the issue of fuel subsidy in the country, Abdullahi said poor Nigerians could not be left without subsidies.

“We cannot have people so poor and leave them without subsidy. So, we (ADC) are going to subsidise production.

“I’m glad that the NNPC audit report is showing this now, and Nigerians are going to see in the coming days. We are going to look more into this.

“You can also ask: Where will the crude come from? We are an oil-producing country. Whatever we need to do to subsidise the production of crude and deliver cheaper fuel to Nigerians, we are going to do it.

“When your country is at war, you don’t begin to talk about the price of guns or the price of bullets or whether you defend your country by all means necessary. So, ADC and Atiku say we will defend the people by all means necessary,” he said.

by admin — October 13, 2026 in News 0

IGP Disu calls for African collaboration to tackle arms proliferation

The Inspector-General of Police, IGP Olatunji Disu, has identified the proliferation of small arms and light weapons as one of the gravest threats to peace and security across Africa, noting that the weapons do not respect borders.

Disu stated this in his opening speech at the opening ceremony of the Small Arms and Light Weapons Identification and Tracing (SALW-IT) simulation programme in Abuja on Monday.

He stressed the need for collaboration among African countries to strengthen their collective capacity in the identification, marking, registration and tracing of small arms, light weapons and ammunition.

“That threat is clear. The proliferation of small arms and light weapons remains one of the gravest dangers to peace and security across Africa. These weapons do not respect borders. They fuel terrorism, armed banditry, kidnapping, communal conflict and organised crime — from the Sahel and the Lake Chad Basin to every corner of our continent.

“Nigeria, like many of our sister nations, has borne the human and economic cost of this scourge. We understand — painfully — that no country can win this fight alone,” he said.

He added, “That is why the central objective of this programme is so critical: to strengthen our collective capacity in the identification, marking, registration and tracing of small arms, light weapons and ammunition.

“A weapon that cannot be traced is a dead end for any investigation. Identification and tracing are not mere technical procedures. They are the foundation of accountability. They are the gateway to intelligence. They are the key that links a recovered weapon to the network, the financier, and the route behind it.

“I am particularly pleased that this programme places a premium on practical, hands-on learning through simulation. Theory must be matched by practice. The simulation exercises — including the indoor shooting scenarios to be conducted at the Nigeria Police Simulation Centre — will place each participant under realistic conditions that closely mirror the operational realities our officers face daily in the field.”

The participants were drawn from Chad, the Central African Republic, Mali, Algeria, Côte d’Ivoire, Burkina Faso, Cameroon, Niger, Libya, the Democratic Republic of the Congo, the Republic of the Congo and Nigeria.

The IGP said the Nigeria Police Force was fully committed not only to the objectives of the programme but also to the broader regional and continental effort to control the proliferation of small arms and light weapons.

“We will continue to provide the enabling environment, institutional support and operational cooperation required to sustain the gains of this training,” he said.

by admin — October 13, 2026 in News 0

FRSC confirms death of female corps nember in Oyo road crash

The Federal Road Safety Corps, FRSC, Oyo State Sector Command, has confirmed the death of a female National Youth Service Corps, NYSC, member in a road accident involving a motorcycle and an articulated truck in Ibadan on Monday.

The Sector Commander, Corps Commander Kehinde Dahunsi, confirmed the incident in an interview with newsmen, stating that the crash also left the motorcycle rider with a fractured leg.

Dahunsi said the deceased corps member’s body had been taken to the State Hospital morgue, while the injured motorcyclist was transported to the University College Hospital, UCH, Ibadan, for treatment.

He added that the identity and other details of the deceased could not be established during the rescue operation.

“We recorded a traffic crash today around Agodi Gardens within the Ibadan metropolis. It involved a truck and a motorcycle carrying a corps member.

“Unfortunately, we lost the corps member, and the rider also sustained a fracture in his leg.

“We carried out emergency rescue operations; we conveyed the body of the late corps member to the State Hospital morgue, while the injured rider was rushed to the University College Hospital, UCH, Ibadan,” he said.

Meanwhile, the NYSC Public Relations Officer in Oyo State, Mrs Abimbola Faniyi, said efforts were ongoing to establish the deceased’s identity and obtain other relevant information, including her Place of Primary Assignment, PPA.

by admin — October 13, 2026 in News 0

Rev Dachomo replies VDM over allegations of supporting Tinubu

The Regional Chairman of the Church of Christ in Nations, COCIN, for Barkin Ladi Local Government Area of Plateau State, Rev. Ezekiel Dachomo, has denied allegations that he campaigned for President Bola Tinubu ahead of the 2027 election.

This is following claims by popular social media activist, Martins Vincent Otse, popularly known as VeryDarkMan (VDM).

VDM, in a viral video posted on social media platforms on Monday, criticised the cleric for allegedly shifting from his harsh criticism of Tinubu to urging prayers for his administration.

According to VDM, Rev Dachomo, who recently took his campaign against alleged Christian genocide in the state to Israel, was expected to address Prime Minister Benjamin Netanyahu and other world leaders on the contentious killings of Christians in Plateau State and the Middle Belt in general.

However, his visit to Israel ended with allegations that he had instead turned the trip into a prayer session for Tinubu and the All Progressives Congress, APC, government to succeed in the 2027 election.

Although Rev Dachomo had earlier denied ever praying for Tinubu and the APC’s Muslim-Muslim presidential ticket, VDM alleged that the cleric had moved from accusing President Tinubu and Vice President Kashim Shettima of attempting to Islamise Nigeria and failing to curb insecurity to calling for prayers and support for the same administration.

The activist also claimed that Dachomo had been compromised, adding that he was 101 per cent certain that the presidency had reached out to the clergyman and taken him to Israel.

However, while responding to the accusations, Rev Dachomo insisted that he had never prayed or campaigned for Tinubu, Shettima and the APC to win the 2027 election.

In a statement shared on his social media handles, the cleric described attempts to use his name for political branding as wicked, clarifying that his prayers while in Israel were directed at achieving national peace, seeking divine intervention against evil plans and protecting persecuted communities.

He maintained that he had prayed against electoral rigging and had never supported a Muslim-Muslim presidential ticket.

However, he said those aspects of his prayers were ignored, while misleading narratives were promoted.

“My dear brethren, I greet you all in the name of Jesus Christ, our Saviour.

“I heard that VDM shared a video saying I prayed for President Bola Tinubu, Vice President Kashim Shettima and the APC Muslim-Muslim ticket to succeed in the 2027 election.

“You are just saying, ‘Rev. Dachomo has prayed for success.’ Which success? The success of rigging elections?

“While Muslim-Muslim ticket supporters are thinking of rigging elections, the only thing I am praying for is that they should fail in their evil deeds. Let them fail in their evil thinking. Let the evil ones in Nigeria fail woefully in whatever they are doing.

“To the campaign organisation of Tinubu, anybody who is using my name wrongly for campaigns is doing a great injustice to Tinubu. You evil men are saying I use my name to say I pray for Tinubu.

“I pray that any evil spirit that will lure this government into rigging elections will catch fire. Any satanic power that will raise thugs to rig elections, let it catch fire so that justice will prevail.

“Any spirit or person that is going to rig these elections, let the wrath of God destroy their evil plans.

“We need justice. We need the fear of God in both Muslims and Christians so that we can live lives of love and protect one another. That is what my heart desires,” the cleric wrote.

by admin — October 13, 2026 in News 0

Sanwo-Olu warns Lagos residents against cybercrime, urges stronger online security

Lagos State governor, Babajide Sanwo-Olu, has urged residents to adopt stronger digital-security habits to protect themselves from cybercrime, warning that criminals frequently take advantage of people’s limited knowledge of online safety.

Sanwo-Olu made the call on Monday as the state joined other parts of the world to mark the 2026 Cybersecurity Awareness Month, an initiative aimed at encouraging safer internet use, promoting good cyber hygiene and improving protection against digital threats.

The governor stressed that the fight against cybercrime required collective action, noting that the responsibility for online safety should not rest solely on government agencies, technology companies and security experts. According to him, individuals, families, businesses and public institutions all have important roles in reducing cyber risks.

“Cybersecurity is a shared responsibility. Citizens must remain vigilant, understand common cyber risks, and take proactive steps to protect themselves from cybercriminals,” he said.

He noted that many people who fall victim to cybercrime lack knowledge of basic digital-safety measures, emphasizing the need for sustained public awareness campaigns.

“Most victims of cybercrime are those who are unaware of basic digital safety practices, making public education essential,” Sanwo-Olu added.

The governor’s appeal comes as the Lagos State Government, through the Ministry of Innovation, Science and Technology, MIST, and the Cybersecurity Advisory Board, steps up efforts to improve cybersecurity awareness and preparedness across the state.

by admin — October 13, 2026 in News 0

MTN Fellows explore Huawei’s 5G network infrastructure

Fellows of the MTN Media Innovation Programme Cohort 5 examined 5G, smart city and network management technologies during a tour of Huawei facilities in Lagos, gaining insight into the infrastructure supporting Nigeria’s growing digital economy.

The visit, organised recently by MTN Nigeria in collaboration with Huawei, formed part of the fellows’ immersive learning programme at the School of Media and Communication, Pan-Atlantic University.

At Huawei’s 5G Innovation Hub, the journalists were introduced to technologies spanning smart cities, power systems, cloud services, routers and antenna designs, offering a look at how telecommunications infrastructure is evolving beyond traditional voice and data services.

The demonstrations come as Nigerian telecom operators expand their 5G networks and technology providers develop new applications around high-speed connectivity, including enterprise services, cloud computing, automation and smart-city solutions.

MTN-MIP Cohort 5 fellow, Tolulope Ajibade, said the visit offered a closer understanding of the technologies supporting digital services used by consumers and businesses.

“It was really a mind-blowing experience. It’s like next-level technology, from the security infrastructure to security profiling and smart city solutions,” Ajibade noted.

She said the demonstrations also provided insight into the applications of 5G and the range of technologies being developed around next-generation connectivity.

Director of MTN Account Solutions, Huawei, Ma Tianyu, said the company was focused on adapting global technologies to local requirements.

“Huawei’s goal is to bridge the gap between global innovation and local demand by tailoring technology to meet Nigeria’s specific challenges,” Tianyu stated.

He said the company’s partnership with MTN was helping to bring technology solutions to Nigerians and support the development of digital experiences.

The fellows also visited Huawei’s Service Centre, where they received a briefing on network management and the systems required to maintain telecommunications infrastructure.

The centre houses about 850 Network Operations Centre engineers supporting organisations across telecommunications, finance, power, transport and public services.

Its teams operate around the clock across four shifts, monitoring networks, identifying faults, assigning resources and coordinating resolutions to minimise service disruptions.

The facility also has a dedicated DevOps team that customises monitoring systems to meet individual client requirements. The centre is ISO 27001 certified, while its employees hold security-related certifications.

The operations provide a behind-the-scenes view of the infrastructure required to keep telecommunications services running as businesses and consumers increasingly depend on digital connectivity.

Another MTN-MIP Cohort 5 fellow, Ijeoma Odia, said the tour broadened her understanding of Huawei’s role in telecommunications infrastructure and digital inclusion.

“It was quite enlightening and educational. I wouldn’t have known that Huawei is doing so much, especially with what the future holds for telecoms and its infrastructure, not just in Nigeria but in Africa as a whole and beyond,” Odia said.

She also highlighted Huawei’s work on lower-cost devices for consumers who may not be able to afford smartphones capable of supporting newer network technologies, saying such efforts could help expand participation in the digital economy.

One of the technologies showcased during the tour was Huawei Metavision 3D Video, which converts 2D footage into 3D visuals to deliver more immersive viewing experiences while lowering some of the costs of creating 3D content.

The facility tour was part of MTN-MIP’s broader experiential learning programme, which gives media professionals exposure to developments across telecommunications, technology, business and the wider digital economy.

Justice Okamgba, said 5G adoption remains relatively low across Africa, likely below 10 per cent, with the high cost of deploying the infrastructure and limited returns on investment among the factors slowing expansion.

“The finances required to deploy 5G infrastructure are monumental, while the return on investment is not yet strong enough to encourage telcos to prioritise widespread deployment. This tends to push operators towards high-value urban areas rather than the hinterlands, where the connectivity gap remains significant.

“It is also important to consider the number of people with 5G-enabled devices. That figure remains relatively small, and without affordable devices capable of accessing 5G networks, expanding coverage alone will not necessarily translate into widespread adoption,” he said.

by admin — October 13, 2026 in Business 0

NNPC pays N687bn interest on crude-backed deals

The Nigerian National Petroleum Company Limited paid N686.94bn in interest on its forward sale agreements in 2025, representing a 171.4 per cent increase from the N253.14bn paid under the arrangements in 2024.

The sharp rise in interest payments came as the company significantly increased its use of forward sale agreements, with additional drawdowns almost doubling during the year, according to an analysis of the company’s 2025 audited financial statements on Monday.

The forward sale arrangements, which allow the company to receive funds or value against future crude oil supplies, had outstanding contract liabilities of N7.10tn as of December 31, 2025, up from N4.98tn a year earlier.

This means the liabilities increased by N2.13tn, or 42.7 per cent, in one year. The figures also showed that NNPC’s interest payments increased by N433.80bn in 2025, despite the company making substantially higher principal repayments during the year.

In 2025, NNPC made principal repayments of N2.76tn, compared with N942.08bn in 2024. This represents an increase of N1.82tn, or 192.7 per cent. In simple terms, the figures show that “NNPC borrowed more through forward-sale arrangements than it repaid during the year.” The company recorded N5.57tn in additional drawdowns, compared with N2.76tn in principal repayments.

However, the additional drawdowns made during the year were significantly higher than the repayments. NNPC recorded N5.57tn in additional drawdowns in 2025, compared with N2.81tn in 2024. The amount therefore rose by N2.76tn, or 98.4 per cent, year-on-year.

The combination of new drawdowns and other movements pushed the outstanding forward-sale obligations higher despite the increase in principal repayments.

The financial statements also showed that the premium attached to the contract liabilities increased sharply to N666.66bn in 2025, from N249.38bn in 2024. That represents an increase of N417.28bn, or 167.3 per cent.

The premium represents an additional amount recognised on the contract liabilities, while the interest payments represent the financing cost settled during the year. That means “the cost attached to the forward-sale liabilities rose far faster than the outstanding obligation themselves.”

A major change in the portfolio was the emergence of Project Leopard, which had no outstanding balance at the beginning of 2024 but ended 2024 with N1.26tn. In 2025, an additional N4.83tn was drawn under the project.

After a principal repayment of N420.81bn, a premium of N340.21bn, an interest payment of N305.49bn and a translation difference of N325.27bn, Project Leopard closed 2025 with a liability of N5.38tn.

The N5.38tn balance represented about 75.7 per cent of NNPC’s entire N7.10tn forward-sale contract liabilities at the end of 2025. Project Panther, another major arrangement, closed 2025 with N929.88bn, compared with N912.91bn in 2024, an increase of N16.97bn, or 1.9 per cent.

The NLNG SPDC arrangement fell from N637.88bn to N609.24bn, a decline of N28.64bn, or 4.5 per cent, while the NLNG TEPNG liability dropped from N435.43bn to N184.82bn, representing a reduction of N250.61bn, or 57.6 per cent.

Project Yield recorded one of the biggest changes. Its liability stood at N1.46tn at the end of 2024 but was fully extinguished by December 2025 after principal repayments of N1.52tn during the year.

The company also transferred N265.73bn from DSDP and other customer-related contract liabilities to trade customers in 2025. This was higher than the N211.46bn transfer recorded in 2024 by N54.28bn, or 25.7 per cent.

Another notable movement was the translation difference, which swung from a positive N1.18tn in 2024 to a negative N394.08bn in 2025. This represents a deterioration of about N1.57tn between the two years.

Overall, the closing contract liabilities increased from N4.98tn in 2024 to N7.10tn in 2025, despite the company making nearly three times as much in principal repayments and substantially increasing its interest payments.

The figures underline the growing financial weight of NNPC’s forward sale arrangements as the national oil company continues to use crude-backed transactions to raise funding and meet its financial obligations.

Unlike conventional short-term trade transactions, forward sale agreements can create significant future delivery obligations because funds or other consideration are received before the underlying crude oil is supplied. The resulting contract liabilities are therefore carried on the company’s books until the obligations are settled through crude deliveries, repayments, transfers or other recognised adjustments.

Recently, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bashir Ojulari, said that the company had adopted a new payment model for refinery rehabilitation, decrying the previous model of paying with crude oil, which he said was causing financial leakages for the company.

Ojulari disclosed this during a media parley, explaining that paying for the refineries’ repair with crude oil did not yield any net positive outcome. According to Ojulari, the company funded every contractor and financial structure itself, yet none of the partners held any stake in the refinery’s actual performance.

He said, “What we have learned from the past rehabilitations of the refineries was multiple, but I’ll remind you again of the two of them that I’ve always talked about. One was that the model we have used before meant that we would incentivise people who work on the refinery, and there was no skin in the game.

“We paid for contractors, we paid for financing, we structured and paid for everything we pay for, right? And then none of those parties that were working with us had a stake in the performance of the refinery after their work. It’s very simple. How do we pay? We pay with our crude.

“Last year we stopped that. Part of the revenue you’ve seen in 2025 was part of the leakages that we stopped. It was money going in that was not bringing net positive outcomes. So by stopping that leakage last year, that revenue, both the crude and the extra money we’re spending has come into what that was pulling together to report.”

by admin — October 13, 2026 in Business 0