NNPC sets 36-year oil production record at 355,000bpd

NNPC LimitedThe Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has surged by 52 per cent in just two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025, a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1st, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development,” the statement said, stressing that the achievement reflects a “genuine transformation” underway within the company.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as fresh evidence that Nigeria’s energy revival “is not a dream but already happening.”

Ojulari noted that by exceeding its own production benchmarks, NNPC E&P has demonstrated that the essential building blocks needed to scale national output are being firmly established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production, equipment, processes, capabilities, and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPLs’ delivery brings them closer to reality,” he added.

Ojulari said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable, dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, stressing that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation, a core requirement for any modern energy company seeking global relevance,” Ntia said.

According to him, the company’s approach ensures that scaling output does not undermine worker safety, environmental protection or community wellbeing.

Similarly, the Managing Director of NNPC E&P Limited, Nicolas Foucart, said the new production record reflects the broader transformation sweeping through NNPC Limited.

“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today,” Foucart noted.

He added that the gains translate into increased national revenue, stronger energy security and a more resilient economic foundation.

“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication.”

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, goals industry players previously considered optimistic.

NNPC E&P Limited, a wholly-owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a critical driver of this revival. The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

The latest 355,000 bpd performance, the company’s highest since 1989, is a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.

Marketers laud Dangote Sugar packs at Kano fair

Dangote sugarMarketers and participants at the just-concluded Kano International Trade Fair have endorsed the newly unveiled Dangote Sugar packs, describing them as convenient, consumer-friendly, and well-suited for both household use and retailing.

Dangote Sugar said in a statement on Tuesday that it recently introduced new pack sizes, including 100g sachets and 25kg bags, aimed at increasing affordability and market penetration.

“The Dangote new sugar packs will greatly make it more affordable to the average northern population,” a monarch who participated in the Fair, Alhaji Isyaku Umar Tofa, Makaman Bichi, told newsmen on the sidelines of the company’s Special Day, according to the statement.

According to him, the redesigned and reasonably priced packs will enable more households, small retailers, and food vendors to access quality sugar without financial strain, thereby supporting both daily consumption needs and small-scale commercial activities.

Reacting, prominent businessman and Chief Executive of Sambajo General Enterprises Limited, Alhaji Salisu Sambajo, said the 25kg pack is ideal for SMEs, bakeries, restaurants, and distributors who require bulk but affordable quantities, making it easier for them to access quality sugar without high upfront costs.

On the other hand, he said, the 100g pack targets low-income households, retail kiosks, and on-the-go consumers. “Together, these new pack sizes broaden our reach across all consumer segments, improve product visibility in open markets and retail outlets, and ultimately enhance our market share in the North.”

Dangote is one of the major sponsors of the Kano Trade Fair, with the theme: Empowering SMEs for Sustainable Growth. He said the Dangote Group’s continuous investment in critical sectors such as sugar, petroleum, cement, fertilizers, and more has tremendously supported national development and improved livelihoods.

Sambajo urged Dangote to maintain this commitment to quality, innovation, and local empowerment, especially across northern communities. “Alhaji Aliko’s contributions remain invaluable, and we look forward to more breakthroughs that will support Nigeria’s growth and self-reliance,” he said.

He added that the government should continue to create an enabling environment for large-scale industrialists like the Dangote Group. “We need a supportive policy on transportation, taxation, energy supply, and ease of doing business to allow these industries to operate optimally and remain competitive,” he said.

A female trader from Maiduguri, Hajiya Y’agana Babagana, who participated in the Kano International Trade Fair, described the company’s initiative to introduce affordable 100g and 25kg sugar packs as a welcome development for consumers.

“I sell locally made incense, known as turaren wuta, and sugar is an essential ingredient in producing it; you simply cannot make turaren wuta without sugar,” Y’agana explained. She spoke enthusiastically about the new range of Dangote Sugar, adding, “You can see why we flocked to the Dangote pavilion to buy, especially the 25kg pack.”

CBN moves to boost lending for farmers

CBNThe Central Bank of Nigeria hopes to lift agricultural lending above the current level of less than five per cent of banks’ credit, with Governor Olayemi Cardoso declaring that agriculture must receive its “rightful place in our financial system and national priorities.”

Cardoso spoke in Abuja on Tuesday at the inauguration of the newly constituted Board of the Agricultural Credit Guarantee Scheme Fund. He told the audience that the event marked “a defining moment — a bold statement of intent that signals a new dawn for agricultural financing in Nigeria.”

He said agriculture remained the backbone of the economy, contributing more than one-fifth of GDP and employing most Nigerians, yet “it receives only a small fraction of formal credit — less than 5 per cent of banks’ lending goes to the agricultural sector.”

According to him, this chronic underfunding has stifled productivity and expansion for millions of farmers. “It is a reassessment of norms: we will no longer accept business-as-usual,” he said. “Instead, we embrace a future where agriculture is accorded its rightful place.”

Cardoso said the fund, which guarantees up to 75 per cent of the value of agricultural loans, had helped banks lend to farmers for decades, including those considered “unbankable.”

He noted that the scheme had been strengthened following a 2019 amendment that expanded its share capital from N3bn to N50bn and broadened its mandate. He said the reform was designed to deepen inclusivity, adding that the revised Act now provides for a board composed not only of government officials but also of farmers’ representatives.

“Such inclusivity is strategic: it enshrines partnership between policymakers, financiers, and the farming community in guiding the Scheme’s activities,” he said. Cardoso described the sector as standing at the “crossroads of unprecedented opportunity” under the Federal Government’s Renewed Hope agenda.

He said the vision was to build a resilient, technologically advanced, and inclusive agricultural economy that “ensures food security, reduces poverty, and creates wealth for millions of Nigerians.”

According to him, smallholder farmers constitute 80 per cent of Nigeria’s farmers and produce about 90 per cent of food, yet they continue to face high barriers to credit. “Many lack collateral or credit history — a situation we can no longer afford, given that these same smallholders feed our nation and drive our rural economy,” he said.

Also speaking, the chairman of the newly inaugurated board, Dr Olusegun Oshin, said the scheme must focus on the grassroots, where the majority of farmers struggle without credit or storage facilities.

He told the gathering that “those that feed us are those weak, poor farmers very far away in the villages and who don’t have access to credit,” adding that even when they manage to raise funds, “they don’t even store it properly because they don’t have the capacity for storage.”

Congress: ‘Abure faction inviting wrath of the gods’ – Abia LP Chairman, Otti

The Chairman of the Nenadi Usman-led faction of the Labour Party, LP, in Abia State, Emmanuel Otti has accused the factional National Chairman of the party, Julius Abure and his supporters of allegedly violating the April 2025 ruling of the Supreme Court.

He also dismissed the recent congresses conducted by the Abure-led faction as a ‘Kangaroo’ exercise that violated the law.

Otti, who addressed journalists on Monday at the LP State office in Umuahia, said he had last week, secured an order from the Abia State High Court stopping the conduct of the LP Congress nationwide, but expressed dismay that the Abure faction disobeyed the order.

He warned that the action could attract the wrath of the gods.

“Remember that in April this year, there was a Supreme Court judgement and that judgement must be followed to the last.

“So, if you are going contrary to the law of the lands, the gods will hit you. If at all they held any Congress anywhere, it was a Kangaroo exercise”, Otti said.

On the welfare of LP members in Abia, Otti said that Governor Alex Otti did not abandon the LP members as claimed by the members of the opposition party.

He explained that the members of his party who worked for the victory of Governor Otti are well accommodated in the administration and not shut out.

He disclosed that a recent sensitisation and evaluation tour his party carried out in various LGAs of the State confirmed the satisfaction of LP members about the performance of Governor Otti.

The LP Chairman further declared that Governor Otti and the Labour Party would win elections in all parts of Abia in 2027, based on what he called the unprecedented performance of the Governor.

Joining APC will guarantee our failure – NNPP Chair

The national chairman of the New Nigeria Peoples Party (NNPP), Dr Ajuji Ahmed, says the party is fully preparing for the 2027 general elections and is not holding any secret discussions with President Bola Tinubu or the Presidency.

According to him, “I can tell you for free that the national leader of the NNPP is not romancing or making any conversation with either the President or with the Presidency and that is a genuine statement, not a political one.”

Dr Ahmed said the battle for Kano in 2027 will be decided by the people, not by joining any political alliance.

He insisted that the NNPP will succeed based on its strength and plans, not by teaming up with the APC.

“I don’t believe that because we want to be successful, we have to join the APC. We believe that joining the APC will guarantee our failure in Kano,” he told the Nation.

He added that the NNPP aims to grow nationwide and position itself as a strong contender for the presidency in 2027.

Ahmed argued that aside from the APC, the NNPP is the only party with a solid nationwide structure across all states and local governments.

He said the party is open to any aspirant who wants to contest its presidential ticket, and that even though Rabi’u Musa Kwankwaso is influential, “he is not the deciding factor. The deciding factor is the NWC of the party. And he knows that and he will respect that.”

On whether the APC is responsible for crises in opposition parties, he said he does not believe so.

He explained that parties only face interference when they are already weak internally.

According to him, “whatever party is in crisis, it is in crisis due to its own internal contradictions.”

He said if parties like PDP and Labour Party were united, no outside force could break them into three different pieces or two broad pieces.

Looking ahead, Dr Ahmed said the future looks uncertain for the PDP and Labour Party, while the NNPP prefers to work quietly.

In his words, “We prefer to be silent than to be noisy like PDP because they are noisy for all the wrong reasons. And we are silent for all the right reasons.”

He added that when the NNPP finally unveils its plans, its critics will realise he had already warned them. “You will come here again and say to me, you told me so.”

Arik Air funds diverted to NG Eagle, EFCC witness alleges

Arik-AirThe Economic and Financial Crimes Commission on Monday tendered several financial documents before the Special Offences Court sitting in Ikeja, Lagos, alleging that billions of naira and foreign currency loans belonging to Arik Air were diverted and used to establish NG Eagle Airlines.

Investigating officer, Bawa Kaltungo, presented the findings while being led in evidence by prosecution counsel, Dr. Wahab Shittu (SAN).

Former Managing Director of the Asset Management Corporation of Nigeria, Mr. Ahmed Kuru, is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.

Kaltungo told Justice Mojisola Dada that Arik’s account officer documented the transfer of N1.9bn and N4.9bn from Arik Air for activities unrelated to its operations, including costs attributed to NG Eagle

He further stated that NG Eagle’s expenses, including staff salaries and quarterly financial obligations, were paid from Arik’s accounts.

He tendered several documents, including correspondence, internal memos, restructuring records, notices of assignment, and payment instructions, which he said formed part of the EFCC’s findings.

A 2010 document allegedly signed by Arik’s CEO showed a payment of N100m, while another indicated that Arik serviced foreign loans totaling $114,784,000 from export credit agencies.

According to Kaltungo, Arik executed quarterly repayments on these loans through authorised transfers.

The witness also highlighted evidence showing Union Bank’s restructuring of Arik’s debt in 2010 and 2011, including a November 2010 approval and a December 2010 update.

He tendered a 2015 general indemnity valued at over N46 bn, which guaranteed the bank’s exposure.

Kaltungo read part of a 2011 letter where Arik questioned Union Bank over the alleged sale of its loans to AMCON, noting that the airline received no formal notice and sought clarity on its agreements with foreign credit agencies.

Another document, a February 2011 Notice of Assignment, indicated third-party involvement in the transactions.

He cited several letters from 2010 and 2011 authorising transfers involving Arik’s safety accounts, operating accounts, loan commitments and maintenance payments, including a  $4.6m transfer acknowledged by both Arik and Union Bank.

One June 2010 letter showed Arik’s chairman expressing appreciation to Union Bank for its support and listing achievements of the partnership.

Kaltungo also described correspondence between AMCON and Union Bank, adding that Arik was not informed about the loan sale.

He noted irregularities in figures supplied, saying,“What Union Bank sold is N71 bn, but I am seeing N34bn; the figure does not reflect what Union Bank sold to AMCON.”

He read a January 21, 2011 letter from Arik to former President Goodluck Jonathan seeking government intervention.

The EFCC investigator further revealed that Arik Air leased crew members to Ibom Air and received payments, but said the money was not accounted for under the receivership managed by the first defendant.

Evidence of transfers from Ibom Air’s Zenith Bank account supported the claim.

Kaltungo added that a certificate of identification, along with Arik’s 2015 and 2016 annual statements, showed that the airline was not under receivership at that time, contrary to reported claims.

He said receivership commenced on February 17, 2017, yet signatures attributed to receivership appeared on documents from 2015 and 2016, signed by the first and second defendants who were not Arik staff.

He tendered a board resolution showing that an Arik Air aircraft engine was leased back to Arik, with defendants directing that payments should go into AMCON remittal account.

The agreement required: $70,000 monthly basic rent, payable in advance; $340 per flight hour; and $200 per completed engine cycle.

The agreement was signed by a director of Super Bravo Limited.

The matter was adjourned  till January 2 and 3, 2026, for continuation of trial.

PalmPay unveils digital tasks, prizes in December

PalmpayPalmPay, one of Nigeria’s fastest-growing fintech platforms, has announced the beginning of Purple December, its annual month-long digital activation created to celebrate, appreciate, and reward its vibrant community of users during the festive season and end-of-year period.

Running from December 1 to December 26, Purple December is a social media-led campaign that invites PalmPay users to participate in simple weekly online tasks for a chance to win exciting prizes, including smartphones, earbuds, airtime/data coupons, and branded gift items. Four winners will emerge each week as tasks go live across PalmPay’s social media channels, according to a statement on Monday.

Speaking on the campaign, the Head, Marketing and Communications at PalmPay, Olorunfemi Hanson, said the campaign builds on the brand’s tradition of rewarding loyalty while amplifying the real stories of Nigerians who rely on the platform for everyday financial transactions.

“Purple December is our way of saying thank you to the millions of people who trust PalmPay to power their daily payments. This year, the campaign is entirely digital, designed to meet our users where they already are on social media, online communities, and the spaces where they share, celebrate, and connect,” he commented. “We want to close the year by spotlighting the voices, stories, and memorable moments that shaped 2025 for our users.”

According to him, throughout the month, participants will engage with tasks that showcase PalmPay’s impact, from its CSR initiatives to the financial convenience it provides, to its international recognitions, and the personal experiences users have shared over the course of the year. The campaign culminates in a Christmas-themed challenge where users create and submit short videos using the hashtag #PalmPayPurpleDecember. The top-engaging videos will win major prizes, including an iPhone.

Hanson added that the initiative reinforces PalmPay’s commitment to a community-driven digital ecosystem:

“Every year, Nigerians tell us how we help them save more, spend smarter, or support their hustle. Purple December gives us a chance to celebrate those stories publicly. It is fun, it is inclusive, and it reflects the heart of who we are as a brand that not only cares and listens, but also engages and rewards customers for their loyalty.”

Purple December is now live across PalmPay’s digital platforms, including Facebook, Instagram, TikTok, X (Twitter), YouTube, and LinkedIn. PalmPay encourages all users to join the celebration, follow the weekly prompts, and participate for a chance to win.

For more information, visit PalmPay’s official social media pages and download the PalmPay app.

Benin coup: Tinubu acted in Nigeria’s interest by deploying military to stop insurrection – Governors

The Nigeria Governors’ Forum (NGF) says President Bola Tinubu acted in Nigeria’s best security interest when he deployed military assets to stop and reverse the coup attempt in Benin Republic.

In a statement on Monday, NGF Chairman and Kwara State Governor AbdulRahman AbdulRazaq said Nigeria would have faced serious security problems if the coup had succeeded.

He explained that militants and other hostile groups in the Sahel could have used the situation to further destabilise Benin.

“Apart from admirably acting in support of democracy in the subregion, the President acted in the best interest of our country and West Africa with the intervention. With the Sahel in disarray and dire security conditions, and a significant portion of Benin, especially the W-forest, already infested by the militants, a successful coup would have had devastating effects on our own country due to our proximity to Benin Republic which shares border with many of our states,” the statement said.

The Forum praised the President and the Nigerian military for acting on time and helping restore stability and constitutional rule in Benin.

“It is our position that democracy, whatever its challenges, remains the best form of government for regional peace, stability, and development,” the Forum said.

“Subsuing the coup on the invitation of Benin Republic is a big plus for the collective security efforts by ECOWAS in the region and for Nigeria in particular. For instance, security threats on Porto Novo, Cotonou, or Parakou constitute grave security risk to Nigeria, and the President’s firm action is an effective check to this.”

EFCC seals Bayelsa ex-Gov Sylva’s Abuja house over alleged fraud

Special Assistant to former Minister of Petroleum, Timipre Sylva, Julius Bokoru, has condemned the sealing of his principal’s Maitama residence in Abuja by the Economic and Financial Crimes Commission, EFCC.

Bokoru expressed his displeasure in a statement issued on Monday, titled “A grave breach of decency: EFCC’s attempted raid and defacement of Sylva’s family home.”

DAILY POST recalls that in November, the EFCC declared the former Bayelsa governor wanted over an alleged $14.8m fraud.

Earlier, agents of the military intelligence stormed his Abuja home, arresting his brother and driver over his alleged link to an alleged failed coup attempt.

The media aide had criticised the anti-graft agency for failing to invite the former minister before launching a manhunt for him.

Similarly, Sylva wrote to the EFCC last week, seeking a mutually agreed date to honour its invitation.

Bokoru said the latest action by the commission was undertaken without a single letter, without a subpoena, without a warrant, without notification, and without even the most basic adherence to lawful process.

“No courtesy. No procedure. No humanity. It is behaviour unbecoming of any institution that claims to act in the national interest.

“What unfolded today at the Maitama residence of His Excellency, Chief Timipre Sylva, was nothing short of an affront to decency and a troubling assault on the very principles that underpin a civilised society,” the statement read in part.

Sanwo-Olu woos investors as Lagos tops ease of doing business ranking

 

Lagos State Governor, Babajide Sanwo-Olu, has urged both local and international investors to seize emerging opportunities in the state, citing Lagos’ rising ranking in ease of doing business and major improvements in its investment landscape.

According to a post cited on Lagos State’s X account on Tuesday, Sanwo-Olu made the call during the inauguration of TY Logistics Park, FZE, an ultra-modern warehousing and trade complex located in Alaro City, within the Lekki Free Zone.

The project, developed by TY Holdings, he said represents a significant addition to Nigeria’s logistics and supply chain infrastructure.

The governor said, “Lagos recently clinched the top position in Nigeria’s latest Subnational Ease of Doing Business report released by the Presidential Enabling Business Environment Council (PEBEC), scoring 85.6 per cent and emerging as the country’s best-performing investment destination.

“The new ranking reflects Lagos’ consistent reforms, infrastructure upgrades and deliberate policies designed to make the state the most attractive market for enterprise and innovation.”

Inaugurating the 29,000-square-metre logistics facility alongside Taraba State Governor, Agbu Kefas, Sanwo-Olu praised TY Holdings for its sustained confidence in Lagos and described the development as “a landmark investment that strengthens Lagos’ economic narrative.”

According to him, the project reinforces Alaro City’s transformation into a preferred industrial hub in sub-Saharan Africa, aligning with Lagos’ broader economic agenda to modernise logistics, attract foreign investment and drive sustainable growth.

Sanwo-Olu also highlighted ongoing efforts to improve mobility and trade efficiency within the Lekki corridor, including plans for a dedicated road linking Lekki Port, Dangote Refinery and Alaro City to reduce pressure on the Lekki-Epe Expressway.

He added that Lagos is currently constructing what will become the largest food logistics hub in West Africa.

In his remarks, Kefas commended the initiative and expressed pride in Taraba State’s participation, noting that the project strengthens inter-state economic cooperation, especially in the movement of agricultural produce from Taraba to Lagos processing hubs and markets.