The Nigerian National Petroleum Company Limited recorded zero voluntary resignations among its employees for the second consecutive year, a development the company attributed to staff confidence in its future, career opportunities, job security and the desire to be part of its transformation into a commercially driven energy company.

The disclosure was contained in NNPC Limited’s 2025 Annual Financial Report analysed on Monday, which showed that the company recorded a zero per cent withdrawal-from-service rate across all employee age bands below 60 years in both 2024 and 2025.

The report showed that employees aged 30 years and below, 31–39, 40–44, 45–49, 50–54 and 55–59 all recorded a zero per cent withdrawal-from-service rate in 2025. The same age groups also recorded zero per cent in 2024, indicating that there were no voluntary exits recorded across the categories during the two-year period.

The only 100 per cent rate recorded in the table was for employees aged 60, reflecting retirement at the applicable age rather than voluntary resignation.

Commenting, NNPC’s Chief Corporate Communications Officer, Andy Odeh, said the retention rate was an indication of stability within the organisation and suggested that employees continued to see opportunities for career growth and professional fulfilment in the company.

“If people in an organisation for the whole year don’t exit, it also means that the organisation is stable. The organisation can be trusted and that colleagues see prospects going forward,” Odeh said.

He spoke during an NNPC Limited X Spaces conversation on its 2025 audited financial statements, stating that the company had a pool of highly mobile and ambitious employees who were prepared to support its transition and growth, adding that retention in the energy industry was not determined by salaries alone.

“One of the biggest opportunities the company has had is the fact that you have very strong, highly mobile, in terms of ambition and support for the business, talent within the organisation. But there are a few things that I just want to share with you,” he said.

Odeh said employees in the energy industry also considered job security, opportunities for career development, a safe working environment and a sense of purpose when deciding whether to remain with an organisation.

“When you see opportunity to grow your career, because indeed in the energy industry, for most people it’s not about salary; it’s just about salary. They look for security, they look for opportunities to develop, they look for a safe work environment, and of course they want to work in a place that gives them purpose,” he said.

He said the transformation of NNPC from a corporation into a limited liability company had created a unique opportunity for employees to participate in what could become a significant chapter in the history of Nigeria’s energy industry.

“Where we are as an organisation today, moving from a corporation to a company, the company is at the cusp of history, and anybody who is in the organisation today wants to be part of the huge success,” Odeh said.

“When all of these things come together, people have strong reasons to stay, and I believe that’s why people are staying and wanting to leave,” he added.

Odeh said the company’s challenge was therefore not simply to prevent employees from leaving but to understand and strengthen the factors that made them want to remain.

“Consider that taking retention for granted. The real trick is to get the reasons to stay, rather than the reasons to leave. So where we are now, a lot of people stay and want to stay because they want to be part of history, they want to be part of a career that is clear and prosperous at the end of the day,” he said.

He added that the company’s broader purpose of contributing to the country’s development also provided an incentive for employees to remain with the organisation. “Success at an energy company, building a better country, and making an impact in the world,” he said.

The staff retention data comes as NNPC reported record profitability in its 2025 financial year despite a significant decline in revenue.

The 2025 report further showed that the company’s employee benefit expenses stood at N782.76bn for the Group, compared with N702.39bn in 2024. For the company alone, employee benefit expenses rose to N270.70bn from N219.18bn.

The figures include salaries and wages, staff allowances, staff welfare expenses and other employee benefits.

NNPC Financial Controller, Tajudeen Kareem, said the company’s revenue fell by about 24 per cent in 2025, largely because of lower crude oil prices and structural changes in the downstream petroleum market.

Despite the decline in revenue, profit after tax rose by 33 per cent to N7.2tn, while earnings before interest, taxes, depreciation and amortisation increased by 22 per cent.

Operating cash flow also rose by 16 per cent, while the company declared a dividend of about N5.8tn, representing a 35 per cent increase from the N4.3tn declared in the previous year.

Kareem said the figures demonstrated that NNPC was becoming more profitable despite operating with a smaller revenue base.

“If you look at the 2025 results, it tells a compelling story. It was a year of lower crude prices, and there were significant structural changes in the energy sector due to regulation of the downstream. Despite this, NNPC Limited delivered higher profitability, a record one, stronger cash generation and therefore improved returns to shareholders,” he said.

“Put simply, I think we all agree that NNPC Limited delivered value from a smaller revenue base and that is what we’ll be discussing today,” he added.

Kareem said the lower revenue was mainly caused by the decline in crude oil prices and reduced petroleum product sales following changes in the downstream sector. “Crude oil prices fell about $10 from about $79 or $80 in the 2024 average. We recorded about $69 in 2025,” he said.

He added that NNPC sold about 12 billion fewer litres of petroleum products in 2025 than in 2024, following changes to the company’s participation in the downstream market.

However, he said the lower turnover also reduced production costs and allowed the company to focus more on higher-margin activities.

“This is why the decline in revenue should not be automatically interpreted as deterioration in the business. Because what will happen is that we shifted our focus to higher margins and then we deliver the higher profitability. It is not every naira of revenue that creates the same value,” Kareem said.

The company’s cost of sales ratio improved from 74 per cent to 73 per cent, while general and administrative expenses declined by 28 per cent as part of management’s cost-optimisation measures.

Kareem also said NNPC’s net debt declined by 28 per cent during the year, while stronger cash generation and recovery of receivables improved the company’s financial position.

He said the company’s transformation into a commercially driven organisation had also made financial discipline critical to its survival and growth.

“We are now like fatherless orphans. Before PIA, you could rely on the Federal Government budget, and then, you know, that will probably be something that you can always follow on. But when you move out, and you stand on your own, and there is no somebody to bail you out, right, commercially driven organisation, it is paramount that you ensure that that discipline is not only maintained, but sustained,” Kareem said.

He said NNPC would continue to focus on production growth, asset reliability, cost management and gas development as it works towards its target of producing three million barrels of oil per day by 2030.

The average prices of petrol and diesel have risen by 86 per cent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.

The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.

It puts the increase in the price of petrol at 80.8 per cent from the January 13 base, while diesel recorded a 91.8 per cent rise over the same period. The average increase of the two products is 86.3 per cent, which rounds to 86 per cent.

The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”

According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added

The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.

The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.

The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.

It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”

The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 per cent compared with PMS’s 80.8 per cent increase.

Access Holdings Plc has obtained another extension from the Nigerian Exchange to release its audited financial statements for the first half of 2026, as regulatory approval from the Central Bank of Nigeria remains outstanding.

The financial holding company disclosed the development in a regulatory filing on Friday, 2 October, saying it would publish the accounts as soon as the approval process is completed.

The latest extension comes after an earlier deadline of 30 September expired without the release of the results.

Access Holdings did not disclose a fresh date for publication, but said it would notify the market of any material development concerning the accounts.

The delay means investors will have to wait longer for the group’s audited performance for the six months ended June 2026.

Access Holdings said the additional time granted by the NGX would allow it to complete the remaining regulatory process before publishing the financial statements.

The company said the results are ready to proceed once the required approval is obtained, indicating that the outstanding regulatory clearance remains the key issue preventing their release.

The group reiterated its commitment to meeting its reporting obligations and maintaining communication with shareholders, investors and other stakeholders.

The latest extension is the second delay associated with the H1 2026 audited accounts.

In August, Access Holdings disclosed that the publication could be delayed because of the finalisation of the audit and the need to obtain CBN approval.

NGX subsequently approved an extension to 30 September.

The company’s board had earlier approved the audited interim consolidated and separate financial statements at its 27 August meeting.

Access Holdings reported N272.21bn profit before tax in Q1 2026, representing a 22.19 per cent increase from N222.78bn recorded a year earlier.

Profit after tax rose 18.49 per cent to N216.54bn.

Heirs Energies Limited, an indigenous energy company chaired by billionaire investor and Non-Executive Director, Tony Elumelu, has consolidated its position as a major shareholder in Seplat Energy Plc following a fresh multimillion-pound equity purchase on the London Stock Exchange.

The acquisition highlights growing investor interest and confidence in Nigeria’s energy sector, particularly among domestic institutional investors expanding their footprints across dual-listed entities trading in Lagos and London.

According to an official corporate disclosure released to the Nigerian Exchange Limited and the London Stock Exchange, Heirs Energies Limited acquired 6,000,000 ordinary shares in Seplat Energy Plc on Wednesday, September 30, 2026.

The transaction, executed at a unit price of £8.87 per share, brings the energy firm’s direct holding in Seplat to 27,943,867 ordinary shares.

When combined with the existing holdings of Heirs Holdings Limited, another investment vehicle controlled by Elumelu, entities affiliated with the business mogul now control an aggregate of 126,400,000 ordinary shares. This brings Elumelu’s total combined voting interest to 21.07 per cent of the company’s 599,944,561 issued ordinary shares.

Confirming the mandatory insider transaction details in line with international capital market standards, the Director of Legal and Company Secretary at Seplat Energy Plc stated, “This notification is made in accordance with Rule 17.15(c) Disclosure of Dealings in Issuers’ Shares, Rulebook of The Exchange, 2015 (Issuers’ Rule) and Article 19(3) of the UK Market Abuse Regulations”.

The strategic expansion comes at a pivotal period for Seplat Energy Plc, one of Nigeria’s leading independent oil and gas producers, as indigenous operators increasingly step up to drive energy security and asset optimisation amid ongoing portfolio realignments by international oil companies across the Niger Delta basin. The formal filing was signed on behalf of Seplat Energy Plc by Mrs Edith Onwuchekwa, who served as the duly authorised officer responsible for submitting the regulatory notice.

“Without infrastructure, reserves are potential. They will continue to have potential. With infrastructure, gas becomes productivity and national resilience, especially in the light of the global headwinds that we see.”

Umar maintained that gas infrastructure must facilitate the movement of gas from wellheads to processing plants, pipelines, power stations, industrial clusters, transport corridors and homes, as well as export terminals.

Describing the Federal Government’s Decade of Gas Initiative as “an engine of execution,” he stressed that the NMDPRA is accelerating licences and approvals for processing plants, pipelines, storage facilities, compressed natural gas and liquefied natural gas projects.

The NMDPRA chief also welcomed discussions on floating LNG at the forum, saying Nigeria needed new initiatives as it deepened CNG and LNG penetration. Umar stated that the LNG market had also changed significantly in recent years, with the commodity no longer being associated solely with Nigeria LNG Limited.

“A few years ago, when we say LNG, everybody in Nigeria thought LNG meant NLNG, because that was the only company doing LNG. Today, the case is different,” Umar posited.

He said LNG is now being used domestically, while noting that the authority is working with other companies developing different LNG products.

On the planned open-access regime, Umar said access to pipelines should not be restricted to a few players.

He revealed that the NMDPRA is rebuilding the Nigerian Gas Transportation Network Code to establish clear and consistently applied rules for injecting gas into pipelines and taking it out, including rules relating to shrinkage factors.

According to him, the law provides that a company with a project, even one requiring a connection of only 20 kilometres, should be able to connect to an existing pipeline, with the NMDPRA responsible for ensuring such access.

Umar also disclosed that the regulator had signed a cooperation framework with the Federal Competition and Consumer Protection Commission to address anti-competitive practices in the gas sector.

He emphasised that the framework would tackle price fixing, market sharing, abuse of dominance, capacity hoarding and discriminatory access while protecting investment. The ACE, however, said the regulator would not compel infrastructure owners to surrender capacity that is already fully utilised.

Speaking on investors’ concerns, Umar said, “Markets run on trust, and trust runs on discipline,” identifying credible contracts, transparent tariffs, accurate measurement and enforceable rules as key foundations for investment.

He said investors were particularly concerned about payment, supply reliability and pricing. Umar said the authority is developing measurable conditions for the full transition to a willing-buyer, willing-seller domestic gas market, adding that the transition would be assessed based on supply diversity, infrastructure access, contract performance, payment discipline, reliable market data and credible pricing.

Umar cautioned that the regulator had to balance the need to encourage investment with the affordability of gas, warning that excessive focus on investment could result in prices that consumers could not afford, while excessively low prices could discourage investment.

“Regulators are nothing but referees,” he declared.

The Nigerian equities market closed the final trading session of September on a pronounced bearish note, extending its downward momentum to a second consecutive day as aggressive profit-taking wiped out N894.36bn in total investor wealth across Tuesday and Wednesday.

The selling pressure was initiated on Tuesday when the All-Share Index dropped by 721.91 points or 0.29 per cent to settle at 251,913.20 points, erasing previous gains and shaving N468.63bn off equity valuation.

Downward momentum persisted into Wednesday as the benchmark index slid an additional 0.28 per cent to close at 251,211.67 points, dragging total market capitalisation down from its week-opening level of N163.99tn to N163.10tn, with a N425.73bn drop recorded on the month’s final trading day alone.

Across both sessions, sell-offs in heavyweight blue-chip stocks drove the market contraction, with tier-one lenders and telecommunications majors absorbing heavy pressure.

Tuesday’s broad-based slide was headlined by sharp declines in Sovereign Trust Insurance, Unilever Nigeria, Neimeth International Pharmaceuticals, and BUA Cement, alongside key financial heavyweights like GTCO and Zenith Bank.

While insurance stocks managed to buck Tuesday’s trend to record a slight sectoral gain, the broad market sentiment shifted further into negative territory on Wednesday as the NGX Premium Index dropped 1.02 per cent.

Telecom titan MTN Nigeria Communications fell by 3.01 per cent on Wednesday, alongside tier-one banking giants Access Holdings, United Bank for Africa, and GTCO, while Learn Africa and Thomas Wyatt Nigeria led the decliners’ chart.

Despite the prevailing bearish environment over the two-day period, selective buying interest provided partial relief to the overall index. BUA Cement staged a strong recovery on Wednesday by advancing N9.20 to finish at N297.00 per share, propelling the NGX Industrial Index up by 0.66 per cent after its Tuesday dip.

Consumer goods and growth stocks also recorded slight upticks on Wednesday, supported by maximum daily limit gains in equities like Haldane McCall, NPF Microfinance Bank, LivingTrust Mortgage Bank, Critical Minerals Financing Corp, Cornerstone Insurance, and ABC Transport.

Market turnover remained active throughout the downturn, recording 548.65 million shares traded in 47,203 deals on Tuesday and expanding to 1.035 billion shares across 44,398 deals on Wednesday, heavily driven by high-volume exchanges in VFD Group, UAC of Nigeria, Abbey Mortgage Bank, Chams Holding Company, and GTCO