Geregu Power Plc has reported a profit after tax of N27.25bn for the year ended 31 December 2025, underscoring the power generation company’s ability to sustain earnings growth amid rising operating costs and a challenging macroeconomic environment.

According to its audited financial statements, Geregu Power recorded revenue of N184.94bn in 2025, up from N137.13bn in the previous year, driven by increased power generation and improved capacity utilisation. Cost of sales rose to N110.73bn from N74.40bn, resulting in a gross profit of N74.21bn, compared with N62.73bn in 2024.

Operating profit stood at N48.15bn, up from N42.95bn a year earlier, despite higher administrative expenses and impairment charges. Other income also improved to N1.80bn from a loss of N583.77m recorded in the prior year.

Profit before tax was N41.99bn, marginally higher than N41.27bn in 2024, while income tax expense increased to N14.73bn from N13.84bn

Earnings per share stood at N10.90, slightly below the N10.97 recorded in the previous year.

On the balance sheet, total assets rose to N305.01bn as at 31 December 2025 from N243.47bn in 2024, reflecting growth in trade and other receivables as well as sustained investment in operations.

Total equity increased to N58.63bn from N52.56bn, supported by higher retained earnings.

The company also reduced its non-current liabilities to N32.21bn from N47.53bn, driven by lower borrowings and bond obligations, while current liabilities rose to N214.16bn from N143.37bn.

Nigeria’s aviation regulator said Saturday that a Qatar Airways flight from Lagos to Doha returned to Lagos on Friday as a precaution after the crew detected a technical alert, dismissing reports that described the incident as an emergency.

Qatar Airways flight QR1406 turned back to Murtala Muhammed International Airport on Friday after the cockpit crew identified the issue during the flight. The aircraft landed normally and safely, with all 248 passengers and 12 crew on board, disembarking without incident, the Nigerian Civil Aviation Authority said.

“An air return due to a technical alert that landed normally and safely without incident is standard aviation practice,” said Michael Achimugu, director of public affairs and consumer protection at the NCAA. “There was no incursion, no excursion and no crash landing.”

The regulator said precautionary air returns are a routine part of global aviation safety protocols designed to prioritise passenger safety and allow technical issues to be addressed on the ground.

In a statement issued Saturday, Qatar Airways said the cockpit crew followed established operational procedures and acted in the interest of safety.

“The cockpit crew followed all established safety procedures, and the aircraft landed safely in Lagos,” the airline said. “The safety of our passengers and crew remains our highest priority.”

Qatar Airways said passengers were assisted on arrival and rebooked on the next suitable flights to reach their destinations, apologising for any inconvenience caused.

Aviation and emergency authorities said the coordinated response to the aircraft’s return demonstrated the effectiveness of Nigeria’s aviation safety oversight and emergency preparedness. The NCAA said the incident underscores the professionalism of international carriers operating in Nigeria and reflects safety systems working as designed.

 Seplat Energy Plc has reiterated that oil and gas will continue to play a critical role in Nigeria’s energy mix, while stressing the need for operators to conduct their activities responsibly, efficiently, and sustainably.

This position was articulated by Mr. Okechukwu Mba, Director, Gas & New Energy, Seplat Energy Plc, who represented the Company’s Chief Executive Officer, Mr. Roger Brown, at a high-level climate roundtable organised by the Nigerian Exchange Group (NGX Group) in partnership with DEG, Germany’s development finance institution, and Africa Foresight Group (AFG) in Lagos.

Speaking at the event, Mr. Mba noted that the real issue facing Nigeria’s energy sector is not whether oil and gas should exist, but how operators manage their responsibilities to the environment, society, and the economy.

“Oil and gas will remain an important part of Nigeria’s energy mix for some time to come. The right conversation is not whether oil and gas should exist, but how operators conduct themselves responsibly,” he said.

He emphasised that responsible operations must be driven by concrete actions, including improved efficiency, reduced emissions, and credible offsetting strategies.

At Seplat Energy, Mr. Mba explained, this commitment is already being translated into measurable outcomes. He disclosed that the company had launched a comprehensive programme several years ago to end routine gas flaring across all its onshore operations, adding that by the end of last year, all the projects required to achieve this milestone had been delivered and were currently at the commissioning stage.

“Very soon, we will be able to clearly state that routine flaring has ended in our onshore operations. This is an important milestone that speaks to our stewardship of the environment, while remaining focused on delivering energy to the nation,” he said.

He further highlighted Seplat Energy’s deployment of technology to enhance operational efficiency, including real-time monitoring of emissions across pipelines, valves, plants, and other critical infrastructure, supported by a robust asset integrity programme designed to identify and eliminate emissions.

Beyond operational measures, Mr. Mba said the company is also implementing nature-based solutions to offset emissions. In one of its host communities in Edo State, Seplat Energy has launched an afforestation programme committing to plant millions of trees over a five-year period, with the first phase already completed.

He also pointed to the company’s investments in gas and LPG infrastructure as part of efforts to reduce emissions beyond its direct operations. According to him, expanding access to LPG helps reduce reliance on firewood, charcoal, and other biomass fuels, particularly in communities outside major cities.

Following Seplat Energy’s offshore acquisition, he noted that LPG that was previously exported has now been redirected to the domestic market, significantly improving availability, affordability, and overall market quality.

Mr. Mba also underscored the urgent need for financing to support Nigeria’s energy transition, particularly gas and gas-to-power projects, noting that while only about five gigawatts of electricity currently come from the national grid, a much larger share of power is self-generated through petrol and diesel generators that produce significantly higher emissions.

“If we replace these inefficient power sources with gas-powered energy, we can achieve substantial decarbonisation. But without adequate financing, these projects cannot be implemented, and the benefits will not be realised,” he said.

The event marked the launch of the NGX Net-Zero Programme (N-Zero), an initiative designed to support listed companies in defining net-zero pathways, improving climate-related disclosures, and aligning with global investor expectations. The programme is expected to unlock between $2.5 billion and $3.1 billion in climate-linked capital for Nigerian companies.

Speaking at the launch, Dr. Umaru Kwairanga, Group Chairman of NGX Group, said Africa’s capital markets must take a leading role in driving climate action and sustainable growth, adding that the NGX Net-Zero Programme would help companies move from climate ambition to measurable action.

Also presenting the investment case, Mr. Temi Popoola, Group Managing Director of NGX Group, noted that climate risk has become a critical factor in valuation and capital allocation globally, while Ms. Monika Beck, a member of the Management Board of DEG, said the partnership aligns with DEG’s strategy of mobilising private capital to accelerate climate action while delivering measurable development impact.

The Niger Delta Power Holding Company has urged Nigerians to remain hopeful, assuring that ongoing reforms in the power sector will translate into a more reliable and sustainable electricity supply across the country.

The Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, gave the assurance in her New Year message, where she called for unity and collective resolve in support of President Bola Tinubu’s Renewed Hope Agenda.

Adighije expressed confidence that with sustained commitment and cooperation, Nigerians would begin to experience tangible improvements in electricity supply, noting that efficient power generation remains critical to strengthening the nation’s electricity value chain.

She reaffirmed NDPHC’s dedication to its mandate, stressing that collaboration among key stakeholders was essential to achieving lasting stability in the power sector

“Collective resolve and cooperation across stakeholders—government, the private sector, host communities and citizens—are essential to realise the vision of sustainable power for all.

“This new year, I urge every Nigerian to remain hopeful and united. When we support the President’s vision for a revitalised power sector, we are investing in our shared future. NDPHC is dedicated to efficient power generation, and together with the nation, we will make sustainable electricity a reality,” she said.

Adighije’s message came as the company marked its 20th anniversary, an event that highlighted renewed efforts to reposition NDPHC as a key driver of power generation and stability in Nigeria’s electricity sector.

Speaking at the anniversary celebration, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said recent reforms at NDPHC were restoring confidence in the power sector and giving fresh hope for industrial growth and socio-economic development.

“I was thrilled by Engr Jennifer Adighije’s achievements within the short time she has taken up the leadership of NDPHC. I was particularly pleased that we have a wonderful woman appointed to this office who is performing excellently,” Ekpo said.

The minister stressed that reliable electricity remained fundamental to Nigeria’s development aspirations, linking power supply directly to industrialisation and improved living conditions.

“Without power, there will be no industrialisation, and our homes will not be energised. Listening to her outline the improvements that have taken place in the power sector gives me confidence that Nigeria is heading in the right direction,” he added.

Ekpo also commended the management team of NDPHC and acknowledged the role of the Vice President, Kashim Shettima, who chairs the company’s board, in providing strategic leadership and oversight.

“I appreciate her and her team for the wonderful work they are doing. This commendation also goes to the vice president, who is providing strong leadership at the board level,” he stated.

The comments underscore growing expectations that reforms within NDPHC and the wider power sector will deliver a more dependable electricity supply, boost investor confidence, and support Nigeria’s industrial and economic growth.

The Manufacturers Association of Nigeria and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, have noted that the newly enacted tax laws were designed to help Nigerian businesses recover, regain competitiveness, and expand from the domestic market into regional markets, following years of distortion caused by multiple taxation and policy inconsistencies.

Speaking at MAN’s hybrid stakeholders’ engagement in Lagos titled ‘Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers’, on Thursday, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Oyedele, said the old tax regime had made Nigerian manufacturers uncompetitive even within their own country.

Oyedele noted that the new laws are targeted at restoring competitiveness, starting from the local market. “Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties. What it means is that even in our own market, we are struggling to compete.

“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area,” he said, warning that Nigeria risked losing jobs and investments to neighbouring countries if reforms were not undertaken.

He asserted that the system was “broken”, noting that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.

Oyedele said, “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria. Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally. This was not working for us, and it wasn’t going to work.”

He explained that the reforms were anchored on economic growth rather than punitive taxation, stressing that expanding business output would ultimately yield more revenue for the government. “If the government provides the enabling environment and businesses grow, even at a lower tax rate, the government will make much more money. This is how every country that is doing well has developed,” Oyedele said.

The tax czar added that the reforms also addressed fiscal equity, tax evasion, and policy distortions, including abuses within free trade zones. He said, “Free zones are intended to produce for export, not to sell into the domestic market and compete with companies paying full taxes. That is not a level playing field.” He disclosed that the laws aimed to reduce total taxes and levies across all tiers of government to single digits, building on long-standing complaints by MAN over excessive taxation.

He noted that while some nuisance taxes were embedded in the Constitution, the committee has sent proposals to the National Assembly to remove them as part of ongoing constitutional amendments. Oyedele also said the reforms respected constitutional limits by encouraging states to domesticate harmonised tax laws rather than imposing federal directives, adding that several states had already begun passing aligned legislation.

The President of MAN, Francis Meshioye, urged state governments to fully domesticate and enforce the new tax laws, describing it as being in their own economic interest. “It will provide a new business environment in terms of tax reform and give more confidence in government policy. When businesses do more, governments will earn more from a larger volume of activity rather than higher rates,” he said.

Meshioye added that a supportive tax environment would unlock multiple benefits, including employment generation, higher output and stronger value chains across manufacturing and services. “It is a win-win. The more viable the business environment, the more revenue the government will generate from expanded economic activities,” he said.

Additionally, the Director-General of MAN, Segun Ajayi-Kadir, stated that the success of the reform depended on full alignment by sub-national governments. He said, “We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.”

Ajayi-Kadir said the voluntary domestication of the laws by states signalled progress, adding that the reforms would be meaningless without sub-national buy-in. “Now that states are passing these laws on their own, it bodes well for manufacturers and for the sustainability of the tax reform agenda,” he said.

The Nigerian Employers’ Consultative Association and the Nigeria Social Insurance Trust Fund have intensified efforts to improve workplace safety standards across the country, warning that negligence, poor awareness, and weak safety culture continue to expose Nigerian workers to preventable injuries and deaths.

The renewed push came on Friday in Abuja at a press conference ahead of the NSITF-NECA Safe Workplace Intervention Project 2025 interactive enlightenment fora and award ceremonies.

The PUNCH reports that SWIP is a collaborative occupational health and safety initiative designed to improve workplace safety standards across Nigeria. The project involves auditing corporate workplaces on safety policies, infrastructure, emergency preparedness, and overall compliance with national and international safety best practices.

In 2025, 200 companies and organisations across the country’s six geopolitical zones were audited on their occupational health and safety practices under the initiative. Five ambulances, alongside other safety equipment, would be presented to outstanding performers at an award ceremony.

Speaking at the event, the Director-General of NECA, Adewale-Smatt Oyerinde, said workplace safety remained a life-and-death issue that was often treated with dangerous nonchalance by employers and employees alike.

The DG noted that occupational safety and health had recently been elevated by the International Labour Organisation to a core convention, binding on all member states.

Oyerinde said, “Two years ago, health and safety actually became one of the core conventions of the International Labour Organisation. For those of us who understand conventions, they are the instruments that the ILO works through, international treaties that everybody is bound by, and the core conventions.

“Health and safety are no longer optional. It is now a human rights issue. Labour is not a commodity; there are human beings behind every job. The disposition of the private sector to the issue of health and safety is changing away from what people used to think. And our commitment, the commitment of both organisations, led to the commencement of the Safe Workplace Intervention Project many years ago.”

He stressed that workplace accidents were often irreversible, even when victims survived. He also highlighted that emerging realities such as remote work, artificial intelligence, and home-based accidents would require a rethinking of what constitutes a workplace.

“Of course, there are issues and worries about safety issues in the workplace. But this concern is everywhere. When you get home, maybe do an analysis of your house or even your room, and look at safety compliance, you will be alarmed at how careless you yourself are,” Oyerinde said.

“And we all take that same mindset to the office. You don’t drop carelessness at the entrance of the workplace. From the employer who sees safety investment as a cost, to the employee who asks, ‘Why must I wear a helmet or PPE?’—it’s a big issue.

“When an accident happens, you don’t recover fully. Even if you do, the scars remain. That is why this is not just a compliance issue; it is a life issue,” he added.

According to him, the biggest gaps in compliance were knowledge, awareness, and basic infrastructure, noting that many hazards were often ignored because they appeared harmless.

“I think the biggest gap that exists in compliance is knowledge and awareness. So there are some things you think are not hazardous. Even the chair you sit on matters. If you sit on a bad chair for eight or nine hours daily for over 35 years, the consequences will show after retirement. Awareness is key,” he noted.