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NNPC Releases 2023 Audited Financial Statement, Posts N3.3trn Net Profit, Declares N2.1trn Dividend

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…Targets 2mbpd Crude Oil Production by December 2024

The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.

In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.

Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.

Explaining that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation.

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Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.

Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.

In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.

On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.

It would be recalled that in 2021, NNPC declared profit in its operations for the first time.  From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.

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₦1.08tn budget for Cooperative College Enugu is another move to defraud Nigerians — Atiku

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Former VP, Atiku Abubakar
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Former Vice President Atiku Abubakar has described the 2026 Appropriation Act as compromised, following revelations that the Federal Cooperative College, Oji River, Enugu State, was allocated ₦1.08 trillion to execute 2,791 capital projects across the 36 states and the Federal Capital Territory FCT.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress ADC presidential candidate commended Tracka for an independent analysis he said exposed one of the most troubling cases of budget distortion under the Tinubu administration.

Atiku said the disclosure undercuts the Presidency’s insistence that painful reforms, higher taxes and heavy borrowing reflect prudent economic management.

“Nothing exposes the hollowness of that claim more than a budget that turns a federal cooperative college into one of Nigeria’s largest project-implementing agencies,” he said.

He argued that the allocation defies logic, public finance principles and the institution’s statutory mandate, questioning how a college established to promote cooperative education became responsible for roads, drainage systems, solar streetlights, markets, football pitches, dialysis centres, ambulances, water schemes, recycling plants, empowerment programmes and thousands of other projects nationwide.

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“Who decided that a cooperative college should become one of Nigeria’s biggest ministries by stealth? Under what law was it transformed into the implementing agency for 2,791 projects? Who nominated these projects, who approved them, who will supervise them, and who will be held accountable?” he asked.

The former Vice President said the revelations undermine the administration’s claim of fiscal discipline, accusing the government of running what he called a medieval financial system.
“In a constitutional democracy, however, the treasury belongs to the Nigerian people, not to the President or his cronies,” he said.

He contended that a government demanding sacrifice from citizens while channeling such a large sum through an institution without the capacity to execute it cannot claim to be managing resources prudently.

“A government that plans to spend ₦1.08 trillion through a cooperative college cannot claim to be fighting waste or promoting fiscal discipline. It looks less like governance and more like a blueprint to defraud Nigerians”, he declared.

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No tension in Nkanu Land, Says Jim Nwobodo; Clears the air on Enugu Estate land dispute

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Elder statesman Jim Nwobodo
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Former governor Jim Nwobodo has dismissed reports of tension in Nkanu land, clarifying issues surrounding the Enugu estate land dispute and urging the public not to be misled by false narratives.

Nwobodo, a former Governor of old Anambra State and Senator that represented Enugu East at the National Assembly between 1999 and 2003, laughed off a report claiming the presence of “uneasy calm” in his Nkanu community  over a land dispute.

The elder statesman and one of the two surviving governors of the 1979-83 set of governors, dismissed the report with a wave of the hand. He described it as part of the orchestrated campaign to smear his name by one Basil Ogbuanu, who is battling a criminal case in court.

Nwobodo, an octogenarian, was reacting to a story published in ThisDay newspapers on Sunday, August 2, 2026, describing how “tension has enveloped Nkanu land in Enugu State as prominent indigenes of the area are sharply divided over the demolition of buildings belonging to a Lagos-based businessman and investor, Dr. Basil Ogbuanu, inside an Estate at the Independent Layout, Enugu.” Nwobodo, who celebrated his 86th birthday in May this year, wondered in which part of Nkanu land such tension existed.

His words: “Anybody talking of tension or uneasy calm in Nkanu, is talking nonsense. That person is a big liar. Nkanu is not somewhere in a cave or some undiscovered place in the earth planet. It is existing as a prominent community in Enugu State. Where is the tension that nobody else has heard of except the one man running from pillar to post in a futile attempt to save himself from the criminal case for which he is now being prosecuted by the police?

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“There is absolutely no tension anywhere in Nkanu land. Nobody from Nkanu has ever intervened or spoken to me about Ogbuanu. I challenge Ogbuanu to mention the name of anybody from Nkanu or elsewhere who has spoken to me about the Ogbuanu. That is because of his troublesome character and disrespect for law and order. This barefaced lie about Nkanu land has shown the character of the so-called Pastor.”

The elder statesman, who maintained that Ogbuanu’s problem was self-inflicted, acknowledged that the issue with him started when he (Ogbuanu), began to unravel after purchasing a piece of land from a choice estate located at Independence Layout in the capital city, by going completely against the terms and agreement.

Explaining some of the details of the transaction and the development that followed, the former governor, who expressed regret over the matter, narrated how Ogbuanu, not only secretly went into the estate, before the paperworks were completed by the Enugu State Government, but also attempted to totally deface the ambience.

He said in a statement issued on Tuesday: “This was supposed to be a small estate with specific plan model of the prototype buildings. It was supposed to be a quiet ambience with few high-class residents. From the outset, I told him that the estate was not ready for physical structures yet and that nobody should start building until everything is ready. But this man used tricks on me to sign his papers on the ground that he needed it as evidence to his bank, who lent him money to purchase the land.

“This man did not only secretly move into the land, but guess what he was building – hostels – student hostels – in an environment that was supposed to be exclusive. This was after we had told him from the beginning that the land title required recertification in order to get a Certificate Of Occupancy because in 1975/76 when the land was gotten, the title then was a building lease. It was in1978 that the Land Use Act introduced the issuance of Certificate Of Occupancy.

“Secondly, because an estate has one global Certificate Of Occupancy, the subdivided plots will be issued with subleases, and that can only be done when the Certificate Of Occupancy that is being processed is finally issued. Thirdly, the format and contents of deed of subleases for an estate is quite different from that of a stand-alone plot, and we had reached out to the Ministry of lands and the Ministry of Housing for a format for estates.

“Fourthly, we had arranged for an architectural and layout designs for the estate that would be submitted for approval to the ministry of lands and the Enugu Capital Territory Development Authority (ECTDA), before any plot would be developed.”

Continuing, the former governor said: “As an elder statesman, I have always insisted on following the due process and getting all the required approvals from the relevant ministries before embarking on any construction. But Ogbuanu had a different plan which manifested with his lawlessness and disregard for authorities. We explained all these to Ogbuanu and to others who bought plots of land in the estate. We also made it clear that we would refund the full purchase price to any buyer who would rather not wait for these processes to be completed.

“Few days after our agreement to wait for the C Of O to be processed, Ogbuanu brought a power of Attorney and Deed which was prepared in the old company name, a company that had sold its interest and its title to the land to a different entity. He was told the futility and implication of having a document in the name of an entity that no longer have title to the land. He was reminded of our agreement to either wait for the recertification process with the ministry of lands to be completed or get his money back.

“Basil Ogbuanu told me and my wife that he borrowed money from a Nigerian bank and that the bank had asked him to bring evidence of what he spent the money on. My wife told him that she does not believe that a bank would lend him money without evidence of his net-worth and evidence of what he wants to spend the money on.”

Nwobodo said that Ogbuanu later called on the phone and said he cried all night “because the banks were chasing him and he had ran to me and my wife as parents to please help by giving him evidence for the banks to set him free.”

According to Senator Nwobodo, “When a pastor cried all night, then something serious must be happening. In my usual magnanimity, we agreed to sign his documents, but warned him to return them for the authentic and legal title documents.

“As soon as Basil Ogbuanu got those documents, he disappeared and his next move was to start building illegal structures in the form of hostels and a church – building mass houses in the form of commercial properties in a high brow, low density location. This was without any form of approvals from, the Estate, Ministry of Lands and Enugu Capital Territory Development Authority. We started receiving calls from other people who purchased plots in the Estate, complaining that Basil Ogbuanu was defacing the estate, and they all threatened to abandon their plots and leave the estate.

“They said they were scared of living with a miscreant in the same enclosed compound, especially in a small Estate. We got worried and reported to appropriate authorities, and unknown to us the Capital Territory Authority had, in the course of their usual checks, seen the illegality committed by Ogbuanu and marked it. Based on the barrage of complaints, the Capital Territory Authority visited the Estate again and marked “Remove” on the illegal structures, and that was when the structures were almost at a foundation stage. Ogbuanu ignored the several warnings from the authorities, and continued with his construction of illegal building, in defiance of all government warnings.

“That is the simple story.”

“Concluding, the elder statesman said: “Did Ogbuanu tell the world that I have been telling him from the beginning to come and take back his money, the full payment and that he has been running away? How come out of all the people that bought land in the estate he is the only one complaining? These are the questions Nigerians should ask him, particularly the media houses he has been running to in his desperate bid to smear my name.

“Whoever knows Basil Ogbuanu should tell him that I’m prepared to give him back his money, even if it is in public. Let him come and collect his money. I regret listening to those who persuaded me to have anything to do with him, because I was warned. But even at that, no amount of blackmail can make him build in that estate, and no amount of campaign of calumny will save him from his self-inflicted criminal ordeal.”

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Police arrest four officers in Imo over viral video of suspect forced into vehicle boot

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The Imo state police command says it has arrested four officers captured in a viral video seemingly manhandling and shoving a young man into the boot of a vehicle.

The incident occurred on Sunday, along Human Race Road in Nekede, Imo state.

In a statement, Henry Okoye, spokesperson of the command, said Audu Bosso, commissioner of police in the state, ordered an immediate investigation to establish the circumstances surrounding the incident.

“Preliminary findings revealed that the four personnel captured in the viral video comprised two police officers attached to the Nekede Divisional Headquarters and two Supernumerary Police Officers,” the statement reads.

“They were conducting an operation at a suspected drug trafficking location along Human Race Road, Nekede, during which two suspects were arrested.

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“Substances suspected to be Cannabis Sativa were recovered from one suspect, who admitted to selling illicit drugs in the area.”

Okoye said the command condemned the officers’ conduct despite the outcome of the operation.

“Notwithstanding the outcome of the operation, the Imo State Police Command unequivocally condemns the unprofessional conduct of the personnel as captured in the viral video,” the statement added.

“The manner in which one of the suspects was arrested and forced into the boot of a vehicle is unacceptable, inhumane, and completely not in conformity with the Standard Operating Procedures, Code of Conduct, and professional ethics of the Nigeria Police Force.”

The police spokesperson said the case has been transferred to the State Criminal Investigation Department (SCID) for a detailed and impartial investigation.

He added that disciplinary procedures had commenced against the officers involved and that the outcome of the investigation would be made public upon completion.

Okoye said the commissioner of police reassured residents of the command’s commitment to combating crime “while ensuring that all policing operations are conducted professionally, lawfully, and with due respect for the rights and dignity of every individual”.

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