Business

NNPCL Appeals for Understanding Amid Fuel Scarcity and Reports Record Profit

Published

2 years ago

August 19, 2024

The Nigerian National Petroleum Company Limited (NNPCL) has issued a plea to the public for patience as it grapples with ongoing fuel shortages across major cities, including Lagos and Abuja.

Olufemi Soneye, the company spokesperson, appealed in a statement released on Monday. He highlighted that NNPCL had achieved a substantial financial milestone, reporting a profit of ₦3.3 trillion for the fiscal year 2023, according to its recently published audit financial statement. Dapo Segun, the Executive Vice President of Downstream Operations at NNPCL, addressed concerns related to fuel scarcity.

He explained that the company is actively collaborating with key stakeholders to resolve challenges related to fuel distribution and evacuation logistics, which are contributing to the current shortages.

The NNPCL’s 2023 financial results reveal a significant increase in profit, marking a rise of over ₦700 billion or 28 percent compared to the previous year’s profit of ₦2.548 trillion. This substantial profit growth underscores the company’s financial strength, even as it works to address the operational issues impacting fuel availability.

The firm’s statement aims to reassure the public and emphasize its commitment to resolving the logistical challenges affecting fuel distribution, while also showcasing its robust financial performance.

Business

MTN Advances IHS Holding Acquisition Following Shareholder Approval

Published

6 days ago

August 5, 2026

Ese Ohwofa

MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.

The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.

If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.

The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.

Business

Nigeria’s Top Cement Makers Generate ₦3.2 Trillion in Six Months

Published

7 days ago

August 5, 2026

Ese Ohwofa

Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.

The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.

Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.

Business

OPay Introduces New Security Features for Customers

Published

1 month ago

June 29, 2026

Ese Ohwofa

Nigerian fintech company OPay has introduced new security features to improve the safety of its application.

The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.

The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.

The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.