Business
NNPCL Appeals for Understanding Amid Fuel Scarcity and Reports Record Profit
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.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
-
Sport8 hours agoNeymar Tests Positive for COVID-19 and Is Currently Receiving Treatment at Santos
-
Sport8 hours agoRonaldo Talks About His Longtime Friendship and Respect for Lionel Messi
-
Sport8 hours agoMarcelo Says Cristiano Ronaldo Deserves to Win the 2025 Ballon d’Or
-
Sport8 hours agoŞener Warns Galatasaray That Signing Osimhen Could Lead to Financial Trouble
-
News8 hours agoFederal Government Declares Thursday Public Holiday for 2025 Democracy Day