The Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, has described the reoperationalisation of the Port Harcourt Refinery and Petrochemical Company as a huge waste of resources, admitting that the national oil company currently lacks the capacity to run refineries profitably.

Nigeria’s oil governance has again come under public scrutiny following President Bola Ahmed Tinubu’s approval of the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company, NNPC, Limited to the Federation Account. According to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, October 2025 Revenue Collection Report, […]

THE African Democratic Congress (ADC) has accused President Bola Ahmed Tinubu of unlawfully approving the cancellation of legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, warning that the decision violates the Constitution and deprives states and local governments of revenue due to them.

In its monthly report released on Wednesday, NNPC Ltd revealed that despite the drop in revenue, profit after tax rose by 12.3 per cent to N502 billion in November, compared with N447 billion recorded in the preceding month.

The NNPC Limited has concluded plans to sell stakes in some of its oil and gas assets and has invited bids from interested parties. The general secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Jerry Amah, confirmed the development to Reuters.