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Accountability Centre Lauds NNPC’s N5.4trn Profit, Says Ojulari Has Set New Benchmark for Public Sector Performance

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A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR), has commended the Nigerian National Petroleum Company (NNPC) Limited for declaring a Profit After Tax of N5.4 trillion for the 2024 financial year.

The Centre described the performance as “an unmistakable affirmation that Nigeria’s oil industry is finally responding to disciplined management and modern commercial reforms”.

In a statement issued on Friday in Abuja and signed by CEAR’s Executive Director, Dr. Ibrahim Ahmed, the centre said the latest results released by GCEO Bayo Ojulari represent the strongest demonstration yet that the company’s drive toward operational efficiency, transparency and investment expansion is yielding measurable outcomes.

NNPC recently announced the 2024 Profit After Tax during a briefing in Abuja, confirming a 64 percent year-on-year jump from the N3.297 trillion recorded in 2023. Revenue also rose sharply to N45.1 trillion, reflecting an 88 percent surge, supported by higher production volumes and strengthened downstream reforms.

CEAR said the results validate the company’s transformation since it became a limited liability company, crediting Ojulari’s leadership for stabilising operations, tightening cost structures and restoring investor confidence at a time when global capital is increasingly sensitive to governance standards.

“This profit performance is not accidental. It reflects a deliberate, disciplined shift in how NNPC Limited is run—one that prioritises efficiency, transparency and commercial viability. Under Bayo Ojulari’s watch, the company has shown that a national oil company can be profitable, globally competitive and strategically aligned with national development goals,” the statement reads.

The Centre said the ongoing reforms across the upstream, midstream and downstream sectors are beginning to correct years of inefficiency, vandalism, under-investment and regulatory conflict.

Ahmed noted that the financial results align with the Renewed Hope Agenda of President Bola Tinubu, particularly the push for fiscal sustainability and improved sectoral governance.

While acknowledging the decline in foreign exchange earnings reported in the 2024 statement, the Centre said the shortfall underscores the need for sustained reforms to boost production, expand gas output and deepen value-addition rather than crude export dependency.

“The path to long-term stability must be investment-led and production-driven. NNPC Limited’s plan to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030 is the type of ambition the sector requires. Likewise, the move to scale gas production to 12 billion standard cubic feet per day by 2030 shows strategic foresight,” the statement added.

CEAR also praised the company’s plan to mobilise $60 billion in new investments across the value chain, saying such an expansion will be critical for job creation, revenue growth and anchoring Nigeria’s energy transition.

“With this performance, NNPC Limited has sent a clear message that Nigeria’s energy sector can work, and work profitably, when guided by clear vision and competent management,” Ahmed said.

The Centre urged regulators, industry players and political actors to avoid distractions and continue supporting the reforms that are restoring credibility to Nigeria’s petroleum value chain.

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Pumpkin Property Introduces Nigeria’s First Starlink-Powered Housing Initiative

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Pumpkin Property, a fast-growing real estate development firm committed to creating modern, affordable, and sustainable housing solutions across Nigeria, has announced a groundbreaking initiative that integrates high-speed satellite internet into its housing projects, redefining modern living standards in the country.

Under this initiative, homebuyers in selected Pumpkin Property estates will receive Starlink hardware, professional installation, and three months of complimentary high-speed internet subscription upon purchasing a home.

The initiative will initially be available in Prime Living Estate and Prime View Estate located within Millennium City, Kaduna, as well as Pumpkin Homes located in Karsana, Abuja.

Pumpkin Property focuses on developing well-planned residential communities supported by essential infrastructure—including road networks, drainage systems, street lighting, and modern utilities—while embracing innovative technology that enhances residents’ quality of life.

To support the rollout of this initiative, Pumpkin Property has entered into a collaboration agreement with Konga Online Nigeria Limited for the supply, installation, and technical support of Starlink hardware and related connectivity products across Pumpkin housing projects and real estate developments in Nigeria.

In addition, Pumpkin Property has partnered with TD Africa, an authorized distributor of Starlink solutions in Africa. Through this partnership, Pumpkin Property will have direct access to the latest Starlink hardware, including Starlink kits and accessories, ensuring reliable deployment within its estates.

Starlink, the satellite internet constellation developed by SpaceX, delivers high-speed broadband connectivity through a network of low-Earth orbit satellites. The technology expands access to reliable internet in regions where traditional fibre or terrestrial infrastructure remains limited. As Elon Musk explained:

“Starlink is designed to provide high-speed, low-latency broadband internet to places where access has been unreliable, expensive, or completely unavailable.”

Speaking on the initiative, the CEO of Pumpkin Holdings Limited, Mr Oladeji Bamidele, emphasized the growing importance of digital infrastructure in modern housing developments.

“Connectivity has become as essential as electricity and water in modern communities. By integrating Starlink technology into our housing developments, we are ensuring that our homeowners enjoy reliable high-speed internet from the moment they move in. This initiative reflects our commitment to building future-ready communities across Nigeria.”

By integrating satellite connectivity into its housing projects, Pumpkin Property is positioning itself at the forefront of technology-enabled real estate development in Nigeria, setting a new benchmark for smart living communities.

Prospective homeowners and investors interested in the Starlink-powered homes at Prime Living Estate and Prime View Estate in Millennium City, Kaduna, and Pumpkin Homes in Karsana, Abuja, are encouraged to contact Pumpkin Property for further information on availability and purchase options.

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Safety First: Transcorp Hilton Abuja Stages Fire Drill

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Transcorp Hilton Abuja has conducted its first-quarter unannounced fire drill simulation as part of efforts to strengthen safety measures and emergency preparedness within the facility.

The exercise, which took place on 19th February 2026, was carried out in collaboration with the Federal Fire Service. The simulation forms part of the hotel’s structured safety programme aimed at ensuring a high level of emergency readiness and effective coordination with relevant authorities.

Management of the hotel said the initiative underscores its unwavering commitment to the safety and well-being of guests and team members.

“We successfully carried out our Q1 unannounced fire drill simulation with the support of the Nigeria Fire Service. This exercise forms part of our structured safety programme, designed to ensure a high level of emergency preparedness and effective coordination with relevant authorities,” the management stated.

The drill comes shortly after the hotel hosted its Valentine’s Day weekend promotion across its rooms and restaurants. The celebration, characterised by romance, entertainment and vibrant experiences, was warmly received by guests.

As preparations begin for the Holy Month of Ramadan, the management reassured guests of a safe, serene and memorable stay.

“We appreciate the understanding of our guests and apologise for any inconvenience the exercise may have caused,” the management added.

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NIA trains underwriters on NIIRA 2025, container insurance

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The Nigerian Insurers Association (NIA) has commenced a two-day training workshop for underwriters on the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

According to a statement from NIA, the training is focused on Sections 75 and 76, as well as the Compulsory Container Insurance scheme.

The workshop, which began on Thursday, is scheduled to end on Friday.

The News Agency of Nigeria (NAN) reports that no fewer than 40 underwriters involved in container insurance, were participating in the training held at the Insurers House, Victoria Island, Lagos.

At the opening of the workshop, Director-General of the NIA, Mrs Bola Odukale, said that insurance remained a critical pillar of national development and economic stability.

Odukale noted that a well-regulated and legally backed insurance industry, was essential for economic growth, investor confidence and the protection of the public.

She urged participants to engage actively in the sessions, adding that the training would strengthen professional capacity and improve effective implementation of compulsory insurance provisions for the overall benefit of the economy.

NAN reports that facilitators at the workshop include: Mrs Margaret Ogbonnah, Director at the Nigerian Shippers’ Council; Mr Soji Oni, Controller 1, Technical, NIA, Mr Owolabi Longe, Chief Executive Officer of Ironlink Communications, among others. 

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