Business

NNPC Remits N69bn To Federation Account …Raises Refineries’ Crude Supply To 650,000bpd

Published

10 years ago

May 9, 2016

L-R: Minister of Power, Works and Housing , Babatunde Fashola; Gov. Atiku Bagudu of Kebbi State and Vice President Yemi Osinbajo, during a courtesy visit by Rice Farmers Association of Nigeria to the Vice President at Presidential Villa in Abuja last week Wednesday.

The Nigerian National Petroleum Corporation (NNPC) has paid the sum of N69.544 billion into the Federation Account in March.
This is contained in the corporation’s monthly financial report for March released in Abuja, at the weekend.
It said that amount had brought the total amount paid to the Federation Account for Domestic Crude Oil and Gas and other receipts from April 2015 to March 2016 to N1.118 trillion.
It added that NNPC also recorded N107.826 billion revenue in the month of March against N104.804billion in February.
It said that the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month.
According to the report, the corporation also made a loss of N18.89 billion in the month under review. It said the loss was an improvement from a deficit of N24.23 billion recorded in February.
A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.
It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.
“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,’’ it added.
The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut–in occasioned by vandalism of Forcados Export Line.
This, it said resulted to the loss of its entire revenue from crude oil sales of about ¦ 20 billion.
The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion, while the associated crude plus freight cost was N20.02 billion.
It said that this gave negative margin of N3.95 billion after considering overhead of N6.87 billion.
The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.
“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion”.
The NNPC recorded total export proceeds of $170.12million in the month under review with crude oil export accounting for $98.31 million, while gas export accounted for $71.81 million.
On dollar payments to Joint Venture Cash Call, it said total export proceeds of $141.87 million were recorded in March, 2016 consisting of crude oil receipt of $88.36 million.
It added that Liquefied Petroleum Gas (LPG) and Escravos Gas to Liquid (EGTL) recorded proceed of $1.52 million and Miscellaneous receipts amounting to $51.99 million.
“The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016.
“Hence, all un-lifted February and March cargoes were deferred until the repair is completed,” the report added.
Meanwhile, the Federal Government has increased the amount of crude oil being supplied to the nation’s refineries from 445,000 barrels per day to 650,000bpd.
This, however, was despite the fact that the refineries had yet to start operating at their various optimum capacities. The facilities commenced the production of petroleum products recently but not at full capacity.
The refineries are Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company. They are managed and run by the Nigerian National Petroleum Corporation.
The NNPC, in its latest financial and operations report for March 2016, stated that the country’s refineries now get additional 205,000bpd of crude.
Before now, the facilities get a combined volume of 445,000bpd of crude. But in the corporation’s latest report, the government gave them 650,000bpd.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

3 hours ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

4 hours ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

3 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi