Economy
NNPC Ltd Recorded N1trn Profit In 8 Months But Remitted Zero Dividend To Federation Account
NNPC Ltd Recorded N1trn Profit In 8 Months But Remitted Zero Dividend To Federation Account
NNPC Ltd recorded N1trn profit in 8 months but remitted zero dividend to federation account. The Nigerian National Petroleum Company (NNPC) Limited got N1.06 trillion from production sharing contract (PSC) profit oil between January and August 2025, according to the firm’s Federation Account Allocation Committee (FAAC) report.
The FAAC report showed that the NNPC did not remit any dividend to the federation account during the period — despite a projected N2.16 trillion remittance for the eight-month period.
The PSC is an agreement between the NNPC (on behalf of the government) and oil companies that sets out how extracted resources are shared.
Under the arrangement, “profit oil” refers to what remains after deducting “cost oil” — the portion of output used to cover operating expenses — and is then split between the parties and the government.
According to the NNPC August 2025 FAAC report, the PSC profit oil of N1.06 trillion was lower than the expected amount of N1.57 trillion.
NNPC RECORDED HIGHEST EARNINGS IN AUGUST
The document showed that the NNPC’s monthly earnings from PSC profit oil fluctuated within the period, with the highest in August and the lowest in June.
In January, February, and March, the national oil company got N105.91 billion, N127.66 billion, and N204.96 billion from PSC profit oil, respectively.
The oil firm earned N121.93 billion in April, N129.39 billion in May, N22.77 billion in June, N84.48 billion in July, and N263.12 billion in August.
The FAAC report also showed that the oil company distributed the PSC profits across three major categories: the NNPC management fee (30 percent), frontier exploration funds (30 percent), and the federation share (40 percent).
The frontier funds are used for the promotion of exploration and development of oil and gas resources in all the frontier basins of Nigeria, while the NNPC management fee is retained by the company.
In the considered period, the report said the NNPC retained N318.05 billion as management fee, remitting N318.05 billion to the frontier exploration fund and N424.07 billion to the federation.

NNPC Ltd Recorded N1trn Profit In 8 Months
But the “calendarised interim dividend” line was left blank.
Speaking on the earnings in a post on X on Friday, Agora Policy, an Abuja-based think tank, said the oil firm’s year-to-date figures show that NNPC met 15 percent of its revenue target to the federation, while delivering 67 percent of the federation’s share of profit oil.
“NNPCL has not paid any calendarised interim dividend in 2025, which in 8 months should amount to N2.17t,” Agora Policy said.
The think tank said dividends (from 80 percent of NNPC’s profit) replaced revenue from the federation’s equity oil, which used to be the highest revenue source from the sector.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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