The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a strong financial performance in April 2026, with revenue rising by 79 per cent month-on-month to N4.97 trillion, driven by higher crude oil production and improved operational efficiency. According to the company’s April 2026 operational and financial report released on Saturday, revenue increased significantly from N2.77 trillion recorded in March 2026. The report also showed that profit after tax rose sharply to N481 billion in April, compared to N276 billion in the previous month, underscoring the company’s improving financial position. NNPC attributed the improved performance largely to higher crude oil and…
Author: Elvis Eromosele
Honeywell Flour Mills Plc has reported a profit before tax of N21.9 billion for the financial year ended March 31, 2026, despite a decline in revenue, as lower production costs and stronger finance income boosted earnings. The company’s audited financial statements filed with the Nigerian Exchange (NGX) showed that profit before tax rose by 3.3 per cent from N21.2 billion recorded in the previous year. In a move likely to excite shareholders, the Board of Directors recommended a dividend payout of N1.59 billion, representing 20 kobo per ordinary share of 50 kobo each. The company did not declare a dividend…
Peter Obi, Presidential candidate of the Nigerian Democratic Congress (NDC), has pledged to increase Nigeria’s electricity generation and distribution capacity by at least 10,000 megawatts (MW) within four years if elected president in 2027. Obi made the promise on Saturday while accepting the party’s presidential nomination at its convention in Abuja, where he also unveiled a broad reform agenda covering power, healthcare, education, security, agriculture, and governance. The former Anambra State Governor described Nigeria’s chronic power deficit as one of the biggest obstacles to economic growth, industrial development and job creation. “We currently generate and distribute a mere 4,000 megawatts…
Distinguished leaders from business, governance, media, education, faith-based institutions, and civil society have called for a deliberate national commitment to mentorship, leadership development, and intergenerational knowledge transfer as critical pillars for Nigeria’s future. The call was made at the Passing the Torch Initiative, organised in celebration of the 60th birthday of renowned leadership mentor and corporate executive, Idy Enang, whose life and work have been dedicated to developing people, building leaders, and creating opportunities for the next generation. The event, themed “Mentorship as a Catalyst for Nation Building,” featured a keynote address by Pastor Tunde Bakare, remarks by Dr. Vitus…
Nigeria’s petrol prices surged sharply in April 2026, with the average retail price of Premium Motor Spirit (PMS) climbing to N1,532.93 per litre, underscoring the continued impact of deregulation, foreign exchange pressures, and rising distribution costs on consumers and businesses. The latest Petrol Price Watch report released by the National Bureau of Statistics shows that fuel costs recorded significant increases on both a monthly and annual basis, further intensifying inflationary pressures across the economy. According to the report, the average retail price of petrol rose by 18.97 per cent month-on-month, increasing from N1,288.54 per litre in March 2026 to N1,532.93…
The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its mandatory Point of Sale (PoS) terminal geo-fencing framework to August 1, 2026, while significantly increasing the permitted operating radius for terminals from 10 metres to 70 metres. The directive was contained in a circular dated May 29, 2026, and signed by Dr. Rakiya O. Yusuf, Director of the Payments System Supervision Department. The extension provides banks, mobile money operators, payment service providers, switching companies, and other licensed operators additional time to meet compliance requirements and address outstanding technical issues. Under the revised framework, the approved geo-fence radius…
Idorenyen (Idy) Enang, respected business leader, executive coach and mentor, is spearheading the Passing the Torch (PTT) initiative, a powerful platform for mentorship, leadership continuity, and nation building. Developed by Corporate Shepherds Limited, the initiative will take centre stage as Mr Enang commemorates his 60th birthday in a landmark gathering in Lagos, bringing together seasoned executives, emerging professionals, mentees, protégés, thought leaders, family, and friends. At the heart of the PTT initiative is a deliberate commitment to bridging generational gaps by connecting experienced leaders with the next generation of professionals and change-makers. The platform is designed to strengthen mentorship culture, transfer institutional…
Elon Musk has clarified that SpaceX’s high-profile compute agreement with Anthropic is structured as a short-term lease rather than the multi-year commitment widely reported earlier. In a series of posts on X, Musk said the agreement for the use of SpaceX’s Colossus AI infrastructure involves an initial 180-day term, followed by a mutual 90-day cancellation option. “SpaceX has not committed to leasing Colossus for years, although it’s possible that may be what happens,” Musk stated. Earlier reports had suggested the arrangement could run through 2029, with Anthropic reportedly paying about $1.25 billion monthly for access to the massive AI computing…
Microsoft is preparing to launch a new in-house artificial intelligence coding model next week at its annual Build developer conference in San Francisco, according to a report by The Information. The new model is expected to strengthen the capabilities of GitHub Copilot, Microsoft’s AI-powered coding assistant, as competition intensifies in the rapidly evolving AI software development market. The report said Microsoft is also developing additional AI models focused on transcription, reasoning, speech, and image generation as the tech giant accelerates efforts to reduce dependence on long-time partner OpenAI. Reuters reported that Microsoft declined to comment on the development. The move…
Arsenal F.C. has recorded a 23 per cent increase in valuation to €4.9 billion, approximately N7.84 trillion, ahead of the club’s historic Premier League title victory. According to Football Benchmark’s latest ranking of European football club valuations, Arsenal climbed two places to fifth among Europe’s most valuable football clubs. The valuation was based on financial performance from the 2024/2025 season and does not yet reflect the additional commercial and revenue gains expected from the club’s 2025/2026 Premier League triumph. The North London club is also preparing to face Paris Saint-Germain F.C. in the UEFA Champions League final scheduled for Saturday,…