News
NNPC Records N1trn Profit, But Zero Dividend For Federation Account In Eight Months
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.
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.
🚨NNPCL and August 2025 FAAC Data
N263.13b came from PSC profit oil in August 2025, out of which:
Federation received N105.25b or 40%
NNPCL got N78.94b or 30% as management fee
Another N78.94b or 30% was retained for Frontier Exploration Fund
NNPCL paid zero dividend pic.twitter.com/cgDa6XUnoD
— Agora Policy (@AgoraPolicy) September 19, 2025
News
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
News
Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
News
Maureen Badejo To Appear Before Federal High Court Tomorrow On Defamation, Cybercrime Charges
Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.
The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.
According to the charge sheet, the prosecution alleges that:
Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.
She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.
She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.
Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.
Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.
The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.
Statement from Maureen Badejo
Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.
“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.
However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.
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