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NNPC Consolidates on Gains, Publishes 2020 Audited Financial Statements

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Mele Kyari

 

 

Following up on President Muhammadu Buhari’s recent announcement of the declaration of two hundred and eighty-seven billion Naira (N287bn) Profit After Tax (PAT) in the year 2020 by the Nigerian National Petroleum Corporation (NNPC), the Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website.

 

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

 

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

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Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of N287bn in 2020, for the first time in 44 years.

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The Group Managing Director of the NNPC Mal. Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost-cutting, automation of the system, and renegotiation of contracts downwards by about 30 percent, among other tough measures.

 

Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

 

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

 

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

 

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

 

The full document of the NNPC 2020 AFS is available on the Corporation’s website.

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Internal Crisis Deepens in Jigawa APC as High-Profile Defections Threaten Party Cohesion

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By Yusuf Danjuma Yunusa

The All Progressives Congress (APC) in Jigawa State is grappling with its most significant internal crisis in years, as a wave of defections by prominent political figures threatens to erode the party’s structural integrity and electoral prospects.

The growing discontent is widely attributed to allegations of poor party management and the marginalisation of key stakeholders under Governor Umar Namadi. His leadership style has come under increasing scrutiny from within party ranks, with critics pointing to a breakdown in internal consensus-building.

Political observers trace the roots of the crisis to a strained relationship between Governor Namadi and his political benefactor, former Governor Mohammed Badaru Abubakar, as well as his financial backer, Isa Gerawa. Although both men remain in the APC, sources familiar with the situation report lingering resentment over what they perceive as a systematic exclusion from decision-making processes and party affairs.

This “cold war” at the highest levels of the party hierarchy has created factions and widened fissures across the APC’s political base in Jigawa. Analysts warn that if left unresolved, the discord could severely undermine party unity and weaken its performance in future elections.

The crisis has now manifested in a string of high-profile defections involving former lawmakers, ex-party executives, and grassroots mobilisers.

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Leading the list are former Senators Sabo Nakudu, who represented Jigawa South-West from 2015 to 2023, and Muhammad Ubali Shitu, a longtime political associate of the governor who served in the Senate from 2015 to 2019. Senator Nakudu’s defection is particularly symbolic, as he previously contested the APC governorship ticket against Namadi. His relationship with former Governor Badaru reportedly soured after Badaru backed Namadi during the primaries. Notably, Nakudu and Badaru have since reconciled, united by their mutual opposition to the current governor.

The departure of former party chairmen further underscores the depth of the crisis. Ado Sani Kiri, who chaired the party from 2014 to 2019 and also served as a commissioner and member of the House of Representatives, has left the party, as has Aminu Keskes, who led the party from 2019 to 2023 and previously served as Gumel Local Government chairman and chairman of the Association of Local Governments of Nigeria (ALGON) in the state.

Also among the defectors is Bala Usman Chamo, a former Social Investment Programme coordinator and Dutse Local Government chairman, widely regarded as a key grassroots organiser. Their exit is seen as a major blow to the party’s strength, given their influence across various political blocs in the state.

The crisis has also penetrated the governor’s inner circle, with several political appointees resigning from their positions and quitting the party. Two serving special advisers have stepped down, including one reportedly preparing to contest for a seat in the House of Representatives under the opposition African Democratic Congress (ADC). Additionally, six senior special assistants and two special assistants have resigned, all citing dissatisfaction with the current direction of the party.

One of the most notable exits is that of Zakari Kafin Hausa, a former senior special assistant who played a central role in organising Governor Namadi’s campaign and mobilising the support that led to his emergence as governor. His defection is viewed by insiders as a significant indicator of deepening cracks within the governor’s inner circle.

Perhaps most damaging to the APC’s political machinery is the defection of at least 17 former local government chairmen. These figures are critical to grassroots mobilisation, electoral coordination, and voter outreach. Their exit signals a potential collapse of the party’s local structures, raising serious concerns about the APC’s ability to secure the mandatory 25 percent of votes in the state during future presidential elections.

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Federal Government, Pluck Global Inaugurate ₦8BN Critical Infrastructure at FGC Kano

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Minister of state for education Professor Suwaiba Said Ahmad Delivering her address

 

The Federal Government of Nigeria, in partnership with Pluck Global Company Limited, has inaugurated a landmark ₦8 billion project at the Federal Government College (FGC) Kano.

The initiative covers the development and procurement of 18 new critical infrastructure assets alongside the renovation of 15 existing facilities, marking a transformative step in revitalizing the education sector.

Speaking at the inauguration, the Minister of State for Education, Professor Suwaiba Sai’d Ahmad, described the project as more than just infrastructure, but a “transformation of the education sector.” She emphasized that education remains the bedrock of national development and highlighted the Federal Ministry of Education’s adoption of the Public-Private Partnership Plus (PPPP) model to bridge infrastructural gaps.

“It’s not about infrastructure, it’s about implementation. This project reflects a well-structured approach. For decades, the land of our federal unity colleges has remained undeveloped. This is a positive development for students to have modern facilities for teaching and learning,” she said.

Professor Ahmad further urged students to take ownership of the facilities, utilize them responsibly, and maximize their benefits.

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Permanent Secretary of the Federal Ministry of Education, Alhaji Murtala Alhaji Tanko, reaffirmed the government’s unwavering commitment to revitalizing education. He described the intervention as bold and necessary, noting that federal unity colleges were established to symbolize excellence, national unity, and integration.

“Lack of basic infrastructure has long been a stumbling block. This PPPP project is designed to address infrastructural deficits in our institutions and ensure value for money,” Tanko stated.

Managing Director of Pluck Global, Musaddiq Talle Ado, expressed pride in the company’s involvement, calling it a defining moment.

“We are elated to flag off this project at over ₦8 billion. It is a testament to investor confidence. Our approach is holistic, including a modern academic center, renewable energy solutions, and a robust water system. We are not just delivering world-class infrastructure but sustainable infrastructure,” he said.

He also thanked the Kano State Government for fostering an environment where private partnerships can thrive.

Representing Governor Abba Kabir Yusuf, Abduljabbar M. Umar, Commissioner for Land and Physical Planning, praised the initiative for utilizing previously idle land assets.

“It is a culture globally to maximize unused land. For the first time, FGC Kano’s land assets will be properly utilized. The project managers must ensure effective stakeholder engagement,” Umar remarked.

The ₦8 billion investment is expected to significantly enhance learning conditions at FGC Kano, setting a precedent for similar interventions across Nigeria’s 120 federal unity colleges. By combining government oversight with private sector expertise, the project aims to deliver sustainable, modern infrastructure that supports academic excellence and national integration.

 

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INEC Directs RECs to Suspend Plans on Voter Revalidation Exercise

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has directed all resident electoral commissioners (RECs) to suspend publicity and arrangements for the planned voter revalidation exercise.

On Wednesday, INEC said it would commence a nationwide voter revalidation drive on April 13, 2026, as part of efforts to update the voter register ahead of the 2027 general election.

In a letter signed by Rose Oriaran-Anthony, its secretary, the commission asked all RECs to commence necessary preparations for the exercise, including sourcing of personnel and preparation of INEC voter enrolment devices (IVED).

The letter also listed the timeline for the exercise.

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The timeline shows that the exercise will begin at the LGA level from April 13 to May 2, before moving to the registration area (RA) level from May 5 to May 11, and subsequently to polling units (PUs) from May 13 to May 19.

The commission said its meeting with RECs earlier scheduled to hold physically on Thursday, April 9 at 11:00am will now be conducted virtually via Zoom.

“Further to the notice of meeting dated 3rd April 2026, please be informed that the meeting of the commission with Resident Electoral Commissioners scheduled for Thursday, 9th April 2026 at 11.00am will now hold virtually via Zoom,” the notice reads.

The commission advised RECs to remain in their respective states and await login details, which will be shared once arrangements for the virtual meeting are concluded.

“Consequently, RECs are advised to remain in their states and await the login details which will be shared once the meeting is set up,” INEC said.

The commission added that all publicity and preparations for the voter revalidation exercise should be put on hold pending further directives.

“RECs are also directed to step down all publicity and arrangements for the voter revalidation exercise and await further directives from the commission,” the notice added.

INEC expressed regret over any inconvenience caused by the changes, assuring the commissioners of its consideration.

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