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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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News Analysis: Wike in the Wilderness as Fubara Dines with the APC

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By Yusuf Danjuma Yunusa

On Friday, December 12, 2025, the Rivers State governor, Siminalayi Fubara, was issued the membership card of the ruling All Progressives Congress(APC).

The party’s membership card issuance took place at the Rivers State government house, and it marks the official transitioning of governor Fubara to the fold of the ruling party, APC.

Speaking during the officiating, governor Fubara expressed joy, stating that President Tinubu’s vision will now be shared with the state.

“To everything under the sun, there is a time and season and I am happy today that I formally obtained the membership card of the APC.

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This primarily, is to align our dear state with the ruling party at the centre, with a firm belief in Mr President and the Renewed Hope Agenda to rapidly contribute to the growth, stability and development of Rivers State,” Fubara said.

The sudden and shocking defection of governor Fubara from the PDP to APC has been one of the top trending national discourse recently.

Netizens have proclaimed the “use and dump” tactics on Wike, saying that the presidency no longer see value in him.

Unverified reports have it that the FCT Minister might not make it to the next administration of President Tinubu if he gets re-elected since they’re now with governor Fubara, who commands the leadership of APC in the State now.

Also, rumors have it that Wike tried all he could to sabotage the defection of governor Fubara into the All Progressives Congress, but all to no avail.

Consequently, people have been inquisitive:

1. Will Wike now Join APC in order to wield state supremacy?
2. Will he work for or against the very APC he worked for during 2023 presidential election?
3. If he doesn’t join the APC, will 2027 be the end of his political relevance?

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FG Bans New SS3 Admissions Nationwide to Fight Exam Malpractice

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By Yusuf Danjuma Yunusa

 

The Federal Government has announced a nationwide ban on the admission and transfer of students into Senior Secondary School Three (SS3) in both public and private secondary schools, effective from the 2026/27 academic session.

The directive was disclosed in a statement signed by Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education, as part of efforts to curb examination malpractice and restore credibility to Nigeria’s education system.

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According to the ministry, the decision follows growing concerns over widespread examination malpractices, including the use of so-called special centres during external examinations. Under the new policy, student admissions and transfers will be permitted only into Senior Secondary School One (SS1) and Senior Secondary School Two (SS2).

“Admission or transfer into SS3 will no longer be permitted under any circumstance,” the ministry stated.

Officials explained that the measure is intended to prevent last-minute movement of students for examination advantages, ensure proper academic monitoring, and promote continuity in teaching and learning.

School proprietors, principals, and administrators across the country have been directed to comply strictly with the policy, with the ministry warning that violations will attract sanctions in line with existing education regulations.

The statement reaffirmed the Federal Government’s commitment to upholding academic standards, promoting fairness, and restoring confidence in public examinations nationwide.

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DG National Productivity Centre congratulates Gov. Namadi on award of Doctorate Degree

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The Director General, National Productivity Center, Dr. Baffa Babba Dan Agundi, extends heartfelt congratulations to Governor Malam Umar A. Namadi on being awarded an honorary doctorate degree (Honoris Causa) in Business and Sustainability by the Federal University of Otuoke, Bayelsa State.

In his message to pressmen and media, Babba Dan Agundi described the honor as a well-deserved recognition of Governor Namadi’s exceptional leadership and unwavering commitment to transparent governance, public service reforms, agricultural development and productivity, education, youth empowerment, as well as economic development in Jigawa State and beyond.

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The Director General joins fellow citizens in celebrating this “remarkable milestone” and offers prayers for continued wisdom and success in the Governor’s efforts to drive progress in the state.

“This prestigious recognition reflects your exemplary leadership and commitment to public service, youth empowerment, and economic growth in Jigawa State,” he said.

Dr. Baffa Babba Dan Agundi highlighted that this award is not only a personal achievement for Governor Namadi but also a source of pride for all Jigawa State citizens.

He commended the Federal University of Otuoke for recognizing excellence in public policy and administration, noting that Governor Namadi’s distinction will inspire many in and out of public office to embrace service with integrity and discipline.

 

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