Business
NNPC retail makes N18.4b profit in three months, says Kyari
Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Mele Kyari has said that the NNPC Retails Limited made a profit of N18.4 billion in the first quarter of 2023.
Kyari said the development was due to the acquisition of the OVH Energy in 2022 by the NNPCL.
He disclosed this at the resumed investigative hearing of the Ad-hoc Committee on the acquisition of OVH Energy by NNPCL on yesterday.
He also said that the company now has over 900 fuel stations spread across the country, while controlling about 30 percent of market in the down stream sector of the petroleum industry.
According to him, the organisation did nothing wrong in the acquisition of OVH energy as it was purely a business decision that has began to yield result less than one year after it was done.
He said: “This company came into existence as a result of the passage of the Petroleum Industries Act, which included the creation of a commercial oil company that will work for all.
“You also decided that the shareholders of this company will be the federation, meaning that the overall 200 million Nigerians are shareholders in this company.
“It is part of the law that we should protect national interest in ways to guarantee energy security. It is very clear that there is huge relationship between energy security and national security anywhere in the world. Countries go to war to ensure energy security.
“It is on the basis of this and to discharge our responsibility as proscribed by the law, we do need to have capacity to have control over the down stream sector of the economy.
“We started NNPC Retail Limited in the year 2000 and until the period of acquiring the OVH chain, we were not able to grow organically. We only had 48 stations that we owned and a mirage of companies that are affiliates all over the country, some of which were non-functional fuel stations. They could not serve the purpose because there were dealers who could not pay for the cost of the products and we had locations were we could not guarantee either the quantity or quality of the products sold.
“We failed to grow organically for 23 years. The only way to bridge that gap is to do something strategic and this is very difficult in our industry. You have to acquire other people’s assets if you want to grow to achieve the objective of the PIA and grow this company to the business we want it to be.
“The corporation has been a loss making corporation for many years. With the transformation that came into the company before the PIA and after the PIA, this company is now a net profit company, declaring profit for its shareholders.
“We saw the opportunity to acquire this asset and add to our portfolio so that we can meet the requirements of the law. Right now, we are in control of 30 percent of the market in the down stream by this acquisition. No company will come to the public to announce that but is selling the company except by auction or acquisition.
“Acquisition of companies are always within internal processes of the company and every company has its own internal processes.
“In the case of OVH, they had two options. It is either they go to the exchange and sell 100 per cent equity or do a management buy out.
“This is not new and this what OVH opted for. We had no idea that they were doing this. They got to the point of sale. We saw the opportunity and waited for the deal to be closed and then latched on it and we are proud that we made this acquisition.
“We have nothing to hide, this is a commercial relationship. We did nothing wrong. We know that there are acquisitions that have taken place in this country, far less in scale and value than what we got.
“We have taken this acquisition through all the gamuts of processes and procedures established by the Companies and Allied Matters Act, the PIA and memorandum and article of association. So, there is nothing hidden.
“We have seen it in the media that it was a corrupt acquisition and this is far from the truth. It is painful, but we have agreed. To serve the country and it will come at a cost.”
Speaking on the gains recorded from the acquisition, Kyari said “Five years backward, the NNPC Retails Limited’s highest profit came in 2021 of N6.593 billion. But in the first quarter of 2023, after the acquisition of OVH, we made a profit of N18.4 billion. It is nothing because we have expanded, we have more footprint, have better brand and greater capacity in terms of our market share.
“We were struggling to reach 15 to 20 percent in 23 years. But we are hitting 30 percent of market share in less than one year. This is the dramatic change that has happened to this company as a result of this acquisition. We are proud of this acquisition.”
He disclosed that, “petitioners had earlier written to the Economic and Financial Crimes Commission (EFCC) to establish whether anything wrong took place. They did an investigation into this and it was concluded that we did nothing wrong.”
He also denied speculations that it plans to move its headquarters in Abuja to Lagos.
According to him, 70 percent of the operation of the NNPCL is done around the Lagos area, adding that, “if you move everyone involved in this operation from Lagos to Abuja, it will increase cost geometrically and take you away from your operations.
“What we did was to merge our operations with OVH Limited, move the right people to turn right places and keep the registered head office in Abuja. The biggest market for this operation is in the Lagos area and we did not create this company to lose money.
“That is why we moved some of our staff to those locations because we have assets there. We are proud to say that this acquisition has paid off because we made N18.4 billion profit in one quarter.”
On employment of expatriates in the NNPC retails, he said, “You created a national oil company with international affiliation, a company that must do business with the world. There is no company of our size that does not have expatriate employees. The MD they are talking about, I had to beg him to stay because he had the option of leaving. We are currently recruiting expatriates into areas where we don’t have the expertise.
“Many people will tell you that our country is a war zone and the only way you can dilute this is to show them world that you are a peaceful country and there is no better way than to show that expatriates agree to come and work with you.
“As we speak today, we have combined 320 companies owned dealers operated assets, 619 dealer-owned, dealer operated assets, amounting to about 939 fuel stations different from what you used to know.”
The Chairman of the Committee, Hassan Nalaraba, commended the NNPCL GCEO, Kyari for clearing the air on the petition.
Nalaraba noted that the committee will conduct an oversight visit to the OVH facilities to ascertain what is on ground.
He said much is expected from the GCEO and like the saying goes, “to whom much is given, much is expected.
“Let me talk like the president, I don’t envy you, I don’t envy you at all, you requested for the job and so we expect much from you.”
He said the GCEO could be re-invited for further clarifications because the committee still had a week to submit its report, adding that there was need to have an interface with him in the course of oversight.
Also, in his remarks presented by the House Leader, Prof Julius ihonvbare said the investigation was not aimed at witch-hunting anybody, saying, “there is no way the House will witch hunt an agency of government.”
He said further that, “in the 10th Assembly, there is total commitment to join hands with the executive and other branches of government to reposition and rebuild this country.
“It is not going to be based on conflict, but shared understand and exchange of ideas, mutual respect and the commitment to doing the right thing. There is nothing the NNPC will do that will not attract public interest. This is a very critical one. You may have taken the best decision.”
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
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The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
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