Business
10 Major Ways Mele Kyari Has Soared NNPCL Operations Since Tinubu Came To Power Sola Onamodu
10 Major Ways Mele Kyari Has Soared NNPCL Operations Since Tinubu Came To Power
Sola Onamodu
Since President Bola Tinubu assumed office in May 2023, Mele Kyari, as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has spearheaded several initiatives that have significantly enhanced the company’s operations.
Under his leadership, NNPCL settled a longstanding $2.4 billion debt owed to international oil companies (IOCs), a move that strengthened its financial stability and positioned it as a debt-free entity.
This achievement was further complemented by a record-breaking profit of N3.29 trillion in 2023, marking a major turnaround from previous loss positions.
Kyari’s leadership has also seen the long-awaited rehabilitation of the Port Harcourt and Warri refineries, which resumed operations in November and December 2024 after two decades of inactivity. Kaduna is expected to come on stream this 2025.
This milestone is expected to reduce Nigeria’s dependence on imported petroleum products.
In another strategic move, NNPCL, in partnership with NIPCO Gas Limited, launched an ambitious project to develop 35 state-of-the-art Compressed Natural Gas (CNG) stations across the country.
This initiative is aimed at providing a cheaper and cleaner fuel alternative, with the capacity to serve over 200,000 vehicles daily.
The Ajaokuta-Kaduna-Kano (AKK) gas pipeline project has also received significant attention, with Kyari playing a key role in advancing its development. Other gas projects like the OB3 are being commissioned.
The AKK pipeline is designed to transport about 2.2 billion cubic feet of gas per day, a major step toward strengthening Nigeria’s gas infrastructure.
Transparency and accountability have remained a priority under Kyari’s leadership, with NNPCL consistently publishing its audited financial statements, setting a new standard for public accountability in the nation’s energy sector.
Another remarkable feat has been the steady increase in Nigeria’s crude oil production, which rose to 1.53 million barrels per day in July 2024, reversing years of decline.
At the same time, Kyari has successfully attracted foreign investments, securing a $7 billion deal from India for Nigeria’s petrochemical industry.
This partnership reflects his commitment to expanding NNPCL’s global influence and financial strength.
Kyari has also been instrumental in the implementation of the Petroleum Industry Act (PIA), ensuring the smooth transition of NNPCL into a fully incorporated company under the Companies and Allied Matters Act.
This transformation enhances its operational efficiency and financial autonomy, making it a commercially driven entity. Furthermore, NNPCL has embraced digital transformation, incorporating technology into its operations to improve efficiency and minimize human-related operational risks.
Through these strategic reforms, Mele Kyari has played a pivotal role in reshaping NNPCL, aligning with President Tinubu’s vision for a more efficient and self-sustaining energy sector.
His leadership continues to drive positive change, reinforcing NNPCL’s position as a key player in Nigeria’s economic growth and global energy dynamics.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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