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NNPC Ltd and challenges in the oil sector: Banire misconceives the facts, promotes biased views** By Olufemi Soneye

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NNPC: Looking Beneath The Sustained Disinformation Charade

**NNPC Ltd and challenges in the oil sector: Banire misconceives the facts, promotes biased views**

By Olufemi Soneye

 

 

In the face of the challenges in the oil sector, particularly the current tightness in the supply of petrol, it has become fashionable to blame the national oil company, the Nigerian National Petroleum Company Ltd (NNPC Ltd), for everything. Last week, it was Prof. Pat Utomi who railed and fumed at the NNPC Ltd calling it one of the most opaque and unreliable companies in the world. Before then, The Punch had published an editorial in which it described the NNPC Ltd as a danger to Nigeria. The latest of these vitriolic attacks is by Dr. Muiz Banire, a Senior Advocate of Nigeria (SAN), and former Commissioner of Transport and Environment, Lagos State, who contended in his column in The Sun that NNPC Ltd is the black hole of Nigeria.

 

 

Considering all that is going on in the petroleum sector, it would appear justifiable to call out the NNPC Ltd as some people have been doing in recent times. But most of the diatribes have been based on sentiments that are not rooted in facts. Railing at the NNPC Ltd without a thorough understanding of the issues that threw up the current challenges in the oil sector, as most of the commentators have been doing, will yield no good for the country. At this critical intersection, the task for all well-meaning Nigerians should be how to find lasting solutions to the mischiefs in the oil sector and not to look for scapegoats, as Dr. Banire has done.

According to Banire, Nigeria has been experiencing fuel scarcity since 1973 on the back of fuel subsidy and the NNPC Ltd is responsible for it. The assertion that the NNPC is responsible for this state of affairs is moot. The policy of fuel subsidy is not the preserve of the NNPC. Various administrations over the years have thought it wise to subsidize the cost of petroleum products for citizens. They came up with different methods of doing that. The role of NNPC Ltd has been to implement the policy as decided by government. At a point when the various administrations felt that the fuel subsidy policy had become a burden that should be done away with, they made it known. NNPC Ltd, as the national oil company, implemented it. This was the case in 2012 when the nation went up in protest against the decision of government to remove fuel subsidy. The same scenario repeated itself in 2019 when the then administration came up with the policy to remove fuel subsidy. NNPC Ltd is neither responsible for the policy of fuel subsidy or its removal.

It is very unfortunate that Dr Banire would descend to the level of castigating the NNPC Ltd for the fuel subsidy debacle that has plagued Nigeria and on the basis of that label the Company that has over the years patriotically borne the brunt of the fuel subsidy policy as a black hole. His analysis fails to take into consideration the huge challenges of products smuggling, pipeline vandalism, and crude oil theft that the company contends with daily, and in spite of which it manages to keep the nation going with crude oil production and fuel supply.

Barely three months after the Federal Government announced the removal of fuel subsidy, it became difficult for both major and independent petroleum products marketers to import petrol because of the foreign exchange policy. They could not source forex to continue to bring in petrol. Since then, NNPC Ltd has been importing the product and selling at almost half price in keeping with the provisions of the Petroleum Industry Act (PIA) which designates it as the fuel supplier of last resort. Yes, there have been supply hiccups here and there because of the financial constraints imposed by the transaction. Just imagine the hardship the nation would have suffered if NNPC Ltd was not there to play the role of supplier of last resort! NNPC Ltd is the reason Nigerians continue to enjoy lower pump price for petrol than they would ordinarily pay for the product. How then does such a company become a black hole?

For Banire, NNPC Ltd is responsible for everything that is wrong in the oil sector. He even blames smuggling and the unauthorized sale of petroleum products to street urchins who in turn trade it in the black market in jerrycans on the NNPC Ltd. But does he have evidence that the unpatriotic marketers who divert petroleum products meant for local consumption to neighbouring countries are staff members or representatives of the NNPC Ltd? Does he have any shred of evidence that the boys who sell fuel in the black market in jerrycans source their products from NNPC Retail Ltd.’s stations? The least one would expect from a lawyer of Banire’s standing is a fact-based and not speculative commentary.

The NNPC Ltd has turned a corner since 2018 when it began to prepare for the enactment of the Petroleum Industry Act, which was eventually passed into law in 2021. Apart from deepening its commitment to accountability and transparency by regularly publishing its audited annual financial statements, it has become a profitable company with undisputable growth trajectory. It recorded an unprecedented N3.29 trillion profit in its recently released 2023 audited financial report. But this fact is conveniently lost on Dr. Banire who insists that he has not seen any difference between NNPC as corporation and the commercially focused NNPC Ltd that was incorporated in 2021. Fortunately, it does not take Banire to see or believe that NNPC Ltd, as presently constituted, has broken away from its debilitating past for it to be true. He is at home with the legal maxim: “Res Ipsa Loquitur”, meaning the facts speak for themselves.

While one cannot dissuade people like Dr. Banire from criticizing the NNPC Ltd, they must refrain from standing facts on their heads all because they want to be populist or be in the good books of the public. Besides, the Banires of this world should also not be intentionally mischievous in their assertion that the NNPC Limited is exercising an overbearing influence on the regulators. One expects that given the level of their educational accomplishments, they should have the capacity to research very well into the subject matters of their editorial interventions so that they do not argue, assert and progress in error(s). In the corollary, it is either Banire is mischievous or ignorant about the assertion he made in his write-up that the NNPC influences the NUPRC and the NMDPRA who are the two independent regulators. If he lacks a clear knowledge of the workings of the sector, he should be humble enough to seek clarifications so he could be well informed. NNPC Limited is an operator-with a number of refineries under its purview. The Port Harcourt refinery will soon take off. As a matter of fact, the refineries under the NNPC are operators and are therefore subject to the regulatory framework and regulations set out by the NMDPRA. The operator(s) cannot, therefore, exercise overbearing influence on the regulators. This is commonsensically impossible. Pure and simple.

Soneye, is the Chief Corporate Communications Officer of the NNPC Ltd

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”

In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.

At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.

This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.

The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.

At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.

Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.

The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.

This widespread non-compliance stems from multiple sources:

A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.

A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.

An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.

Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.

The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.

Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.

Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.

In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.

Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.

Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.

Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”

Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”

These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.

Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.

The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”

The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.

Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.

When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.

In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.

The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.

 

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BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

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BUA FOODS PLC RECORDS 101% PROFIT GROWTH IN H1 2025, CONSOLIDATES LEADERSHIP IN NIGERIA’S FOOD SECTOR …Revenue Rises to ₦912.5 Billion; PBT Hits ₦276.1 Billion

BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale

BUA Foods Plc has delivered one of the most impressive financial performances in Nigeria’s fast-moving consumer goods (FMCG) sector, recording a 91 per cent increase in Profit After Tax (PAT) for the 2025 financial year.
According to the company’s unaudited financial results for the year ended December 31, 2025, Profit After Tax rose sharply to ₦508 billion, compared with ₦266 billion recorded in 2024, underscoring strong operational efficiency, improved cost management, and resilience despite a challenging macroeconomic environment.
The near-doubling of profit reflects BUA Foods’ ability to navigate rising input costs, foreign exchange volatility, and inflationary pressures that weighed heavily on manufacturers throughout the year. Analysts note that the performance places the company among the strongest earnings growers on the Nigerian Exchange in 2025.
The company’s Q4 2025 performance further highlights this momentum. Group turnover stood at ₦383.4 billion, while gross profit came in at ₦151.5 billion, demonstrating sustained demand across its core product lines including sugar, flour, pasta, and rice.
Despite a year marked by higher operating costs across the industry, BUA Foods maintained disciplined spending. Administrative and selling expenses were kept under control relative to revenue, helping to protect margins.
Operating profit for Q4 2025 stood at ₦126.9 billion, reinforcing the company’s strong core earnings capacity. Although finance costs and foreign exchange losses remained a factor, reflecting the broader economic realities, BUA Foods still closed the period with a Net Profit Before Tax of ₦102.3 billion for the quarter.
Earnings Per Share Rise Sharply
Shareholders were among the biggest beneficiaries of the strong performance. Earnings Per Share (EPS) rose significantly, reflecting the substantial growth in net income and strengthening the company’s investment appeal.
Market watchers say the improved earnings profile could support sustained investor confidence, especially as the company continues to consolidate its leadership position in Nigeria’s food manufacturing space.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale
Industry Leadership Amid Economic Headwinds
BUA Foods’ 2025 results stand out against a backdrop of currency depreciation, energy cost spikes, and logistics challenges that constrained many manufacturers. The company’s scale, backward integration strategy, and local sourcing advantages are widely seen as key contributors to its resilience.
Outlook
With a 91% year-on-year growth in PAT, BUA Foods enters 2026 on a strong footing. Analysts expect the company to remain a major driver of growth in the consumer goods sector, provided macroeconomic stability improves and cost pressures ease.
For now, the 2025 numbers send a clear signal: BUA Foods is not only growing—it is accelerating.
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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.

The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.

 

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.

Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.

The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.

For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.

The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.

Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.

As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.

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