Business
NNPC’s N3.3Trillion FY2023 Triumph: A Glimpse into the Strategic Minds Steering Nigeria’s Oil Giant
NNPC’s N3.3Trillion FY2023 Triumph: A Glimpse into the Strategic Minds Steering Nigeria’s Oil Giant
In a year marked by challenges and opportunities, the Nigerian National Petroleum Company Limited (NNPCL) has once again proven its mettle, reporting a record-breaking profit after tax of ₦3.3 trillion for the 2023 financial year. This remarkable figure, up from ₦2.5 trillion in 2022, signals the company’s unwavering resilience and strategic prowess amidst global economic uncertainties.
At the centre of this success is a leadership team that has adeptly navigated the complexities of the oil and gas sector. The Group Chief Executive Officer, Mele Kyari, has been instrumental in tackling the persistent issues of oil theft and infrastructure challenges, which have long hampered Nigeria’s energy sector. Under his leadership, significant milestones have been achieved, including increasing Nigeria’s oil production from about 1 million bpd to 1.6 million bpd over the last two years to the completion of the mechanical phase of the Port Harcourt refinery’s rehabilitation. The refinery is on course to restart commercial operations by Q4 2024. Kyari proudly reflects on this achievement: “The operationalisation of the Port Harcourt refinery is one of the emerging indicators that Nigeria will become a net exporter of petroleum products by December.”
While Kyari’s leadership has been critical in steering NNPC through this period of transformation, the financial stewardship behind these achievements has been equally vital. Much of NNPC’s financial success can be traced to the strategic vision and careful management of Chief Financial Officer Umar Isa Ajiya. Though often understated, his role has been crucial in aligning NNPC’s financial strategies with its broader operational goals, ensuring that the company not only meets but exceeds its financial targets.
Mr. Ajiya, a seasoned finance and business management professional with over 34 years of experience in the oil and gas industry, has been a critical architect of NNPC’s financial turnaround. His career, which began at Elf Petroleum (now Total) and later flourished at Nigeria Liquefied Natural Gas Limited (NLNG), has been marked by a series of strategic roles where he demonstrated a deep understanding of corporate finance, business strategy, and stakeholder management. At NNPC, his financial acumen has been instrumental in transforming the company into a profitable entity, a feat that had eluded it for decades.
Under Ajiya’s financial oversight, NNPC reported a substantial revenue of ₦8.2 trillion in 2023, reflecting the company’s strong market presence and operational efficiency. This financial discipline has also enabled NNPC to reduce its overall debt by ₦500 billion, a significant achievement further strengthening its balance sheet. “Our goal is not only to avoid financial losses but also to consistently add value and pay dividends to our shareholders,” Ajiya has been quoted as saying, a sentiment that underlines his commitment to ensuring NNPC’s financial sustainability.
Moreover, NNPC’s cash flow from operations significantly improved, reaching ₦1.7 trillion, a clear indication of the company’s robust management of its operational costs. This financial stability has been crucial in supporting NNPC’s broader strategic initiatives, including the ongoing battle against oil theft and the rehabilitation of critical infrastructure.
As NNPC continues to build on its successes, strong financial leadership will remain crucial. The company’s ability to navigate the complex and ever-evolving energy landscape hinges on the combined strengths of its senior leadership team. Their collaborative efforts have positioned NNPC to not only meet its immediate objectives but also secure long-term growth and stability.
In summary, 2023 has been a year of significant milestones for NNPC—a year where robust and decisive leadership has made all the difference. As the company looks ahead, it remains a cornerstone of Nigeria’s economic future, with a well-equipped leadership team to guide it through whatever challenges lie ahead. The strategic insight and financial acumen of its senior executives, working in tandem with operational leaders, will undoubtedly play a key role in shaping NNPC’s path forward.
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
Business
BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port
BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions
Abu Dhabi, UAE – Monday, 16th February 2026
BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.
The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.
Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group
Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.
BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.
Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:
“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”
He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”
A representative of MAIR Group added:
“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”
A spokesperson from AD Ports Group commented:
“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”
This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.
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