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NNPCL transperent with its finances, Kyari tells NASS

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…says revenue projection will be released after meeting with board of directors

…says it remits N10trillion into Federation Account in Sept 2024

…hikes NPA 2025 projected revenue from N997billion to N1.75trillion

 

The Nigerian National Petroleum Company Limited (NNPCL) has been transparent with its operational account, the Group Chief Executive Officer ( GCEO) , Malam Mele Kyari has said.

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He also boasted that it is the highest tax and royalty payer in the country.

Kyari said this on Wednesday while speaking at the presentation of revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly joint committee on Finance.

He stated, “Our transactional account is very transparent which is published on yearly basis , making NNPCL the only company in Nigeria noted for that and also the highest tax payer in the country as well as highest payer of royalty and dividends to share holders as a commercial national oil companies.”

Kyari added that the company publishes 100% of its account on a yearly basis, but added that the company wants a forensic audit to be conducted on money it spent on stabilisation of petrol price and uninterrupted supply of the product from January to September 2024.

He explained, “Until 1st October 2024 , NNPCL as mandated by the Petroleum Industry Act ( PIA) , acted as the supply of last resort on fuel supply which requires forensic audit to know how much NNPCL is being owed or owing any agency.”

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On revenue projection for 2025 , the NNNPL boss told the joint committee that it will be determined after a meeting of board of directors of the company in two weeks time.

However, he assured that the parameters for the 2025 budget are realistic and realisable.

Meanwhile, the Joint Finance Committees of the Senate and House of Representatives raised the Internally Generated Revenue target of the Nigeria Port Authority (NPA ) from N753billion to N1.75trillion.

The lawmakers said the increment was feasible from the agency’s 56 revenue sources.

 

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PalmPay Unveils New Debit Card in Partnership with Verve, Marks Its Evolution into Full-Service Digital Banking

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PalmPay, one of Africa’s fastest-growing fintech platforms, today officially launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.

This partnership reflects PalmPay and Verve’s shared commitment to driving financial inclusion by expanding access and delivering greater value across the digital payments ecosystem.

With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of the continent’s most dynamic fintech ecosystems. The launch of its debit card represents a key milestone in PalmPay’s transformation from a mobile wallet and agent network into a comprehensive digital financial services provider – offering integrated solutions for payments, savings, credit, insurance, and now, card access.
The PalmPay Debit Card is seamlessly integrated with the PalmPay wallet, combining the convenience of a traditional bank card with the speed and flexibility of a digital platform, and access to PalmPay’s unique financial ecosystem.

Key Features include:
Zero maintenance fees
Easy in-app application and nationwide delivery
Exclusive cashback and merchant rewards
Full wallet integration, including access to high-yield savings (up to 16% APR, paid daily)
Seamless offline and online payments across the Verve network
The card is accepted at all major payment terminals within Nigeria, offering both debit and contactless options. With this launch, PalmPay aims to redefine the everyday banking experience – making it more accessible, reliable, and rewarding.

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a tailored offering for high-volume users. Benefits include:
A dedicated PalmPay Premium Card
Priority customer support
Higher transaction cashbacks and savings interest rates
Exclusive merchant rewards and advanced financial tools

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This premium service reinforces PalmPay’s commitment to empower users at every stage of their financial journey – from first-time account holders to high-earning professionals seeking more from their financial tools.
The PalmPay Debit Card was made possible through PalmPay’s strategic partnership with Verve, reinforcing both companies’ shared commitment to inclusive, locally relevant digital banking solutions.

“PalmPay is dedicated to using technology to broaden financial access,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance.”
Vincent Ogbunude, Managing Director of Verve International, added:

“We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is building the financial infrastructure of the future – redefining digital banking to be more personalised, comprehensive and accessible to everyone.

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Tinubu dissolves NNPC board, replaces Kyari as GCEO with Ojulari, names Kida as new non-executive chairman

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• targets attracting $30bn investments by 2027, $60bn by 2030.
President Bola Tinubu in a bold move to reshape Nigeria’s oil and gas sector as well as restore investor confidence in a more commercially viable entity,
has dissolved the board of the Nigerian National Petroleum Company (NNPC) Limited, removing its chairman, Chief Pius Akinyelure, and Group Chief Executive Officer (GCEO), Mallam Mele Kolo Kyari.
The sweeping changes, effective April 2, 2025, were announced in a statement signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga,
President Tinubu cited the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC as the driving forces behind the decision.
Invoking his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021, he reconstituted the board with new leadership aimed at repositioning NNPC Limited for greater productivity and alignment with global best practices.
He appointed Ahmadu Kida as the new non-executive chairman of NNPC Limited. Kida, an oil industry veteran with extensive experience at Elf Petroleum and Total Exploration and Production, previously served as Deputy Managing Director of Deep Water Services at Total Nigeria. He also held a position as an Independent Non-Executive Director at Pan Ocean-Newcross Group. Beyond his oil industry career, Kida is known for his tenure as president of the Nigerian Basketball Federation.
Replacing Kyari as GCEO is Bashir Ojulari, a seasoned executive in Nigeria’s oil and gas sector. Ojulari’s career spans roles at Shell Petroleum Development Company of Nigeria and Renaissance Africa Energy Company. Notably, he led a consortium of indigenous energy firms in acquiring Shell’s equity holdings in Nigeria for $2.4 billion. His expertise includes petroleum engineering and strategic planning across Europe, the Middle East, and Nigeria.
The newly constituted 11-member board includes Adedapo Segun as Chief Financial Officer alongside six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will also serve on the board.
President Tinubu also  set ambitious targets for the oil sector under his administration’s reforms.
By 2027, it aims to increase oil production to two million barrels per day and gas production to eight billion cubic feet daily. By 2030, these f
igures are expected to rise to three million barrels and ten billion cubic feet daily, respectively.
Additionally, NNPC’s crude oil refining capacity is projected to reach 200,000 barrels per day by 2027 and 500,000 barrels daily by 2030. President Tinubu envisioned attracting $30 billion in investments by 2027 and $60 billion by 2030.
To achieve these goals, Tinubu directed the new board to conduct a strategic portfolio review of NNPC-operated and joint venture assets to align operations with value maximization objectives. The restructuring also seeks to boost local content development and accelerate gas commercialization to diversify Nigeria’s energy resources.
President Tinubu expressed gratitude to outgoing board members for their service, particularly their efforts in rehabilitating refineries such as Port Harcourt and Warri. He wished them success in their future endeavors as his administration moves forward with its vision for a transformed oil and gas sector.
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inDrive introduces essential, safe delivery tips for customers

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inDrive, the urban mobility platform, has unveiled a list of essential delivery tips to help customers ensure the safe delivery of their items.

The list of essential delivery tips includes making a wise choice of courier, labelling of the item with the recipient’s name and address, indicating the fragility and weight of the item to a courier, choosing the right vehicle to transport the item(s), documentation of the item or package’s condition by taking a photo, wrapping the package with recycled materials, checking the courier’s rating and comments, camouflaging the contents of the package, delivering in person expensive items like high-end electronics, cash or jewellery.

The list of essential tips was released against the backdrop of recent findings by the company, which analysed 5,000 comments left by Nigerians about their experiences with deliveries in 2024 and their appreciation of the most unusual deliveries and comments.

According to the study, the top five delivery categories include Food (17%), Clothes (15%), Electronics (10%), Documents (4%), and Medicine (2%). Other notable categories are textiles and cosmetics, which show the broad spectrum of everyday needs for which Nigerians rely on delivery services.

Speaking on the findings, Timothy Oladimeji, spokesperson for inDrive and Senior Business Development, stressed that the platform has introduced many innovations to give users a memorable and safe delivery experience.

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“At inDrive, people trust us to deliver everything from daily essentials to meaningful gifts and special purchases. That’s why we are committed to making our service as reliable and secure as possible. Over the past year, we’ve seen incredible growth in new clients in Nigeria, with person-to-person (P2P) deliveries – such as parcels sent between friends, family, or individuals – tripling and B2B deliveries growing sixfold.

In 2024, we introduced improvements to geo-tracking, enhanced courier selection based on ratings and feedback, and made ordering even more seamless. We always encourage users to choose couriers carefully, using our convenient rating system to ensure the best experience. While we strive to provide a safe and efficient service, we also recommend that users take extra care when sending high-value items, just as they would with any delivery service.”, Timothy said.

 

According to him, it is better always to select a courier with good ratings and positive feedback to ensure a safe and reliable delivery experience.

Food deliveries took the lead, with items ranging from simple everyday meals to elaborate and carefully curated delicacies. While the most common food package is simply labelled “Food” (64%), some senders specify unique dishes, reflecting Nigeria’s rich culinary traditions.

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Among the most exotic and rare deliveries are 42 tubers of yams, 5 litres of soup, a bag filled with small chops, a box of pizza, a bowl of goat meat (asun), shawarma and ice cream. Clothes are also major items that dominate as many fashion-conscious Nigerians frequently send clothes through delivery services.

Some of the unique fashion items spotted among deliveries include autogele i.e elaborate headgear used in traditional Nigerian fashion, aso-oke and asoebi i.e fabrics worn at special occasions and weddings, vintage shirts, waist trainers, wedding dresses, veils, and petticoats. Other unique items that have been delivered include esoteric crafts, a fragile bonsai tree, air fryer, bass guitar, PlayStation 5 game disc and excavator keys.

Another significant trend is the delivery of gifts, with flowers, surprise presents, and hampers being among the most commonly sent. The Nigerian love for celebration and appreciation is evident in these thoughtful deliveries.

It noted that the safe delivery tips are also available on the inDrive app.

 

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