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Top Digital Marketing Personalities in Nigeria 2022

In the 1990s, the term “digital marketing” was coined, but it wasn’t until the early 2000s that traditional marketers began to recognise its impact.

However, digital media such as smartphones, laptops, and other smart devices have grown popular and powerful over the past two decades. This rapid advancement in technology quickly became an opportunity for many traditional marketers, who discovered new ways to reach and engage their audiences. People began developing new marketing strategies, and as Google improved and social media platforms emerged, digital marketing strategies and roles became hot topics in the industry.
Today’s digital marketers wear many hats. Brands that understand the roles of digital marketers are reaping the benefits of the wide range of skills and tools in order to stay on top of the ever-growing competitive business environment.
Digital marketers are at the heart of leveraging media channels to create, deploy, manage, and track campaigns.
The truth is that digital marketing has the potential to grow the business at the highest rate and data are there as proofs.
The pandemic made people stay at home and work remotely which eventually resulted in business owners inclined towards Digital Marketing. This eventually provided so many opportunities for business owners to target their audience online with digital marketing tactics.
Also, business owners are realizing that they have chances of higher returns by investing in Digital Marketing.
Image: 
https://www.incrementors.com/blog/wp-content/uploads/2022/05/digital-marketing.jpg
No wonder brands like; Sterling Bank Plc., United Bank for Africa Group (UBA), The Chartered Institution of Water and Environmental Management, MTN Nigeria, Kippa, DPTRAX, Wallify, The Redwolf, TOA Marketing, Freelancer, and Eskimi are doing great in the digital space.
Depending on the company, industry, and seniority of a role, a day in the life of a Digital Marketer would often include managing social media marketing campaigns, working on search engine optimization or search engine marketing efforts, running display or programmatic ads, overseeing email campaigns, and creating content for a company blog.
Few individuals distinguished themselves in the Digital Marketing space in Nigeria in 2022. In this Special Report, we present to you the Top Digital Marketing Personalities in Nigeria in 2022 in no respective order:
1. Oyekunle Damola
Oyekunle Damola helps business owners increase their revenue by attracting & converting prospect into sales using an auto relationship building system
Notable Achievements in 2022:
- Enrollment of over 3,000 students in an online academy, with numerous success stories with students crossing the 7 figure mark for themselves and their clients
- Successfully coordinated multiple product launches for a client, resulting in over N60m in revenue.
- Led the development and execution of a highly successful digital marketing campaign for a major Nigerian company, resulting in a 58% year-over-year increase in revenue.
- Earned a Certification of Appreciation for his role as a mentor at the annual Digclan conference in 2022.
2. Ore Afolayan
Ore Afolayan is a marketer and technology entrepreneur. His work focuses on helping Tech-enabled and Blockchain brands to drive sustainable development in Africa.
Ore is also Founder/Team Lead at TOA Marketing, a product marketing company that helps startups to scale with ease.
Leveraging his marketing skills, he currently works as Ambassador for Blockchain projects such as Inery Blockchain and StarCoin.
Notable Achievements in 2022:
- Winner, Web3, Crypto and Society Fellowship Pitch Competition (Network Capital), Startups Founders Hub (Microsoft),
- Top100 Brands in Oyo State (Global Arts Foundation) and LinkedIn Influencer to watch in 2022 (Jasper SME Hub.
- Hyperion Scholarship Winner (Quantic School of Business and Technology, USA) and Nominee, Marketing Experts Award (TechTrend Africa).
- Graduate, McKinsey & Company Forward Program.
- Ambassador of the Month (November), Inery Blockchain.
3. Ebube Okechukwu
Ebube Okechukwu is a Social Media and Digital Communication specialist with experience in managing global personal brands, Financial Services, Retail, Environmental Management, Real Estate and the Non-profit sectors.
Ebube’s experience has seen him work across several industries including the financial sector where he currently works leading and executing the digital marketing and social media strategy for one of Africa’s leading financial services provider – United Bank for Africa in 24 countries and as well manages the social media and digital brand for its Chairman – Tony O. Elumelu.
He previously worked with the Tony Elumelu Foundation (TEF), the largest Africa-based, African funded philanthropy focused on entrepreneurship. At the TEF, he was responsible for telling the story and solutions of over 100 entrepreneurs from across 40 countries in Africa.
He holds a bachelor’s degree from the University of Benin and a master’s degree from the University of Lagos. He is a Professional member of the Chartered Institute of Marketing UK and holds certifications in Digital Marketing, Marketing Communications, Strategic Communications and Business Writing from the Chartered Institute of Marketing UK and the Pan-Atlantic University, Lagos.
Notable Achievements in 2022:
- He grew the social media brand presence for Tony O. Elumelu and other key personal brands
- He was responsible for end-to-end delivery social media strategy for United Bank for Africa Group in 24 countries – 20 African key markets and 4 global financial centres.
- Achieved top 20 on the Financial Brand List of the Top 100 Banks and financial institutions using social media globally in 2022.
- Delivered a wholesome digital campaign for the United Bank for Africa launch in the UAE – Dubai in 2022
- Manage all social media communication and the launch on Instagram and Google Business of Africa’s first and leading financial services chatbot – Leo, driving adoption to 4 million users in 20 key markets in Africa in 2022
- Omokehinde Thomas
Omokehinde Omokehinde is a Digital Marketing Communications professional, who specializes in brand management, client servicing, business operations, strategy, and content creation.
She has a cross-industry experience of 12 years in sectors such as Pay TV, Telco, NGO and Government, FMCG, and the financial sector.
She has worked on various brands such as Airtel, Supakomando, Nokia Mobile, Maltina, GOtv, Maggi, and Payattitude, to mention a few
Currently the Deputy Business Director of The REDWOLF Company, which is the Digital Agency for Noah’s Ark Communications, she oversees brand/ business management and Strategy.
- Onyinyechi Nneji
Onyinyechi Nneji is a marketing professional with 4 years of experience facilitating the launch of technology products in Africa using key marketing tactics.
Her background in digital marketing with her certification from the DMI combined with years of experience in storytelling and marketing have been critical in scaling products in Fintech, Education, Finance and AI.
Notable Achievements in 2022:
- Launch and scaled Kippa Payment’s Feature to reach thousands of Nigerian Merchants
- Launch and scalKippa Start, a business registration product for Nigerian Businesses
- Train over 10 mentees on product marketing, using digital channels and getting good employment opportunities as marketing professionals.
- Built frameworks and assets that drove customer education on business management
6. Ayodeji Akintade
Deji Akintade is a dynamic marketing professional with an exceptional track record in digital strategy, brand development, and marketing communications for established brands and high growth startups. Deji is currently leading the marketing efforts of one of the tier-2 banks in Nigeria to build a borderless digital bank for global citizens.
He was previously the marketing lead at Avon HMO, where he played a crucial role in transforming the company into a dominant healthcare brand in the digital space in Nigeria.
Deji has over 8 years of extensive experience in a number of sectors, including online retail, advertising, real estate, sports betting, healthcare, and financial services.
He is one of the co-founders of the Digital Marketing Meetup Nigeria (DMM), a platform that brings together digital marketing enthusiasts and professionals to share industry insights, network, and discuss business and job opportunities. Deji was a key member of the team that hosted the first Digital Marketing Conference in Nigeria in 2017 and organised the first Digital Marketing Virtual Exhibition with the Association of Digital Marketing Professionals, the leading professional organisation for digital marketing practitioners in Nigeria.
He is a professional member of the Chartered Institute of Marketing, UK with certifications in Marketing Analytics and Strategic Communications from Lagos Business School and the Pan-Atlantic University, Lagos respectively.
Notable Achievements in 2022:
- He defined and delivered differentiated brand experiences that grew market share by 28% and built customer loyalty for a savings and investment platform.
- Led the marketing efforts of a financial tech startup that was recognized as the most outstanding tech startup of the year and the most promising tech startup of the year at the Nigeria Technology Awards Ceremony.
- He was appointed VP of finance for the Association of Digital Marketing Professionals in Nigeria (ADMARP).
- Facilitated numerous marketing training workshops for corporate organizations and mentored over 15 individuals on digital marketing and career development.
7. Olubukayo Ewuoso
Olubukayo Ewuoso is currently a Product Marketing Manager, Global, at Eskimi, a programmatic AdTech company, across multiple markets globally.
He previously was the Snr. Account Manager, West & Central Africa, where he created digital campaign strategy, built solid and trusting relationship between major key clients, retention, upsell processes and revenue growth in a SaaS B2B environment in different sector (Tech Startups, Telcos, Banking, FMCG,) with global brands like Coca-Cola company, Nestle, MTN, Kuda Bank, amongst a few.
With over six years experience in digital media, growth and tech sales, he led efforts at DigiClan Africa, a 6,000 community strong of digital marketing professionals, as Dean of academy in 2022, and had served as Director for Programmes, & Partnership, Assistant Director for Programme and other capacities in the past.
Notable Achievements in 2022:
- Co-planned the maiden edition of the DigiClan Conference (DigiConnect) in Lagos.
- Led DigiClan Academy as Dean in Bi-weekly masterclasses, organizing nine successful sessions and hosting top industry professionals.
- Was a speaker a numerous industry events, one of them being the Lagos Digital PR Summit organized by the Nigerian Institute of Public Relations
- With top performance at Eskimi, Bukayo starts a new role in Jan. 2023 as Global Product Marketing Manager.
- Spearheaded a new pricing algorithm update by Eskimi in Nigeria.
8. Joshua Esiebo
Joshua Esiebo, a digital strategist and certified member of the Chartered Institute of Marketing (CIM), has over a decade of experience in Digital Strategy, Product & Platforms Management, Multi-Channel advertising, Mobile Marketing, and Digital PR.
He has developed and delivered over 70 online marketing plans and campaigns across different verticals and sectors – including large corporates, small businesses and faith-based institutions
Joshua currently serves as the Manager, Messaging (Partnership & Platforms) at MTN Nigeria where oversees all aspects of the messaging (ayoba; Africa’s all-in-one super app for messaging, music, games, content) service value chain, ensuring that the messaging platform and partnership maintains sustainable, high performing, year on year growth in line with the strategic objectives of the organisation.
As a creed, he invests in people to empower learning and provides constant digital marketing advice on audience insight, quality contents and digital marketing topics to move marketers forward in this fast-changing digital marketing space/industry.
A founding member of DigiClan Africa; the largest community of digital media and marketing experts and enthusiasts in Africa.
Notable Achievements in 2022:
- Spearheaded the growth of ayoba in Nigeria, crossing 20 million monthly active users globally in early December.
- Facilitated the deployment of localized interventions and content on ayoba to boost user adoption.
- Mentored over 25 individuals for 6 months with digital-focused skills and leadership methodology during the 2022 Harvesters Financial Transformation Programme.
9. Oghenetega (Tega) Ajogun
Oghenetega Ajogun is a data-focused, performance marketing expert focused on creating performance-based marketing campaigns, delivering high-level business insights while leveraging new media to deliver substantial revenue growth and have a huge impact on her client’s bottom-line.
With a track record of expanding company revenue and market share through performance-based marketing campaigns, delivering high-level business insights. She is also very passionate about impacting people’s lives and teaching in the digital space.
She has worked in multiple agencies and start-ups in Nigeria like SO&U, Wildfusions, Qlick Digital, Ringier Nigeria & Mdundo.com where she was the Senior Marketing Manager and she is currently the Strategic Marketing Manager at CIWEM, an independent professional body and a registered charity in the UK.
She is a TFAA 2020 nominee, Prize for Intrepreneurship, listed as one of Brand Communicator’s 40 under 40 women in Marketing & Communications (2021) and also one of 9to5Chick’s Top 100 Career Women In Nigeria for 2021.”
Notable achievements in 2022:
- Helped improve the subscribers base by 40% for Mdundo.com across Africa, while improving the Top of Mind Awareness in Nigeria using 360 marketing tactics like Radio, Activation, Digital and Outdoor campaigns
- Organized a digital training for over 25 people looking to break into the digital space in Nigeria
- Oversaw the Eko Digital Initiatives (District 2) in Lagos and helped train over 20,000 secondary school students on computer education (2021/2022)
10. Oluwatobi (Tobi) Adekunle
Oluwatobi Adekunle is a growth-oriented and performance-driven marketing professional with over 10 years of experience across various industries from e-Commerce, Information Technology, Energy, Financial technology, and Advertising Technology.
He possesses specialized skills in developing digital marketing strategies that deliver business objectives; this is because he has worked in different marketing capacities from digital marketing to performance marketing, growth and product marketing.
He is the founder of one of the largest digital communities in Nigeria – Digital Marketing Meetup Nigeria (DMM). This platform brings together digital marketing enthusiasts, tech entrepreneurs and experts where they share industry insights network and discuss business & growth opportunities.
Tobi convened the first Digital Marketing Conference in Nigeria in 2017 and held the first Digital Marketing Virtual Exhibition with the Association he co-founded the Association of Digital Marketing Professionals (ADMARP), the foremost professional body for digital marketing practitioners in Nigeria.
Tobi is a renowned mentor and trainer within the digital marketing ecosystem. He lectures at one of Nigeria’s leading marketing colleges, where he teaches Digital Marketing Techniques, a module for the Chattered Institute of Marketing Professional Certification UK.
He also facilitates different modules of the Digital Marketing Institute (DMI) Ireland courses. He is an alumnus of prestigious institutions, such as The Chartered Institute of Marketing UK where he bagged a Post-Graduate Diploma in Professional Marketing, The Business School Netherlands where he holds an MBA and Lagos Business School where he had a Certificate in Strategic Marketing
Notable Achievements in 2022:
- Oluwatobi joined Sterling – Nigeria’s leading product-led bank in 2022 as the head of Growth and Product Marketing, where he oversees 5 key digital products across different industries from payment, lending, investment and SME. (products include OneBank, Specta, Doubble, Switch and Snapcash. At Sterling he grew products adoption and usage by impressive margins, grew the digital banking solution retention rate by over 50% he also launched a web application for the digital banking product that help improve product usage. He achieved a landmark transaction volume on the same product which was the highest ever. He exceeded the investment budget value on the investment solution by 23% which is the highest in 6 months.
- Prior to joining Sterling in Mid 2022 Oluwatobi worked with Eskimi, a global advertising technology company where he led marketing in the African region and expanded the company’s clientele portfolio across eastern and central Africa. Oluwatobi increased the adoption of Eskimi programmatic solutions amongst brands and agencies and improved retention through strategic marketing and partnerships.
- He was appointed as an executive member of the Association of Digital Marketing Professionals ADMARP team as the VP of operation and oversaw the relaunch of the association’s platform. He grew the membership of the Digital Marketing Community (DMMNigeria) by over 50%
- He became a Member of the Chartered Institute of Marketing UK after he bags a Post-graduate Diploma in Professional Marketing
- He Graduated top of his class with an MBA at the Business School of Netherlands
11. Olayinka Bolaji
Olayinka Bolaji is a Growth & Performance Marketing Expert with over 10 years’ experience in Digital Marketing & Analytics, Marketing Strategy, Product Management, SEO/Paid Advertising and Software development.
He has worked with various brands in different industries ranging from Retail, Gaming & Lottery, Telecom, Insurance, Fintech, Real Estate and many more in various capacities such as Growth/Digital Marketing, Product Management and Software development.
Notable Achievements in 2022:
- Served as the Growth marketing lead at Zedcrest Investment Limited (Ranked second fastest growing company in Nigeria & fifth Fastest Growing Company in Africa 2022) where he was directly responsible for Increasing app usage by 70%, Increased revenue as high as 245% in Q4 2021.
- Led the creation of a holistic CRM tool that cut across various touch points for the Brand FundQuest Financial Services – While developing Digital marketing campaigns that boosted the Loan request & verification process and reduced turnaround time.
- He also led awareness & acquisition campaigns for brands such as ZirooPay, Baines Credit Microfinance Bank, Nigeria Internet Registration Association (NIRA) and many more through Pandora Agency where he currently lead the growth and digital marketing team.
- He Launched a SaaS Product that supercharges performance & increase daily agency performance for sport betting businesses leading to 30% increase in game plays MoM.
- Towards the end of 2022, he was also charged with the responsibility of improving App install & Customer acquisition for Dukka brand via Google Ads where he increased the app installs via Google AdWords by 70% within 2 months while reducing Ad budget costs, maintaining relatively low CPC and increasing CVR from 1.5%~ to 3%~.
12. Hamdalah Hanafi
Hamdalah Hanafi is a Product marketer with a background in Digital Marketing and business growth, focusing on analytics, social media marketing, and content marketing and she uses her understanding of consumer behaviour to develop effective marketing strategies for businesses.
She has gained valuable experience in sales enablement, Go-to-Market strategies, product messaging, positioning, and competitive analysis.
These skills have helped her to successfully differentiate products in competitive markets.
News
Kaspersky Shares AI Cybersecurity Predictions for 2026

Kaspersky experts outline how the rapid development of AI is reshaping the cybersecurity landscape in 2026, both for individual users and for businesses. Large language models (LLMs) are influencing defensive capabilities while simultaneously expanding opportunities for threat actors.

Deepfakes are becoming a mainstream technology, and awareness will continue to grow. Companies are increasingly discussing the risks of synthetic content and training employees to reduce the likelihood of falling victim to it. As the volume of deepfakes grows, so does the range of formats in which they appear.
At the same time, awareness is rising not only within organisations but also among regular users: end consumers encounter fake content more often and better understand the nature of such threats. As a result, deepfakes are becoming a stable element of the security agenda, requiring a systematic approach to training and internal policies.
Deepfake quality will improve through better audio and a lowering barrier to entry. The visual quality of deepfakes is already high, while realistic audio remains the main area for future growth.
At the same time, content generation tools are becoming easier to use: even non-experts can now create a mid-quality deepfake in just a few clicks. As a result, the average quality continues to rise, creation becomes accessible to a far broader audience, and these capabilities will inevitably continue to be leveraged by cybercriminals.
Online deepfakes will continue to evolve but remain tools for advanced users. Real-time face and voice swapping technologies are improving, but their setup still requires more advanced technical skills. Wide adoption is unlikely, yet the risks in targeted scenarios will grow: increasing realism and the ability to manipulate video through virtual cameras make such attacks more convincing.
Efforts to develop a reliable system for labelling AI-generated content will continue. There are still no unified criteria for reliably identifying synthetic content, and current labels are easy to bypass or remove, especially when working with open-source models. For this reason, new technical and regulatory initiatives aimed at addressing the problem are likely to emerge.
Open-weight models will approach top closed models in many cybersecurity-related tasks, which create more opportunities for misuse. Closed models still offer stricter control mechanisms and safeguards, limiting abuse.
However, open-source systems are rapidly catching up in functionality and circulate without comparable restrictions. This blurs the difference between proprietary models and open-source models both of which can be used efficiently for undesired or malicious purposes.
The line between legitimate and fraudulent AI-generated content will become increasingly blurred. AI can already produce well-crafted scam emails, convincing visual identities, and high-quality phishing pages.
At the same time, major brands are adopting synthetic materials in advertising, making AI-generated content look familiar and visually “normal.” As a result, distinguishing real from fake will become even more challenging, both for users and for automated detection systems.
AI will become a cross-chain tool in cyberattacks and be used across most stages of the kill chain. Threat actors already employ LLMs to write code, build infrastructure, and automate operational tasks.
Further advances will reinforce this trend: AI will increasingly support multiple stages of an attack, from preparation and communication to assembling malicious components, probing for vulnerabilities and deploying tools. Attackers will also work to hide signs of AI involvement, making such operations harder to analyse.
“While AI tools are being used in cyberattacks, they are also becoming a more common tool in security analysis and influence how SOC teams work. Agent-based systems will be able to continuously scan infrastructure, identify vulnerabilities, and gather contextual information for investigations, reducing the amount of manual routine work.
“As a result, specialists will shift from manually searching for data to making decisions based on already-prepared context. In parallel, security tools will transition to natural-language interfaces, enabling prompts instead of complex technical queries,” adds Vladislav Tushkanov, Research Development Group Manager at Kaspersky.
News
Nigerians with Albinism Reject Pity, Demand Dignity at Empowerment Forum

Nigerians living with albinism say their biggest challenge is not skin sensitivity or poor eyesight, but being seen, heard and treated as full human beings, a message that resonated at a recent empowerment session hosted by the Consumer Advocacy and Empowerment Foundation (CADEF) and Albino Empowerment Foundation.

CADEF
The event last Saturday focused on lived experiences, self-advocacy and rights awareness rather than handouts, though participants received food, protective clothing and skin/eye care materials.
CADEF Executive Director, Prof. Chiso Ndukwe-Okafor, said real progress requires respect and inclusion, not pity, adding that knowledge of human rights equips people to demand fairness.
“Dignity begins when people are seen fully and treated equally,” she said.
Ifeoma Ngesina, founder of Albino Empowerment Foundation, defined inclusion as equal rights and participation in decisions affecting their lives, not stereotypes.
“When persons with albinism are included in schools, workplaces, leadership and media, harmful myths fade,” she said, stressing it builds confidence and leadership.
CADEF Advisory Board Member, Ms Kobi Ikpo, urged participants to own their narrative: “If you do not tell people how to treat you, they will not know how to address you. Once you accept yourself as a complete human being deserving of respect, it reflects in how you carry yourself — and that confidence commands respect.”
Afolake Odudinu highlighted parental ignorance leading to school dropouts, skin damage from sun exposure and social/marital stigma, noting skin cancer treatment remains inaccessible for many.
Efosa Peter, a father and associate pastor, rejected pity for genuine empowerment: “I hate pity. I don’t want to be pitied — I want empowerment.” He described persons with albinism as creatively gifted and warned against insincere initiatives.
“Empowerment must include self-esteem and self-motivation. When you see yourself as whole, others will follow,” he said.
Teacher Rose Adudu shared overcoming school bullying through discipline and advocacy, helping enrol a young albino girl in school despite later parental withdrawal.
“Your character will speak for you,” she said.
Participants were encouraged to use content creation for education and myth-busting, with CADEF planning annual events and advancing Digital Financial Inclusion Rights for Persons With Disabilities.
The forum underscored a core demand: opportunity, understanding and respect over sympathy.
News
NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance

By Blaise Udunze
When the Federal Government approved the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, it was rightly described as a landmark decision. After years of disputes, reconciliations, and contested figures, Nigeria’s most important revenue institution was, at least on paper, given a cleaner slate.

NNPC
The approval, contained in a report prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the last year November meeting of the Federation Account Allocation Committee (FAAC), effectively wiped out 96 percent of NNPC’s dollar-denominated obligations and 88 percent of its naira liabilities accumulated up to December 31, 2024. It resolved long-standing balances arising from crude oil liftings, joint venture royalties, production-sharing contracts, and related arrangements.
Judging it critically, the decision carries both promise and peril, but can be viewed from the perspective of a country desperate to restore confidence in public finance management. It offers an opportunity to reset relationships, clean up accounting records, and move forward under the Petroleum Industry Act (PIA). Yet, it also exposes deep structural weaknesses in Nigeria’s oil revenue governance, weaknesses that, if left unaddressed, could turn today’s debt relief into tomorrow’s fiscal regret.
Context matters. The debt write-off comes not during a period of revenue abundance, but at a time when Nigeria’s upstream revenue performance is under severe strain. According to the same NUPRC document, the commission missed its approved monthly revenue target for November 2025 by N544.76 billion, collecting only N660.04 billion against a projected N1.204 trillion.
Royalty receipts, the backbone of upstream revenue, tell an even starker story. It is alarming that against an approved monthly royalty projection of N1.144 trillion, only N605.26 billion was collected, leaving a shortfall of N538.92 billion. Cumulatively, by the end of November 2025, the revenue gap stood at N5.65 trillion, with royalty collections alone falling short by N5.63 trillion. These figures underscore how fragile Nigeria’s fiscal position remains, even as trillions of naira in historical obligations are being written off.
To be fair, the debts forgiven were not incurred overnight. They are the product of years of disputed remittances, lacking transparent accounting practices, and overlapping institutional roles, particularly under the pre-PIA regime. As petroleum economist Prof. Wumi Iledare has repeatedly observed, the former Nigerian National Petroleum Corporation combined regulatory, commercial, and operational functions, making revenue reconciliation cumbersome and frequently contested.
That legacy continues to haunt the system, as witnessed with the ongoing dispute between NNPC Ltd and Periscope Consulting, the audit firm engaged by the Nigeria Governors’ Forum, over an alleged $42.37 billion under-remittance between 2011 and 2017, which illustrates how unresolved the past remains. Though NNPC insists all revenues were properly accounted for as claimed, Periscope maintains that significant gaps persist, forcing FAAC to mandate yet another reconciliation exercise. This recurring pattern of audits, counterclaims, and stalemates has weakened trust in the federation revenue system and eroded confidence among states that depend on oil proceeds for survival.
Crucially, the debt write-off does not mean NNPC has turned a corner financially. Statutory obligations incurred between January and October 2025 remain on the books, amounting to about $56.8 million and N1.02 trillion. Although part of the dollar component was recovered during the period under review, the accumulation of new liabilities so soon after reconciliation raises uncomfortable questions about whether old habits are being replaced with genuine fiscal discipline.
More troubling still is what NNPC’s own audited financial statements reveal about its internal financial health. Despite recording a profit after tax of N5.4 trillion on revenues of N45.1 trillion in 2024, the company’s inter-company debts ballooned to N30.3 trillion, representing a 70 per cent increase within a single year. This is not debt owed to external creditors but largely obligations between NNPC and its subsidiaries, effectively the company owing itself.
Records show that of 32 subsidiaries, only eight are debt-free, and the rest, particularly the refineries, trading arms, and gas infrastructure units, remain heavily indebted to the parent company. There was a recurring cycle where profitable units subsidise chronically underperforming ones, and accountability steadily erodes because cash that should fund maintenance, expansion, and efficiency improvements is instead trapped in internal receivables.
The refineries offer a stark illustration whereby the Port Harcourt Refining Company alone owed N4.22 trillion in 2024, more than double its 2023 figure, while Kaduna and Warri refineries followed closely, with debts of N2.39 trillion and N2.06 trillion respectively. Despite the repeated failed turnaround maintenance with many years of rehabilitation spending, none have operated sustainably at commercially viable levels. Their continued dependence on financial support from the parent company highlights the cost of postponing difficult restructuring decisions.
And, for this reason, international observers have long warned about these structural weaknesses. One of the critics, the World Bank, has repeatedly flagged NNPC as a major source of revenue leakages. It further noted that the persistent gaps between reported earnings and actual remittances to the Federation Account. Even after the removal of petrol subsidies, the bank observed that NNPC remitted only about 50 per cent of the revenue gains, using the rest to offset past arrears. Such practices, while perhaps defensible in internal cash management terms, undermine fiscal transparency and weaken Nigeria’s macroeconomic credibility.
This is why the central issue is not the debt write-off itself, but what follows it because debt forgiveness is not reform. Without firm safeguards, it risks entrenching the very behaviours that created the problem in the first place. As Prof. Omowumi Iledare has warned, the scale and pace of the inter-company debt build-up represent a governance test rather than a mere accounting anomaly. Allowing subsidiaries to operate indefinitely without settling obligations is incompatible with the idea of a commercially driven national oil company.
The fact remains that if NNPC wants to function as a true commercial holding company under the PIA, it must enforce strict settlement timelines, restructure or divest non-viable subsidiaries, while clearly separating legacy debts from new obligations. With this, it holds subsidiary leadership accountable for cash flow and profitability. Independent, real-time audits and transparent reporting must become routine features of governance, not emergency responses triggered by controversy.
There is also a broader national implication. At a time when Nigerians are being asked to accept higher taxes, reduced subsidies, and fiscal tightening, large-scale debt write-offs without visible accountability risk undermining the legitimacy of the entire revenue system. Citizens cannot be expected to bear heavier burdens while systemic inefficiencies in the country’s most strategic sector persist.
Of a truth, the cancellation of NNPC’s legacy debts could mark a turning point in Nigeria’s fiscal governance, but only if it is not treated as its conclusion but the beginning of reform.
If discipline, transparency, and commercial accountability follow, the decision may yet help reposition NNPC as a profitable, credible, and PIA-compliant institution. If not, today’s clean slate will simply defer the reckoning until the next reconciliation, the next audit dispute, and the next fiscal crisis.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
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