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NNPCL Officially Takes over as FG Rests NNPC

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The Federal Government Friday wound up the Nigerian National Petroleum Corporation, NNPC, after 46 years of operation and its place, the Petroleum Industry Act enabled Nigerian National Petroleum Company Limited, NNPCL, took over as the nation’s oil company.

NNPCL was set up in 2021 in line with the Corporate Affairs Commission’s companies registration rules following the enactment of the PIA.

Speaking at an event to officially mark the end of NNPC in Abuja, the Minister of State, Petroleum Resources, Chief Timipre Sylva said with the reforms introduced by the Federal Government, NNPCL is expected to be a competitive and commercially oriented company.

Chief Sylva explained that the reforms are expected to make the Nigerian oil and gas industry attractive to investors both locally and foreign.

According to him, “The PIA empowered NNPC Limited to operate like every private company in Nigeria with exemption from the Fiscal Responsibility Act, Public Procurement Act and TSA in order ensure there are no excuses for failure.

“In return for this empowerment the PIA expects a strong commercially oriented National Energy company with an obligation to operate profitably and deliver dividends to shareholders

“NNPC Limited is positioned to lead Africa’s gradual transition to new energy, by deepening natural gas production to create low-carbon alternatives and change the story of energy poverty at home and around the world”.

Speaking earlier, Mr. Mele Kyari, the Group Chief Executive, NNPCL, noted that the new company with over $60 billion in assets would look to boost its profit from the current $2 billion declared by the oil corporation for 2021 operation.

Kyari pointed out that NNPCL has a power brand and it’s able to attract funding for its businesses, assuring that the company would deliver energy security to the Nigerian people while making money for the country.

He said: “By fiscal 2020, we returned this company from 43 years of loss to a profit position of N287 billion and by 2021 we came to a profit level of N674 billion. We believe we’ll do better in 2022 despite all the challenges. But I must also add that this is not a N670 billion company. By the way, this is less than $2 billion. We’re not a $2 billion profit company.

“You can’t do $2 billion with $60 billion assets. So we can still do better. We have seen our peers who have maybe 50 percent of these assets, and they have declared close to $9 billion. It’s possible in this business and we’ll catch up. So how do we catch up? First, we will reduce our costs. We’re driving down costs substantially because when your cost is high, you run into trouble, you cannot make profits.

“We’re growing our production. With all these challenges we will grow our production because many of the things today you can call them force majeure but even force majeure is created by something and we’re responding to that something that is creating the force majeure situation and we’re dealing with it.

“And that’s why in July 2022, we went down to as close as one million barrels per day of crude oil and condensate combined. That was pathetic, unfortunately.  But I dare say that maybe it was avoidable and we responded to it. Today, as of yesterday, we have crossed 1.6mbpd. This is not rocket science. And we have a line of sight to recover to the budget level of 1.8mbpd”, he disclosed.

Also speaking, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Comrade Festus Osifo said NNPCL workers were happy with the company’s present status, stressing that their initial skepticism about the reforms have been taken care of.

“We were concerned about how the implementation of the PIA would affect jobs in the new company and also the welfare of the workers”, he stated.


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General News

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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