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NNPCL to pay pending $1.76bn equity in Dangote Refinery
NNPCL to pay pending $1.76bn equity in Dangote Refinery
The Nigerian National Petroleum Company Limited (NNPCL) is to pay its pending $1.76 billion equity in Dangote Refinery with $2.5/barrel crude oil and dividend accruals.
The NNPCL disclosed that once the plant came on stream, which was initially for April 2023, it would begin the discounting of $2.5 for every barrel from the supply of 300,000 barrels per day to offset its remaining equity participation.
This is contained in NNPCL’s latest Audited Financial Statement (AFS) released on Friday.
“In September 2021, the NNPC acquired 20 per cent interest in Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE) worth $2.76 billion. This investment is held by NNPC Greenfield (a special purpose vehicle that is 100 per cent owned by NNPC) in trust for NNPC.
“This acquisition was financed by a $1.036 billion funding of which $1 billion was paid to Dangote Refinery and $36 million accounting for transaction costs.
“The balance of the cost of equity investments made in DPRP FZE, which is $1.76 billion will be paid upon completion of the refinery project starting April 1, 2023 or any other date agreed between the parties, that is the NNPC and Dangote Oil Refining Company Limited.
“(This shall be done) via a combination of a $2.5/bbl discount on the official selling price per barrel on 300,000 barrels per day to DPRP FZE, and 100 per cent of NNPC’s portion of any dividend declared by DPRP FZE throughout the repayment period,” the report said .
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However, it stated that it already entered into a forward sale agreement with Lekki Refinery Funding Limited, to supply 35,000 barrels of crude oil per day for the settlement of the $1.036 billion (N426.2 billion) funding already received for the financing of the investment in Dangote refinery.
“The interest rate for the facility is three-month libor plus 6.125 per cent. The arrangement has been scheduled to commence from August 30, 2023. Project Bison has been transferred to NNPC Limited,” the AFS highlighted.
Aside from the 35,000 forward sale for the repayment of the $1 billion part payment for the Dangote refinery, the NNPC also has a 90,000 bpd oil-for-debt financing deal of $3.3 billion with Afreximbank.
The increase in the overall performance of the NNPC, including the profit which it attributed to “owners of the company” and “non-controlling interest”, may also have been further enhanced by the recent decision to take the liability occasioned by the controversial fuel subsidy off its books after commercialisation.
Meanwhile, the report said NNPCL increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released yesterday revealed.
The document, the fourth in the series to be made public since 1977, when the then NNPC began operations, also showed that the company recorded Profit After Tax (PAT) of N2.52 trillion, representing about 274 per cent increase when compared to the N674 billion it recorded in 2021.
In all, the audited statement for the year ended December 2022 showed that during the period under review, the NNPC had total non-current assets of N37 trillion and current assets of N21.59 trillion, to give a total of N58.65 trillion in assets.
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It also meant an increase by about 260.47 per cent compared to N16.27 trillion in 2021. But non-current liabilities stood at N19.98 trillion, while current liabilities were N29.3 trillion, to hit N49.35 trillion at the end of 2022 as against N13.46 trillion in 2021. This was an increase of about 266.6 per cent.
According to the new AFS, deferred tax liabilities was N13.23 trillion during the year, while deferred tax assets were N3.098 trillion. Cost of sales climbed to N6.7 trillion in 2022, that is, a 25.47 per cent increase from N5.34 trillion in 2021.
The NNPCL’s auditors noted that for the 16-month period ending December 2022, they had no doubt that the NNPC could continue as a going concern without fear of going bankrupt.
“The financial statements have been prepared in accordance with the going concern principle under the historical cost convention.
“Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements. At this time, no significant events after the reporting date that may have an impact on going concern have been noted,” the auditors said in their notes to the 2022 AFS.
Signed into law by ex-President Muhammadu Buhari in 2021, under the PIA, NNPC officially ‘transformed’ from a state-run oil corporation to a commercial venture in July 2022, even though it is still, to a large extent, being controlled by the federal government.
Looking back, in 2018, the NNPCL recorded a loss of N803 billion, while in 2019, it was reduced to N1.7 billion by the company. The NNPCL appeared to have turned the corner in 2020 when it posted a profit of N287 billion for the first time in its history and thereafter disclosed N674.1 billion as profit in 2021.
NNPCL to pay pending $1.76bn equity in Dangote Refinery
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Nigerian researcher develops AI system to transform marine conservation, fisheries management
Nigerian researcher develops AI system to transform marine conservation, fisheries management
A Nigerian researcher, Dolapo Salim Olatoye, is attracting international attention with his groundbreaking work that combines Artificial Intelligence (AI) and ecology to develop smart monitoring systems capable of transforming marine conservation, fisheries management and biodiversity protection in Nigeria and across West Africa.
Olatoye, currently pursuing a fully funded PhD at the University of Pisa, Italy, said his research focused on developing computer vision and remote-sensing technologies that could enable scientists to automatically monitor marine ecosystems using underwater cameras, satellite imagery and sensor data.
His research, which forms part of two European Union Horizon-funded projects, comes at a time when governments and technology companies worldwide are increasingly deploying AI to tackle environmental degradation and biodiversity loss.
According to him, the systems he is developing use advanced object-detection and ensemble computer vision models to identify marine species automatically, making ecological monitoring faster, more accurate and scalable than traditional manual survey methods.
He noted that while many ecological AI tools are designed by computer scientists with little biological field experience, his approach bridges both disciplines through years of practical fisheries and marine fieldwork in Nigeria and Italy, alongside hands-on expertise in deep-learning engineering.
“I build the detection models myself and deploy them as working software rather than research demonstrations,” Olatoye explained, adding that the goal is to create practical tools that close the gap between field science and engineering.
The researcher began his academic journey at the Federal University Oye-Ekiti, where he studied Fisheries and Aquaculture and graduated as the best student in his department during the 2018/2019 academic session.
His outstanding academic performance earned him a fully funded Master’s scholarship at the University of Salento, Italy, where he graduated with a perfect score before securing another fully funded doctoral scholarship at the University of Pisa, one of Italy’s leading research institutions.
Beyond Europe, Olatoye believes his work holds enormous promise for Nigeria.
With an 853-kilometre coastline along the Gulf of Guinea and some of West Africa’s richest marine resources, Nigeria still meets only about 30 per cent of its annual fish demand through local production.
Experts believe improved scientific monitoring of marine ecosystems could significantly strengthen fisheries management, support conservation efforts and enhance food security.
Nigeria is also among eight Gulf of Guinea nations that signed the Yaoundé Declaration, committing to the sustainable management of ocean resources. The Federal Government has equally identified agriculture as a priority sector under its National Artificial Intelligence Strategy, creating opportunities for AI-driven solutions in fisheries and environmental management.
Olatoye said the technologies being developed for marine ecosystem monitoring align closely with these national priorities and could eventually be adapted for use by Nigerian fisheries and conservation agencies.
His work also reflects a growing global movement where leading technology companies are investing heavily in AI-powered biodiversity monitoring.
Google Research has developed SpeciesNet, an AI platform that has processed more than one billion wildlife images and audio recordings from 11 countries to identify animal species automatically.
Similarly, Microsoft’s AI for Good Lab recently unveiled Project SPARROW, a solar-powered bioacoustic monitoring system designed to track biodiversity in real time.
According to Olatoye, these initiatives demonstrate that AI is no longer being used merely to automate data collection but to revolutionise how scientists understand and protect ecosystems.
As part of his commitment to open science, Olatoye is also developing EcoQuad, a software platform emerging from his research.
The tool has already been adopted as instructional material for teaching at the University of Pisa and is designed to be openly accessible, allowing researchers and institutions to adapt it to local needs.
He expressed the hope that Nigerian and West African scientists would not have to depend entirely on imported technologies but would instead develop and customise world-class AI tools locally.
“My ambition is to build open, reproducible monitoring systems that meet the same standards as those developed by leading research groups in the United States, the United Kingdom and Canada,” he said.
He added that by making such tools accessible, researchers across Africa would be better positioned to participate fully in the global scientific community while addressing local environmental and food security challenges through home-grown innovation.

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Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m
Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has dismissed reports that his office allocated N1 billion in the 2026 budget for the procurement of musical instruments for churches in Bende Federal Constituency, Abia State.
In a statement issued on Wednesday by his Chief Press Secretary, Levinus Nwabughiogu, Kalu stated that the actual allocation is N780 million.
According to the deputy speaker, the reports misrepresented both the amount allocated and the purpose of the intervention.
He said that the budget provision, after Value Added Tax and other statutory deductions, stands at N780 million and is intended to support a youth re-orientation and social support programme to be implemented through faith-based organisations.
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has dismissed reports that his office allocated N1 billion in the 2026 budget for the procurement of musical instruments for churches in Bende Federal Constituency, Abia State.
In a statement issued on Wednesday by his Chief Press Secretary, Levinus Nwabughiogu, Kalu stated that the actual allocation is N780 million.
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According to the deputy speaker, the reports misrepresented both the amount allocated and the purpose of the intervention.
He said that the budget provision, after Value Added Tax and other statutory deductions, stands at N780 million and is intended to support a youth re-orientation and social support programme to be implemented through faith-based organisations.
“Bende has 13 federal political/electoral wards and over 200 churches. The first phase of this support targets 130 of these churches, averaging about 10 churches per ward, which amounts to approximately N5 million to N6 million per church,” he said.
The deputy speaker said the intervention was aimed at strengthening existing youth engagement platforms run by churches to promote moral values and discourage social vices.
“This intervention is not about instruments alone. It is about leveraging trusted community value-sustaining structures to reorient our youths, promote unity and sustain moral instruction across the constituency,” he said.
Kalu added that the 2026 budget had not yet been implemented and that beneficiary churches would be notified after the procurement process was completed.
He also disclosed that his office had initiated a corrigendum to correct what it described as a technical error in the procurement description before implementation.
The deputy speaker urged the public and the media to disregard reports suggesting that N1 billion had been allocated solely for musical instruments, saying the intervention was part of a broader effort to promote youth development and community values.
Kalu denies ₦1bn church budget claim, says actual allocation is ₦780m
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NACOMYO urges greater Muslim youth participation in politics at Lagos summit
NACOMYO urges greater Muslim youth participation in politics at Lagos summit
The National Council of Muslim Youth Organizations (NACOMYO), Lagos State Chapter, has called for increased participation of Muslim youths in politics and governance as part of efforts to strengthen inclusive leadership and contribute to the development of Lagos State and Nigeria.
The call was made during the Muslim Youth Political Summit 2026, held on Saturday at the Multipurpose Hall of the Alausa Secretariat Community Central Mosque in Ikeja, Lagos.
The summit, themed “Strategic Partnership for Progress: Muslim Youth and the Lagos Development Agenda,” brought together government officials, Muslim leaders, youth groups and other stakeholders to discuss strategies for expanding the role of Muslim youths in public service and leadership.
Speaking at the event, the State Coordinator of NACOMYO Lagos, Engr. Isiaka Salami, said the summit was organised to foster dialogue, strategic partnerships and collaboration between Muslim youths and government.
He explained that the initiative was aimed at preparing young Muslims for leadership roles while commending the growing inclusion of youths in governance. Salami also appreciated the support of the Muslim Community of Lagos State and offered prayers for the late Alhaji Tijani Gbajabiamila, the Olori Ratibi of Lagos.
Delivering the keynote address on behalf of Hon. Rasaq Olushola Ajala, the immediate past Chairman of Odi-Olowo Local Council Development Area (LCDA), Mr. Akeem Alao urged Muslim youths to actively participate in politics and public service.
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He stressed that competence, integrity and leadership capacity remain essential qualities for young people seeking to contribute meaningfully to governance and national development.
Alao also encouraged eligible youths to take advantage of the ongoing Independent National Electoral Commission (INEC) Permanent Voter Card (PVC) registration exercise ahead of future elections.
Also speaking, the Public Relations Officer of the Muslim Community of Lagos State, Alhaji Jubril Folami, commended NACOMYO for its sustained commitment to youth development and advocacy.
He described Muslim youths as agents of positive change and recalled the organisation’s role in defending the interests of Muslims during campaigns against the proposed return of public schools to missionary ownership.
During a panel discussion, the President of the Muslim Community of Lagos State, Alhaji (Barr.) Muhammad Oyinlomo Danmole, called for strategic political participation and stronger engagement between Muslim organisations and government.
He advocated the establishment of leadership training institutions to prepare Muslim youths for future leadership positions and emphasised the importance of grassroots mobilisation in nation-building.
Responding to questions on opportunities for Muslim youths, Alhaji Muritadoh Balogun urged young Muslims to participate actively in politics while drawing inspiration from the exemplary leadership of Prophet Muhammad (SAW).
He identified education, knowledge acquisition and community service as key foundations for effective leadership and called for increased Muslim representation in government institutions.
Also speaking during the panel session, Alhaja Dhikrat Matesun-Oshodi said Muslim women were ready to contribute meaningfully to governance.
She encouraged Muslim youths to embrace self-development, transparency, accountability, patience and teamwork, describing good character and empowerment as essential qualities for effective leadership.
The Senior Special Assistant to the Lagos State Governor on Wealth Creation and Employment, Ambassador (Comrade) Tijani Saheed Oluwadare (Seedorf), highlighted the state government’s commitment to youth inclusion, skills development and economic empowerment.
He urged participants to take advantage of government initiatives and become actively involved in politics to strengthen youth participation in policymaking and governance.
The summit attracted a large number of Muslim youths from across Lagos State, including representatives of organisations such as NASFAT, Ansar-Ud-Deen Society, Muslim Students’ Society of Nigeria (MSSN) Lagos, ASGAT, QUAREEB and other youth-focused political groups.
Participants resolved to strengthen collaboration between Muslim organisations and government, agreeing that leadership development, strategic partnerships and active political participation are critical to ensuring that Muslim youths contribute meaningfully to the Lagos Development Agenda and Nigeria’s overall development.
NACOMYO urges greater Muslim youth participation in politics at Lagos summit
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