General News
NNPCL Officially Takes over as FG Rests NNPC

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.
General News
PalmPay’s Bold Move For Social Impact in Northern Nigeria

In the busy Fagge Market in Kano, Zahra Bello, a middle-aged entrepreneur who runs a fabric store, speaks about her experience with mobile banking and how this has simplified business transactions and improved her small business.
Behind the growth of these resilient women entrepreneurs lies a story of transformation powered by technology.
“My name is Zahra Bello, I’m from Dambatta in Kano State, and I’m a fabric trader. I first heard about PalmPay from my elder brother in March 2024. He told me how he used the PalmPay Target Savings feature to buy new machinery for his farm and even earned interest. That inspired me to try it too.”
Zahra downloaded the PalmPay app that very day. By December, she’d used the Target Savings plan to restock her shop with new fabrics, an achievement she never thought possible within such a short period. “I was so happy,” she smiles. “The interest I earned on my savings motivated me to save more. PalmPay has become my savings box. I use it for all my transactions now.”
Her story, like many others, is the inspiration for PalmPay’s evolving vision of inclusive banking in Nigeria’s underserved communities.
Women, SMEs, and Technology
Financial exclusion remains a critical challenge in Northern Nigeria. According to EFInA’s 2023 Access to Financial Services survey, an estimated 28.8 million adults in the North are excluded from the formal financial system, with exclusion rates as high as 47% in the Northwest.
Among women, especially those in rural areas, the figures are even more concerning, as these numbers represent the daily reality of millions of women who run informal businesses and contribute to household income without access to banking, credit, or digital tools.
PalmPay’s initiative addresses this gap directly. 5,000 female entrepreneurs in Kano and Kaduna will receive hands-on financial literacy training on mobile payments and their shops are rebranded with signages, aprons, and other kits that will enhance visibility for their businesses.
“I used to write down every sale in a notebook. Now I track everything with my PalmPay account,” says Rabi Abdullahi, a trader in Kano. “Customers trust me more now that I have a business name and branded store.”
PalmPay has done its due diligence to understand the challenges and has offered a tailored approach to solving these issues which includes this social impact initiative.
Social Impact and Strategic Growth
With over 35 million users in Nigeria, the company is keen to expand in regions where smartphone adoption is rising but digital finance penetration remains low.
Femi Hanson, Head of Marketing and Communications, explains: “We see this as long-term ecosystem building. When you give small business owners the tools to grow, you don’t just gain users, you build loyalty, trust, and sustainable impact.” This also aligns with Nigeria’s Financial Inclusion Strategy goal to reach 95% inclusion by 2025, a benchmark that can’t be reached without focused efforts in the North.
The project has earned the support of traditional leaders, most notably His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, who praised the initiative and called for greater collaboration between the private sector and community stakeholders.
With the success of this initiative, PalmPay has continued to expand its solutions in these regions offering support to even more women.
In Northern Nigeria, where the need is great and the gap wide, PalmPay is proving that true impact goes beyond offering products to providing support and meeting the needs of its users at the grassroots.
General News
Moniepoint Demonstrates Commitment to Nurturing Africa’s Future Leaders

Moniepoint Inc, one of Africa’s leading financial institutions partnered with the Mega Impact Foundation to support the 5th edition of the NextGen Connect Interschool Oratory Competition in Asaba, Delta state. This collaboration showcases Moniepoint’s unwavering commitment to youth empowerment and human capital development across the African continent.
The competition, which was held commemoratively to celebrate this year’s International Day of the Boy Child, brought together SS2 students from across Delta State to address the critical theme: “The Role of Financial Inclusion and Technology in Shaping a Brighter Future for Young People in Africa.” Moniepont has received critical acclaim over its core mission of advancing financial inclusion through innovative digital financial technology solutions and payment services..
The oratory competition showcased exceptional talent among Nigeria’s youth, with Otovo Praise of Crystalloid International School emerging as the champion.
His outstanding performance earned him a full-year scholarship through the Tosin Eniolorunda STEM Foundation, reflecting Moniepoint’s philosophy of investing in educational excellence. Second-place winner Audi Innocent of St Patrick’s College received ₦300,000, while third-place winner, Asher David of Glorious Kids Academy was awarded ₦200,000.
“At Moniepoint, we believe that driving sustainable innovation begins with future-proofing and expanding the talent pool by empowering the next generation with the tools that they need to succeed especially basic literacy skills which remain fundamental pillars in socio-economic development,” said Tosin Eniolorunda, CEO Moniepoint Inc.
“These young voices represent the future of African leadership, and their insights into financial inclusion and technology demonstrate the remarkable potential that exists within our communities. Through our various educational and developmental initiatives such as the CAD/CAM lab we donated to OAU last year or the Moniepoint DreamDevs programme, we are betting big on an investment in Africa’s future.”
The initiative extends beyond monetary rewards, creating meaningful platforms for young people to express their ideas on a global stage. Through its support of the NextGen Connect Conference and Tech-In-School conversations, Moniepoint is fostering an environment where youth can develop critical thinking skills, build confidence, and engage with pressing societal issues.
In her remarks, Founder, Mega Impact Foundation, Florence Ogonegbu said that “we reaffirm our commitment to building an Africa where every young person has simplified access to sustainable education, capacity building, and empowerment.
By leveraging technology and local initiatives, we are creating platforms that enable our youth to thrive and transform their communities. Together with partners like Moniepoint, we are not just shaping futures—we are driving a movement for social development that will resonate globally. Every boy, every young person, deserves the opportunity to unlock their full potential and drive lasting impact across our continent.”
The competition received additional support from the Ministry of Women Affairs and Social Development, Delta State, highlighting the collaborative approach required to nurture young talent effectively.
General News
African Parliamentarians Seek Answers from Telcos on Quality of Service

African legislators across the continent are increasingly demanding answers from mobile network operators for chronic poor service. Parliamentarians in Cameroon, South Africa and Zambia are demanding answers on data pricing, network connectivity needs in rural regions, contributions to job creation, data security and privacy, and adherence to universal service obligations.
Zambia is the latest country to question telcos over quality of service, and National Assembly speaker Nelly Mutti has ordered minister of technology and science Felix Mutati to deliver a ministerial statement on the Airtel network’s repeat outages and the steps being taken to resolve them.
Lawmakers have expressed concerns about the impact of inconsistent connectivity, particularly in rural areas where mobile communication is important for emergencies and essential services.
This come after telecoms regulator, Zambia Information and Communications Technology Authority (ZICTA) read the riot act to Airtel, after its most recent outage last week.
This was not the first time the telco had experienced service interruption, which prompted ZICTA to threaten the telco with a fine.
Meanwhile, the speaker of parliament declared that the nation has to be informed about the causes for the network provider’s bad service and the steps being taken to address the issue.
Mutti said: “This matter is affecting everyone. We need to know why the services are poor and what is being done to ensure service providers comply with stipulated guidelines.”
The move by the Zambian parliament comes a few days after South African parliament also summoned mobile network operators to respond to a range of concerns that lawmakers felt impacted consumers.
The following issues were considered by parliamentarians: network connectivity standards in rural areas, contributions to job creation, transformation, and economic inclusion and empowerment for blacks in general, women, youth, and people with disabilities, data security and privacy, adherence to universal service obligations, and spectrum conditions for universal connectivity.
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