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NNPC declare N15.8bn Profit after tax

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The Nigerian National Petroleum Corporation, NNPC, says Nigerian Gas Processing and Transportation Company Ltd., NGPTC, one of its subsidiary companies, has declared a profit after tax of N15.81 billion in 2016.

The NNPC disclosed this in Abuja on Sunday in a statement by the corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu.

Mr. Ughamadu explained that the profit was due to the write-back of deferred tax of N8.05 billion in 2015 and part of the dividends of the ongoing transformation.

The Chief Operating Officer and Chairman of NGPTC, Saidu Mohammed, disclosed that the profit before tax for the year ended December 31, 2016 was N24.4 billion as against N20.9 billion in 2015.

“This represents an increment of 16.8 per cent, while the profit after tax reduced from N22.6 billion in 2015 to N15.81 billion in 2016.

“Also, earnings per share reduced from N4,510 in 2015 to N3,163 for 2016.

“The total revenue generated from gas sold and transmitted during 2016 amounted to N219.5 billion as against N155.5 billion in 2015, representing a 41 per cent increase over the previous year,” he said.

Mr. Ughamadu said that the increase was due to revenue generated from application of higher transportation tariff and new commercial customers that came on stream.

“An overview of NGPTC’s business performance for the year 2016 shows that 307 billion standard cubic feet (bscf) of gas was sold and transmitted as against the planned 463 bscf, thereby achieving 66.4 per cent of its target.

“The year 2016 also reveals a performance of four per cent below the volume of 319.25 bscf sold in 2015,” the public affairs manager said.

He noted that the company was confronted with the challenges of incessant vandalism of the Escravos-Lagos Pipeline System 1 (ELPS 1), Trans Forcados pipeline and evacuation bottleneck of condensate in 2016.

He acknowledged the continued support of NGPTC’s host communities for the sustained peace and tranquility in the company’s areas of operation.

The NGPTC, formerly Nigerian Gas Company (NGC) Ltd., a fully-owned subsidiary of the NNPC, was incorporated in 1981 and commenced business in 1988.

NGC was renamed NGPTC in 2016 with a mandate to process and transport natural gas domestically and for export.

Source: (NAN)

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Fashola Discovers Hidden Camera At Lekki Toll Gate

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Fashola Discovers Hidden Camera At Lekki Toll Gate
Fashola Discovers Hidden Camera At Lekki Toll Gate

Babatunde Fashola

The Minister of Works and Housing, Babatunde Raji Fashola has discovered a hidden camera left on site at the scene of the Lekki Toll Gate shootings during the #EndSARS protests in Lagos State.

Fashola discovered the camera on Sunday during an on-spot assessment carried out by him and some other Ministers and Governors from the South-Western States.

Fashola stated that the camera must have been planted by “some subversive elements.”

Also Read: Lagos Govt Reviews Curfew Time

The minister reportedly picked up the device with a handkerchief and handed it over to Babajide Sanwo-Olu, governor of Lagos.

“I think this will help with the ongoing investigations into the shootings at the Lekki Toll Gate. It requires forensic analysis and could be used in the investigations to unravel the mystery surrounding the shootings at the Toll Gate, I believe,” he was quoted to have said.

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Tinubu: Why Would I Deploy Soldiers At Tollgate And Fail To Protect TVC, The Nation?

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Tinubu: Why Would I Deploy Soldiers At Tollgate And Fail To Protect TVC, The Nation?
Tinubu: Why Would I Deploy Soldiers At Tollgate And Fail To Protect TVC, The Nation?

Bola Tinubu

A National leader of the All Progressives Congress (APC), Bola Tinubu has denied being involved in the shooting of protesters in Lagos state.

The former Governor of Lagos State stated this in a statement titled, ‘The #EndSARS protests; a fundamental lesson in democratic governance.’

Recall that on Wednesday, an angry mob attacked Television Continental and The Nation newspaper, which are both linked to the APC National Leader following the shooting of protesters at the Lekki Toll Gate by soldiers on Tuesday night.

Also Read: Sanwo-Olu, South-West governors inspect Lekki toll gate

Tinubu who confirmed that he is an investor in TVC and The Nation denied being a part investor in the Lekki Toll Gate.

He expressed that he could not have deployed the soldiers to quell the protest and fail to protect his investments — TVC and The Nation newspaper.

“There is no rationale that can adequately explain why I would order soldiers to repel peaceful protesters from the toll gate where I have no financial interest, yet, choose to do nothing to protect my investments in The Nation and TVC,” he said.

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I Am Avoiding Debates Over Lekki Toll gate Incident Until All Facts Are Established – Buhari

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#EndSARS: Sanwo-Olu replies lady who asked him to summarize Buhari’s speech
I Am Avoiding Debates Over Lekki Tollgate Incident Until All Facts Are Established – Buhari

Muhammadu Buhari

President Muhammadu Buhari has revealed the reason he didn’t talk about the shooting of #EndSARS protesters at the Lekki Toll Gate in Lagos by soldiers.

Recall that Buhari left many Nigerians disappointed after his speech on Thursday night when he failed to recognise protesters who have died at the hands of security operatives.

However, in a communique on Sunday by his special media aide, Mr. Garba Shehu, the President revealed why he didn’t talk about the incident.

He stated that he is avoiding getting into any debates until all facts are established.

He also has asked parents and guardians not to encourage their children and wards to partake in the ongoing nationwide looting, destruction of property.

Also Read: Sanwo-Olu, South-West governors inspect Lekki toll gate

“Families must turn back children who bring home unaccounted goods, in the same way, wives must ask their husbands to return looted items brought home,” the President said.

He also expressed assurance that all peaceful protesters who lost their lives during the #EndSARS protests will get justice.

He, however, expressed confidence that the panel of inquiry set up by Lagos State will assist in clarifying the circumstances and get justice for all those affected not just by the Lekki toll gate incident but the #EndSARS protest in general as well as all other cases of police brutality.

 

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