The Economic and Financial Crimes Commission, EFCC has commenced investigation into alleged misappropriation of funds and abuse of office by some former senior officials of the Nigerian National Petroleum Company Limited, NNPC Ltd.

Former chief executives of the company, Mele Kyari, Abubakar Yar’Adua and others were alleged to have misappropriated about $2.96 billion earmarked for the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.

The development was disclosed in a letter dated 28 April and addressed to the Group Managing Director, NNPC Towers, Herbert Macaulay Way, Central Business District, Abuja.

It was gathered that the anti-graft agency is specifically investigating the disbursements of $1.56 billion for the Port Harcourt refinery, $740 million for the Kaduna refinery, and $657 million for the Warri refinery.

Those under investigation include:

Abubakar Lawal Yar’Adua

Mele Kolo Kyari

Isiaka Abdulrazak

Umar Ajiyap

Dikko Ahmed

Ibrahim Onoja

Ademoye Adeniyi Jelili

Mustapha Magaji Sugungun

Kayode Olusegun Adetokunbo

Efiok Michael Akpan

Babatunde Bakare

Jimoh Olasunkanmi

Bello Kankaya

Desmond Inyama

Nigerian National Petroleum Company Limited, NNPCL, has reduced its retail price of Premium Motor Spirit.

It was observed on Saturday that NNPCL retail outlets along Kubwa Express Way, Zone 4 Abuja, and Gudu, all in the Federal Capital Territory, have adjusted their fuel pump price to N910 per litre from N935.

This showed that the state-owned firm reviewed its petrol price downwards by N20.

Fresh price drop in NNPCL retail prices has resulted in motorists trooping to NNPCL filling stations as of Saturday.

The latest price drop by NNPCL retail outlets is the latest outcome of the ongoing ‘price war’ in the downstream sector of the petroleum industry.

MRS filling stations and other Dangote Refinery partners currently sell petrol for N910 per litre.

Recall that Dangote Refinery announced a drop in its petrol ex-depot price to N835 per litre.

Thereafter, the 650,000-barrel refinery announced that its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will sell petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.

The development caused price disruption in the country’s petroleum downstream sector.

Other filling stations sell petrol between N930 and N950 per litre, depending on the location.

On April 20, 2025, NNPCL reviewed its petrol retail price downwards to N935 per litre.

BUA Foods Plc has announced its unaudited financial results for the first quarter of 2025, demonstrating robust growth across key financial indicators.

The company recorded a revenue growth of 24 per cent to N442.1bn in Q1 2025, up from N356.9bn in the corresponding period of 2024.

The performance was driven by increases in revenue from Flour, which soared 145 per cent to N176.2bn, Pasta rose 12 per cent to N41.5bn, and Rice recorded a 1617 per cent to N13.02bn.

Sugar revenue, however, saw a slight 11 per cent quarter-on-quarter decrease to N211.3bn (Q1 2024: N238.2 billion).

BUA Foods, in a statement on Thursday, said it also reported a gross profit of N160.91bn in Q1 2025, a 39 per cent increase compared to N115.42bn in Q1 2024.

This growth led to an improved gross profit margin of 36.4 per cent, a 406 basis point increase from 32.3 per cent in the prior quarter.

Total operating expenses for the period increased by 56 per cent to N22.39bn (Q1 2024: N14.37 billion), due to increases in selling and distribution expenses, which rose 13 per cent to N11.08bn driven by logistics costs, and administrative expenses up 147% to N11.32bn.

Despite the increase in operating expenses, BUA Foods achieved a 124% in profit after tax to N125.28bn in Q1 2025, compared to N55.82bn in Q1 2024.

Consequently, Earnings per Share also saw a significant increase of 125% to N6.96 from N3.10 in the corresponding period.

The company’s total equities stood strong at N554.34bn as of Q1 2025, representing a 29.2% increase from N429.06bn in FY 2024.

This growth was mainly driven by a 30 per cent increase in retained earnings.

Commenting on the results, the Managing Director, BUA Foods, Dr Ayodele Abioye, said, “We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.

Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum.”

“Revenue increased by 24%, while Net Profit leaped by 124% to N125Billion further re-affirming our position as a leading food business on the Nigerian Exchange Limited.

Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.”

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs.

With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025.”