NNPC revenue hits N45tn, profits jump 64%

The Group Chief Executive Officer of NNPC Limited, Bayo OjulariThe Nigerian National Petroleum Company Limited has declared a profit after tax of N5.4tn for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company.

The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing on Monday in Abuja. The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.

The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures, and enhanced operational efficiency across its assets.

The PUNCH reports that NNPC Limited’s latest results extend a remarkable profitability streak that began in 2020, when the company recorded its first-ever profit of N287bn, rising to N674bn in 2021 and N2.5tn in 2022

Presenting the results, Ojulari said the state-owned energy giant also recorded N45.1tn in revenue, representing 88 per cent year-on-year growth. He said stability in the foreign exchange market, following the floating of the naira by the Central Bank of Nigeria, boosted the profitability of the national oil company.

However, an analysis of the group’s foreign exchange earnings showed a near halving in 2024, falling to N8.365 billion from N15.95 billion in 2023, representing a 47.6 per cent decline, according to the released financial statement.

The GCEO said the performance demonstrated the “positive momentum” of the organisation’s ongoing transformation drive, driven largely by operational discipline and market reforms.

Ojulari also attributed the surge in earnings to cost-optimisation measures, improved production volumes, and favourable market conditions across the company’s upstream, midstream, and downstream segments.

According to him, a breakdown showed that NNPCL recorded N45.1tn in revenue (88 per cent growth), N5.4tn Profit After Tax (64 per cent growth), and N27.07 earnings per share, also up by 64 per cent.

Ojulari said, “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity, and accessible interpretation, and that is where you play a vital role.

“To provide that context, let me underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of N5.4tn, supported by N45.1tn in revenue.

“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.”

Ojulari also announced a long-term strategic roadmap aimed at sustaining growth and advancing Nigeria’s energy transition through 2030. The plan focuses on boosting oil and gas production and mobilising major investments across the value chain.

Under the targets released, NNPC Ltd aims to raise crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030.

The GCEO also plans to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, alongside completing key infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.

The company is further seeking to attract $60bn in investments across the upstream, midstream, and downstream segments by the end of the decade.

“NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include mobilising $60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

North-Central APC forum accuses Yilwatda of blocking Gov Mutfwang’s defection

The North-Central APC Forum has accused the party’s National Chairman, Prof. Nentawe Yilwatda, of obstructing Plateau State Governor Caleb Mutfwang from joining the All Progressives Congress, APC.

In a statement on Sunday, the forum said Yilwatda had failed to unite the North-Central region and was prioritising personal political interests over party growth. The group alleged that the chairman, who lost the 2023 Plateau governorship election to Mutfwang, is blocking the governor’s defection to protect his 2027 political ambitions.

The forum also criticised Yilwatda for a recent church appearance where he claimed to represent Christians in the North-Central, calling the remarks divisive and contrary to the party’s principles.

Alhaji Saleh Zazzaga, the forum’s chairman, said Yilwatda lacked political exposure, having never held an elected office, and accused him of deepening divisions within Plateau State and the wider region. The forum urged the APC leadership to consider appointing a more competent national chairman at the party’s planned December convention.

Despite the criticisms, the group reaffirmed its support for President Bola Tinubu and pledged to deliver votes from the North-Central region in the 2027 elections.

Kwara PDP welcomes release of Eruku abductees, demands arrest of perpetrators

The Kwara State Chapter of the Peoples Democratic Party, PDP, has expressed relief at the news of the release of the 38 worshippers of the Christ Apostolic Church, Eruku.

A statement by the party’s spokesman, Olusegun Olusola Adewara, in Ilorin on Sunday, said: “We join the families, the Eruku community, and all well-meaning Kwarans in thanking God for their safe return from the clutches of their captors.

“We also thank God Almighty for the good news and commend the courage and tireless efforts of the security agencies, particularly the local vigilantes who worked relentlessly to secure this success.”

The PDP added: “While this development brings relief to the victims’ families and all of us in Kwara State, it is important to state clearly that the safe return of abducted citizens does not erase the persistent security failures that allowed this heinous attack to occur in the first place if none of the perpetrators of this heinous crime have been arrested and publicly paraded.

“As a party, we believe the state government’s silence on the crucial details of this release is unacceptable.”

The party further demanded to know: “Were any of the terrorists who carried out the attack arrested or neutralised during the operation? A government that celebrates the release of hostages without the arrest of their captors is merely negotiating a temporary ceasefire with criminals.”

The opposition party also asked whether a ransom was paid, and if so, whether it was from public funds, adding that the government owes the people full transparency on the matter.

It also inquired about the condition of the victims, the comprehensive support the government is providing for their recovery and reintegration, and what concrete measures have been put in place by the state government to prevent another attack of this nature.

The party argued: “Security is not measured by how many abductees are released, but by how many criminals are arrested, prosecuted, and prevented from striking again.

“Until the masterminds of the attack are apprehended and their networks dismantled, Kwara communities remain vulnerable.

“The Kwara PDP maintains that the return of the Eruku 38, while bringing relief, is not a victory for governance. A true victory would be the arrest and prosecution of the criminals and the implementation of a robust, proactive security strategy that prevents such abductions altogether.”

Power blackout: Disco debunks Imo govt’s sabotage allegation as row deepens

Enugu Electricity Distribution Company PLC (EEDC) has reacted to the announcement issued by the Imo State Government, accusing it of planned sabotage of power supply in the state.

Imo government made the allegation in a statement signed by the Commissioner for Information, Public Orientation, and Strategy, Declan Emelumba.

The announcement alleged that “EEDC plans massive electricity outage in Imo to sabotage the State Government’s electricity project.”

DAILY POST recalls that days ago, armed security operatives, alleged to be working under the instruction of the Imo State government, had invaded the Transmission Company of Nigeria office in the state and forced staff on duty to shut down power.

As the row continues, the government is now claiming the EEDC was planning to sabotage power supply in the state.

However, in a reaction, the EEDC in a statement on Sunday by its Group Head, Corporate Communications, Mr Emeka Ezeh, stated categorically that the allegation was baseless, unfounded, and completely devoid of truth.

“We advise our esteemed customers in Imo State and the general public to disregard the claim in its entirety, as EEDC has no intention whatsoever to carry out any ‘major power outages’ in the state.

“It is unfortunate that the Imo State Government has chosen the path of propaganda as a means of diverting public attention and masking its longstanding hostility toward EEDC and its operations within the state.

“EEDC remains committed to supporting initiatives aimed at improving the welfare of electricity consumers. However, we urge the Imo State Government to provide an enabling environment for licensed operators to function effectively, rather than frustrating their operations through the use of state machinery.

“It is on record that on Saturday, 15th November 2025, armed policemen, allegedly acting on the instructions of the Imo State Government, stormed the Egbu Station of the Transmission Company of Nigeria (TCN) and forced the operator on duty, at gunpoint, to shut down all feeders. This action plunged customers into total darkness. What greater act of sabotage could there be?” EEDC queried.

It added that for the avoidance of doubt, “There is no plan whatsoever by EEDC to carry out any major outage in Imo State.

“EEDC is committed to serving its customers and continues to make significant investments aimed at improving supply reliability and overall service quality across the state.

“However, we urge all our customers in Imo State to note that if any power outage occurs from this moment onward, the responsible party is clear. The state government, having raised false alarms and made unfounded, unverified, and baseless accusations against EEDC, should be held accountable.

“EEDC remains dedicated to its mandate and will continue working diligently to ensure sustainable and improved electricity distribution to customers in Imo State.”

Nigeria’s 8,587 diphtheria cases, 884 deaths highest in Africa – WHO

Nigeria is leading Africa in reported diphtheria cases, with 8,587 confirmed infections and 884 deaths between January 1 and November 2, 2025,

This is according to the latest data obtained exclusively by our correspondent from the World Health Organisation on Sunday.

The WHO report showed that Nigeria continues to account for the highest number of diphtheria cases in the African region.

Last Friday, Médecins Sans Frontières, also known as Doctors Without Borders, announced that it has been scaling up its diphtheria emergency response in collaboration with several state Ministries of Health since August, due to a significant increase in diphtheria cases in Borno, Kano, and Bauchi.

MSF stated that hundreds of suspected cases identified and reported by Disease Surveillance and Notification Officers over the last three months have strained health facilities, exposing critical gaps in treatment capacity and vaccine coverage.

The WHO said, “Nigeria continues to report the highest number of diphtheria cases in the African region.

From January 1 to November 2, 2025, 12,150 suspected cases have been reported, with 8,587 confirmed and 884 deaths (CFR 7.2 per cent).”

The global health body noted that confirmed cases have been detected across 240 Local Government Areas in 30 states, with most of the cases clinically diagnosed.

“Only three per cent were confirmed by laboratory testing,” it stated.

The report revealed that children and adolescents remain the most affected demographic, with low vaccination coverage fuelling transmission.

“In Nigeria, more than two million children are under-immunised, including those with zero doses, highlighting the high risk of further spread.

“Reactive campaigns have been conducted in Imo, Kaduna, and Lagos, targeting health workers and priority populations.

“The outbreak overlaps with areas targeted by the Big Catch-up initiative. Challenges include delayed laboratory confirmation, poor Infection Prevention and Control practices, limited information, education and communication materials, and vaccine shortages,” WHO highlighted.

It further said that discussions with Gavi, the Vaccine Alliance, are ongoing to secure additional support.

“According to WHO/UNICEF Estimates of National Immunisation Coverage in 2024, the estimates show 71 per cent coverage for the first Diphtheria, Tetanus, and Pertussis dose and 67 per cent for the third,” it added.

Algeria reported a diphtheria outbreak in Skikda province in October 2025 with 13 suspected cases, eight confirmed, and two deaths, mostly affecting unvaccinated individuals.

Despite high national vaccination rates for 2024, according to WUENIC, geopolitical instability in neighbouring countries has led to mass displacement into southern Algeria, where vaccination coverage among refugees is low.

It said that the lack of data since May 2025 and limited information sharing are key challenges to assessing the full scope of the outbreak.

From January 1 to 2 November 2, 2025, Chad recorded 4,462 suspected cases and 47 deaths, but only four were laboratory-confirmed due to diagnostic limitations.

The outbreak overlaps with a severe humanitarian crisis and multiple epidemics, prompting a request to Gavi for vaccines and operational support.

Guinea has reported 476 suspected cases and 123 deaths since June 2025, with human-to-human transmission concentrated in the Siguiri district in the Kankan region.

“The outbreak has affected four of 38 prefectures (11 per cent), with human-to-human transmission concentrated in the Kankan region, particularly in Siguiri district, which accounts for over 80 per cent of reported cases and fatalities,” WHO stated.

Mali reported 430 suspected cases and 29 deaths across seven regions, with rapid expansion from three to 30 affected districts within six weeks.

Between January and November 2025, Mauritania reported 849 suspected cases, 318 confirmed, and 33 deaths, mainly affecting children and adolescents aged five to 19 years.

Niger recorded 1,926 suspected cases and 122 deaths across 34 health districts, with most cases in Agadez, Diffa, and Zinder regions.

Ongoing humanitarian challenges and gaps in vaccine delivery persist despite a recent vaccination campaign and relatively high national immunisation estimates.

South Africa has reported 106 diphtheria cases, including 66 confirmed respiratory infections and 37 asymptomatic carriers affecting five provinces, with the Western Cape most impacted. Immunity gaps, limited antitoxin supply, and outbreaks among vulnerable groups, such as inmates, are complicating response efforts.

“In 2025, from January 1 to November 2, a total of 20,412 suspected diphtheria cases, including 1,252 deaths (an average case fatality ratio [CFR] of 6.1 per cent), have been reported across eight Member States in the WHO African Region (Algeria, Chad, Guinea, Mali, Mauritania, Niger, Nigeria, and South Africa). Of these suspected cases, 9,864 (48.3 per cent) have been confirmed through laboratory testing, epidemiological linkage, or clinical diagnosis. Laboratory confirmation was conducted for 5.7 per cent (n = 1,177) of the suspected cases.

“Women, children aged five to 18 years, and young adults under 30 years are the most affected, confirming that the immunity gap extends well beyond early childhood. The situation has further deteriorated in Mali, Mauritania, and Niger in recent weeks, with increasing case numbers and geographic spread of the outbreaks reported in these countries.

“The resurgence of diphtheria across multiple countries in the WHO African Region constitutes a serious public health concern, which led to its grading as a grade two emergency under the Emergency Response Framework of WHO.

Timely case detection, coordinated response, and clinical management remain critical to limiting transmission and reducing the high fatality rates observed in recent outbreaks. However, response efforts are being hampered by a global shortage of DAT and limited laboratory diagnostic capacity,” WHO said.

The UN body emphasised that Effective diphtheria control demands a coordinated, multi-sectoral response that includes emergency management, laboratory confirmation, surveillance, clinical care with DAT and antibiotics, and strong infection prevention measures.

It added that sustained vaccination, community engagement, and stronger health systems, especially routine immunisation, are crucial to stopping transmission and preventing future outbreaks in the African Region.

LASBCA demolishes illegal structures on Lagos Island

The Lagos State Government, through the Lagos State Building Control Agency, has pulled down some structures in the Ikate Elegushi area of the state over the lack of proper approval or authorisation.

LASBCA’s Director of Public Affairs, Adu Ademuyiwa, noted in a statement that the joint enforcement operation was carried out on Saturday by the Office of Urban Development and LASBCA, targeting structures that contravened building regulations and encroached on drainage setbacks.

The Lagos State Assembly House Committee Chairman on Physical Development, Sylvester Ogunkelu, who also joined the operation, affirmed that the Assembly fully supported the drive to sanitise the built environment in Lagos.

According to him, compliance with building regulations is non-negotiable, noting that unregulated development endangers lives and puts pressure on critical infrastructure.

The Permanent Secretary, Office of Urban Development, Gbolahan Oki, emphasised that “illegal construction continues to pose significant challenges to environmental sustainability and urban planning within the state.”

Oki reiterated that the ministry rmained committed to supporting LASBCA in ensuring that all building developments across Lagos meet the required standards.

On her part, the Acting General Manager of LASBCA, Gbaye Florence, expressed the agency’s resolve to intensify monitoring across all zones.

She explained that the structures being removed had been served multiple notices, including stop-work orders and demolition notices, but the owners refused to comply.

The enforcement team also moved to the Lekki–Ikoyi axis, where buildings erected under high-tension power lines were marked for demolition.

The move follows several demolitions that have taken place in Lagos in areas like Oworonshoki, Trade Fair, Ikota, etc. While building owners lament losses, the state government has insisted that property developers must get proper approvals.

Court orders FG to name culprits in N6tn NDDC scandal

NDDCThe Federal High Court in Abuja has directed President Bola Tinubu to compel the Attorney General of the Federation to publish the names of individuals indicted in the alleged misappropriation of over N6tn meant for the Niger Delta Development Commission between 2000 and 2019.

The landmark ruling, delivered on Monday, November 10, by Justice Gladys Olotu, also mandates President Bola Tinubu to make the NDDC forensic audit report, submitted to the Federal Government on September 2, 2021, publicly available.

The judgment was obtained in certified form last Friday following a Freedom of Information suit filed by the Socio-Economic Rights and Accountability Project in November 2021.

Justice Olotu ruled that the forensic audit report and the names of those indicted constitute “public records” under Section 31 of the Freedom of Information Act.

She noted that the information is not exempt from disclosure under Sections 11-19 of the Act, as it pertains to the management of public funds.

“The refusal of the President and the Attorney General to publish the audit report or act on the allegations, despite formal demand by SERAP, constitutes a breach of their statutory duties under the Freedom of Information Act, Section 15(5) of the Nigerian Constitution, and Nigeria’s international obligations to promote transparency and accountability,” Justice Olotu said.

The court emphasised that every citizen has the right to access information in the custody of public officials, and that the Freedom of Information Act imposes a non-discretionary duty on public institutions to release such information.

SERAP’s Deputy Director, Kolawole Oluwadare, described the judgment as a “ground-breaking victory for transparency and accountability in the spending of public funds,” urging the Tinubu administration to comply immediately.

Human rights lawyer, Femi Falana, SAN, praised the judgment, calling it “one of the most patriotic public interest litigations ever undertaken in Nigeria,” and stressed that delayed enforcement could undermine both the fight against corruption and the rule of law.

In a letter dated November 22, 2025, SERAP formally urged President Tinubu to implement the court orders without delay, stressing that compliance would demonstrate the administration’s commitment to transparency, accountability, and the rule of law.

38 abducted Kwara church worshippers regain freedom

AbdulRaman AbdulRazaqKwara State Governor, AbdulRahman AbdulRazaq, has announced the release of 38 persons who were recently abducted during an attack on Christ Apostolic Church in Eruku, Ekiti Local Government Area of the state.

This was disclosed in a statement by the Governor’s Chief Press Secretary, Rafiu Ajakaye, on Sunday.

“After many days of hard work by security forces and government representatives, HE AbdulRahman AbdulRazaq (CON) is excited to announce the freedom of 38 persons who were recently abducted in an attack on Christ Apostolic Church (CAC) Eruku, Ekiti LGA, Kwara State,” the statement partly said.

The governor credited President Bola Tinubu for his hands-on involvement in ensuring the victims regained their freedom.

“The governor says this is wholly due to the hands-on approach of President Bola Tinubu, GCFR, who has personally led the efforts to free the abductees. The abductees were freed today, November 23.

“The governor is immensely grateful to President Bola Tinubu, GCFR, for his direct initiative that made this happen,” the statement added.

It recalled that the President had postponed his scheduled trip to the G20 meeting in South Africa to personally oversee security measures in Kwara and Kebbi states.

“The President had called off his scheduled trip for the G20 Meeting in South Africa to attend to the breaches in Kwara and Kebbi States.

“He had also directed heightened security deployments to Kwara, in what underlined his firm commitment to the safety and well-being of our people and Nigerians as a whole,” it added.

AbdulRazaq further thanked federal security agencies and local forces involved in the operation.

“The governor also expresses appreciation to the Office of the National Security Adviser; the Department of State Services (DSS); the Nigerian Army; the Nigeria Intelligence Agency; and, of course, the Nigeria Police, which has graciously deployed four new tactical teams to Kwara State on the directive of the President,” the statement read.

Finally, the governor thanked other stakeholders whose support aided in ensuring the abductees’ safe return.

Also confirming the release to PUNCH Online, the Secretary of CAC Oke Isegun, Michael Agbabiaka, told our correspondent that the Department of State Services contacted the community around 4 pm to inform them that the captives had been freed.

He noted that the community was anxiously awaiting their arrival back home to be reunited with their families.

“Yes, they called us that the abductees have been freed,” Agbabiaka said.

“We are waiting for them to be brought back to the community. Our people are eager to see them alive and safe,” he added.

PUNCH Online reports that the Kwara abduction had triggered national outrage after armed bandits invaded a church service on Tuesday, killing three worshippers and whisking away 38 others.

The incident marked one of the largest mass abductions in Kwara’s recent history and heightened concerns about growing bandit activity around the state’s borders with Kogi and Niger.

The release comes days after security agencies launched an intensive combing operation involving soldiers, DSS operatives, Special Tactical Squad units, SWAT personnel, anti-kidnapping operatives and local vigilantes.

NAICOM mandates NIN, CAC compliance for insurance policyholders

NAICOMThe National Insurance Commission has issued a new directive mandating stricter Know-Your-Customer requirements for insurance contracts.

According to the circular issued on Friday, which was signed by the Deputy Director (Market Conduct & Complaints Bureau), Olugbenga Jaiyesimi, for the Commissioner for Insurance, individuals taking out cover must submit their National Identification Number, and corporate clients must provide Corporate Affairs Commission documents, before the inception of any insurance contract, including Group Life cover.

NAICOM said it issued the circular titled ‘Re: Mandatory Submission of National Identification Number and Certificate of Incorporation as Material Information for All Insurance Contracts Including Group Life Cover’ in line with Section 64(4) of the Nigerian Insurance Industry Reform Act 2025 and in the exercise of powers conferred on the Commission by the NAICOM Act 1997.

The regulator said the directive formed part of efforts to “strengthen transparency and facilitate the Nigerian insurance industry’s compliance with Know Your Customer requirements.”

The Commission stated that “An insurance underwriter and broker shall neither provide nor accept any insurance cover without having obtained the NIN of the individual client and CAC documents of the corporate client.

“An insurance underwriter and broker shall obtain the National Identification Number from individual clients and CAC documents from corporate clients before acceptance and inception of any risk.

The CAC documents referred to under this circular include the Certificate of Incorporation, Particulars of Directors, and Share Allotment (Status Update) of the intending entity.”

In addition, NAICOM ordered that “All proposal forms shall clearly restate the requirement for NIN from individuals and CAC documents from corporate entities, which shall be obtained before cover inception.

For Group Life policies, underwriters or brokers shall obtain a schedule listing the employees’ names, dates of birth, and NINs prior to commencement of cover.”

Underwriters were also instructed that “Insurance underwriters are required to reject ab initio any risk offered without submission of NIN or CAC documents.”

For policies already in force but lacking required identity records, the circular states: “For policies already issued prior to this directive that are still active but lacked the required NIN or CAC documents, the insurance underwriter shall, directly or through the insurance intermediaries, engage the policyholders to obtain same and link the information to the respective customer’s records on or before 30 April 2026.”

The directive also requires intensified customer education, noting that “Insurance underwriters are also mandated to collaborate with insurance brokers and agents to intensify customer awareness campaigns, emphasising the importance of compliance with this directive.”

NAICOM affirmed that it will closely monitor compliance, stating: “The Commission will monitor this circular and take appropriate regulatory action to ensure strict compliance.”

On sanctions, the Commission declared that “An insurance underwriter that fails to obtain, or an intermediary that fails to provide, the NIN or CAC documents shall be sanctioned by the Commission.”

SUNU Assurances shareholders approve N9bn recapitalisation plan

SUNU-Assurances-NigeriaThe shareholders of SUNU Assurances Nigeria Plc have approved a recapitalisation plan that will enable the company to raise up to N9bn to meet the new minimum capital requirement for non-life insurers under the Nigerian Insurance Industry Reform Act 2025.

The approval was granted at the company’s Extraordinary General Meeting held in Lagos.

Earlier in the year, The PUNCH reported that the parent company of the firm, SUNU Group, vowed to meet any recapitalisation thresholds set by the authorities.

With the backing of the shareholders, the Board of Directors has now been empowered to raise capital through a mix of rights issues, private placements, public offers or any other fundraising structure, subject to regulatory approval. The board was also authorised to increase the company’s share capital as required, allot new shares, trade untaken rights, engage advisers, and register all changes with the Corporate Affairs Commission.

Speaking at the meeting, Chairman of the Board, Mr Kyari Bukar, said the recapitalisation was necessitated by the NIIRA 2025 regime, which raised the MCR for non-life insurers from N3bn to N15bn with a compliance deadline of 30 July 2026.

“As at 30 September 2025, the company requires N9bn to close the gap, which makes it imperative that we take decisive action to strengthen our capital base,” he said.

Bukar added that the recapitalisation would enhance SUNU’s balance sheet, deepen underwriting capacity, attract fresh investment and reinforce market presence. He also disclosed that the company plans to address its free-float deficiency on the Nigerian Exchange as part of the capital-raising exercise.

He noted that SUNU has maintained strong dividend consistency for the past four years and has continued to grow shareholder value.

Speaking to journalists after the meeting, Bukar stated, “We will go in full force using a combination of rights issue, public offer, private placement or strategic investment.

The goal is to meet NAICOM’s requirement ahead of the July 2026 deadline.”

Managing Director/Chief Executive Officer, Mr Samuel Ogbodu, revealed that the SUNU Group, which currently holds 83 per cent equity, intends to reduce its stake to 70 per cent to enable more Nigerian investors to participate in the company.

“This EGM was crucial for transparency and shareholder involvement. We now have full authority to proceed with the capital raise,” Ogbodu said.

He added that SUNU’s share price, which once rose to N11 and now trades between N4.70 and N5.70, is expected to double within six months based on the company’s growth plans.

Executive Director, Mr Elie Ogounigni, reaffirmed SUNU Group’s commitment to the Nigerian market, saying: