“We remain committed to advocating for policies that strengthen transparency and fairness. We call on all stakeholders to support the President’s reform agenda for the benefit of all Nigerians,” Uwaleke concluded.
Business
Tinubu’s Executive Order: FG, states, LGs allocation may increase by N15tn
The federal, state, and local governments may receive additional revenue allocations of about N14.57tn following the recent Executive Order signed by President Bola Tinubu, directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under production sharing, profit sharing, and risk service contracts be paid directly into the Federation Account
This is based on an analysis of revenue inflows in 2025, drawing on monthly earnings submitted to the Federation Account Allocation Committee and obtained by our correspondent in Abuja on Thursday.
Based on estimates from 2025 remittances to the Federation Allocation Accounts Committee, the Nigerian National Petroleum Company is projected remit about N906.91bn in management fees and frontier exploration funds, while oil and gas royalties totalling N7.55tn and gas flaring penalties of N611.42bn collected by the Nigerian Upstream Petroleum Regulatory Commission will now be remitted directly to the Federation Account.
The Nigeria Revenue Service will also lose the authority to collect Petroleum Profits Tax and Hydrocarbon Tax, which generated N4.905tn in 2025, while the Midstream and Downstream Gas Infrastructure Fund recorded N596.61bn in the same period, bringing the total affected revenue streams to about N14.57tn.
It was reported on Wednesday that the President signed the executive order directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under production sharing, profit sharing, and risk service contracts be paid directly into the Federation Account.
The order also scrapped the 30 per cent Frontier Exploration Fund under the PIA and stopped the 30 per cent management fee on profit oil and profit gas retained by the Nigerian National Petroleum Company Limited. The order, which took effect from February 13, 2026, is aimed at safeguarding oil and gas revenues due to the Federation and improving remittances into the Federation Account.
According to details of the directive, the President invoked Section 5 of the Constitution of the Federal Republic of Nigeria (as amended), while the policy was anchored on Section 44(3), which vests ownership and control of all minerals, mineral oils, and natural gas in the Government of the Federation.
The PUNCH also gathered exclusively that the implementation of the directive commenced in January, and its impact is expected to reflect in the revenue allocations at the FAAC meeting scheduled for next week.
Since the implementation of the PIA in 2021, the Federation Account, shared by the federal, state, and local governments, received only 40 per cent of proceeds from Production Sharing Contracts. The remaining 60 per cent was retained by the NNPC, split between a 30 per cent Frontier Exploration Fund and a 30 per cent management fee.
Under the new directive, NNPC will no longer collect and manage the statutory 30 per cent Frontier Exploration Fund, a development expected to significantly alter the revenue landscape of the oil and gas sector.
The frontier exploration fund is designed to finance hydrocarbon exploration activities in Nigeria’s frontier basins, areas outside the traditional Niger Delta producing belt, where commercial discoveries have yet to be fully established. These include: the Chad Basin in the North-East, the Sokoto Basin in the North-West, the Bida Basin in North-Central Nigeria, the Benue Trough, and parts of the Dahomey basin.
Exploration in these locations is aimed at expanding Nigeria’s reserve base, reducing regional concentration of oil production, and enhancing long-term energy security. Activities typically involve seismic data acquisition, exploratory drilling, geological studies, and appraisal campaigns.
The fund was floated under the Petroleum Industry Act because frontier basins are generally high-risk and capital-intensive, and therefore would require sustained funding considered critical to maintaining exploration momentum.
In addition, the national oil company will no longer be entitled to the 30 per cent management fee on profit oil and profit gas revenues. The order further directed that all operators and contractors of oil and gas assets under Production Sharing Contracts must now pay Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and any other government interest directly into the Federation Account.
The directive also suspended payments of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund, instructing the Nigerian Upstream Petroleum Regulatory Commission to remit all proceeds from penalties imposed on operators directly into the Federation Account.
It further directed that all expenditure from the Midstream and Downstream Gas Infrastructure Fund must now comply with extant public procurement laws and regulations. Tinubu said excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account, warning that the practice must end to protect national revenue.
In a post on his verified X handle, the President stated that for too long, revenues meant for federal, state, and local governments had been trapped in layers of charges and retention mechanisms, thereby slowing development across the country.
He said, “For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end.”
Tinubu emphasised that oil and gas revenues must serve Nigerians first, noting that the ongoing reforms in the sector are aimed at promoting fairness and fiscal responsibility. He added, “Oil and gas revenues must serve the Nigerian people first, and this reform is about fairness and fiscal responsibility.”
The President explained that as the government strengthens national security, invests in education, expands healthcare, stabilises the economy, and advances the country’s energy transition, every legitimate revenue due to the Federation must be protected.
According to him, NNPC will now operate strictly as a commercial enterprise in line with the law, stressing that the era of duplicative deductions and fragmented oversight in the sector is over. Tinubu also disclosed that his administration would undertake a comprehensive review of the Petroleum Industry Act to address structural and fiscal anomalies weakening national revenue.
He further announced the approval of an implementation committee to oversee and ensure effective and coordinated execution of the executive order on the matter.
The President said, “Nigeria can no longer afford leakage where there should be leadership. We are safeguarding the Federation Account. We are strengthening our budget. We are acting in the national interest.”
He reiterated that the reforms are part of his administration’s commitment to Nigerians, adding that the policy direction aligns with his “Nigeria First” promise.
Based on the latest Federation Allocation Accounts Committee revenue data for 2025, the reallocation could have far-reaching implications for government earnings and sector institutions.
While many Nigerians and energy experts have expressed concerns over the potential impact of the policy on the oil and gas industry, a review of potential revenue reallocation suggests that the NNPC may be the least affected among the key players.
Other relevant government agencies operating within the sector could bear a heavier burden, particularly in terms of revenue losses, operational adjustments, and institutional restructuring.
Findings indicated that NNPC may lose about N906.91bn in management fees and Frontier Exploration Fund deductions. Each of the funds accounted for N453.455bn in 2025. A breakdown showed that the N453.455bn realised for frontier exploration fell short of the N710.520bn budgeted for the year, leaving a deficit of N257.066bn.
The monthly trend reveals the volatility of the fund. In January, N31.77bn was deducted from the frontier line, when PSC profits came in at N105.91bn. The February deduction rose to N38.30bn from a profit of N127.67bn, representing a 20.6 per cent increase on the January inflow.
March provided the first big surge, with N61.49bn allocated to frontier exploration from profits of N204.96bn, a jump of 60.5 per cent on February’s figure. April, however, saw deductions ease back to N36.58bn as profits slid to N121.93bn, a 40.5 per cent drop compared with March.
In May, the fund received N38.8bn, only slightly higher than April’s contribution, reflecting profit of N129.33bn. June delivered the lowest allocation so far this year, just N6.83bn, after profits collapsed to N22.77bn. That represented an 82.4 per cent fall from May.
The flow recovered somewhat in July, with N25.34bn transferred into the fund from profits of N84.48bn. In August, the trend rose sharply to its highest level so far this year, as Profit Sharing Contract earnings surged to N263.13bn. This translated to N78.94bn remitted to the Frontier Exploration Fund, more than three times the July contribution and about twelve times the amount recorded in June.
The momentum was sustained in subsequent months. In September, PSC profit stood at N275.38bn, with N82.61bn deducted for frontier exploration. October recorded a sharp decline, as profit dropped to N36.82bn, while deductions amounted to N11.05bn.
In November, profit rebounded to N112.32bn, with N33.70bn transferred to the fund. However, by December, PSC earnings moderated again to N26.82bn, resulting in frontier exploration deductions of N8.05bn.
The same 30 per cent rule also applied to NNPC’s management fees, which mirrored the frontier deductions exactly. In January, NNPC booked N31.77bn; in February, N38.30bn; in March, N61.49bn; in April, N36.58bn; in May, N38.8bn; in June, N6.83bn; in July, N25.34bn; in August, N78.94bn; N82.614bn in September; N11.046bn in October; N33.695bn in November and N8.046bn in December.
The NUPRC is also expected to lose oversight of oil and gas royalty collections, a development that could significantly reduce its revenue from cost-of-collection fees, which are intended to fund its operational activities. Based on 2025 figures, the commission is projected to forgo approximately N7.55tn, while gas flaring penalties during the same period totaled N611.42bn.
Under the Petroleum Profits Tax, Hydrocarbon Tax, and other levies administered by the NRS, a total of N4.905tn was collected in 2025. This revenue will now be channelled directly to the Federation Account. The earnings, however, exclude company income tax on upstream activities and other revenue streams.
Similarly, the MDGIF, which was established to finance strategic gas infrastructure projects and improve domestic gas utilisation, recorded total collections of N596.61bn in 2025. With the recent directive, these funds will now be subject to the same public finance rules governing statutory allocations, signalling a shift in oversight.
Monthly inflows into the MDGIF in 2025 were highly variable: N35.07bn in January, N31.82bn in February, N52.99bn in March, N29.19bn in April, N41.27bn in May, N66.18bn in June, N50.98bn in July, N57.04bn in August, N66.32bn in September, N66.32bn in October, N59.42bn in November, and N46.90bn in December. The highest single-month collection of N66.32bn in both September and October accounted for about 11.1 per cent of the annual total each, while the lowest in April (N29.19bn) represented just under 4.9 per cent of the year’s total.
Cumulatively, these revenue streams would amount to a total of N14.72tn, although the actual inflows could rise or fall depending on fluctuations in crude oil production and exploration activities, which directly determine the amount of revenue generated.
The anticipated upsurge in oil and gas revenue remittances is expected to deliver a significant boost to sub-national earnings, providing state and local governments with much-needed fiscal resources. This inflow could sharply reduce budget deficits, easing financial pressures across the federation and enabling more consistent funding for critical infrastructure and social services.
Over the years, concerns have been raised by the Nigeria Extractive Industries Transparency Initiative and the National Assembly of Nigeria over revenue leakages, delayed remittances, and opaque deductions in the oil and gas sector.
With the new directive, Nigeria may be entering a new phase of fiscal discipline and transparency in its most critical revenue-generating industry.
Experts react
Commenting, the Chair of the Oil, Gas, and Energy Policy Forum, Professor Wumi Iledare, urged careful consideration of the recent Executive Order by President Bola Tinubu directing the direct remittance of oil and gas revenues to the Federation Account.
The order, described by Iledare as a “significant fiscal intervention,” aims to strengthen revenue transparency, curb discretionary retention, and ensure statutory remittances flow efficiently to the three tiers of government.
In a statement obtained by The PUNCH on Thursday, titled “PEWI Responds to Presidential Executive Order on Direct Remittance of Oil and Gas Revenues”, Iledare acknowledged the government’s stated objectives.
“Safeguarding public revenues, curbing inefficiencies, and enhancing fiscal discipline are legitimate public finance priorities, particularly in a period of budgetary strain and debt sustainability concerns,” he said.
However, Iledare warned that parts of the Executive Order may intersect with statutory provisions under the PIA 2021, including the Frontier Exploration Fund, the Midstream and Downstream Gas Infrastructure Fund, and existing Production Sharing Contract fiscal arrangements.
“While Section 5 of the Constitution empowers the President to implement and enforce laws, substantive changes to statutory fiscal frameworks may require legislative amendments to ensure constitutional alignment and institutional certainty,” he noted.
The energy expert highlighted the importance of distinguishing between contractual entitlements, corporate retained earnings, and statutory earmarked funds under the PIA.
“Clarity in these distinctions is critical to avoid conflating contractual entitlements with discretionary fiscal practices,” Iledare explained.
On the issue of direct remittance of royalty oil, tax oil, and profit oil to the Federation Account, PEWI recognised potential benefits in enhancing transparency and reducing intermediation. Yet, the statement stressed that reforms must be carefully sequenced to maintain contractual stability and safeguard investor confidence.
“NNPC Limited’s dual role as both commercial operator and concessionaire under certain arrangements has long presented institutional tensions within the post-PIA framework.” Iledare said. “Any reform aimed at reinforcing NNPC’s commercial identity must be anchored in legal clarity and predictable governance mechanisms.”
The policy forum therefore recommended a three-pronged approach: prompt legislative consultation to ensure statutory coherence, transparent engagement with operators and investors, and a sequenced reform rollout that balances fiscal urgency with institutional stability.
“Reforms that improve transparency and fiscal integrity are welcome,” the statement concluded, “but sustainable reform must align with constitutional processes, statutory frameworks, and investor predictability. PEWI will continue to monitor developments and provide objective, technically grounded analysis in the public interest.”
Meanwhile, the Capital Market Academics of Nigeria has thrown its weight behind President Bola Tinubu following his recent signing of Executive Order 9 of 2026, which mandates the direct remittance of 60 per cent of oil and gas profits back to the Federation Account.
In a statement released on Thursday, the President of CMAN, Prof Uche Uwaleke, described the move as a “bold and historic” decision that corrects a long-standing fiscal imbalance created by the Petroleum Industry Act of 2021.
“This marks one of the most courageous reforms of his administration and a decisive step toward strengthening fiscal transparency and equity in revenue distribution,” Uwaleke stated.
Uwaleke noted that this structure undermined the principle of collective ownership of national resources. “By correcting this anomaly, the President has ensured that all tiers of government benefit equitably from the nation’s oil and gas wealth. NNPCL, as a limited liability company, must operate independently on its own revenues rather than relying on public funds,” he added.
While praising the reform, CMAN emphasised the need for institutional safeguards to ensure the new policy achieves its intended goals. Specifically, the institute called for the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission to be included in the committee overseeing the implementation of the Executive Order.
“CMAN underscores the importance of including the RMAFC Chairman to ensure transparency and accountability. This development is a victory for the Federation Accounts Allocation Committee and for fiscal justice in Nigeria.”
The group also urged the administration to extend these reforms to Joint Venture assets, arguing they should also be returned to the Federation Account to maximise national revenue. According to the statement, the anticipated surge in revenue will enhance the capacity of all government tiers to deliver essential services and stimulate the capital markets.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol by N5 per litre at its retail outlets in Lagos from N1,360 to N1,355.
Motorists in Lagos and Rivers now pay N1,355 per litre, making them the cheapest locations on NNPC’s updated price list. Abuja buyers are paying N1,370 per litre under the new arrangement.
NNPC petrol prices across Nigeria
Yobe has the highest petrol price at N1,435 per litre, followed by Niger State at N1,433.
Borno, Gombe, Nasarawa and Sokoto are all priced at N1,430 per litre, placing them among the states with the highest fuel prices.
Several south-western states fall within the lower price range. Ogun and Oyo both sit at N1,367, while Osun is priced at N1,358.
Akwa Ibom is at N1,360, just above the Lagos and Rivers rate.
In the south-east, Anambra, Enugu and Imo are each priced at N1,372, with Ebonyi slightly higher at N1,375. Abia is priced at N1,370, the same as Abuja.
Further north, Kaduna is at N1,400, Zamfara at N1,414, while Adamawa, Jigawa, Kebbi, Plateau and Taraba are all priced at N1,420. Bauchi and Kano share a rate of N1,385, while Benue is at N1,410.
In the South-South, Delta is priced at N1,379, Bayelsa and Edo at N1,380, and Cross River at N1,390. Kwara is at N1,375, while Kogi is priced at N1,390. The full breakdown of the new NNPC petrol prices per litre is as follows:
Lagos: N1,355 Rivers: N1,355 Akwa Ibom: N1,360 Osun: N1,358 Ogun: N1,367 Oyo: N1,367 Abia: N1,370 Abuja: N1,370 Anambra: N1,372 Enugu: N1,372 Imo: N1,372 Ebonyi: N1,375 Kwara: N1,375 Ekiti: N1,377 Ondo: N1,377 Delta: N1,379 Bayelsa: N1,380 Edo: N1,380 Bauchi: N1,385 Kano: N1,385 Cross River: N1,390; Kogi: N1,390 Kaduna: N1,400 Benue: N1,410 Zamfara: N1,414 Adamawa: N1,420 Jigawa: N1,420 Kebbi: N1,420 Plateau: N1,420 Taraba: N1,420 Borno: N1,430 Gombe: N1,430 Nasarawa: N1,430 Sokoto: N1,430 Niger: N1,433 Yobe: N1,435
Business
From Kabiru to Khalifa: How Abdul Samad Rabiu is Quietly Positioning his Son in the Corridors of Business and Power
Once, his younger brother Kabiru was one of the familiar family figures around the BUA empire. Now another generation is moving steadily into view as Abdul Samad Rabiu brings his son, Khalifa, closer to the business, relationships and rarefied circles surrounding one of Africa’s largest industrial fortunes.
On Friday, October 2, 2026, when Abdul Samad Rabiu went calling on President Bola Ahmed Tinubu at his Ikoyi residence in Lagos, he did not go alone. Beside the billionaire industrialist was his son, Isyaku Abdulsamad “Khalifa” Rabiu, the young BUA executive whose presence increasingly seems to accompany his father into rooms where business, government and influence converge. Rabiu said the visit afforded an opportunity to reflect on Nigeria’s journey and its future, while other reports confirmed that the BUA chairman was among several prominent business and political figures received by the President that day.
On the surface, there was nothing extraordinary about it. Wealthy fathers travel with their sons, introduce them to friends and take them to important engagements every day. Yet, when the father is Abdul Samad Rabiu, founder of an industrial empire painstakingly assembled over decades, and the son has recently moved into a strategic executive position within that empire, the optics acquire a different texture. A photograph becomes more than a photograph; a handshake begins to look like an introduction, and what appears to be a simple father-and-son outing starts to resemble that ancient ritual through which successful men gradually acquaint the next generation with the world they may one day have to navigate without them.
For those who have watched Abdul Samad through the years, the changing silhouette around him is difficult to miss. There was a time when his younger brother, Kabiru Rabiu, represented one of the most prominent family presences within the BUA establishment, rising through the group’s operations and eventually becoming Group Executive Director, while also serving as a non-executive director of BUA Foods and BUA Cement. He remains firmly embedded in the conglomerate, with more than two decades of experience across edible oils, cement and infrastructure.
Kabiru belongs to Abdul Samad’s generation, however, and that distinction matters because every family empire, no matter how vast or professionally managed, eventually encounters the question that money alone cannot answer: what happens when the generation that built it begins to make room for the generation that must preserve it?
It is within that quiet, complicated passage that Khalifa is increasingly becoming interesting.
His emergence has not arrived with trumpets, ceremonial titles or the public unveiling of a successor. Abdul Samad has not declared him heir to BUA, and nothing in the public record justifies such a conclusion. What has become visible instead is something subtler and perhaps more meaningful: a gradual accumulation of responsibility, exposure and proximity, the three ingredients through which the children of powerful business families are often introduced to the burden behind the privilege.
Khalifa is no longer merely the billionaire’s son appearing occasionally beside his father. On January 29, 2026, BUA Foods appointed him Chief Officer, Global Procurement and Strategic Operations, giving him responsibility for the company’s end-to-end global procurement function and strategic operational initiatives. Before that appointment, he served as Director for Special Operations at BUA Group, where his work included transformation projects, supplier relationships, wheat sourcing, animal-feed production, the commercial reintroduction of BUA rice and other operational initiatives.
There is something instructive about where he has been placed. For the son of one of Africa’s wealthiest industrialists, a grand office and ornamental designation would have been easy enough to manufacture, the sort of corporate embroidery with which family businesses sometimes decorate heirs who have yet to acquire the scars of enterprise. Khalifa, however, has been taken closer to procurement, supply chains and operations, into the less glamorous entrails of an industrial organisation where fortunes are not discussed in abstract terms but depend on the relentless movement of wheat, sugar, machinery, ships, suppliers, currencies, warehouses and markets.
Perhaps that is the more revealing education his father is giving him. Abdul Samad appears less interested in merely showing the young man the assets than in allowing him to understand how those assets breathe.
Factories photograph beautifully, particularly when they rise from acres of land in steel and concrete, but the real life of an industrial empire occurs away from the cameras, in the anxious arithmetic of raw-material costs, shipping schedules, exchange rates, energy, regulation, financing and distribution. The young man who may someday occupy a larger place within such a system must learn that wealth is not sustained by the serenity of the chairman’s office but by countless decisions made under pressure, many of them invisible to the public until one of them goes wrong.
Khalifa’s academic preparation seems almost tailored to the wider world awaiting him. He studied International Relations at Regent’s University London and later earned a Master’s in Management from Georgetown University’s McDonough School of Business, combining an education in states, diplomacy and institutions with the language of management and enterprise.
That marriage of disciplines becomes particularly interesting when considered against the circles into which he has been born and the ones into which he is now increasingly being introduced.
There is, of course, another dimension to his story. Khalifa is one of the children from Abdul Samad Rabiu’s former marriage to Hannatu Musawa, the lawyer, writer and public official who currently serves in President Tinubu’s cabinet as Minister of Art, Culture, Tourism and the Creative Economy. Musawa has herself spoken publicly about her former marriage to Rabiu and the enduring ties between their families.
There is nothing publicly established to suggest that he is preparing to contest an election or embark on a conventional political career. What he possesses instead is exposure: a father situated at the commanding heights of Nigerian private enterprise and a mother operating within the upper reaches of government, two worlds that remain distinct but inevitably encounter each other wherever industry, regulation, investment and public policy meet.
That is why Friday’s visit to President Tinubu is noteworthy without needing to be exaggerated. Its importance lies less in whatever may have been discussed behind closed doors than in the simple fact that Khalifa was there, standing beside his father and becoming familiar with another environment in which his surname, responsibilities and future may eventually carry their own weight.
Such encounters form a peculiar education unavailable in lecture halls. Universities can teach capital allocation and international relations, but they cannot completely teach the temperament of power: how an industrialist speaks to a president without becoming obsequious, how one carries disagreement without converting it into hostility, how old relationships are tended, how new ones are cultivated, or how to distinguish those who are merely attracted to wealth from those whose trust survives difficult seasons.
Those lessons are absorbed by watching.
They reside in airport lounges and factory inspections, private dinners and waiting rooms, board meetings and courtesy visits, in introductions that appear inconsequential until, perhaps ten years later, a name remembered from a handshake becomes the person sitting across a negotiating table.
This is how relationships are inherited, if relationships can ever truly be inherited at all. A father may leave his son factories, shares, houses and an enviable portfolio of assets, but he cannot simply insert forty years of trust into an estate document. The son must accumulate his own credit among bankers, investors, regulators, political leaders, employees and business partners, even when the father’s name opens the first door.
Abdul Samad should understand the intricacies of that inheritance better than most. He was himself born into the formidable commercial tradition of the late Khalifah Isyaku Rabiu, the Kano merchant, scholar and industrialist whose name carried considerable weight long before BUA became the corporate colossus it is today. Abdul Samad inherited a tradition of enterprise but did not merely preserve it; he recast it for another age, moving far beyond the familiar pathways of trading into manufacturing on a scale that turned cement, sugar, flour and other essential commodities into the pillars of a modern industrial fortune.
Now the wheel appears to be turning again.
There is an almost poetic symmetry in the fact that another Khalifa is moving towards the centre of the Rabiu story, although it would be simplistic to describe what is happening as a transfer of the crown. BUA is today too sprawling and professionally structured to be reduced to a princely succession tale, and Kabiru Rabiu remains an important figure in its leadership. The more compelling point is that Khalifa has moved beyond merely being part of the family photograph; he now occupies a position where he can be tested by responsibility, measured by results and introduced gradually to the ecosystem surrounding the family enterprise.
That is how serious succession often begins, not with coronation but with apprenticeship. A young man is first handed work that can expose his weaknesses, then brought into relationships that can test his temperament, before the people who have dealt with his father for decades begin, cautiously, to deal with him in his own right. The family name may secure the introduction, but eventually the young man must demonstrate whether there is substance behind it.
For Abdul Samad, therefore, legacy will one day amount to considerably more than deciding how factories, shares and investments are distributed among heirs. The harder inheritance will be culture, discipline, judgement and the instinct for survival that allowed a family trading heritage to become an industrial institution. Kabiru represents an important part of the generation that travelled that journey alongside him; Khalifa increasingly represents the question of what follows after it.
Seen from that perspective, the young man’s growing presence around his father acquires a meaning beyond privilege. He is watching a man who has spent decades learning the peculiar choreography of Nigerian capitalism, where enterprise lives constantly in conversation with government, regulation, foreign capital, infrastructure and politics without necessarily becoming politics itself. He is being allowed to observe not simply how a fortune is enjoyed but how influence is managed, relationships are preserved and institutions are kept alive through changing governments and economic seasons.
That may ultimately be the most valuable thing Abdul Samad can give him.
Factories can be inherited. Shares can change names on a register. Houses and aircraft can pass from father to son with the neat efficiency of lawyers and trustees. What cannot be transferred so easily is the confidence of people who matter, the discipline to remain composed when markets rebel, the instinct to recognise danger before it announces itself and the ability to enter a room full of powerful men without being diminished by them or intoxicated by their attention. Those things take time.
And perhaps that is the deeper meaning of Khalifa walking beside his father into President Tinubu’s Lagos residence on Friday: the young man is no longer being shown only the empire.
He is being introduced, carefully and gradually, to the world around it.
The Nigerian National Petroleum Company Limited (NNPC Limited) on Tuesday reported a profit after tax of N7.2 trillion for the 2025 financial year, representing a 33 percent increase from the N5.4 trillion recorded in 2024.
The company’s revenue, however, declined by 23.4 percent from N45.075 trillion in 2024 to N34.516 trillion in 2025.
NNPC Limited also reported earnings per share of N35.9, while its taxes, royalties and other remittances to the Federal Government increased by 39 percent to N22.3 trillion.
The company attributed the increase in profit despite lower revenue to improved operational efficiency and cost discipline. Speaking on the results, NNPC Limited Group Chief Executive Officer (GCEO), Engr. Bayo Ojulari, said the decline in revenue was largely due to lower crude oil prices and reduced white-product volumes following market deregulation.
He said the company nonetheless achieved improved operational performance, with crude oil and condensate production reaching a five-year high of 1.77 million barrels per day at its peak in 2025.
Natural gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day, he said.
According to the company, crude oil production for the year stood at 565.8 million barrels, with 278.2 million barrels supplied to domestic refineries.
Gas supply to power plants and commercial customers stood at 473.3 billion standard cubic feet during the year.
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