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Business

NNPCL reports N473.8bn facility for gas infrastructure projects

Source: Punch Nigeria · 05 Oct 2026, 00:06 UTC
NNPCL reports N473.8bn facility for gas infrastructure projects
Image: Punch Nigeria · original report

The Nigerian National Petroleum Company Limited provided N473.8bn to its gas-infrastructure subsidiary in 2025 to support the Nigeria-Morocco Gas Pipeline, an equity injection into Anoh Gas Processing Company and the Ajaokuta-Kaduna-Kano pipeline. Its annual report says N25.7bn in interest was outstanding at year-end and N14.4bn remained undrawn.

The Nigerian National Petroleum Company Limited provided a N473.8bn loan facility to its wholly owned NNPC Gas Infrastructure Company Limited in 2025 to support major gas projects, according to the company’s annual financial report. The facility was intended to meet cash-call obligations for the proposed Nigeria-Morocco Gas Pipeline, provide an equity injection into Anoh Gas Processing Company and finance the Ajaokuta-Kaduna-Kano pipeline. The report said N25.7bn in interest remained outstanding as of December 31, 2025, while N14.4bn of the facility was undrawn.

The Nigeria-Morocco pipeline is described in the supplied material as a proposed cross-border project that would carry Nigerian gas through West African countries to Morocco, potentially connecting the country’s resources with international markets. The Ajaokuta-Kaduna-Kano project is intended to transport gas from southern Nigeria to northern users, including power and industrial consumers. The report did not state how much of the facility had been spent solely on the Nigeria-Morocco project.

It also showed a major rise in company-level lending to related parties, which reached N939.253bn in 2025 from N185.544bn in 2024. The 2025 related-party balance included loans to NNPC Energy Services, Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, Warri Refining and Petrochemical Company and NGIC. The report’s NGIC balance was N485.173bn, higher than the separately described N473.8bn facility, and the supplied disclosure did not explain the difference.

NNPCL also reported financing for refinery maintenance and other activities. It provided N133.5bn to Kaduna Refining for invoices and tax obligations, N104.8bn to Warri Refining for tax payments and N26.07bn to Port Harcourt Refining for outstanding invoices under an operations and maintenance contract. A further N211.6bn loan to Enserv supported drilling, re-entry and seismic projects.

About this report
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.
View the original source at Punch Nigeria →