For decades, the Nigerian National Petroleum Company (NNPC) operated as something far more than Africa's largest state oil producer. It was a sovereign cash machine, collecting royalties, siphoning management fees, sitting atop frontier exploration funds, and remitting to Abuja only what it chose, when it chose.
That arrangement ended on February 13, 2026, when President Bola Tinubu signed an executive order that, with the stroke of a pen, stripped NNPC of its most lucrative revenue levers and redirected billions of dollars in oil proceeds d
