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The NNPC Limited has just published its audited financial statement for 2023. The company posted a net profit of N3.297 trillion which represents a significant 28% invry from the previous year’s N2.548 trillion. This substantial increase translates to an additional N700 billion in profits.
During a press conference at the NNPC Towers in Abuja on Monday, Mr. Umar Ajiya, Chief Financial Officer, highlighted the release of the Audited Financial Statement as a testament to the company’s transparency and accountability, reinforcing its position as a leader in corporate governance.
‘Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,’ Ajiya stated.
Ajiya further noted that the impressive financial returns underscore NNPC Ltd’s unwavering commitment to maintaining profitability and contributing to the achievement of national energy security, in line with the Petroleum Industry Act (PIA) 2021 and the expectations of its shareholders.
Ajiya confirmed that NNPC Ltd will unveil its Initial Public Offering (IPO) plans once the shareholders and Board reach a decision, and also clarified that the company’s actions are aimed at addressing the PMS importation shortfall between itself and the Federation, rather than making subsidy payments.
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Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, quoted the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, as saying that the company’s exceptional results are a direct consequence of the PIA 2021, combined with the unwavering commitment and hard work of the Board, Management, and staff.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
Mr. Dapo Segun, Executive Vice President, Downstream, appealed to Nigerians for patience and understanding regarding the fuel queues in parts of Lagos and the FCT, assuring that the company is actively engaging with relevant stakeholders to tackle the challenges in distribution, evacuation, and logistics.
The 2021 declaration of profit by NNPC marks a watershed moment in the company’s financial history. This achievement follows a steady recovery from a substantial loss of N803 billion in 2018, which was gradually reduced to N1.7 billion in 2019, setting the stage for the company’s profitable turnaround.
The NNPC’s financial performance has been nothing short of remarkable, with the company achieving record-breaking profits in consecutive years. From its first-ever profit of N287 billion in 2020 to N674.1 billion in 2021 and N2.548 trillion in 2022, the company’s financial growth has been remarkable. The latest declaration of N3.297 trillion profit for 2023 sets a new record, surpassing all previous highs in the company’s 46-year history.
