The Nigerian National Petroleum Company Limited (NNPCL) has announced it posted a record net profit of ₦3.297 trillion at the close of the financial year which ended in December 2023, “an increase of over ₦700 billion (28%) when compared to the 2022 profit of ₦2.548 trillion.”
In a statement posted on X by the company’s Chief Corporate Communications Officer, Olufemi Soneye, the company said, “posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.”
The company’s Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability. “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.
The Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, said that the excellent performance came as the fruit of the PIA 2021, and the commitment of the Board, Management and staff of the company. Akinyelure added that the shareholders of the company have since approved a final dividend of ₦2.1trn 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 end of the year.
The company also sort to ease the apprehension of consumers on the ongoing fuel scarcity in the country. The Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
