NNPC Announces ₦3.3 Trillion Profit For 2023 Fiscal Year

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a profit of ₦3.3 trillion for the 2023 financial year.

Speaking to reporters on Monday, NNPC Ltd.’s Chief Financial Officer, Umar Ajiya, highlighted that this profit marks the highest ever recorded by the company since its establishment.

Additionally, NNPC Ltd. declared a dividend of ₦2.101 trillion for the 2023 fiscal year.

According to the News Agency of Nigeria (NAN), this year’s profit surpasses the ₦2.548 trillion profit reported by the national oil company in the 2022 financial year by over ₦1 trillion.

The company’s Chief Financial Officer, emphasized that releasing the audited financial statement highlights NNPC Ltd’s dedication 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.

He further explained that achieving such impressive results underscores NNPC Ltd’s commitment to maintaining profitability and contributing to national energy security, as outlined in the Petroleum Industry Act (PIA) 2021. This achievement aligns with the expectations of the company’s shareholders.

Ajiya also addressed the future of NNPC Ltd, noting that an Initial Public Offering (IPO) will be announced once the shareholders and Board finalize their decision.

Additionally, he dismissed claims regarding subsidy payments, clarifying that the company has only been managing the importation shortfall of Premium Motor Spirit (PMS) between itself and the federation.