NNPC Limited Shatters Records with N3.3 Trillion Net Profit
Oru Leonard
In a groundbreaking achievement, NNPC Limited has announced a staggering net profit of N3.297 trillion for the 2023 financial year, surpassing its previous records. This remarkable feat marks a 28% increase from the 2022 profit of N2.548 trillion, demonstrating the company’s unwavering commitment to transparency, accountability, and operational resilience.
At a press conference held at the NNPC Towers in Abuja, Chief Financial Officer Umar Ajiya attributed the impressive returns to strategic foresight and operational excellence. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges, we have improved productivity and financial performance,” Ajiya stated.
The company’s exceptional performance is a direct result of the Petroleum Industry Act (PIA) 2021 and the dedication of its Board, Management, and staff. Chairman Pius Akinyelure praised the team’s efforts, saying, “The excellent performance is a fruit of the PIA 2021, commitment of the Board, Management, and staff.”
NNPC Limited has also announced a final dividend of N2.1 trillion, approved by its shareholders, in line with PIA 2021 provisions. The company is poised for an Initial Public Offer (IPO) once the shareholders and Board make a decision.
With renewed vigor in the fight against crude oil theft and pipeline vandalism, NNPC Limited aims to reach 2 million barrels per day crude oil production by December 2024. Executive Vice President Oritsemeyiwa Eyesan expressed optimism about achieving this target.
Addressing current fuel queues in Lagos and the FCT, Executive Vice President Dapo Segun appealed for understanding, assuring Nigerians that the company is working to resolve distribution, evacuation, and logistics challenges.
This historic profit declaration solidifies NNPC Limited’s position as a leader in the energy sector, building on its previous achievements since 2021. The company’s commitment to transparency and accountability has earned it a reputation as a trusted and profitable entity.
Cover Photo Caption: L-R: Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella; Chairman, NNPC Ltd Board, Chief Pius Akinyelure and the CFO NNPC Ltd, Mr. Umar Ajiya during the Release of NNPC Ltd’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja, on Monday.
