…Targets 2mbpd crude oil production by Dec. 2024
The Nigerian National Petroleum Corporation Limited (NNPC Ltd), on Monday, August 19, 2024, released its 2023 Audited Financial Statement (AFS), showing a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
The Audited Financial Statement also showed an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.
These were disclosed at a press conference addressed by Mr Umar Ajiya, the Chief Financial Officer of the NNPC Ltd, who also said that the release of the AFS was a testament to the Company’s commitment to transparency and accountability.
Ajiya said that the NNPC Ltd fiscal performance reflects both strategic foresight and operational resilience, adding that in spite of the inherent challenges of the operational and economic environment, the company improved its productivity and the financial performance of the company.
The Chief Financial Officer further said that 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.
Ajiya also said that the NNPC Ltd will announce its Initial Public offer (IPO) once the shareholders and Board make a decision, thus, debunked claims on subsidy payment,
In the words of Ajiya; “The Company is only taking care of the shortfall on PMS importation between it and the Federation”.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance posted by the company was as a result of the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure further said that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
Speaking in turn, 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, the NNPC Ltd is targeting 2million barrels per day crude oil production by the end of the year.
Commenting on the current fuel scarcity which has led long queues in the nation’s capital and parts of Lagos State, the Executive Vice President, Downstream of the NNPC Ltd, Mr. Dapo Segun said that the company is working with relevant stakeholders to address the distribution, evacuation, and logistics challenges.
Segun appealed for understanding from Nigerians, saying the situation would be normalized soon.
In 2021, NNPC declared profit in its operations for the first time from a loss position of N803 billion in 2018, to loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance.
The statement by Mr Olufemi Soneye, Chief Corporate Communications Officer of the NNPC Ltd said that the N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
