NNPC Clarifies ‘ Inadvertent’ N687trn Profit Announcement

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has said there was a mistake in the announcement of its Group Chief Executive Officer, Mallam Mele Kyari, that the company made N687 trillion in 2021 as opposed to N674 billion, which is the actual figure.

A statement in Abuja by the Chief Corporate Communications Officer, NNPC Ltd., Mr Garba Muhammad, stressed that the GCEO meant to call N674 billion and not N687 trillion.

“On Thursday, 01/06/2023, the Group Chief Executive Officer (GCEO) of NNPC Ltd, Mr. @MKKyari, OFR, appeared on Arise TV’s “The Morning Show”. Among the issues the GCEO discussed was the 2021 profit margin.

“Inadvertently, N687 trillion was mentioned as the company’s Profit after Tax (PAT) figure as against N674 billion contained in the 2021 Annual Financial Statement.

“The accurate Profit after Tax figure for the Year 2021, N674 billion, was communicated to the public via our official Twitter account on 05/10/2022,” he stated.