NNPCL Resumes Remittance into Federation Account

Ahamefula Ogbu and Emmanuel Addeh

The Nigerian National Petroleum Company Limited (NNPC) yesterday said it remitted N123 billion as interim dividend and Production Sharing Contracts (PSC) profit oil to the Federation Account in June this year.

The remittance is coming barely two months after the NNPC exited the fuel subsidy shackle following the removal by President Bola Tinubu.
In a note from the national oil company attributed to the NNPC Chief Financial Officer, Umar Ajiya, the company stated that N81 billion of the amount was the monthly interim dividend and N42 billion was 40 per cent PSC profit oil.

The note stated: “In line with the provisions of the Petroleum Industry Act 2021, the Nigerian National Petroleum Company Limited has commenced the payment of dividend into the federation account.”

“The payment of dividend by the NNPC Limited clearly shows that the company under the leadership of the Group Chief Executive Officer, Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA” noted an NNPCL source.

The fresh information is coming against the backdrop of a release from the office of the Accountant General that the Federation Account Allocation Committee (FAAC) shared a total sum of N907.054 billion to the federal government, states and local government councils during the period.
NNPCL attributed the increase in the money shared to its June remittances.

The source said since he assumed office, Kyari has pursued his Transparency, Accountability and Performance Excellence (TAPE) agenda, a five-step strategic roadmap for NNPC’s attainment of efficiency and global excellence.

“Kyari, during the inauguration, had said pursuing TAPE was the only way to turn around the corporation and make it competitive.
“Under the roadmap, the Transparency component of the agenda was aimed at maintaining positive image, share values of integrity and transparency to all stakeholders, while the Accountability segment of the campaign is to assure compliance with business ethics, policies, regulations and accountability to all stakeholders.

“In terms of the two-prong item of Performance Excellence, Kyari had said the idea was to entrench a high level of efficiency anchored on efficient implementation of business processes which would also emplace an appropriate reward system for exceptional performance among the workforce,” said the source.