NNPC Says It Expects to Announce Profit Increase of N2tn for 2022 Financial Year

•Insists company has enough fuel stock

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) yesterday said it expects about N2 trillion increase in corporate profits when it releases its Annual Financial Statement (AFS) for 2022.

According to a statement from the Chief Corporate Communications Officer of the organisation, Femi Soneye, Kyari disclosed this when he led an NNPC delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja.

Speaking further, Kyari stated that with the passage of the Petroleum Industry Act (PIA) 2021, NNPC’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674billion in 2021.

“Kyari noted that NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the company had started paying dividends to its shareholders,” the statement added.

The GCEO also said the company had already made a robust plan for the supply of petroleum products, especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ember months and the new year festivities.

“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.

While lauding the National Assembly for the critical role it played in the enactment of the PIA 2021, Kyari said that the legislative endeavour had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.

He also said that the NNPC Ltd was involved in the entire value chain of the oil and gas business and controls about 30 per cent of the nation’s petroleum downstream retail market.

While identifying crude oil theft and pipeline vandalism as major challenges to the company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors had been yielding results, mostly in the area of increased crude oil production.

The GCEO said NNPC Ltd. was investing in several gas and power projects across the country, aimed at supporting the federal government’s power generation and industrialisation aspirations.

He further assured that NNPC was working to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.

In his response, the Senate President, Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyari-led management for its commitment to ensuring robust petroleum products supply during the yuletide period.

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient products supply this coming festive period and beyond,” Akpabio stated.

The Senate president also lauded the rehabilitation of the nation’s three refineries, saying that their on-streaming will cause a multiplier effect on Nigeria’s economy, in line with what he described as the administration’s Renewed Hope Agenda.