NNPC Announces N3.3tn Net Profit, Targets 2mbpd Oil Production by December

*Declares N2.1trn dividend

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) Monday released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.

In a statement signed by the company’s Chief Corporate Communications Officer, Olufemi Soneye, the company stated that this was an increase of over N700 billion or 28 per cent higher when compared to the 2022 profit of N2.548 trillion.
The Chief Financial Officer of the Company, Mr. Umar Ajiya, said the release of the AFS was a testament to the company’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such returns demonstrates NNPC 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.

Explaining that the NNPC will announce an Initial Public offer (IPO) once the shareholders and board make a decision, Ajiya also debunked claims on subsidy payment, saying the company was only taking care of petrol importation shortfall between it and the federation.
Speaking earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, said that the performance came as the fruit of the PIA 2021, the commitment of the board, management and staff of the company.

Akinyelure added that the shareholders of the company had since approved a final dividend of N2.1 trillion in line with PIA 2021 provisions.
In her remarks at the briefing, 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, NNPC was targeting 2 million barrels per day crude oil production by the end of the year.