The Nigerian National Petroleum Company (NNPC) Limited has announced its 2023 Audited Financial Statement (AFS), revealing a record-breaking net profit of N3.297 trillion for the financial year ending in December 2023. This marks a significant increase of over N700 billion, or 28%, compared to the N2.548 trillion profit reported in 2022.
During a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer, Mr. Umar Ajiya, emphasized that the release of the AFS underscores the company’s dedication to transparency and accountability. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges in our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.
He further highlighted that achieving such impressive returns underscores NNPC Ltd’s ongoing commitment to sustaining profitability while supporting national energy security goals as outlined by the Petroleum Industry Act (PIA) 2021. This commitment, he noted, also meets the expectations of the company’s shareholders.
In response to inquiries about the company’s Initial Public Offering (IPO), Ajiya assured that NNPC Ltd. will announce its IPO once the shareholders and Board reach a decision. He also addressed rumors regarding subsidy payments, clarifying that the company is solely managing the shortfall in PMS importation between itself and the Federation.
Speaking earlier at the press conference, NNPC Ltd. Board Chairman, Chief Pius Akinyelure, attributed the company’s exceptional performance to the reforms introduced by the PIA 2021, as well as the unwavering dedication of the Board, Management, and staff. He also announced that the company’s shareholders have approved a final dividend of N2.1 trillion, in accordance with the provisions of the PIA 2021.
Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, also spoke at the briefing, highlighting the company’s progress in combating crude oil theft and pipeline vandalism. She expressed confidence that NNPC Ltd. is on track to achieve its target of producing 2 million barrels per day of crude oil by the end of 2024.
Regarding the recent fuel shortages in parts of Lagos and the Federal Capital Territory (FCT), Executive Vice President, Downstream, Mr. Dapo Segun, appealed for patience from Nigerians. He assured that the company is collaborating with relevant stakeholders to resolve the distribution, evacuation, and logistics challenges that have led to the queues.
NNPC Ltd. has been on a remarkable financial journey, transforming from a loss position of N803 billion in 2018 to reporting its first-ever profit of N287 billion in 2020. This upward trajectory continued with a profit of N674.1 billion in 2021, followed by an unprecedented N2.548 trillion profit in 2022. The N3.297 trillion profit declared for 2023 is the highest in the company’s 46-year history, marking a new era of profitability and growth for NNPC Ltd.
Tony Emeka Nwosu
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