In a remarkable financial achievement, the Nigerian National Petroleum Company Limited (NNPCL) announced a staggering profit of N3.297 trillion for the fiscal year 2023.
This announcement was made on Monday, in a world press conference held at the NNPC Towers on August 19, 2024, during the presentation of the 2023 Audited Financial in Abuja.
Umar Ajiya, the Chief Financial Officer (CFO) of NNPCL, highlighted that this impressive profit marks a 28% increase from the N2.54 trillion earned in 2022. The figures reveal a consistent upward trend, with profits rising from N674.1 billion in 2021, N287.0 billion in 2020, and a loss of N1.7 billion in 2019.
Ajiya emphasized that the 2023 profit is the highest in the company’s history, attributing this success to the unwavering dedication and hard work of NNPCL’s management and staff. “This achievement is a testament to our commitment to sustainability and growth,” he stated.
Also Speaking at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent 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 have since approved a final dividend of N2.1trn 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 Ltd is targeting 2million barrels per day crude oil production by the the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
In addition to the record profit, NNPCL has declared a total of N2.10 trillion during the review period, further solidifying its position as a leader in the industry. The CFO noted that this remarkable performance aligns with the company’s strategic 12-point agenda aimed at fostering long-term success.
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