The Nigerian National Petroleum Corporation (NNPC) Limited has unveiled its 2023 Audited Financial Statement (AFS), reporting a net profit of N3.297 trillion for the financial year ending in December 2023.
This marks a significant increase of over N700 billion (28%) compared to the N2.548 trillion profit recorded in 2022.
During a world press conference held at the NNPC Towers in Abuja on Monday, the company’s Chief Financial Officer, Mr. Umar Ajiya, highlighted that the release of the AFS demonstrates NNPC’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the challenges posed by our operational and economic environment, we have successfully enhanced the productivity and financial performance of this great company,” Ajiya stated.
He further emphasized that these impressive returns reflect NNPC Ltd’s dedication to sustaining profitability and supporting Nigeria’s energy security, as mandated by the Petroleum Industry Act (PIA) of 2021.
He also noted that the company would announce its Initial Public Offering (IPO) once the Board and shareholders reach a decision. Additionally, Ajiya clarified that NNPC is not involved in subsidy payments but rather manages the PMS importation shortfall with the Federation.
Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, also spoke at the press conference, attributing the company’s excellent performance to the enactment of the PIA 2021 and the dedication of the Board, Management, and staff. He announced that shareholders have approved a final dividend of N2.1 trillion, in line with PIA provisions.
Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, commented on the ongoing efforts to combat crude oil theft and pipeline vandalism, which have led to notable improvements. She disclosed that NNPC Ltd is aiming to achieve a crude oil production target of two million barrels per day by the end of the year.
Addressing the current fuel shortages in parts of Lagos and the Federal Capital Territory (FCT), Executive Vice President of Downstream, Mr. Dapo Segun, urged Nigerians for patience, explaining that NNPC is working with relevant stakeholders to resolve distribution, evacuation, and logistics challenges.
It is worth noting that NNPC declared a profit in 2021 for the first time in its history, having turned around a loss of N803 billion in 2018 to N1.7 billion in 2019. In 2020, the company reported its first-ever profit of N287 billion, followed by a profit of N674.1 billion in 2021, and N2.548 trillion in 2022. The N3.297 trillion profit declared for 2023 is the highest since the company’s inception 46 years ago.
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