The Nigerian National Petroleum Company (NNPC) Limited has announced a record-breaking net profit of N3.297 trillion for the 2023 financial year, marking a 28% increase over its 2022 profit of N2.548 trillion.
The 2023 Audited Financial Statement (AFS) was unveiled during a world press conference held at the NNPC Towers in Abuja on Monday.
Chief Financial Officer of NNPC Ltd, Umar Ajiya, highlighted the significance of the financial results, describing them as evidence of the company’s commitment to transparency, accountability, and operational excellence.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.
The 2023 financial performance underscores NNPC Ltd’s dedication to sustaining profitability and supporting Nigeria’s energy security, as mandated by the Petroleum Industry Act (PIA) 2021.
Ajiya also addressed the potential for an Initial Public Offering (IPO), indicating that such a move would be announced following decisions by the shareholders and Board. He further clarified that NNPC Ltd is not involved in subsidy payments but is managing the PMS importation shortfall between the company and the Federation.
Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, attributed the company’s outstanding performance to the reforms introduced by the PIA 2021, coupled with the dedication of the Board, Management, and staff.
Akinyelure also announced that the company’s shareholders have approved a final dividend of N2.1 trillion, in line with the provisions of the PIA 2021.
Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, expressed optimism about NNPC Ltd’s future production targets. She noted that with ongoing efforts to combat crude oil theft and pipeline vandalism, the company is on track to achieve a production target of 2 million barrels per day by the end of the year.
Addressing concerns over fuel queues in Lagos and the Federal Capital Territory (FCT), Executive Vice President of Downstream, Dapo Segun, appealed for patience from the public.
He assured that NNPC Ltd is collaborating with relevant stakeholders to resolve the distribution, evacuation, and logistics challenges that have contributed to the current situation.
NNPC Ltd’s financial trajectory has been on a remarkable upward trend in recent years. After recording a loss of N803 billion in 2018, the company reduced its losses to N1.7 billion in 2019.
It posted its first-ever profit of N287 billion in 2020, which then grew to N674.1 billion in 2021. The profit for 2022 stood at N2.548 trillion, leading to the unprecedented N3.297 trillion profit in 2023—the highest in the company’s 46-year history.
