NNPCL reports profit of N7.2 trillion for 2025, dividend rises to N5.8 trillion

The Nigerian National Petroleum Company Limited (NNPCL) generated profits of N7.2 trillion after tax for the 2025 financial year.

The company also declared a dividend increase of 35% to 5.8 trillion naira for the year under review.

Established in 1977, NNPC Limited became a fully commercial and profit oriented company in July 2022 under the Petroleum Industry Act 2021.

Operating in the exploration, production, refining and distribution sectors, the Company works to create lasting value for its shareholders and strengthen energy security for Nigeria and Africa.

Speaking during the presentation of the 2025 audited financial statement on Tuesday in Abuja, the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bashir Bayo Ojulari, said the profit comes from NNPL’s N34.5 trillion revenue generated during the year.

“Profit after tax increased 33% to 7.2 trillion naira from 5.4 trillion naira in 2024, while revenue stood at 34.5 trillion naira. Revenue fell 24%, primarily reflecting lower crude oil prices and reduced white product volumes following market deregulation in 2024. Stronger earnings despite this pressure demonstrate the resilience of NNPC’s operations Limited.

“Key financial measures advanced: EBITDA increased by 22% to N18.0 trillion; earnings per share increased by 32% to N35.9; operating cash flow grew by 16% to N12.8 trillion; return on capital improved by 200 basis points to 16%; and declared dividend increased by 35% to N5.8 trillion,” he said.

The GCEO said the results underline the company’s growing earnings power and operational momentum, adding that they provide a stronger platform for growth.

According to him, crude oil and condensate production averaged 1.77 million barrels per day, the highest level in five years, adding that natural gas production averaged 7.2 billion standard cubic feet per day, the highest in three years.

“Oil and condensate production totaled 565.8 million barrels, up 5%, with NNPC Limited’s share rising 11% to 223.7 million barrels.

“Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while its stock share increased 11% to 1,154.9 billion standard cubic feet,” the GCEP further said.

Ojulari said progress across the portfolio includes the completion of the AKK Niger River crossing and the full completion of the 40-inch 623-kilometre Ajaokuta-Kaduna-Kano main line.

He added that NNPC Limited has commissioned the ANOH-OB3 fiscal transfer metering station and brought the 300MMscfd ANOH gas processing plant to commissioning readiness.

“It also acquired 500 methane-powered trucks and adopted an equity technical partnership model for refinery reform,” he said.

According to him, thanks to the transformation of talent into value, women now hold 23% of leadership positions, compared to an industry average of 17%.

“Our 2025 performance shows what disciplined execution and a capable workforce can deliver.

“We are strengthening earnings, increasing production and investing in the Nigerian people,” he said.

With respect to sustainability, the Company has completed 6,028 cataract surgeries, planted 80,000 trees, developed the Net Zero 2050 strategy and maintained reporting under the Oil and Gas Manthrop Partnership (OGMP), the Oil and Gas Decarbonization Charter (OGDC) and the United Nations Global Compact (UNGC).

As it enters the next phase of growth with clear production and investment ambitions.

The Company said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, along with natural gas production of 12 billion standard cubic feet per day by 2030.

It added that it plans to mobilize $60 billion in upstream, midstream and downstream investments by 2030 and complete key gas infrastructure, including AKK, ELPS and OB3.

…On the IPO

Responding to questions from reporters, Ojulari said the company has no set date for its initial public offering (IPO), stressing that the decision to list the company will ultimately be made by its shareholders.

“We don’t have a date for the IPO at this time,” he said.

He explained that consultants and other parties involved in the company’s valuation would communicate when NNPC Ltd would be ready for listing after all identified gaps were filled.

According to him, the management’s responsibility is to ensure that the company is ready for listing, while the final decision lies with the shareholders acting on behalf of the country.

“Market conditions and other strategic considerations will also be part of the factors considered before the listing decision is made,” he said.

…The company is preparing for listing

Ojulari said NNPC Ltd has completed the first phase of a diagnostic review aimed at identifying gaps in compliance with listing requirements.

It said work is underway across the company and its subsidiaries to address the identified areas, adding that management is making progress.

The NNPC boss said the company needs to build a solid track record as part of its preparation for a potential listing, stressing that audited 2025 results are part of that process.

He also reaffirmed the company’s ambition to operate at the level of Saudi Aramco, saying that transparency, accountability and sustainable performance would be necessary to achieve that goal.

“To do this, we must ensure transparency, clear accountability and sustainable performance,” he said.

Ojulari clarified that the proposed listing will cover NNPC Ltd as a whole and will not be limited to its refineries.

He also linked the IPO plan to the recovery of debts owed to the company, stressing that NNPC Ltd needed to demonstrate discipline in collecting payments for the gas and crude oil it supplies.

It said the company cannot operate as a listed entity without demonstrating that it can effectively manage and recover the money owed to it.

…Warnings from the Presidency on fuel subsidies

In a related development, the Presidency, on Tuesday, warned against any attempt to return Nigeria to the oil subsidy regime, saying this could weaken the NNNPCL.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, said this in a post on his X handle, highlighting the financial and operational performance of the NNPC in 2025.

According to him, NNPC earnings before interest, tax, depreciation and amortization increased by 22% to N18tn, while earnings per share increased by 32% to N35.9.

It also said the company’s operating cash flow grew by 16% to 12.8 trillion naira, return on equity improved by 200 basis points to 16%, while the declared dividend increased by 35% to 5.8 trillion naira.

Onanuga also said crude oil and condensate production averaged 1.77 million barrels per day, which he described as the highest level in five years, while natural gas production averaged 7.2 billion standard cubic feet per day.

“Crude oil and condensate production averaged 1.77 million barrels per day, the highest in five years. Natural gas production averaged 7.2 billion standard cubic feet per day, the highest in three years.

“Oil and condensate production totaled 565.8 million barrels, up 5%, with NNPC Limited stock rising 11% to 223.7 million barrels,” Onanuga wrote

The presidential spokesperson said natural gas production reached 2,606.2 billion standard cubic feet, an increase of 9 percent, while NNPC Limited’s shareholding rose 11 percent to 1,154.9 billion standard cubic feet.

On former Vice President Atiku Abubakar’s position on petrol subsidies, Onanuga said: “Atiku’s subsidy program will definitely kill this company, which could be our Aramco”, stressing that “Our country has no right to take 100 steps backwards. Never forward!”