JamzNG Latest News, Gist, Entertainment in Nigeria
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a profit after tax (PAT) of 7.2 trillion naira for the financial year 2025, which represents a significant increase from 5.4 trillion naira the previous year.
The Group Chief Executive Officer of the business, Bayo Ojulari, disclosed the data during a press conference held in Abuja following the company’s annual general meeting and second earnings call.
Despite the strong profit performance, NNPC recorded a decline in total revenues, which fell from N45.1 trillion in 2024 to N34.5 trillion in 2025.
Ojulari attributed the decline in revenue to falling crude oil prices and reduced petroleum product volumes following changes in the downstream oil market.
He explained that the company’s improved profitability was driven by improved operational performance, cost discipline and greater efficiency across its operations.
“Stronger earnings despite these pressures demonstrate the resilience of NNPC Limited’s operations,” Ojulari said.
The company’s earnings per share increased from N27.07 to N35.90, while return on equity improved by two percentage points to 16%.
NNPC said its declared dividend increased by 35% to N5.8 trillion.
The company also reported that taxes, royalties and other payments to the government increased by 39% to 22.3 trillion naira.
Ojulari said the stronger financial position would provide the NNPC with greater capacity to invest in the energy sector and support Nigeria’s energy security objectives.
The NNPC CEO said the company achieved improved production performance during the year.
According to him:
- crude oil and condensate production reached a five-year high of 1.77 million barrels per day;
- gas supply increased to a three-year peak of 7.2 billion standard cubic feet per day.
He said increased production would strengthen Nigeria’s position in the global energy market and support national industrial development.
Ojulari said progress had been made on major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline.
He revealed that construction of the main line had been completed, with remaining work focused on connecting delivery points.
The first expected gas deliveries will begin via Abuja connections, followed by Ajaokuta and Kaduna.
The company expects the pipeline will eventually supply industries and power generation facilities.
The NNPC CEO also announced the completion of the Obiafu-Obrikom-Oben (OB3) pipeline after years of construction challenges.
The project is considered important in improving gas transportation capacity and strengthening Nigeria’s national gas network.
On Nigeria’s refineries, Ojulari said prospective technical equity partners have completed a three-month assessment of NNPC refinery operations.
He said more than 34 engineers participated in the review process.
According to him, the NNPC is currently finalizing the assessment report and developing a strategy to create profitable and sustainable refinery operations.
The company’s goal, he said, is to ensure that refineries operate efficiently without depending on continued government support.
Ojulari reaffirmed the company’s ambition to increase crude oil production.
The objectives include:
Oil production:
- 2 million barrels per day by 2027
- 3 million barrels per day by 2030
Gas production:
- 10 billion cubic feet per day by 2027
- 12 billion cubic feet per day by 2030
He said the NNPC expects to attract more than $60 billion in investments across Nigeria’s energy value chain.
The company also highlighted its workforce development program.
Ojulari said more than 1,000 newly hired professionals have joined NNPC in 2025 under the company’s Talent to Value program.
Recruits completed a one-year internship and training program before being employed in different areas of the organization.
