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●Crude oil production targets of 2 mbpd by December 2024
NNPC Limited has released its 2023 audited financial statements (AFS), declaring a net profit of N3.297 trillion at the close of the financial year ended December 2023, an increase of over N700 billion (28%) from 2022 profit of N2.548 trillion.
In a global press conference held at NNPC Towers, Abuja, on Monday, the company’s Chief Financial Officer, Mr. Umar Ajiya, said the release of the AFS is a testament to the company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operating and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya said.
Ajiya added that the posting of such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the achievement of national energy security as mandated by the Petroleum Industry Act (PIA), 2021 and by extension, as expected by the Company’s shareholders.
Explaining that NNPC Ltd will announce an Initial Public Offering (IPO) once the shareholders and Board of Directors have taken a decision, Ajiya also refuted claims of subsidy payments, saying the company was only addressing the deficit in LDC imports between it and the Federation.
Speaking earlier at the press conference, the Chairman of the Board of Directors of NNPC Ltd, Chief Pius Akinyelure, said the excellent performance was the result of the PIA 2021, the commitment of the board, management and staff of the company.
Akinyelure added that the company’s shareholders have meanwhile approved a final dividend of N2.1 trillion, in line with the 2021 PIA provisions.
Speaking at the briefing, Upstream Executive Vice President, Mrs. Oritsemeyiwa Eyesan, said that with improvements seen following the renewed vigour in the fight against crude oil theft and pipeline vandalism, NNPC Ltd is targeting crude oil production of 2 million barrels per day by the end of the year.
Regarding the current fuel queues in parts of Lagos and the FCT, Downstream Executive Vice President, Mr. Dapo Segun, called for Nigerians’ understanding, saying the company was working with stakeholders to address the challenges of distribution, evacuation and logistics.
It will be recalled that in 2021, NNPC declared a profit in its operations for the first time. From a loss position of N803 billion in 2018, it further reduced the loss to N1.7 billion in 2019.
However, in 2020 it recorded its “first ever” profit of N287 billion, then in 2021 it recorded a profit of N674.1 billion and in 2022 the profit grew to N2,548, an unprecedented achievement in its financial performance.
The reported profit of N3.297 billion for 2023 is the highest since the Company was founded 46 years ago.
Olufemi Soneye
Corporate Communications Manager
Public limited company
Abuja
August 19, 2024
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