The Nigeria National Petroleum Company (NNPC) Limited is targeting a profit increase of N2 trillion when the 2022 audited financial statements are released.
Chief Corporate Communications Officer of NNPC, Olufemi Soneye, in a statement, said this was made known by the Group Chief Executive Officer (GCEO), Mele Kyari.
Kyari, according to the statement, disclosed this when he led a delegation of NNPC Ltd on a courtesy visit to the Senate President, Godswill Akpabio, at the National Assembly.
He informed the Senate president that the oil firm had started paying dividends to its shareholders since July this year, with a significant growth in its profit margin.
“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” Kyari stated.
He hailed the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, saying this legislative endeavour had given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
Kyari further stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.
The CEO further stated that the NNPC Ltd. is involved in the entire value-chain of the oil and gas business and controls about 30 per cent of the nation’s petroleum downstream retail market.
He listed crude oil theft and pipeline vandalism as major challenges to the company’s business, but expressed happiness that the recent collaboration with the nation’s security services as well as third-party security contractors has been yielding results, mostly in the area of increased crude oil production.
He further stated that the state-owned oil firm is investing in gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
Responding, Akpabio assured Kyari of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyari-led management for its commitment to ensuring robust petroleum product supply during the yuletide period.
“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond,” he added.
